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Sources claim that Brazil has nominated former energy ministers to the board of Eletrobras
Sources familiar with the matter confirmed that the Brazilian government had nominated the former Mines and Energy Ministers Silas Rondeau and Nelson Hubner as well as Mauricio tolmasquim as candidates for the board of Eletrobras. According to one source, former Finance Minister Guido Mantega has been nominated as a member of Eletrobras' fiscal council. Eletrobras didn't immediately respond to an inquiry for comment. Eletrobras announced Wednesday that it and Brazil's Government had reached an agreement on a legal dispute regarding government voting power In the firm. The government will nominate three board members of Eletrobras under the new agreement. However, this deal still needs shareholder approval. Brazil currently does not have a seat on the board. The company was privatized in 2020. Hubner and Rondeau were Mines and Energy Ministers in the previous government of President Luiz-Inacio Lula da Sa Silva. Tolmasquim has also held positions within the ministry and is currently a director with oil company Petrobras. Reporting by Leticia fucuchima from Sao Paulo, and Rodrigo Viga Gaier from Rio de Janeiro. Writing by Andre Romani. Editing by Aida Pelaez-Fernandez.
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The Metals Company will apply for a deep sea exploration license in accordance with US legislation
The Metals Company, a Canadian mining company, announced on Thursday that it had initiated a formal process with the U.S. Department of Commerce for the application of exploration licenses and permit to extract minerals from ocean floors. The company intends to apply for a permit under the Deep Seabed Hard Mineral Resources Act of 1981 (DSHMRA), rather than the International Seabed Authority, stating that the latter has not yet adopted regulations regarding deep seabed exploitation. It added that it had requested a consultation prior to the application with National Oceanic and Atmospheric Administration. TMC's attempt to be the first company approved to mine deep sea minerals was controversial. Environmental groups have called for a ban on all activities, warning that industrial operations could lead to irreversible biodiversity losses. The move is made at a time that 36 delegations are meeting in Kingston, Jamaica to discuss the issue of whether mining companies can extract metals like copper and cobalt off the ocean bottom. The latest round of discussions on 28 March will likely not produce a final mining code text. Delegates plan to discuss possible actions in the event that a mining request is submitted prior to the completion of regulations. We believe we are equipped with enough knowledge to start and demonstrate that we can manage the environmental risks. We need a regulator who has a robust regulatory system and is willing to hear our application," said Gerard Barron CEO of The Metals Company. (Reporting from Seher Dareen, Bengaluru. Editing by Vijay Kishore.)
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The US SEC has voted to no longer defend climate disclosure regulations
Wall Street's leading regulator announced on Thursday that it had decided to stop legal actions to defend regulations requiring companies to disclose their climate-related risks, emissions and spending. This regulation had been fiercely contested by industry lobby groups. Mark Uyeda, the acting chairman of the U.S. Securities and Exchange Commission (SEC), a Republican-dominated agency, made public remarks about its decision last month. Since taking office, Donald Trump has taken steps to reverse virtually all the efforts of the previous administration to combat climate change. Uyeda stated in a press release that the goal of today's Commission actions and notification to court was to stop the Commission from being involved in the defense against the expensive and unnecessary climate disclosure rules. The rule was adopted by the Commission last year to inform investors about the accumulation of climate risks and costs within the financial system. As a result, Republican state attorneys general and lobby groups immediately filed suit, claiming that the SEC regulations exceeded its legal authority and burdened businesses. The SEC was facing a Friday deadline that it had set for itself to inform the U.S. Court of Appeals of the Eighth Circuit of the plan of action. The SEC had asked the court to postpone oral arguments until it decided what to do. Steven Rothstein is a senior official with the environmental advocacy group Ceres. He called the SEC decision "truly regrettable," and pointed out investor demand for climate-related data. He said: "This is clearly an effort to help investors and other people get the information they require." Reporting by Douglas Gillison, Washington; additional reporting by Ross Kerber, Boston; editing by Rod Nickel
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Suncor discovers source of spillage at Sarnia refinery
Canada's Suncor Energy said on Thursday it had identified and isolated the source of a hydrocarbon spill observed during regular monitoring at its 85,000-barrel-per-day refinery in Sarnia, Ontario. Suncor also stated that there were no reported injuries. Suncor did not specify if the spilled crude oil or fuel. The company had earlier said that it was responding in response to an incident near the St. Clair River, noting community members might notice an odor. St. Clair Township, in another community alert reported an oil spill that was being contained by Suncor and Shell booms. The water distribution system of St. Clair Township is safe to drink. St. Clair Township stated that the spill was in the St. Clair River, and had no effect on drinking water. Shell Canada announced earlier that workers from the Sarnia Manufacturing Center of Shell Canada in Corunna in St. Clair are offering mutual aid. Shell will provide emergency response personnel and equipment to help. Suncor did not respond to requests for comment. Reporting by Noel John in Bengaluru and Brijesh Patel; editing by Leslie Adler and Richard Chang.
