2025-06-18 21:48

Putin says Iran is consolidating around leadership Russia has conveyed its ideas about ending the fighting Iran has a right to peaceful nuclear power, Putin says Putin says Russia has specialists at Bushehr plant ST PETERSBURG, Russia, June 18 (Reuters) - President Vladimir Putin on Thursday refused to discuss the possibility that Israel and the United States would kill Iranian Supreme Leader Ayatollah Ali Khamenei and said the Iranian people were consolidating around the leadership in Tehran. Israeli Prime Minister Benjamin Netanyahu has openly speculated that Israel's military attacks could result in regime change in Iran while U.S. President Donald Trump said on Tuesday that the U.S. knew where Khamenei was "hiding" but that Washington was not going to kill him "for now". Sign up here. Asked what his reaction would be if Israel did kill Khamenei with the assistance of the United States, Putin said: "I do not even want to discuss this possibility. I do not want to." When pressed, Putin said he had heard the remarks about possibly killing Khamenei but that he did not want to discuss it. "We see that today in Iran, with all the complexity of the internal political processes taking place there...that there is a consolidation of society around the country's political leadership," Putin told senior news agency editors in the northern Russian city of St Petersburg. Putin said all sides should look for ways to end hostilities in a way that ensured both Iran's right to peaceful nuclear power and Israel's right to the unconditional security of the Jewish state. Putin was speaking as Trump kept the world guessing whether the U.S. would join Israel's bombardment of Iranian nuclear and missile sites and as residents of Iran's capital streamed out of the city on the sixth day of the air assault. Putin said he had been in touch with Trump and with Netanyahu, and that he had conveyed Moscow's ideas on resolving the conflict while ensuring Iran's continued access to civil nuclear energy. IRANIAN NUCLEAR FACILITIES Questioned about possible regime change in Iran, Putin said that before getting into something, one should always look at whether or not the main aim is being achieved before starting something. He said Iran's underground uranium enrichment facilities were still intact. "These underground factories, they exist, nothing has happened to them," Putin said. "It seems to me that it would be right for everyone to look for ways to end hostilities and find ways for all parties to this conflict to come to an agreement with each other," Putin said. "In my opinion, in general, such a solution can be found." Asked if Russia was ready to provide Iran with modern weapons to defend itself against Israeli strikes, Putin said a strategic partnership treaty signed with Tehran in January did not envisage military cooperation and that Iran had not made any formal request for assistance. Russian Deputy Foreign Minister Sergei Ryabkov said on Wednesday that Moscow was telling the United States not to strike Iran because it would radically destabilise the Middle East. A spokeswoman for the Russian Foreign Ministry also warned that Israeli strikes on Iranian nuclear facilities risked triggering a nuclear catastrophe. Putin said that Israel had given Moscow assurances that Russian specialists helping to build two more reactors at the Bushehr nuclear power plant in Iran would not be hurt in air strikes. Putin said that Moscow had "a very good relationship with Iran" and that Russia could ensure Iran's interests in nuclear energy. Russia has offered to take enriched uranium from Iran and to supply nuclear fuel to the country's civil energy programme. "It is possible to ensure Iran's interests in the field of peaceful nuclear energy. And at the same time, to address Israel's concerns about its security," Putin said. "We have outlined them (our ideas) to our partners from the USA, Israel and Iran." https://www.reuters.com/world/europe/regime-change-tehran-putin-says-iran-is-consolidating-around-its-leaders-2025-06-18/

