United States

The Trump administration announced on Thursday that it would audit grants of $15 billion awarded to projects involving the power grid, manufacturing supply chains and other infrastructure during the Biden Administration. Donald Trump has pushed for domestic oil, gas and coal production while also halting the construction of offshore wind farms and taking measures to relax regulations on fossil fuels. Last week, the Republican Trump administration proposed to cut billions of dollars from funding for renewable energy projects and electric car chargers. The DOE has been reviewing the billions that were rushed through the door in the last days of...

Solar panel companies say that a Republican budget bill passed by Congress this week will deal a major blow to their industry. It will eliminate a generous homeowner subsidy that has boosted the growth of the industry. Industry players say the bill would eliminate a 30% federal tax credit for taxpayers installing rooftop solar systems. This would stifle an industry which has grown by ten times in the past decade and now employs over 100,000 workers. Charlie Hadlow is the president of EnergySage - an online solar marketplace. He said, "It's a huge setback." I have solar installers within our...

Five trading sources who are familiar with the loadings for June have estimated that Black Sea CPC blend crude oil exports will be between 1.6 and 1.7 million barrels a day (bpd). The exports in May will be approximately 1.5 million bpd higher at that level. According to sources in the trade, around 90% of CPC Blend is exported from Kazakhstan. The remainder comes from Russian production. Kazakhstan's oil production has been a major point of contention within the OPEC+ Group, since it has consistently exceeded its production quotas over the past year. Kazakhstan's Energy Ministry said this month, despite...

Phillips 66 announced on Thursday that it would sell a 65% share in its German-Austrian fuel retail business, valued at $2.8 billion. The U.S. refiner is attempting to simplify its portfolio under pressure from activist investor Elliott Investment Management. Elliott, which owns a $2.5-billion stake in Phillips 66 has been pressing for major changes to the company. This includes the possible spin-off or sales of its midstream businesses. It is also seeking to refresh its board to align its strategic goals. Elliott did not respond immediately to a question about the divestment. Institutional Shareholder Services and Glass Lewis, two proxy...

Hakan Fidan, Turkey's Foreign Minister, said that the YPG Syrian Kurdish militia must fulfill a deal it made with the Syrian Government. The group is expected to be integrated into Syria’s armed forces. The YPG is seen by Turkey as an affiliate group of the Kurdistan Workers Party, a militant group that has fought against the Turkish state since the 1970s and announced Monday its decision to disarm. We see that the YPG has not taken any action so far. Fidan said at a press briefing during an informal NATO meeting of foreign ministers in Antalya, southern Turkey. He added...

Shelley Moore Capito, West Virginia Republican senator and former federal employee who screens coal miners for black lungs disease and conducts research on other respiratory diseases who were terminated in a sweeping government layoff have their jobs permanently restored. According to an email sent to employees by the Department of Health and Human Services on Wednesday, they make up a significant percentage of 313 workers who were notified by the Department that their layoff notifications were rescinded. NIOSH has nearly 1,500 full-time employees in eight offices throughout the world. United States Capito stated in a press release that Robert F....

What are the possible contours of a peace agreement between Russia and Ukraine? SECURITY GUARANTEE Ukraine, which has been subjected to a full scale invasion in 2022, and witnessed Russia annex Crimea, needs security guarantees from major powers, primarily the United States. The Budapest Memorandum of 1994, in which the U.S., Russia and Britain agreed to refrain from using force against Ukraine and respect Ukrainian sovereignty was not enough for the Ukrainian government. The powers agreed to take the matter to the United Nations Security Council in the event of an attack on Ukraine. Sources involved in the talks say...

Mukesh ambani, the Indian billionaire, will meet with Donald Trump, President of the United States, and Qatar's emir in Doha, according to two sources. His company, Reliance Industries, is looking to strengthen ties between authorities in both countries. Qatar's sovereign fund, QIA has invested in Reliance over the years. Ambani is Asia's wealthiest man and has many business relationships with U.S. technology giants like Google and Meta. Ambani is attending a state dinner in Doha for Trump, but he does not intend to have any business or investment discussions. This was confirmed by the first source who has direct knowledge...

