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Phillips, a Democrat, resigns as a member of the US Energy Regulatory Panel
Willie Phillips resigned as a Democratic Commissioner on the U.S. Federal Energy Regulatory Commission on Tuesday. This opened the door for Donald Trump to nominate a new member, giving the five-member commission a Republican majority. The resignation of Phillips, whose term had been set to go through June 30, 2026, allows Trump to nominate a Republican who would likely be easily confirmed by the Republican-controlled Senate. Trump's focus is on increasing oil and gas production and opening pipelines that will bring gas from Pennsylvania into the U.S. Northeast. New York politicians blocked the Constitution Pipeline, which would have transported gas from Pennsylvania. It's unclear what Trump can do to make the pipeline work. Politico reported Phillips' resignation plans before the White House even asked him. Phillips served as chairman under former president Joe Biden. The White House didn't immediately respond to an inquiry for comment. In a press statement, Mark Christie, the Republican Trump appointed as FERC chairman on his first day of office in his second-term, said: "We will miss his presence here at FERC." "I wish him, his family and future success. I'm confident that he will be successful no matter what career path he chooses." Phillips stated in a press release that the grid is facing increasing challenges due to the surge in demand from data centers and a lack of construction for new power plants. Phillips stated, "These complex problems demand bold, creative solutions and I look to continue working on them in my next chapter." (Reporting and editing by Alistair Bell; Timothy Gardner)
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US pays part of the loan to Michigan nuclear plant for restart
The Energy Department announced on Tuesday that a Michigan nuclear reactor, which hopes to be the United States' first to restart after permanent shutdown, has received approximately 10% of the $1.52 billion U.S. funding approved during former president Joe Biden’s term. The Department's Loan Programs Office approved the disbursement of nearly $47 Million of the loan guarantee for the Palisades Nuclear Plant Holtec Inc hopes will reopen this year. The loan guarantee, which was approved by Biden's administration, was a conditional loan that was made to Palisades. This was the second time the Trump administration has disbursed money. The original loan guarantee of more than $150 million has already been paid out. Energy Secretary Chris Wright stated in a press release that the Energy Department was working to ensure America’s nuclear renaissance would be just around the corner. Many politicians, from both major political parties, support nuclear energy as electricity demand is on the rise for the first two decades. This is due to artificial intelligence, cryptocurrency and electric vehicles. Entergy, a Michigan-based power company, closed its 800-megawatt Palisades nuclear reactor in 2022 after it had produced electricity for over 50 years. The plant shut down two weeks earlier than planned due to a problem with a control bar, despite the $6 billion federal program designed to save nuclear power plants from increasing costs. Holtec needs to get permits from the Nuclear Regulatory Commission before they can reopen Palisades. Holtec is currently repairing the steam generators in the reactor, as the standard maintenance procedure was not followed during the shutdown. A source stated that the LPO had hundreds of billions of dollars in available financing. However, the Trump administration will likely use this financing more narrowly than did the Biden administration, and approve loans mainly for nuclear power and the development of critical minerals. About 100 of the 220 employees who worked at LPO have left since Trump's administration.
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United Steelworkers union remains 'unalterably against' US Steel-Nippon agreement
The United Steelworkers told Treasury Secretary Scott Bessent that it is "unalterably opposed" to a $15-billion bid from Japan's Nippon Steel for U.S. Steel or any deal which would give Nippon power over the company. USW President David McCall wrote to Bessent late on Monday, saying that the union didn't believe any of the mitigations proposed during the initial Committee on Foreign Investment in the United States review (CFIUS), which was conducted on the deal. McCall's letter to Nippon Steel Corporation, which was seen by McCall in its entirety, stated that "we remain unalterably against the acquisition of United States Steel by Nippon Steel Corporation." Treasury Department did not immediately respond to a request for comment. McCall stated that the union's concern had grown since former president Joe Biden blocked this deal in January. He noted that