2025-06-18 21:42

NAPERVILLE, Illinois, June 18 (Reuters) - Although the U.S. Corn Belt is in for a scorching weekend, June weather has been mostly supportive of crop development, with corn health ratings improving for three consecutive weeks. But how much bearing might that have on final corn yields or weather outcomes for the pivotal month of July? Sign up here. As early as last year, meteorologists warned that the U.S. Corn Belt could be due for drought in 2025, though that has yet to unfold. A mid- or late-summer drought could still be in the cards, of course, and the yield impacts would vary depending on timing. Recently, new-crop CBOT corn futures appeared to be carrying minimal weather premium as prices sank to six-month lows this week. December corn has since bounced with this weekend’s hot forecast in focus, though prices remain well off the year’s peak. WEATHER VERSUS YIELDS Recent weather models suggest that both temperatures and precipitation for June will be above average across the Midwestern United States. While warm Junes are more likely to feature dry conditions, this warm-wet combination is similar to last year. Corn yield outcomes have varied widely in relation to observed June weather. But July temperatures are where things start to separate. In the past quarter-century, the worst corn yield outcomes all coincided with warmer-than-normal Midwestern Julys. The truly good years featured cool Julys, but slightly warm temperatures were also passable a couple of times (2016, 2017). Big corn yields have resulted from abnormally dry Julys (2014), though this works only if July is cool and June and/or August rainfall is ample. The strongest corn yields all resulted in years where July-August Midwestern rainfall was near or above normal. Near-average yields have coincided with dry July-Augusts, but only when July temperatures were cool. Obviously, a hot July plus a dry July-August is the very worst combination for yields, which was seen in 2011 and 2012. Interestingly, 2011 is the last time that corn conditions improved over the same three weeks in June as the 2025 ones. But the fact that June 2025 will likely feature above-average rainfall doesn’t tell us much about what’s coming next. July and August have been both wet and dry following wet Junes, though warm Julys are more likely to follow warm Junes. Current extended forecasts suggest the next four weeks could be warmer than average across the central Corn Belt, featuring pockets of both wet and dry weather. Uncertainty is always high when it comes to long-range forecasts, but the current outlook should warrant some caution. SOYBEANS VERSUS AUGUST August matters for U.S. soybean yields like July matters for corn. Last year, the market was harshly reminded of the need for August rains to support large soybean yields. August 2024 rainfall across the Midwest amounted to just 87% of normal, the driest August since 2013. But 2024 U.S. soybean yield forecasts were still easily at record levels as late as October. The government’s yield estimate plunged 4.5% between October and January, the largest decline for that period since 1993, emphasizing the significance of the August rainfall deficit. That occurred despite above-average June and July rains, meaning the range of possibilities for U.S. soybean yields is even wider than those for corn given that August is still several weeks away. Karen Braun is a market analyst for Reuters. Views expressed above are her own. Enjoying this column? Check out Reuters Open Interest (ROI) , opens new tab, your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI , opens new tab can help you keep up. Follow ROI on LinkedIn , opens new tab and X. , opens new tab https://www.reuters.com/markets/commodities/what-late-june-sizzle-could-mean-us-corn-yields-braun-2025-06-18/

2025-06-18 21:36

NEW YORK/LONDON, June 18 (Reuters) - Rio Tinto (RIO.L) , opens new tab, (RIO.AX) , opens new tab agreed to pay $138.75 million to settle a lawsuit that accused the Anglo-Australian mining giant of defrauding investors by concealing problems with its $7 billion underground expansion of the Oyu Tolgoi copper and gold mine in Mongolia. A preliminary settlement of the proposed class action was filed late on Wednesday with the U.S. District Court in Manhattan, and requires a judge's approval. Sign up here. The lawsuit sought damages on behalf of shareholders of Montreal-based Turquoise Hill Resources between July 2018 and July 2019, when that company was majority-owned by Rio Tinto. Shareholders were led by funds advised by Chicago-based Pentwater Capital Management. The settlement also resolved claims against former Rio Tinto Chief Executive Jean-Sebastien Jacques, who stepped down in March 2021. All defendants denied wrongdoing, but settled to eliminate the uncertainty, burden and cost of litigation, court papers show. "The proposed settlement has been concluded without any admission by Rio Tinto or the individual defendants," a Rio Tinto spokesperson said, adding that the class action was resolved on appropriate and reasonable terms. Pentwater declined to comment. Turquoise Hill had been a single-asset company owning 66% of the Oyu Tolgoi mine, with Mongolia's government owning 34%. Pentwater accused Rio Tinto and Turquoise Hill of fraudulently assuring that the Oyu Tolgoi mine was "on plan" and "on budget," even as it was falling up to 2-1/2 years behind schedule and running as much as $1.9 billion over budget. In 2022, Rio Tinto bought the 49% of Turquoise Hill it did not already own for $3.3 billion, fully integrating the mine into its copper portfolio. The lawsuit stemmed partly from allegations by whistleblower Richard Bowley, who worked at the mine and claimed Rio Tinto knew about problems with the expansion before it publicly disclosed them. Rio announced the possible $1.9 billion overrun in 2019, and projected total capital expenditures of $6.5 billion to $7.2 billion. Lawyers for the shareholders plan to seek legal fees of up to 13% of the settlement amount, or about $18 million excluding interest, plus up to $2.6 million for expenses, court papers show. The case is In re Turquoise Hill Resources Ltd Securities Litigation, U.S. District Court, Southern District of New York, No. 20-08585. https://www.reuters.com/sustainability/boards-policy-regulation/rio-tinto-reaches-13875-million-settlement-over-mongolian-mine-2025-06-18/