Four years ago, Saudi crown prince Mohammed bin Salman was unable to meet with the then-President Joe Biden. Biden said that he wanted the Gulf nation to be a pariah because its leader had allegedly ordered the killing of a Washington journalist. Donald Trump praised Saudi Arabia's de-facto ruler in a gushing manner on Tuesday. He called him "an incredible guy" and "a great guy", and did not mention the human rights situation within the country. "I like him very much." "I like him too much," Trump exclaimed as the cameras flashed, and the crowd applauded. The summit was held...

Empresas Copec, a Chilean conglomerate of industrial companies, said that the Chinese market could be more difficult for its forestry product if paper manufacturers struggle to increase sales due to uncertainty about U.S. Tariff policies. In a recent presentation, Cristian Infante, the head of Copec’s forestry division Arauco, said that most of the customers who export to the U.S. don’t really know the price at which their goods will be sold. "They're trying as hard as they can to buy as little." Arauco sells wood panels and pulp worldwide and contributes to the majority of Copec’s earnings. However, its core...

British stocks finished mixed on Tuesday as investors weighed a slight increase in U.S. Inflation data while signs of a slowing UK labour market fueled speculation about the Bank of England’s future rate decisions. The blue-chip FTSE 100 index was almost flat, but the domestically focused midcaps index rose 0.6%. Consumer prices in the United States rebounded modestly in April. They rose 0.2%, after a dip of 0.1% in March. The inflation rate is expected to increase in the coming months, as tariffs will raise import costs. After the report, traders bet that the Federal Reserve will delay lowering interest...

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines ISS proxy adviser Elliott backs in the fight against Phillips 66 - Perplexity is nearing its second fundraising in 6 months at a valuation of $14 billion - Cobalt Holdings to IPO in London with Glencore taking a 10% stake UK announces "backstop" plan to force pension funds into private assets View the full article The activist investor Elliott Management won the support of Institutional Shareholder Services, a powerful proxy adviser in its campaign to stop Phillips...

Ontario, Canada's largest province and manufacturing powerhouse forecast on Thursday its biggest budget deficit since the peak of the pandemic. It also predicted a slower transition into surplus, as the province increased spending to support the economic in a trade conflict with the United States. The Progressive Conservative Party, which rules the province, retained its power after a February vote. Premier Doug Ford called the election more than a calendar year in advance, claiming that he wanted a stronger mandate for his fight against President Donald Trump's Tariffs. Ontario exports over three quarters of its goods to the United States....

Analysts said that the rand of South Africa firmed up on Thursday after a deputy minister of finance indicated that a lower target for inflation could be introduced in the near future. At 1525 GMT the rand was trading at 18.0775 per dollar, a 1.1% increase over the closing price of Wednesday. Shaun Murison is a senior analyst at IG. He said, "The rand has reacted positively to the news that Treasury supports the central bank's long-standing idea of changing the framework for inflation targets and lowering them." Analysts cited comments made by Deputy Finance Minister David Masondo at an...

India's merchandise deficit in April was the largest in five months, according to data released by the government on Thursday. Imports of petroleum products increased, which limited the impact of a rise in exports to America. India's trade deficit in April was $26.42 billion, higher than the $20 million economists had predicted in a survey. It also increased from the $21.54 billion of the previous month. In April, exports totaled $38.49billion, while imports reached $64.91billion. This compares to $41.97billion of exports and 63.51billion of imports in march. India's oil imports increased to $20.72 Billion in April from $19 Billion in...

Analysts said that a weakening in demand for aluminium due to trade tensions could weigh on prices. However, a long-standing Chinese production cap may limit the losses. After tariffs imposed by President Trump, the prices of aluminum have dropped 2% at the London Metal Exchange so far this season. China produces about 60% of the aluminium used for construction, transport and green energy. The government has set a cap on its output of 45 million tonnes per year to reduce overcapacity. "We're already very close to the 45 million mark, and we don’t see much additional capacity globally." The price...