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After Trump's latest tariffs, stocks are down and gold is at a record high.
Gold reached a new record high and global stocks dropped for the second consecutive session on Thursday, following the latest tariffs imposed by the Trump administration in the United States that extended the trade war to automobiles. Trump announced on Wednesday 25% tariffs on imported vehicles and auto parts. The Nikkei 225 and KOSPI, the South Korean stock index, were both affected. Many countries around the world threatened to impose retaliatory taxes. U.S. stock prices fluctuated between gains, losses and a decline in automakers. However, electric vehicle manufacturers Tesla and Rivian rose as their production is based within the U.S. Ford and General Motors both suffered losses of 3.88% and 7.36% respectively, mainly due to concerns over the impact on supply chains. Stellantis' shares listed in the United States fell by 1.25%. Investors are very cautious about Trump and his policies. Jed Ellerbroek is a portfolio manager with Argent Capital, in St. Louis. It makes people nervous about making long-term investments, whether it's about companies or investors. The Dow Jones Industrial Average dropped 155.09, or 0.37 percent, to 42299.70. The S&P 500 declined 18.89, or 0.33 percent, to 5,693.31, and the Nasdaq Composite lost 94.98, or 0.55 percentage, to 17,804.03. The major U.S. indices are set to experience their first consecutive monthly declines since a two-month period ending in October 2023. European stocks ended lower on Friday, as shares of Europe's largest carmakers fell. Volkswagen fell 1.26%; BMW dropped 2.55%, and Mercedes-Benz fell 2.69%. The MSCI index of global stocks fell by 2.77 points or 0.33% to 843.19. The pan-European STOXX 600 fell by 0.44%, to 546.31, which is a new two-week low. In recent weeks, the effects of tariffs on global economic growth and their potential to delay Federal Reserve interest rate cuts have been a drag on stock prices, even though they have recently shown signs that they are stabilizing. Spot gold, reflecting investors' caution was higher by 1.26% at $3,057.35 per ounce after reaching a record high of $3,059.30. Goldman Sachs raised its gold price forecast on Wednesday to $3,300, citing stronger-than-expected exchange-traded fund inflows and sustained central bank demand. The dollar index (which measures the greenback in relation to a basket currency) fell 0.33% at 104.29. Meanwhile, the euro rose 0.4%, reaching $1.0795. The Mexican peso fell 0.86% against the dollar to 20.295, while the Canadian Dollar slid 0.29% to C$1.43, as both countries will be severely affected by the auto tariffs. Trump announced that he plans to impose reciprocal duties on all countries starting April 2. Mark Carney, the Canadian prime minister, said that if Trump were to impose new auto tariffs he would take unspecified measures. The U.S. labor market is still on solid ground, despite the Trump tariff policy and aggressive cuts of federal employees by Elon Musk’s Department of Government Efficiency. Other data revealed that the economy grew slightly faster than originally estimated in the fourth quarter. The yield on the benchmark 10-year Treasury bill in the United States increased 2.7 basis points, to 4.365%. The yield on the seven year note rose after a soft sale of $44 billion worth of paper. Brent crude closed at $74.03 a barrel, an increase of 0.33% for the day. Investors assessed the implications of the latest escalation of the trade war.
