2025-05-24 04:06
SYDNEY, May 24 (Reuters) - Australian Prime Minister Anthony Albanese said on Saturday the clean-up had begun in the country's southeast after floods killed five people and inundated more than 10,000 properties. "We’re continuing to work closely across federal, state and local governments to make sure Australians get the support they need now and through recovery," Albanese said on social media platform X. Sign up here. Damage assessments were under way in New South Wales' hard-hit mid-north coast region after floods this week cut off towns, swept away livestock and destroyed homes, the state's emergency services agency said. It estimated that at least 10,000 properties may have been damaged. Conditions had improved since Friday in the affected areas of Australia's most populous state, the agency said. Even so, hundreds of flood-hit residents were still in evacuation centres, State Emergency Services commissioner Mike Wassing said at a media conference in Sydney, with 52 flood rescues being made overnight. The latest flood-linked death was that of a man in his 80s, whose body was found at a flooded property about 50 km (31 miles) from Taree, one of the worst-hit towns, police said. Albanese, forced on Friday to cancel a trip to Taree due to floodwaters, said it was "awful to hear the news of more loss of life". Taree sits along the Manning River more than 300 km (186 miles) north of Sydney. "All of our thoughts are with his loved ones and the community at this time," Albanese said in a statement. The floods, sparked by days of incessant rain, submerged intersections and street signs in mid-north coast towns and covered cars up to their windshields, after fast-rising waters burst river banks. At their peak, the floods isolated around 50,000 people. Australia has been hit with more extreme weather events that some experts say are the result of climate change. After droughts and devastating bushfires at the end of last decade, frequent floods have wreaked havoc since early 2021. https://www.reuters.com/business/environment/australia-begins-clean-up-after-floods-kill-5-damage-10000-properties-2025-05-24/
2025-05-23 22:42
HOUSTON, May 23 (Reuters) - U.S. regulators have given Venture Global (VG.N) , opens new tab permission to proceed with construction of its CP2 liquefied natural gas (LNG) plant in Louisiana, a FERC document showed on Friday. If constructed, CP2 will be the single largest LNG export facility in the U.S. and help the country remain the world's largest exporter of the superchilled gas. It also could make Venture Global the largest U.S. LNG company. Sign up here. The decision follows a final environmental study that shows the 28 million metric tons per annum plant is in the public interest. Venture Global had obtained approval to construct the plant, but after a court ruling, FERC conducted an additional environmental review of the impact on air quality. The study concluded that the project should be allowed to continue. "Neither the presumptive stay ...nor the Commission’s regulations barring construction for a limited period pending rehearing will apply upon issuance of this order," federal regulators said. With federal approvals in hand, the company will immediately launch on-site construction for the project, the company's CEO Mike Sabel said on Friday. The additional review followed an August 2024 decision from the U.S. Court of Appeals for the District of Columbia Circuit that quashed FERC approval of rival LNG exporter NextDecade's (NEXT.O) , opens new tab plant at the Port of Brownsville, Texas. In light of the court ruling, FERC decided to review the CP2 project's impact on air quality. CP2 has been at the center of a fight between the energy sector and environmentalists seeking to limit future LNG projects on the U.S. Gulf Coast. https://www.reuters.com/business/energy/us-regulators-greenlights-construction-venture-global-cp2-lng-plant-louisiana-2025-05-23/
2025-05-23 22:19
