US Businesses brace themselves for more pain when Trump imposes reciprocal tariffs
The U.S. president Donald Trump announced on Wednesday a number of reciprocal duties on trading partners, the latest of a long list of duties that have been imposed by him since he returned to the White House in early this year. From April 5, the U.S. is imposing a baseline 10% tariff on all imports into the country and will be increasing duties for several of its largest trading partners. Levies may be especially damaging to U.S.
Trump exempts oil imports from his sweeping tariffs
The White House announced on Wednesday that imports of refined products, oil and gas were exempted by President Donald Trump from his new sweeping tariffs. The exemption is a welcome relief for the U.S. Oil Industry, which was concerned that new taxes could disrupt flow and increase costs of everything from Canadian crude oil to Midwest refineries and European cargoes to the Eastern Seaboard.
GE Vernova will supply turbines for a planned natgas plant in Pennsylvania by 2026
GE Vernova is helping to transform Homer City Generating Station, a coal-powered power plant in Pennsylvania, into a campus of natural gas powered data centers by providing seven turbines that will produce almost 4.5 gigawatts. The project should begin generating power in 2027. It will be the largest natural-gas power plant in the U.S. once it is completed. This surpasses Florida Power & Light West County Energy Center's capacity of almost 3.8 GW.
US businesses prepare for more pain when 'Liberation Day" tariffs loom
Businesses all over the world are eagerly awaiting details about the new tariffs that President Donald Trump has imposed on his trading partners. This is the latest in an extensive series of duties that have been imposed by the U.S. since he returned to the White House at the beginning of this year. Trump is expected to announce the new duties at a ceremony on Wednesday at 4 pm Eastern Time (20:00 GMT), dubbed "Liberation Day".
Nigeria namess ex-Shell executive as head of state oil company NNPC
The Nigerian presidency announced on Wednesday that Bola Ahmed Tinubu had appointed Bayo Ojulari as head of the state-owned oil company NNPC Ltd. This is in response to the country's desire to increase oil production and revitalize its refinery capacity. Tinubu, who in his first year as president devalued the naira twice and ended costly subsidies, has now shifted his attention to overhauling state oil company to maximize its contribution to revenue.
Palm oil rises as Chicago soyoil and crude oil prices strengthen
Malaysian palm futures were up for the fourth consecutive session on Wednesday, supported by gains in Chicago soyoil as well as energy. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for June delivery gained 119 Ringgit or 2.69% to 4,538 Ringgit ($1,020.46) per metric ton. Anilkumar bagani, head of commodity research at Mumbai-based Sunvin Group…
Trump tariffs stymie M&As and IPOs during what was expected to be a record-breaking quarter
The global trade war started by U.S. president Donald Trump, and the subsequent market turmoil, has shattered bankers' expectations for a strong start to Wall Street deals in 2018. Dealogic data for the first quarter showed that mergers and purchases volume increased 12.6% from the year-ago period to $984.38 Billion. The Asia Pacific region was largely responsible for this…
M&A revenues fall as Trump pursues his tariffs. Global deal activity is disappointing
The global trade war started by U.S. president Donald Trump, and the subsequent market turmoil, has shattered bankers' expectations for a strong start to Wall Street deals in 2018. Dealogic data for the first quarter showed that mergers and purchases volume increased 12.6% from the year-ago period to $984.38 Billion. The Asia Pacific region was largely responsible for this…
Brazil's Eike Batista eyes new $500 mln Gulf investment in 'supercane' project
Eike Batista was once Brazil's richest businessman. He said that a Gulf investor would soon announce a $500-million investment in his project to use modified sugarcane for the production of sustainable fuels. Batista said that the project had already received $500 million in funding from Sao Paolo's private development bank Brazilinvest and aims to secure another investment of this size from a strategic investor from the United Arab Emirates.
Indigenous groups in Peru protest Glencore's Antapaccay mine
A local leader reported that members of Indigenous communities in Peru's Cusco Region blocked access to Glencore Antapaccay Copper Mine to protest against an expansion plan. In an interview, Flavio Huanque, a community leader from the area, said that local residents began to block roads on Sunday and called for a meeting between government officials and mining companies over concerns about environmental damage caused by the expansion plan.