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Trump EPA invites companies by email to request exemptions from air regulations
The Trump administration has invited companies to send an email to the Environmental Protection Agency by March 31 to request presidential exemptions to nine clean-air rules, including limits on mercury for power plants and limits to hazardous air pollutants produced in plastics. This is the latest example of a rarely used measure to ease burdens for businesses. The EPA stated that the exemption offer is aimed at achieving President Donald Trump's aim of reducing red tape in energy production. This comes only days after the agency announced it would rollback more than twenty bedrock regulations and water rules as well as Biden era climate regulations. On his first day of office, the president declared an energy emergency in the United States and instructed federal agency heads to use all emergency powers available to speed up energy production and development. The EPA has set up an email account - [email protected] – for companies to submit their requests for exemptions. They must state which emission standards they wish to avoid, how long the exemption should last, and a reason for the request. The agency stated that the request can be extended for two years. It is rare to see presidential exemptions granted. They were previously done through a process that was open to the public. The Trump administration took several steps that were highly visible to roll back regulations from the previous administration and to use extraordinary measures, such as moving quickly to speed up major energy infrastructure projects that require federal wetlands permits. Trump also used emergency powers last week to boost the production of vital minerals that are used throughout the economy, as part of an overall effort to counter China's control over the sector. EPA regulations that are eligible for exemptions include emission standards for rubber tire manufacturing, smelters, and integrated steel and Iron Manufacturing Facilities. Vickie Patton is the general counsel of Environmental Defense Fund. She said that this was an inappropriate measure. She said, "This is a Trump EPA led effort to evade established pollution limits that protect millions of Americans." (Reporting and editing by Alistair Bell; Valerie Volcovici)
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Gold reaches record high after Trump's latest tariffs
Gold and global stocks hit record highs on Thursday, following the announcement of new tariffs by the Trump administration in the United States that extended the trade war against auto imports. Trump announced late Wednesday that he would impose 25% tariffs on imported vehicles and auto parts made abroad. The tariffs are scheduled to go into effect on April 3rd. The Nikkei 225 and KOSPI in South Korea were affected by this. Many countries around the world threatened to impose retaliatory taxes. U.S. stock prices fluctuated between gains, losses and a decline in automakers. However, electric vehicle manufacturers Tesla and Rivian rose as their entire production is located in the U.S. Ford and General Motors both lost 3%. This was due to concerns over the impact of their supply chains. Stellantis' shares listed in the United States fell by about 1%. The pendulum is swinging in the markets right now. They react to announcements with the worst possible expression, but then they slowly realize that the situation might not be quite as bad as thought, or even as stated, because it could be part of a larger negotiation, said Eric Theoret. FX strategist, Scotiabank, Toronto. The Dow Jones Industrial Average dropped 120.77 points or 0.28% to 42,333.38. The S&P 500 declined 9.03 points or 0.17% to 5,702.48. And the Nasdaq Composite lost 41.37 points or 0.23% to 17,857.20. European stocks ended lower on Friday, as shares of Europe's largest carmakers fell. Volkswagen fell 1.26%; BMW dropped 2.55%, and Mercedes-Benz fell 2.69%. The MSCI index of global stocks fell by 1.77 points or 0.21% to 844.15. The pan-European STOXX 600 fell by 0.44%, to 546.31, which is a new two-week low. In recent weeks, the stock market has been impacted by tariffs, their impact on global economic growth, and their potential to delay Federal Reserve interest rate cuts. However, they have recently shown signs of stabilizing. Spot gold, reflecting investors' caution was higher by 1.19% at $3,055.33, after reaching a record high of $3,059.30. Goldman Sachs raised its gold price forecast on Wednesday to $3,300, citing stronger-than-expected exchange-traded fund inflows and sustained central bank demand. The dollar index (which measures the greenback in relation to a basket of currencies) fell 0.35%, while the euro rose 0.42%, reaching $1.0797. The Mexican peso fell 0.98% against the dollar to 20.324, while the Canadian Dollar slid 0.29% to C$1.43, as both countries will be severely affected by the auto tariffs. Trump announced that he plans to impose reciprocal duties on all countries starting April 2. The U.S. labor market is still on solid ground, despite the Trump tariff policy and aggressive cuts of federal employees by Elon Musk’s Department of Government Efficiency. Other data revealed that the economy grew slightly faster than originally estimated in the fourth quarter. The yield on the benchmark 10-year Treasury bill in the United States increased by 2.5 basis points, to 4.363%. The yield on the seven year note increased after a soft sale of $44 billion worth of paper. Brent crude closed at $74.03 a barrel, up by 0.33% for the day as investors assessed the implications of the latest escalation of the trade war.