Indexes down: Dow 0.61%, S&P 500 0.67%, Nasdaq 1% Deckers Outdoor slumps after sales fall below estimates Apple hits two-week low after Trump threatens tariffs Wall Street's 'fear gauge' spikes to over two-week high NEW YORK, May 23 (Reuters) - U.S. stocks fell on Friday, notching a weekly loss, after President Donald Trump recommended 50% tariffs on European goods, reopening a new front in global trade tensions and unleashing a fresh wave of market uncertainty. All three main Wall Street indexes pared early losses but each still ended lower and shed more than 2% for the week. Technology, communication services and consumer discretionary stocks were the biggest losers of the S&P 500's 11 subsectors. Utilities, consumer staples and energy stocks gained. Sign up here. Apple (AAPL.O) , opens new tab touched a two-week low and finished down 3% after Trump warned the iPhone-maker it could face potential 25% tariffs on phones sold to U.S. customers but not manufactured in the country. Treasury yields eased from multi-month highs, falling 4.4 basis points to 4.509% for the benchmark U.S. 10-year note. "If I were to put a headline on today's story, it would be 'Here We Go Again!'" said James St. Aubin, chief investment officer at Ocean Park Asset Management in Santa Monica, California. "This is Trump turning on the temperature on the tariff conversation with the EU and Apple. The markets were hoping that the worst was behind us when it comes to the tariff rhetoric. But in reality, there's still some smoldering embers when it comes to the tariff talk," St. Aubin added. The Dow Jones Industrial Average (.DJI) , opens new tab fell 256.02 points, or 0.61%, to 41,603.07, the S&P 500 (.SPX) , opens new tab lost 39.19 points, or 0.67%, to 5,802.82 and the Nasdaq Composite (.IXIC) , opens new tab lost 188.53 points, or 1.00%, to 18,737.21. For the week, the Dow lost 2.47%, the S&P 500 fell 2.61%, and the Nasdaq shed 2.48%. U.S. Treasury Secretary Scott Bessent said Trump did not believe the EU's trade offers were of sufficient quality. He also said he hoped the threat of fresh tariffs would "light a fire under the EU" in negotiations. Most megacap and growth stocks fell, including Amazon (AMZN.O) , opens new tab, Nvidia (NVDA.O) , opens new tab and Meta Platforms (META.O) , opens new tab - which all lost more than 1%. Tesla (TSLA.O) , opens new tab ended down 0.5%. The CBOE Volatility Index (.VIX) , opens new tab, Wall Street's "fear gauge," hit a more than two-week high and finished up 10%. Semiconductor stocks (.SOX) , opens new tab dropped 1.5%. Deckers Outdoor (DECK.N) , opens new tab slumped nearly 20% after the maker of UGG boots forecast first-quarter net sales below estimates and said it would not provide annual targets due to tariff-led macroeconomic uncertainty. Sportswear maker Nike (NKE.N) , opens new tab dropped 2.1%. Volume on U.S. exchanges was 17.67 billion shares, compared with the 17.73 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/us-stock-futures-flat-debt-worries-markets-mull-trumps-tax-bill-2025-05-23/
2025-05-23 22:00
Hodgson pledges two-year decision timeline for all projects Oil sector welcomes Hodgson's pro-development stance Ottawa aiming to diversify Canadian exports away from the US CALGARY, Alberta, May 23 (Reuters) - Canada's new Natural Resources Minister Tim Hodgson vowed to speed up the permitting process for major projects on Friday, in a speech welcomed by oil and gas executives eager to see Ottawa reset its regulatory approach to energy development. It was Hodgson's first speech in Canada's corporate oil capital of Calgary, Alberta, since being sworn in as part of Prime Minister Mark Carney's new cabinet. Sign up here. The oil and gas sector had a tense relationship with former Prime Minister Justin Trudeau's government, which it viewed as prioritizing climate action over economic development, but Carney has pledged to help diversify energy export markets amid a trade dispute with Canada's No. 1 customer, the United States. "In the new economy we are building, Canada will no longer be defined by delay, we will be defined by delivery," Hodgson said at an event hosted by the Calgary Chamber of Commerce. A former Goldman Sachs banker who was elected in a Toronto riding, Hodgson pledged to be a voice for western Canada and help the country's energy sector improve relations with Ottawa. He said he will work to identify and fast-track projects of national interest aimed at helping the country become a conventional and clean energy superpower. Canada is the world's fourth-largest oil producer. "No more five-year reviews. Decisions will come in two years for all projects to make that happen," Hodgson said. Hodgson said responsibly produced Canadian oil could displace oil produced in authoritarian regimes, but the country needed infrastructure to get its energy to ports for export to markets beyond the U.S. In recent years, major Canadian oil