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Ecuadorean legislators pass a reform to encourage mining investment
The National Assembly of Ecuador approved on Thursday reforms proposed by President Daniel Noboa to boost the nation's mining sector. However, environmentalists and indigenous groups have criticized these reforms. Changes include modifications to the environmental permitting process, as part of an attempt to attract investment into an industry that is struggling to gain traction. Reforms were passed by 77 votes for, 70 votes against and 4 abstentions. The most important change is the replacement of the existing environmental license by a more comprehensive "environmental authorization" to allow mining. The approval could take one of three forms, depending on the risk involved: a full licence, an environmental register, or an "environmental certificate". Officials say that the latter two options are more streamlined for projects with lower impacts, and can eliminate administrative obstacles which have traditionally delayed investment. Officials say that the fuller license is still applicable to?higher-impact projects. The development of large-scale mining in Ecuador is being hampered due to opposition from local communities and legal issues. Fruta del norte and Mirador copper mines, both in operation since 2019, are the two largest operations currently. Reforms are also aimed at establishing a protected mining zone, which would place troops in areas that were threatened by illegal mining operations and criminal gangs. These changes will also formalize small-scale "artisanal" miners. Ecuador's Environment and Energy Minister Ines Mánzano has said that the country has identified approximately 400 illegal mining sites across the nation. Environmentalists and indigenous groups have criticised the reforms. They argue that the replacement of the environmental licence weakens the state's environmental?controls. They say that the changes may also weaken the right of 'communities to prior consultation. In a press statement issued before the vote, the indigenous group Ecuarunari stated that "they want to legislate for large transnational mining corporations and against the country. This is especially against the environment as well as the rights of the communities." The reforms include changes that will open up the electricity sector for private investment. Reporting by Alexandra Valencia, Brendan O'Boyle and Daina Beth Solon
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Miami Herald reports that US officials met Castro's grandson at St. Kitts.
The Miami Herald reported that U.S. officials close to Secretary of States Marco Rubio met with the grandson Raul Castro, former Cuban leader. This was on the sidelines of the Caribbean Community Conference in St. Kitts-Nevis this week. Miami Herald cited unnamed sources to say that it wasn't clear whether Rubio met Castro's grandson Raul Guillermo Rodrguez?Castro. He is Raul Castro’s bodyguard, and also the son of the late head of Cuba’s GAESA conglomerate. Raul Castro played? Key role Cuban socialistism and Cuba's 1959 revolution. He was the brother of Fidel and served as president of the ruling Communist Party from 2008 to 2018. Axios reported last week that Rubio was holding secret discussions with Castro's grandson. Citing an unnamed Trump Administration official, the talks were described as "discussions on the future" rather than negotiations. Requests for comment were not immediately answered by either the U.S. State Department or Cuba's Foreign Ministry. Rubio said that he wouldn't comment on the reported meetings that took place on Wednesday but that the U.S. is always willing to speak to "officials of any government who have information to share with us." Rubio stated that "if someone within their system had information they could share with us regarding changes they are willing to make?or steps they're ready to accept, we would listen to them." Cuban officials are scheduled to speak with the media on Thursday. Reporting by Harold Isaac, Port-au-Prince; Sarah Morland, Mexico City. Editing by
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Venezuela fuel station operators declare emergency on minimal earnings-document, sources
The Venezuelan association of petrol station operators has declared an emergency due to what the 'operators' claim are low earnings. Sources and a document seen in? showed. According to a letter sent to the government by the Fenegas Association, the association has asked the government to standardize prices across the country. The letter stated that "Up until now, we have not been able to find a path to solutions which allow us to continue to provide our services in a safe and profitable manner, and our efforts at the moment to be heard are fruitless." In Caracas, the government has launched a pilot project that will see'super-premium' gasoline sold for $1 per liter instead of $0.50 as it was in 2020. The government is subsidizing the price of gasoline at all other stations in Venezuela, including those supplied by PDVSA. Gas stations in Venezuela charge in bolivars, but some charge in dollars. Others are subsidized and charge the bolivar equivalent of only $0.02 per liter. Gas station operators claim that their margins, regardless of the currency they use, are extremely thin. Three sources close to Fenegas have said that stations earn only one cent per litre sold, making it impossible for them to pay basic costs and salaries. One source said that the federation had met with representatives of the government on Wednesday in order to discuss the?urgent?request. This source stated that if you sold 50,000 liters of gasoline per month, you would earn $500. These $500 won't cover salaries, taxes or anything else. Internet, water, electric, everything, and fixed costs of a radio station are about $800. A source in the industry said that some stations with dollar prices have seen a huge drop in sales. "There are Caracas stations that have gone from selling more than 36, 000 liters of fuel in a day to just 1,000 or 2,000 liters. Why? "Because Venezuelans' purchasing power is not sufficient to pay in dollar," they explained. The Venezuelan Communications Ministry, which is responsible for all government press inquiries, did not respond immediately to a comment request. Reporting by
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Helleniq Energy's core profit rises 10% in the full year adjusted
Helleniq Energy, the Greek oil refiner, reported on Thursday a '10% increase?in core profit for the full year, which was boosted by high refining margins and record marketing performances, as well as growing contributions from their expanding power and renewables businesses. The group reported a full-year adjusted profit before interest, tax, depreciation, and amortisation of 1.13 billion euro ($1.33 billion), up from a previous year's 1.03 billion euro. The refinery's?output was 15 million metric tonnes, a little lower than expected due to planned a?turnaround? at the Elefsina refining plant, but the volume of sales remained at 15.6 millions tons. Exports accounted for more that half of this total. The company noted that improved crude sourcing and stronger global refining margins following the launch the group's Geneva-based trading division supported profitability. Helleniq Energy reported that international operations now account for approximately 40% of the group's earnings. This reflects growth in overseas marketing which led to a record-breaking adjusted EBITDA (89 million euros). The board proposes a final dividend per share of 0.40 euros, which will bring the total payout for the year to 0.60 euros, up from last year's 0.45 euros and representing a dividend yield of 7%. $1 = 0.8481 Euros (Reporting and Editing by David Goodman).