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US Justice Department considers merging DEA, ATF in major shakeup, memo says
According to a memo obtained by the Associated Press, the U.S. Justice Department may merge the agencies that enforce drug and gun laws as part of a major shake-up to follow President Donald Trump's directive to streamline government. According to a memo dated March 25, department leaders may merge the Drug Enforcement Administration and Bureau of Alcohol, Tobacco, Firearms and Explosives, and eliminate field offices that deal with antitrust, civil and environmental cases. The memo states that a possible merger between the ATF, DEA and other agencies would "realize efficiencies in terms of resources, case deconfliction efforts and regulatory efforts." In a memo, Todd Blanche, Deputy Attorney general of the United States, ordered that department officials provide feedback on the proposed restructuring before April 2, 2019. He said that the Office of Personnel Management and White House Office of Management and Budget had already been provided with the proposed plan of cuts and mergers in various offices. A DOJ spokesperson didn't immediately respond to an inquiry for comment. The memo does NOT specify the number of jobs that could be affected. As of January, the department employed approximately 115,000 people. Trump's campaign to shrink the federal Government, led by Elon Musk and his billionaire advisor Trump, has targeted over 100,000 jobs in federal agencies. Previously reported, the Justice Department considered drastically reducing staffing at the Public Integrity Section. This section handles the most politically sensitive cases of public corruption within the Justice Department. A number of the Justice Department's attorneys resigned outraged after a senior Justice Department official told them to drop corruption charges against New York City Mayor Eric Adams. The memo recommends that some attorneys who specialize in public corruption be reassigned to U.S. The memo calls for reassigning some public corruption attorneys to work out of U.S. STAFFING CUTTING CONSIDERED The Department is looking at cutting staff in several sections of the Criminal Division as well as National Security Division. This includes those who handle cases under the Foreign Corrupt Practices Act as well as counterintelligence, export control and other matters. In February, Trump ordered the Justice Department in an executive order to stop enforcement of foreign corruption laws. Bondi had previously announced that she would reduce resources in this area. The memo also proposes merging the Justice Department's Grant Offices into one, and eliminating the Community Relations Service. This office is responsible for de-escalating tensions within local communities. The memo also suggests moving some attorneys from Tax Division to U.S. Attorneys' Offices, moving Consumer Protection Branch from the Civil Division to the Criminal Division, and consolidating policy offices. The merger of ATF and DEA could be one of the most significant changes to the Justice Department’s law enforcement component since the terrorist attacks of September 11, 2001. In an unusual dual role, FBI Director Kash patel also serves as acting director of the ATF. Trump has nominated Terry Cole to be the permanent leader of the DEA. However, he has yet to name a permanent ATF head. ATF's role as a law enforcement agency in the United States has made it more vulnerable to conservative political pressure than any other arm of US law enforcement. Gun rights groups want to limit the ATF's legal authority to regulate firearms. Since 2006, the Senate has been able to confirm ATF directors only twice. (Reporting and editing by Scott Malone, Rod Nickel and Sarah N. Lynch)
INSIGHT-Losing hope of rescue, some European solar firms head to United States
European governments due to relocate to support their solar power makers today will be too late to stop solar panel maker Meyer Hamburger leaving a German factory to send out production to the United States.