Sources say that the White House is considering an executive order to speed up deep-sea mines.
Two sources who are directly involved in the White House's deliberations say that they are considering an executive order which would expedite permits for deep sea mining in international waters. This would allow mining companies to bypass a United Nations review process. The order, if signed, would be the latest effort by U.S. president Donald Trump to tap into international deposits of nickel and copper…
The LAPFF in Britain recommends voting against BP Chairman, annual report
The Local Authority Pension Fund Forum in Britain (LAPFF), recommended to shareholders on Monday, that they vote against the reelection of BP Chairman Helge Lund and BP's Annual Report, remuneration reports, as well as abstaining on whether BP Chief Executive Murray Auchincloss is reelected. Institutional Shareholder Services Inc. (ISS) as well as Glass Lewis, two influential proxy advisors…
Texas oil and gas upstream jobs increase in February, says industry group
The Texas Independent Producers and Royalty Owners Association, or TIPRO, announced on Friday that upstream oil companies increased hiring in February. This is the second consecutive month of growth. Hiring in upstream, which includes drilling and producing oil activities, can be an indicator of how the oil and gas sector is doing. More drilling could be expected if companies hire more staff. TIPRO represents more than 3,000 independent producers in Texas.
Sources say India is considering scrapping the import tax on US LNG to boost purchases.
Four government and industry sources have said that India is considering scrapping the import tax on U.S. LNG to increase purchases and reduce the trade surplus, which is a major irritation for President Donald Trump. Both sides want to increase volumes in order to meet the energy needs of India's fast-growing economy. Qatar is India's top LNG supplier. India and the United States agreed that they would increase their energy purchases in the U.S.
Alaska Governor briefs Trump on Asia Gas Push as Tariffs Bite
Alaska's Governor said that he would brief U.S. president Donald Trump's Administration after returning from Japan in the next week about progress made to secure Asian support for a project to develop natural gas, which has been part of a larger discussion on tariffs and trade. Governor Mike Dunleavy and the leaders of the state-run Alaska Gasline Development Corporation and Glenfarne Group visited Taiwan…
Jain and Boersma: US LNG exporters may run into a methane problem in Europe
New methane regulations may be a hindrance to the Trump administration's goal of "energy dominance", which is the United States' largest export market. The EU's President Ursula von der Leyen indicated that they may be willing import more U.S. LNG, in part to lower the EU's trade deficit. However, the process of making this happen can become complicated. Many utilities…
The Malaysian palm is poised to gain a weekly profit on the strength of physical demand
The price of Malaysian palm oils rose for the third session in a row on Friday. This was due to strong demand before Eid al-Fitr, an Islamic holiday. Also, rival vegetable oil prices were strong. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for June delivery had gained 80 ringgit or 1.86% to $4392 ringgit (US$991.20) per metric ton.
Liberty CEO Gusek views steel tariffs as having a modest impact on oilfield services
Ron Gusek, Liberty Energy's Chief Executive Officer, said that the tariffs imposed by President Donald Trump on steel imports will have a modest impact on oilfield service providers' earnings. Trump has imposed tariffs of 25% on steel and aluminium on March 12 and could be imposing more on April 2. Dallas Federal Reserve's survey of executives on Wednesday revealed that…
Vucic: Serbia will lose access to oil imports when the deadline for sanctions looms.
Serbia may lose access to essential oil imports as of Friday, after discussions to stop the imposition by the United States of sanctions on its sole oil refinery failed. President Aleksandar Vucic stated this in an interview published. The waiver of sanctions expires at midnight. If it is not extended, NIS, which is owned by Russia's Gazprom and Gazprom in majority, may face a reduction in crude oil supply.
Brazil's sugar crushing fell by 18% during the first half of March.
Unica, a Brazilian industry group, said that the amount of sugar cane crushed in the center-south region in Brazil during the first six months of March was down almost 18% compared to the same period last year. Unica reported that the sugar production in the area during the same time period fell by 19%, to 52,000 tonnes, while the ethanol production increased by around 20%, at 442 millions liters.