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Vanguard settles antitrust lawsuit with Republican States for $29.5 Million
Vanguard Group, a fund manager, announced on Thursday that it had "agreed" to settle a lawsuit filed by the Republican Attorneys General of Texas, Kansas, and other states. They had accused the fund manager, and its rivals, of violating antitrust laws through their climate activism. Kansas Attorney General Kris Kobach stated in a press statement that Vanguard would pay $29.5 million to the group of states who brought the lawsuit, "to support enforcement and consumer relief effort." Kobach stated that Vanguard also "agreed" to strict passive commitments, which prohibit it from dictating strategy to companies in which it invests and pushing shareholder proposals relating to environmental or social concerns. Vanguard of Pennsylvania spokesperson said that it was forbidden to disclose the terms of the deal. In a press release, the?company reaffirmed "the passive nature" of its index funds. Vanguard, BlackRock, and State Street are under pressure from Republican politicians from states that produce energy to stop focusing on issues like corporate emissions and workforce diversity. Fund management groups supported fewer shareholder resolutions in the last few years and faced less pressure. They also avoided new regulations by?the Trump Administration, at least for the time being. Kobach stated in his press release that antitrust actions against BlackRock and State Street "remain pending." Both companies, he said, "remain defiant." BlackRock and State Street did not immediately respond to requests for comment. Vanguard is the largest fund manager, and has shown the greatest willingness to compromise with conservative critics. In 2024 it, for example, 'offered concessions to Federal Energy Regulators?that were similar to Thursday's agreement. For instance, an offer to refrain form submitting shareholder proposals. Reporting by Ross Kerber. Nate Raymond contributed additional reporting. Editing by Franklin Paul, Jane Merriman and Jane Paul.
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World shares ease concerns over tech valuations
After Nvidia's strong quarter results, concerns over the high valuations of technology giants weighed on the markets. Investors in Wall Street and Europe sank shares as they digested yet another blowout quarter by?Nvidia. The world's largest company is worried about the market value of its stock, even though it predicted that first-quarter revenues would be a staggering $78 billion. Nvidia shares fell 4% on Wall Street. The Dow Jones Industrial Average increased by 0.11%. The S&P 500 dropped by 0.70%. And the Nasdaq Composite declined 1.37%. Thomas Plumb is the chief executive at Plumb Funds, Madison, Wisconsin. He said, "People are worried about high valuations, even though estimates, cash flows, and all other factors of a company such as Nvidia are radically higher." Plumb, whose largest investment is Nvidia, said: "But I think the sentiment will match up with the reality." The broad STOXX 600 index in?Europe fell by 0.11%. MSCI's?All Share Index fell 0.30%, after reaching a new record high of 1,063.86.
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Women who sued Meta and YouTube for social media addiction is expected to testify at trial
As her landmark trial continues in Los Angeles, a California woman will?testify in court? on Thursday about the harm that?using Google's YouTube and?Meta Platforms’ Instagram as a child caused her mental health. Kaley G.M. In court, Kaley G.M. Her lawyers claim that the companies wanted to make money 'by hooking children onto their services, despite their knowledge of how social media can harm their mental health. Kaley G.M. Kaley G.M. This case is part of a global backlash against social-media companies for alleged harms caused to children and teenagers. Australia has banned children under 16 from using such platforms. Other countries are also considering similar restrictions. YouTube and Meta denied the accusations and stated that the evidence in the case did not support the woman’s claims. Lawyers for the plaintiff called the therapist to prepare for the next phase of trial. They wanted to explore if and how Kaley’s use of social media as a young child affected her well-being. The trial began with a focus on what companies knew about social media and how it affects children. It also focused on their business strategies for younger users. Meta CEO Mark Zuckerberg testified that the company had discussed products for children, but they never released them. Kaley's attorneys must prove that the companies'?design or operation of the platforms? was a significant factor in causing her mental health problems or making them worse.