2025-06-18 21:33

Treasury yields pare earlier drop after Fed Chief Powell speaks Concerns about Middle East persist Iran leader rejects Trump's demand for surrender Indexes: Dow down 0.1%, S&P 500 down 0.03%, Nasdaq up 0.1% NEW YORK, June 18 (Reuters) - The S&P 500 ended nearly flat on Wednesday, giving back earlier gains after Federal Reserve Chair Jerome Powell said inflation in goods prices is expected to go up over the summer as President Donald Trump's tariffs work their way to consumers. The U.S. central bank left interest rates unchanged, as expected. In the statement, policymakers maintained expectations for two cuts this year, but a rising minority expected no rate cuts at all. Also, they slightly slowed the expected pace to a single quarter-percentage-point cut in each of 2026 and 2027. Sign up here. Stocks were moderately higher before Powell's comments. As he spoke, U.S. Treasury yields also pared most of their earlier drop. "He made it quite clear he's not going to change monetary policy until they are sure of the tariffs' effect on inflation," said Peter Cardillo, chief market economist at Spartan Capital Securities. So, "you have the combination of yields going up, and the fact that it's going to take time to see the effects" of the tariffs, he said. Investors also have been closely watching developments in the Middle East. Some worry about the possibility of a more direct U.S. military involvement in the Israel-Iran aerial war. Iranian Supreme Leader Ayatollah Ali Khamenei rejected Trump's demand for unconditional surrender. Trump said his patience had run out, though he did not indicate what his next step would be. Energy (.SPNY) , opens new tab led declines among S&P 500 sectors, while information technology (.SPLRCT) , opens new tab was up the most. The Dow Jones Industrial Average (.DJI) , opens new tab fell 44.14 points, or 0.10%, to 42,171.66, the S&P 500 (.SPX) , opens new tab lost 1.85 points, or 0.03%, to 5,980.87 and the Nasdaq Composite (.IXIC) , opens new tab gained 25.18 points, or 0.13%, to 19,546.27. Early in the day, initial jobless claims data showed the number of Americans filing new applications for unemployment benefits fell last week, but stayed at levels consistent with a further loss of labor market momentum in June. Powell's "message was consistent with what has been telegraphed. Inflation is still elevated, but tariffs in the coming months will be a wild card. Powell said if not for tariffs he would be cutting rates now," said Sahak Manuelian, managing director of global equity trading at Wedbush Securities in Los Angeles. Shares of stablecoin issuer Circle Internet (CRCL.N) , opens new tab rose 33.8% after the U.S. Senate passed a bill to create a regulatory framework for dollar-pegged cryptocurrency tokens known as stablecoins. Steelmaker Nucor (NUE.N) , opens new tab rose 3.3% following a second-quarter profit forecast that came above analysts' estimates. Advancing issues outnumbered decliners by a 1.28-to-1 ratio on the NYSE. There were 102 new highs and 55 new lows on the NYSE. On the Nasdaq, 2,613 stocks rose and 1,882 fell as advancing issues outnumbered decliners by a 1.39-to-1 ratio. Volume on U.S. exchanges was 16.48 billion shares, compared with the 17.99 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/wall-street-futures-steady-ahead-feds-interest-rate-verdict-2025-06-18/