South Africa's currency, the rand, edged higher against a weaker US dollar on Thursday morning after President Cyril Ramaphosa confirmed that he will meet with Donald Trump of the United States next week. This follows days of speculation. At 0622 GMT the rand was trading at 18,22 per dollar, which is 0.3% higher than the closing price of Wednesday. The presidency stated that Ramaphosa’s meeting with Trump will provide a forum to reset the strategic relationships between the two nations, who have been at odds ever since Trump returned to Washington in January. Investors will be focusing on the March...

Gold prices fell to a record low of over one month on Thursday, ahead of an important U.S. report that is expected provide clues about the Federal Reserve's policy direction. A thaw between U.S. and China trade tensions also contributed to gold's decline. Gold spot fell by 0.8%, to $3,153.09 per ounce at 0303 GMT. It had earlier reached its lowest price since April 10 during the session. U.S. Gold Futures fell 1% to $3156.90. The United States agreed to drastically reduce tariffs and adopt a 90-day suspension, de-escalating the potentially damaging trade conflict between two of the largest economies...

MP Materials, a U.S. rare-earths miner, announced on Wednesday that it had signed a Memorandum of Understanding with Saudi Arabia's Ma'aden mining company to jointly develop a supply chain for rare earths in the Middle Eastern nation. Why it's important The agreement was signed at the U.S. - Saudi Investment Forum where President Donald Trump obtained a $600 Billion investment from Saudi Arabia in the sectors of energy, defense, and mining. Saudi Arabia is pushing to be a global hub for critical minerals at a moment when processing minerals has become an essential for tech-focused countries looking to create their...

The European Union must create funds worth more than 11 billion euros to encourage investment in exploration, mining, and recycling of key raw materials. This is what the head of a EU-funded agency on key minerals told me on Wednesday. The bloc has set 2030 goals for 34 minerals, such as copper and lithium, that are required for its green transformation - to mine 10% and recycle 25% of its needs and process 40% in Europe. The directive also stipulated that no single country could supply more than 65 percent of any given mineral. The EU is more dependent on...

Holcim's shareholders approved Wednesday the separation and spin-off of its North American business, a move designed to take advantage of increased construction spending in the United States. Almost all shareholders supported the decision to separate the company into two companies, Amrize and Holcim, which will focus on North America. Holcim will provide building materials for the remainder of the world. The spin-off should be complete by the end June. The listing will be done via a 100% share spin-off for Holcim's shareholders. The new company stock will trade on the New York Stock Exchange, and also on the Six Swiss...

Investor caution continued despite a temporary pause to the U.S. China trade dispute, which has weighed heavily on the global economic and financial markets. As of 0157 GMT, the benchmark copper price on London Metal Exchange (LME), was $9,598 per metric ton. U.S. president Donald Trump said Tuesday that he would be willing to deal directly with Chinese president Xi Jinping in order to finalize details of a U.S. China trade agreement. Washington announced that it would cut the "de minimis tariff" for low-value shipments coming from China down to 30%. This will further de-escalate a potential damaging trade war....

Mexico's Economy Minister said that the country hopes to begin a trilateral review with the U.S., Canada and other countries in the second half this year. This will provide more clarity for consumers and investors. On the sidelines of an event organized by the Ministry of Finance with local firms, Economy Minister Marcelo Ebrard said to journalists: "We expect that we will start discussions in second half of this year." He added, "We hope that they will happen as quickly as possible and we can come to an agreement as soon as." Next year, the USMCA will be reviewed. The...

The Trade Remedies Authority of Britain (TRA) suggested on Tuesday that country specific quotas should be imposed for certain categories steel imports in order to protect its domestic industry. Since the beginning of the year, Britain has tried to protect its domestic steel industry from an oversupply in the world. It has also extended safeguards on the domestic market and has maintained anti-dumping restrictions for some imports. According to the latest recommendation of TRA, quotas will be implemented in October 2010 and limit how much steel certain countries can import duty-free. Nick Baird, TRA Chair said that the recommendations will...