Nippon was continuing to engage in practices which fueled global overcapacity, including by holding 1 million tons in China via joint ventures. He said that in a previous administrative review of Non-Oriented Electric Steel from Japan, the U.S. Commerce Department assigned Nippon a preliminary tariff rate of 205% this month. McCall stated that Nippon appeared to be preparing to divest certain U.S. Steel Assets and failed to commit in multiple meetings to maintain production at plants located in Pennsylvania's Mon Valley and elsewhere. Donald Trump, the U.S. president who assumed office for the second term on January 20, stated that he "wouldn’t mind" Nippon Steel taking a minority stake U.S. Steel. This implied he would want to overhaul the deal structure. Last month, he asked CFIUS to review the U.S. Steel all-cash offer to determine whether "further actions" were appropriate. Trump has said repeatedly that he doesn't think a foreign firm should control U.S. Steel. The two companies say they are working with his administration closely to "secure an important investment." (Reporting and editing by Andrea Shalal)
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Investors assess Trump's comments about Fed chief as stocks jump and dollar inch up
The dollar edged up on Tuesday, even as investors assessed U.S. president Donald Trump's criticisms of Federal Reserve Chair Janet Yellen. The yields on U.S. Treasury Long-Term Bonds fell after rising on Monday. Investors were also closely watching the first-quarter results of U.S. firms. The shares of 3M Co, an industrial conglomerate, rose 8% following the company's first-quarter earnings beating expectations. However, it also noted that tariffs would likely affect its 2025 profits. Bloomberg reported that U.S. Treasury secretary Scott Bessent said that a tariff standoff between the United States and China is unsustainable. He expects that the situation will de-escalate. Trump intensified his criticism of Fed chair Jerome Powell, calling him a'major loser' in a Monday social media post. This raised concerns over Trump’s influence on the central bank, and increased concerns about U.S. financial stability. Investors are concerned that the White House may try to replace Powell by someone who will lower rates. Trump stated last week that he believed Powell would leave his position if Trump asked him to, despite Powell's own statement. Although it is not clear whether Trump has the power to fire Powell. However, lawsuits filed by Trump over other firings are being monitored as possible proxy. Stocks are down overall, but this is not a "fire sale" where you should get rid of all your stocks. Oliver Pursche is senior vice president and adviser at Wealthspire Advisors, Westport, Connecticut. All of the soft data (economic data) are declining, but the hard data continue to be strong. Investors are struggling with this, he said. Investor confidence is already shaken by Trump’s constant back and forth announcements about tariffs. They are worried that this could cause a severe disruption to world trade, as well as hurting the economy. The International Monetary Fund slashed their growth forecasts on Tuesday for the United States and China, citing U.S. Tariffs that are now at 100-year levels. The Dow Jones Industrial Average rose by 882.96, or 2.32 %, to 39,053.37. The S&P 500 gained 118.58, or 2.30 %, to 5,279.14. And the Nasdaq Composite gained 425.76, or 2.58%, at 16,296.66. Tesla shares, which are due to announce quarterly results after closing bell, have risen by 5.8%. Apple and other mega-caps were also up, with Apple gaining 3.6%. Coinbase Global shares rose 8.3%, as bitcoin continued its recent gains. Bitcoin's last gain was 4.07%, at $90 887 19. The MSCI index of global stocks rose by 11.73 points or 1.50% to 794.84. The pan-European STOXX 600 ended the day up 0.25%. The dollar has recovered slightly, but is still near its multi-year lows against the euro and Swiss franc. The dollar index (which measures the greenback versus a basket including the yen, the euro and others) rose by 0.49%, to 98.83. However, the euro fell 0.68%, to $1.1435. The dollar gained 0.28% against the Japanese yen to reach 141.24. The dollar and yen had earlier reached a seven-month peak. The dollar gained 1.01% against the Swiss Franc, a safe-haven currency. Analysts noted that the dollar is still fragile, despite concerns about the U.S. tariffs. Gold reached a new all-time record of $3,500.05 in the morning, due to the recent weakness of the dollar and the demand for safe havens. Gold spot was down last by 0.83%, at $3396.43 per ounce. Oil prices rose as a result of new U.S. Sanctions against Iran, and rising stock market. U.S. crude oil rose by 2.85% to $64.88 per barrel. Brent increased to $67.77 a barrel, an increase of 2.28%. The yield on the benchmark 10-year U.S. notes dropped 1.4 basis points from late Monday to 4.391%.