2025-06-18 21:28

First LNG expected to be produced in Canada on the weekend LNG Canada expected to operate initially at 25% capacity LNG tanker on the way to collect first cargo from new plant HOUSTON, June 18 (Reuters) - Canada could produce its first ever liquefied natural gas this weekend, from the LNG Canada export facility in Kitimat, British Columbia, two people familiar with the startup of the plant told Reuters on Wednesday. The facility, the first of a handful of Canadian LNG projects to begin production, will be the first LNG facility in North America with direct access to the Pacific coast, significantly reducing sail time to Asian markets. Sign up here. When fully operational it will have a capacity to export 14 million metric tonnes per annum (mtpa), according to company statements. "We began cooling down Train 1 on Monday and as long as there is no unforeseen difficulty we expect to produce LNG six days from Monday. So I would say between Saturday and Sunday we can expect first LNG," one of the people familiar with the startup told Reuters. Cooldown of Train 1 is expected to continue until Thursday June 19 and extensive flaring is expected, LNG Canada told staff in a memo last Friday. First LNG will be produced from Train 1, with first LNG cargoes by the middle of this year, LNG Canada told Reuters on Tuesday. Only a portion of the processing plant will be operating this weekend, according the two sources. Train 1 which has a capacity of 6.5 mtpa, or half of the total output of LNG Canada, has had difficulties with one of its lines and it will only produce at half its capacity until it is able to solve the problem, one of the two sources told Reuters. LNG Canada did not comment on the production challenges. LNG tanker Gaslog Glasgow is on its way to LNG Canada's Kitimat port, according to LSEG ship tracking data. The vessel is expected to arrive on June 29 and will be loaded with LNG, the people said. It is now seven years since the partners, Shell Plc (SHEL.L) , opens new tab, Petronas (PGAS.KL) , opens new tab, (PGAS.KL) , opens new tab, PetroChina (601857.SS) , opens new tab, Mitsubishi Corporation (MITSBQ.UL) gave the project a financial go ahead. Once LNG Canada enters service, Canadian gas exports to the U.S. will likely decline, traders said, as Canadian energy firms will have another outlet for their fuel and will sell more to other countries. For now, the U.S. is the only outlet for Canadian gas. Canada exported about 8.6 billion cubic feet per day (bcfd) of gas via pipelines to the U.S. in 2024, up from 8.0 bcfd in 2023 and an average of 7.5 bcfd over the prior five years (2018-2022), according to data from the U.S. Energy Information Administration. That compares with a record 10.4 bcfd in 2002. https://www.reuters.com/business/energy/canada-could-produce-first-lng-by-this-weekend-sources-say-2025-06-18/