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US slows down sale of Lukoil to pressurize Russia in Ukraine peace negotiations
According to four sources who are familiar with the talks, the United States has slowed down the sale of the international assets of the 'Russian oil giant Lukoil to put pressure on Russia during the Ukraine peace negotiations. A document reviewed by OFAC showed that the U.S. Office of Foreign Assets Control (OFAC) will extend to Thursday the deadline for deals to be completed from February 28 to April 1. In recent weeks, U.S. and Russian government officials failed to make a breakthrough during talks in Geneva and Abu Dhabi, or in Miami, in order to negotiate a deal for peace in Ukraine. Three sources briefed about the meetings said that the U.S. sanctioned Rosneft and Lukoil as the two largest oil producers in Russia. Next round of talks planned between U.S. and Russia, Ukraine in March OFAC has extended the deadline for potential buyers to negotiate with Lukoil assets worth $22 billion three times since Washington imposed sanctions against the two Russian oil firms in October. The Treasury Department has extended the deadline to "facilitate ongoing discussions with Lukoil" and to "reach a deal which supports President Donald Trump's efforts in depriving Russia of the revenue it needs to fund its war machine and achieve peace." Official: Any deal must require that Lukoil does not receive any upfront value, and that all proceeds from the sale be placed into an account where funds will be frozen and under U.S. jurisdiction. According to an unrelated source, a sale could be concluded without a peace agreement. The sanctions forced Lukoil to sell its international portfolio. This included oilfields and refineries from Iraq to Finland. Over a dozen potential bidders have expressed interest in the sale, ranging from ExxonMobil of the United States to Pornhub's former owner. Three sources claim that OFAC was handling the asset sale of Lukoil, but recently the process escalated, involving senior officials from the White House, Treasury, and State Departments, with Treasury Sec. Scott Bessent being more directly involved. The White?House and Treasury have not responded to inquiries about whether the extension is related to peace talks. Lukoil has not responded to any requests for comments. This month, Ukrainian president?Volodymyr Zelenskiy claimed that his intelligence services had informed him that Russian envoy Kirill Dimitriev had proposed a $12 trillion economic deal to the Trump administration. According to a source familiar with the deal, it includes Lukoil's assets which could complicate any sale. Several companies, including the U.S. Private Equity firm 'Carlyle Group', Saudi Arabian Midad Energy and Todd?Boehly, an American billionaire, have signed a?agreement with Lukoil. They are working with investment bank Xtellus Partners, and UAE fund Alliance Investment Partners. Chevron is in talks with Texas-based Quantum Capital Group for the portfolio but terms have not been agreed upon yet. Reporting by Anna Hirtenstein in London, Dmitry Zhdannikov and Marwa Rashad in Washington and Timothy Gardner in London; editing by Lisa Shumaker
GRAINS-Soybeans reduce profit after 20-month high on demand expectations
U.S. soybean futures fell on Thursday, a dip in profit-taking after the?hopes? for more U.S. demand and Chinese imports drove prices to their highest level since mid-2024.
Corn futures fell with soybeans, but recovered to close the day higher as recent optimism about demand was not dampened by a smaller-than-expected export sales total. Wheat gained after three sessions of losses.
Chicago Board of Trade may soybeans finished down 1-1/2 cents to $11.53-1/2 per bushel, after the most-active contract reached its highest level in 20 months. Soyoil Futures rose for the fourth consecutive?day, and reached their highest level since September 2023. The news that the U.S. Environmental Protection Agency would send a proposal for new biofuel blend mandates to White House on Wednesday was positive for both markets. This move will help to end recent uncertainty about the demand for biofuels, and feedstocks such as soy. The report released on Thursday, which revealed that the U.S. Government plans to reallocate 50% of biofuel blending obligations exempted from small refinery exemptions to big refiners lent support.
Dan Basse is the president of AgResource Co. He said: "If we had a reallocation 50% of SREs that would be important, and it would mean there will?be a greater biofuel demand." The market was on edge as questions about the?soybean imports from China, the top soybean importer, were raised amid tariff uncertainty.
CBOT May Wheat settled at $5.74-1/2 per bushel, up 4-3/4 cents after retreating from the three-month high reached at the beginning of the week.
May corn closed at $4.43 1/2 a bushel, up 1-1/2 cents. The contract fell from a 1-1/2-month early high after weekly U.S. statistics showed a decline in
export sales
The lowest level for seven weeks. (Naveen Thukral contributed additional reporting from Singapore and Gus Trompiz from Paris; editing by Subhranshu Sahu and Mark Potter, Philippa Faletcher, and Paul Simao.)
(source: Reuters)