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Phillips, a Democrat, resigns as a member of the US Energy Regulatory Panel
Willie Phillips resigned as a Democratic Commissioner on the U.S. Federal Energy Regulatory Commission on Monday. This opened the door for Donald Trump to nominate a new member, giving the five-member commission a Republican majority. The resignation of Phillips, whose term had been set to go through June 30, 2026, allows Trump to nominate a Republican who would likely be easily confirmed by the Republican-controlled Senate. Trump's focus is on increasing oil and gas production and opening pipelines that will bring gas from Pennsylvania into the U.S. Northeast. New York politicians blocked the Constitution Pipeline, which would have transported gas from Pennsylvania. It's unclear what Trump can do to make the pipeline work. Politico reported Monday that Phillips had told the publication that he was already planning to resign even before the White House requested him to do so. The White House didn't immediately respond to an inquiry for comment. In a press statement, Mark Christie, the Republican Trump appointed as FERC chairman on his first day of office in his second-term, said: "We will miss his presence here at FERC." "I wish him, his family and future success. I'm confident that he will be successful no matter what career path he chooses." (Reporting and editing by Alistair Bell; Timothy Gardner)
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Chile advances lithium projects on three salt flats
The mining ministry announced on Tuesday that the Chilean government is moving ahead with a simplified procedure to award contracts for lithium in three salt flats. The agency announced that it had accepted applications from Eramet for the Agua-Amarga salt plain; Eramet, Quiborax and the state-copper giant Codelco for the Ascotan Salt Flat; and the Caliche Kairos Consortium for the Coipasa Salt flat. The leftist president Gabriel Boric has introduced a plan that will increase state control of lithium, which is a key metal in electric vehicles and energy transition in 2023, and create public-private partnerships in order to expand this industry. Plan included state-controlled joint enterprise between Codelco, the largest lithium miner in the country, and SQM. It also included opening up of other salt flats to development. The mining ministry announced on Tuesday that if the applicants are in agreement, the contract would be signed once the indigenous consultations have been completed and all other conditions of the CEOL (a special permit for lithium mining) are met. The statement stated that "public bidding processes would be initiated if this is not the case, as it was with the Ollague Salt Flat in the Antofagasta Region, Piedra Parada, and Laguna Verde, in the Atacama Region." To qualify for an expedited process, the parties must demonstrate ownership of a mining concession, financial capability, and experience in the mining industry or value chain. A statement noted also that Codelco's dialogue with indigenous communities to modify an CEOL on the Maricunga Salt Flat had ended. The statement stated that "all that is left to do is publish the closing resolution which will include all 11 agreements that were reached with the six community participants in the process." (Reporting and editing by Alexander Villegas, Alistair Bell and Fabian Andres Cambero)
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US defense contractors largely maintain forecasts despite Trump Tariffs
The major U.S. defence contractors have mostly maintained their financial forecasts through 2025. They say it's too early to know the impact of U.S. president Donald Trump's tariffs. Lockheed Martin, America's largest defense company, confirmed its projections for the coming year, thanks to a resilient demand for fighter jets and missile systems. Northrop Grumman, on the other hand, said that its profit margins could shrink, but it stuck to its sales forecast, showing some confidence in spite of trade tensions. Northrop CEO Kathy Warden said to analysts that she did not believe there was a significant risk for the company at this time. We're going monitor that closely, and we're taking action now to account for and minimize the risks we do see. RTX Corp (formerly Raytheon Technologies) broke ranks and expressed concern over the potential loss of $850 million due to new tariffs on metals, China, and other countries. This divergence shows the different impacts of trade policy across the commercial and defense aerospace sectors. RTX is a large aerospace company that manufactures jet engines and interiors. As with other industries with complex manufacturing, the defense industry is also grappling with potential trade war effects. This situation has put pressure on an already stressed supply chain and forced companies to reassess strategies and cost structures. Despite these challenges the sector continues benefiting from an increase in global demand for weaponry, fuelled by the Russian War in Ukraine and the conflict in the Middle East. This increased demand has helped to offset some of trade dispute uncertainties. RTX's concern shows that the industry isn't immune to trade pressures. It also highlights the interplay complex between economic policies, international relations and defense spending. Defense Secretary Pete Hegseth suggested in a social media post on April 7, that a higher U.S. Defense budget would benefit contractor revenues and provide some stability and growth despite an uncertain economic outlook. Trump's review, which aims to ease restrictions on military equipment export, could boost revenue for U.S. contractors. This comes at a time when some allies are reconsidering the reliance they have on U.S. military equipment because of trade tensions and changing geopolitical relationships. The European Union is planning to strengthen its own defense capabilities by 2030 to reduce its reliance on the U.S., which could mean that companies outside of the bloc will have a smaller role. Northrop Grumman reported a 49% decline in its first-quarter profits and missed sales targets. The U.S. contractor also booked losses on the B-21 stealth aircraft program due to increased manufacturing costs. This sent its shares down by 12%. Lockheed's first-quarter profits were higher, which boosted shares by more than 2%. Lockheed's quarterly earnings per share, which came in at $7.28, beat Wall Street analysts' expectations of $6.34. Collins Aerospace (RTX's aerospace and avionics division) posted an 8% increase in revenue, reaching $7.22 billion, in the third quarter. Meanwhile, Pratt and Whitney, which produces engines for Airbus A320neo aircraft, saw sales grow 14%. Raytheon's defense division, RTX, reported a 5% drop in sales from the previous year, mainly due to its divestiture of cybersecurity, intelligence, and services businesses completed last year. (Reporting and editing by Rod Nickel in Washington)