2025-06-18 21:24

Trump's bill proposes ending wind and solar incentives by 2028 Renewable projects like solar, wind, and batteries face shutdown risk Republican lawmakers from Utah, Alaska, N. Carolina, Kansas at odds over the rollbacks Red states capture 75% of IRA clean energy investments Utah clean energy investments total $3 bln, with $10 bln in announced projects June 18 (Reuters) - In an industrial building in the Salt Lake City suburb of Clearfield, Utah, long strips of U.S.-made steel were fed through machines that punctured, bent and cut them into rods that will soon hold solar panels on rooftops. Next door, workers with rivet tools assembled the pieces into finished products, bundled them into packages with "Made in the USA" stickers and wheeled them onto trucks to be delivered to a customer 800 miles (1,300 km) away in San Diego. Sign up here. The adjacent factories, run by solar racking company PanelClaw, are among the dozens that have popped up since 2022 to meet soaring demand for American-made clean energy equipment incentivized by tax credits in former President Joe Biden's climate change law, the Inflation Reduction Act (IRA). Republican-led states like Utah have captured 75% of manufacturing investments supported by the law, even though no member of the party voted for it, according to think tank Energy Innovation. Just two years into its Utah expansion, however, PanelClaw’s factories, along with countless other clean energy projects across the country, are in jeopardy as U.S. lawmakers consider rolling back those credits in President Donald Trump’s "One Big Beautiful Bill" now in front of the Senate. Earlier this week, a Senate panel published a version of the bill that would end the incentives for wind and solar power by 2028, several years ahead of schedule. Republican Trump had campaigned on a promise to repeal the clean energy tax credits in the IRA, arguing they are expensive, unnecessary and harmful to business. However, the potential loss in jobs and investment that ending those incentives could cause has some Republican lawmakers from red states Utah, Alaska, North Carolina and Kansas at odds over the rollbacks, a dynamic that is complicating final negotiations over the bill. There are 53 Republicans in the Senate, and 51 votes are needed to pass the budget reconciliation bill. "They would be in significant trouble," PanelClaw CEO Costa Nicolaou said of his company's Utah facilities, which are on track to pump out 15 million parts this year. "I mean, we could essentially shut them down if the market goes away, which is what (removing) these credits will do." THE UTAH RIFT Utah’s Republican senators, Mike Lee and John Curtis, disagree over the subsidies supporting clean energy businesses. Lee likes the proposed cuts to government support for renewable energy technologies and predicts the move could save U.S. taxpayers $1 trillion over the next decade. Curtis, on the other hand, is among four Republican senators who penned a letter to Senate Majority Leader John Thune in April saying that repealing the tax credits would disrupt investment. Lisa Murkowski of Alaska, Thom Tillis of North Carolina and Jerry Moran of Kansas also signed the letter. Neither Lee's nor Thune's office, nor the White House responded to requests for comment. Curtis visited PanelClaw’s facility last year, praising it for creating jobs in his state. And more recently, he highlighted the benefits of the IRA subsidies at a Tooele County factory that makes batteries to store power on the grid. The company behind the factory, Fluence Energy (FLNC.O) , opens new tab, an energy storage company backed by industry giants Siemens (SIEGn.DE) , opens new tab and AES (AES.N) , opens new tab, invested $700 million in manufacturing facilities in Utah and other red states, including Texas and Tennessee. "We can’t cut the legs off of these enterprises," Curtis said in a statement. "Doing so would damage Utah’s economy, put America’s energy future in jeopardy, and weaken our national security. We must take a reasonable, responsible approach to energy tax credits." rPlus Energies, which is building the $1.1 billion Green River Energy Center solar and battery project in Emery County, said changes to the credits would threaten its 15-gigawatt pipeline. Green River will add $55 million over 20 years to the tax base for a county historically reliant on coal, and the credits will keep the price of power low, according to rPlus CEO Luigi Resta. "This is a great project," Resta said. "It's a poster child for the benefits of the IRA in Republican states." CROSSING PARTY LINES Clean energy is nothing new in Utah. Nearly a fifth of the electricity comes from renewable sources, primarily solar, and about 9% of homes are powered by solar panels. Tom Mills, who has sold residential solar in the state since 2014, said some homeowners are seeking environmental benefits while others just want to be self-reliant. "This topic crosses party lines," he said. Park City-based Alpenglow Solar, where Mills serves as technical sales director, would have to downsize its 18 employees if incentives for residential solar are eliminated, he said. Utah was the fourth fastest-growing state in 2024, according to the U.S. Census Bureau. Utah County, just south of Salt Lake City, accounted for more than a third of that growth and needs revenue to fund new schools. Amelia Powers Gardner, one of the county's three commissioners, said she backs solar power because it can be built quickly - in half the time needed for natural gas plants - and attract revenue-paying data center owners like Google (GOOGL.O) , opens new tab that want clean power. "I am a Republican," Gardner said. "I would be fine building a gas-fired power plant. But in this case, modular nuclear or solar power - those things can help solve our problems." In Utah, the IRA credits have generated $3 billion in investment, with an additional $10 billion in announced projects, according to Energy Innovation. Nationwide, the IRA has generated $132 billion in announced investments in major energy projects, according to clean energy business group E2. Nearly two-thirds of those investments are in Republican Congressional districts, and the largest beneficiaries include North and South Carolina, Georgia, Michigan, and Texas. "I don't think people necessarily went out of their way to think, 'Oh, I'm going to build these things in red states,'" said Fluence's Americas President John Zahurancik. "That's just where the demand is." GEOTHERMAL RELIEF U.S. solar stocks have slumped on the proposed credit phase-out although some analysts remain skeptical of whether Congress will pass the bill in its current form before Trump's self-imposed July 4 deadline, which could open a window for solar and wind industry lobbyists. The Senate Finance Committee preserved tax credits for hydro, nuclear, and geothermal energy through 2036 after companies urged it to save them. One of the companies, Fervo, backed by Bill Gates' Breakthrough Energy, is constructing an advanced geothermal energy plant in tiny Milford, Utah, that will start supplying customers, including Southern California Edison (EIX.N) , opens new tab and Shell Energy (SHEL.L) , opens new tab, with power next year. "The Senate Finance Committee's markup of the OBBB (One Big Beautiful Bill) appropriately recognizes the valuable role burgeoning firm, clean energy resources like geothermal play in cementing American energy dominance," said Sarah Jewett, Fervo's vice president of strategy. The plant's construction has been a boon to the local economy. Milford Mayor Nolan Davis advocated for the project to replace jobs lost when pork producer Smithfield Foods (SFD.O) , opens new tab cut ties with hog farms in the area. Melissa Wunderlich, a lifelong Milford resident, used to own one of those farms. These days she owns a drive-through diner that is generating more than half of its sales by feeding workers at the Fervo plant. "I've catered for the governor, I catered for Bill Gates," Wunderlich said. "Fervo has been really good." https://www.reuters.com/sustainability/climate-energy/clean-energy-has-fans-trumps-america-complicating-budget-talks-2025-06-18/