The plant in Freiberg in eastern Germany closed in mid-March with the loss of 500 jobs, as the Swiss-listed company joined a. growing list of European renewable resource production. factories closing down or moving. In the previous year, at least 10. have stated they remain in financial problems.
On a recent check out to the site, giant white robotic arms hung. dormant over empty wooden pallets as employees prepared the last. assembly line for shutdown. Talks with the German federal. government to attempt to secure a future for the factory ended. without success in late March, a business spokesperson told. .
Germany's economy ministry stated it knew the extremely. serious circumstance of German companies and has actually been analyzing. funding choices with the market for over a year. It agreed to. offer Meyer Hamburger an export credit guarantee for equipment. produced in Germany to be utilized at the U.S. factories, which will. assist a website nearby but won't save the Freiberg one.
The closure, which in one sweep minimized European photovoltaic panel. production by 10%, comes regardless of a boom in wind and solar power. in Europe. Additions to renewable energy capacity, consisting of. photovoltaic panels, are running at record rate, according to information from. the International Energy Firm.
But Europe-based producers that supply those panels are. being squashed by competition from China and the U.S., whose. governments provide more assistance to their manufacturers.
The circumstance postures a predicament for European federal governments. keen to combat environment modification: Either offer more assistance to. ensure local production can stay competitive, or enable the. unfettered circulation of imports to maintain the rate of setups. A conference in Brussels between European energy ministers on. Monday will make a gesture of support for the struggling. market.
China is broadening solar output and now accounts for 80% of. the world's solar manufacturing capability. The cost of producing. panels there is around 12 cents per watt of energy produced,. compared with 22 cents in Europe, according to research study company. Wood Mackenzie.
U.S. aids revealed as part of the 2022 Inflation. Decrease Act enable some renewable energy producers and. job designers to claim tax credits, which are bring in. businesses from within the European Union and beyond.
Meyer Burger says its plans include a photovoltaic panel factory in. Arizona and a solar battery factory in Colorado.
We made a vibrant relocation in the lack of any market policy. support in Europe and shifted a solar battery growth project. from Germany to the U.S., its president Gunter Erfurt. told in an interview.
Likewise, battery business Freyr which runs mostly in. Norway, has actually quit working at a half-finished plant near the. Arctic Circle and is focusing on prepare for a plant in the U.S. state of Georgia after Washington announced the policy.
Freyr stated in February it had changed its registration to. the U.S. from Luxembourg.
We did invest quite a bit of time trying to truly make sure. that we weren't devoting an error, stated Birger Steen, chief. executive of Freyr: The company initially looked for assistance from. Norwegian or European federal governments.
We got to the point where we concluded that type of. policy level response was not forthcoming.
Asked to comment, Norway's ministry of trade and market. said that it had introduced an industrial policy framework. targeting energy shift technologies including solar and. batteries, however did not directly attend to questions about. additional financing for the companies in this story.
CHARTER
At Monday's meeting, the European Commission will launch a. voluntary charter for governments and business to sign in. support of solar factory. Industry association. Solar energy Europe will coordinate business signatories. However the. charter, which says that purchasers of solar panels need to include. some domestic production in what they purchase, is not enforceable,. Solar energy Europe said.
Michael Bloss, EU parliament member for Greens, launched a. petition previously this month requiring action at a European. level to rescue panel makers.
Bloss states he is pushing for the European Commission to set. up a 200 million euro ($ 213 million) fund to buy up unused. European-made solar panels, however Europe has hesitated to. pursue that. The European Commission declined to comment.
We are-- in headings and Sunday speeches-- very much in. favour of producing our own solar industry, however then in action,. nothing occurs, Bloss informed .
The charter will be more like a political declaration. signed by member states, solar companies and the Commission,. it's more long term, it has no instant impact.