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Bank of America shareholders approve executive compensation and elect directors
Bank of America shareholders approved pay packages for CEO Brian Moynihan, the lender's top executive and elected 14 directors to the board on Tuesday. Institutional Shareholder Services, a proxy adviser, had advised investors to vote against the payouts. They expressed concerns over the process that was used to determine the compensation. Moynihan's earnings for the last year increased by about 21%, to $35 million. The board of directors credited him for increasing the company's net income by 2.3% and revenue by 3.4% last year. Moynihan stated that any impact the tariffs will have on the bank is indirect, depending on the effects of a trade conflict on the economy. He said: "The impact on our Bank will be the economic impact of trade war... so, if you think that consumption drops and that results in a reduction in force of employees that would increase unemployment rate." Earlier this month, the administration of Donald Trump announced, and then paused, tariffs on dozens countries, throwing global economic uncertainty. Moynihan said that his bank's economists do not expect a recession in this year. However, they believe the Federal Reserve won't cut rates due to the sticky inflation. A question regarding the Trump risk Sacked Fed Chair Jerome Powell said that an independent central banks is important to U.S. consistency. Trump intensified his criticism of Fed chair Powell, calling him a'major loser', in a post on social media made Monday. This raised concerns over the president’s influence over central bank. BofA shareholders voted also on other management-related proposals but rejected each individual shareholder proposal. The board was asked to report annually on its lobbying activities and its efforts to influence policy in relation to its 2030 targets for sectoral emission reductions and its 2050 target of net zero emissions. BofA has Joined other major U.S. Banks In recent months, the Net Zero Banking Alliance has been one of the top climate coalitions for the banking sector in the world. BofA's first-quarter profits surpassed expectations as its interest income increased and volatile stock markets helped their traders make a record haul. (Reporting and editing by Margueritachoy, Saeed Azhar, Arasu Kanagi Basil)
INSIGHT-Offshore wind challengers in Australia, Europe lean on US groups for recommendations
Costs Thompson's. battle to stop overseas wind farms was once confined to the small. U.S. state of Rhode Island where he lives. Today, he is part of. a worldwide movement.
In April, Thompson, who is director of the activist group. Green Oceans, got an e-mail from a fellow anti-offshore wind. group more than 10,000 miles (16,000 km) away called Accountable. Future?( Illawarra Chapter). They were searching for guidance on methods. to fight projects off Australia's southeast coast. In August,. he got another demand, this time from French group PIEBIEM. fighting jobs in Brittany.
It's constantly good to know that other people are thinking the. very same method you are, he informed Reuters.
These groups are amongst a dozen or more local activist. companies across the U.S., Europe and Australia who told. Reuters they have started sharing methods, talking points and. other resources in their typical mission to hinder offshore wind. -- an advancement they hope will transform what was as soon as a. disorganized scattering of regional activists into a significantly. sophisticated worldwide network.
Numerous anti-offshore wind groups said they think. federal governments and wind developers, such as Orsted,. Avangrid and Shell, are minimizing the. ecological damage triggered by tasks as they promote the. renewable energy source as an option to environment change.
In most cases, the groups are wanting to anti-offshore wind. activists on the U.S. East Coast for suggestions, citing their years. of success in slowing or cutting the size of significant jobs,. deteriorating public support for the technology, and winning over. conservative politicians like previous President Donald Trump,. whose administration had actually supported offshore wind, today. opposes it virulently as the Republican presidential candidate.
Offshore wind is a nascent market in the U.S. and a secret. pillar of President Joe Biden's plan to fight climate modification. However, plans to install turbines along every U.S. shoreline. have been challenged by skyrocketing costs and supply chain snags and. attracted multiple suits over concerns about the industry's. influence on tourism, property worths, fishing and marine environments.
Reuters reporting reveals how the groups' international cooperation. provides a fresh difficulty to the market as it permits brand-new. opposition groups to quickly take advantage of years of work done by. others. Oftentimes, it also assists to propagate viral,. politically effective, but sometimes false talking points,. consisting of that turbines eliminate threatened whales and not do anything to. sluggish global warming.
It's a substantial problem, and I do not think the industry has actually got. its head around A, what's occurring, and B, what to do about. it, Ben Backwell, CEO of the Worldwide Wind Energy Council, a. Lisbon-based market trade group, said.
Opposition groups say they are just starting.
We wish to go further, for example with joint. statements, and a better media effect, to alert public. opinion, stated Eric Sartori, secretary of PIEBIEM, which in. French mean Maintaining the Environmental Identity of. Southern Brittany and the Islands versus Offshore Wind.