In February, European policymakers adopted the Net-Zero. Market Act, a set of procedures consisting of a target to produce. 40% of the region's tidy tech needs by 2030.
The previous month, the EU also authorized nearly $1 billion. of German state help for a Swedish battery. manufacturer, Northvolt, to help it establish a production plant in. Germany after Northvolt threatened to take its company to the. United States. It was the first time the bloc used an. exceptional measure allowing member nations to step in with. help when there's a danger of financial investment leaving Europe.
But aid for ongoing operations has not been upcoming,. amid political difference over just how much public funds ought to go. to having a hard time businesses.
Choices about supporting markets or firms like Meyer. Burger are down to member states, a spokesperson for the. European Commission told . Germany's economy and climate. ministry thinks help to keep an existing business like Meyer. Hamburger would not be legal if there is a lack of market. prospects from the business's perspective, a spokesperson told. .
Prospective clients-- renewable resource installers that. depend heavily on inexpensive Chinese imports-- have likewise pressed back. against any brand-new subsidies for regional panels, arguing such relocations. could harm them by triggering customers to postpone orders as they. await the subsidies to start.
INTERTWINED
More than a year's worth of low-price imported panels sit in. European warehouses waiting for setup, according to. consultancy Rystad Energy and photovoltaic panel makers. could. not individually validate that quote.
That backlog could grow as Chinese capability continues to. broaden, Rystad states: If all the plans Chinese companies have. announced proceed, China's industry will have the ability to make twice. as many panels as are anticipated to be set up worldwide in. 2024, said Marius Mordal Bakke, senior analyst at Rystad.
Dresden-based Solarwatt is carrying 6 to 9 months of. stocks, up from around 6 weeks, its chief executive Detlef. Neuhaus told in March.
The company laid off around 10% of its employees last year. and says its regional panel production is running at approximately. one-third of capability.
This industry is so crucial for the future, we can not. permit that we are losing all our skills, stated Neuhaus.
Analysts say it's unclear what support could actually. assistance, since companies like Meyer Burger produce a fraction of the. volumes made by those in China, or prepared in the U.S.
They are tiny, so they will always have problem with volume,. not just to take on Chinese producers but also with U.S. manufacturers, said Eugen Perger, senior analyst at Research study. Partners AG.
And regional clean innovation markets are so worldwide. intertwined it's tough for European manufacturers to envision a. totally independent supply chain.
Norway-based NorSun, which produces solar wafers-- thin. silicon movie utilized in panels-- stated Chinese devices is vital. to both its plant in Norway and a proposed facility in the U.S . The company has halted production at the Norway plant while it. chooses whether to upgrade it.
Most of the devices for either project would need to come. from China. There's essentially no other option, said Carsten. Rohr, primary commercial officer at NorSun.
DEJA VU
Freiberg has been here before. Considering that the 1990s, companies. setting up operations in the area have actually taken advantage of federal. funding programs to restore east Germany and help it close the. gap with western Germany's success.
New markets sprang up, including in solar and. semiconductors. Freiberg took a big hit in the 2010s after. China's solar market increased production and undercut. competitors.
In 2020, the German federal government eliminated a cap on aids. for solar power installations which helped lift demand. In 2021,. the EU's Green Offer signified political support for future. need, and Russia's full intrusion of Ukraine likewise helped solar. release.
Meyer Hamburger, which is headquartered in Gwatt, Switzerland,. only set up production in Freiberg in 2021 as the market. began coming back to life. It refurbished an insolvent solar. business's plant that had stood unused for nearly three years.
For a while it became one of the town's largest employers,. mayor Sven Krueger verified.
This is the second time the German solar industry is at. danger. They stopped working once currently, said apprentice Max Lange, 19,. welcoming coworkers with a silent nod as they cleaned idled. equipment on the factory floor.
If it stops working again, I doubt that I will be able to pursue a. profession in the European solar industry, due to the fact that I do not think it. will come back, he said, wondering aloud if he may instead. find work in the U.S. solar market.
(source: Reuters)