A U.S. West Coast group told Reuters this month it is. starting a national anti-offshore wind company. Other. groups, including Responsible Future (Illawarra Chapter), said. they have actually gone over forming an international coalition, specifically as. the rest of the world steps up attempting to overtake China,. Britain and Germany, the top manufacturers of offshore wind energy.
NURTURED ONLINE
Sartori of PIEBIEM said he initially got in touch with Green Oceans and. another group in Nantucket after seeing images of damaged wind. turbine blades cleaning ashore in Massachusetts this summertime on. social networks platform X.
Sartori said Green Oceans' Thompson helped, consisting of by. supplying him a quote from a U.S. federal government agency recommending. offshore wind has no environment benefit.
That quote - it is prepared for there will be no cumulative. impact on global warming as an outcome of overseas wind jobs. - now appears on PIEBIEM's website next to photos of fiberglass. fragments cluttering Nantucket's coast.
The Bureau of Ocean Energy Management informed Reuters the quote. belonged to an ecological analysis of a job, which the. second half of the sentence - not present on PIEBIEM's website -. says wind jobs may beneficially add to a wider. mix of actions to minimize future effects from environment. change.
BOEM regularly mentions in its environmental evaluations that wind. power will not change the course of global warming by itself. however can help when combined with other actions.
In other groups, posts vary from hesitation about whether. wind turbines can make it through high winds to worries they will obstruct. ocean views. The most viral, however, is that overseas wind. development threatens whales.
That claim caught fire in the U.S. in early 2023 after. a number of New Jersey and New York groups blamed the industry for a. spate of whale deaths and caught the attention of conservative. media.
The claim is now repeated by challengers around the world,. including in France and Australia.
The U.S. federal government states the claim has no merit, and links. most human-caused whale deaths to vessel strikes and. entanglement in fishing equipment.
A clean energy trade group, American Clean Power. Association, stated it is resolving opposition by working to. communicate the benefits of offshore wind, such as financial. development and energy self-reliance.
False information weakens trust, cultivates confusion, and. divides communities at a time we need more American energy, a. spokesperson for ACP stated.
SPECIALIST SUPPORT
Green Oceans has actually enlisted the assistance of Spanish marine. biologist Josep Lloret, who has actually raised concerns about the. prospective environmental harms of offshore wind in the. Mediterranean Sea, and hosted a talk by Texas-based reporter. Robert Bryce who is skeptical of the renewable energy. transition.
Other groups piggy-back off their work.
Green Oceans ... the charm of them is they have scientists. behind them, so we might look at the documents they are saying are. factual and identify they are peer examined, stated Jenny. Cullen, president of Australia's Responsible Future (Illawarra. Chapter).
It wasn't Charlie down the road using ChatGPT to pull up. BS.
The techniques are currently helping turn an industry that. received little opposition during its early days in Europe. decades ago into a political hot potato.
In New Jersey, where opposition to overseas wind is perhaps. more powerful than in any other U.S. state, support for the industry. stood at 50% late in 2015 from 80% 4 years previously,. according to a poll by Stockton University.
Trump has actually also signed up with the movement, guaranteeing to halt. offshore wind projects if he recovers the presidency in. November.
His administration several years earlier had actually promoted offshore. wind as a part of his America First agenda, and held a record. offshore wind government auction in 2018.
Trump's project did not react to ask for comment.
In Australia, which is a new target for overseas wind. developers, the primary opposition party has actually likewise swung behind the. motion, and public opposition has been growing-- reaching 18%. in September, from 12% a year previously, according to polls from. Freshwater Technique.
In France, meanwhile, a Senate committee in July recommended. cuts to the nation's overseas wind target, arguing the. innovation is pricey and does not have maturity. The nuclear. powerhouse is currently lagging its neighbours on renewable resource. and has fallen back targets set by the European Commission.
In tandem with their successes, groups opposed to offshore. wind have been dogged by allegations they are backed by. conservative interests connected to the nonrenewable fuel source market.
A 2023 study by researchers at Brown University mapped links. in between U.S. groups and conservative think tanks, consisting of a. case in which the Delaware-based Caesar Rodney Institute. supported a claim to block the Vineyard Wind task submitted by. a Nantucket group, ACK4Whales.
Amy DiSibio, a board member of ACK4Whales, said her group is. not partisan and has actually distanced itself from the pro-fossil fuel. believe tank. A New Jersey group, Secure Our Coast NJ, stated the. same.
It takes away from our message, Robin Shaffer, president. of Protect Our Coast NJ, stated in an interview.
(source: Reuters)