pipelines have faced years of regulatory delay and legal challenges, leading to cancellations for some projects and spiraling costs for others, like the Trans Mountain expansion. The CEOs of many of Canada's biggest oil and gas companies said they were encouraged by Hodgson's background in finance as well as the pro-development tone of his remarks. "The renewed sense of collaboration is welcomed and genuinely appreciated," said John Whelan, CEO, president and chair of Imperial Oil (IMO.TO) , opens new tab, after the speech. Hodgson also said the federal government, the province of Alberta, and industry leaders must work together to build a proposed oil sands carbon capture and storage project. Six of Canada's largest oil sands companies have proposed building a C$16 billion carbon capture network to reduce emissions from the sector, but negotiations with both levels of government have stalled. Kendall Dilling, president of the Pathways Alliance consortium behind the proposed project, said on Friday he is optimistic that under Canada's new government, the project will proceed. "I do think the time is now," Dilling said. https://www.reuters.com/business/energy/canadas-new-energy-minister-vows-speed-up-permitting-reset-industry-relations-2025-05-23/
2025-05-23 21:51
PANAMA CITY, May 23 (Reuters) - Panama's Maritime Authority said on Friday it will reinforce controls for ship-to-ship operations by Panama-flagged vessels, following an increase in the use of "dark-fleet" tankers to skirt sanctions or evade environmental requirements. The U.S. has increased pressure on countries with large vessel registries to help enforce sanctions, including Panama, which gives its flag to more than 8,500 ships. U.S. President Donald Trump has used his criticism of the expansion of a dark fleet of tankers moving sanctioned oil to threaten the Panama Canal with a takeover. Sign up here. In recent months, Panama has withdrawn several vessels from its registry following investigations over norm violations. In February, the Maritime Authority said it was not "a haven for sanctions evasion." According to a resolution published earlier this month, all Panama-flagged ships over 150 tons of gross weight must notify Panama's Maritime Authority about their intended ship-to-ship transfers at least two days before operations. Notifications must include information about the vessels involved, place of the transfer, type and volume of hydrocarbons and fulfillment of international maritime rules. Dark-fleet ships that transfer oil at sea often turn off their localization transponders or manipulate coordinates to hide the operations. https://www.reuters.com/markets/commodities/panama-flagged-vessels-must-notify-authority-ship-to-ship-transfers-2025-05-23/
2025-05-23 21:11
LONDON, May 23 (Reuters) - U.S. government support for a "baseless" case alleging asset managers conspired to reduce competition in the coal sector risks undermining its goal of energy independence, BlackRock (BLK.N) , opens new tab, the world's biggest asset manager, said on Friday. The U.S. Department of Justice and Federal Trade Commission on Thursday filed a statement of interest in the case by Texas and 12 other states against BlackRock and fellow large investors Vanguard and State Street Global Advisors (STT.N) , opens new tab (SSGA). Sign up here. The states claim the companies used their substantial holdings in U.S. coal companies to discourage competition. "DOJ and FTC's support for this baseless case undermines the Trump Administration’s goal of American energy independence," BlackRock said in a statement. "As we made clear in our earlier motion to dismiss, this case is trying to re-write antitrust law and is based on an absurd theory that coal companies conspired with their shareholders to reduce coal production," it said. "Forcing asset managers to divest from coal companies will harm their ability to access capital and invest in their businesses and employees, likely leading to higher energy prices." SSGA also called the case "baseless" in a separate statement, adding "we look forward to presenting the facts through the legal process. Additional filings do not change our assessment". In its own statement, Vanguard said it had "concerns with many of the legal interpretations promoted by the agencies", but that it "appreciates" their acknowledgement that the antitrust laws support passive fund investing, shareholder advocacy for better corporate governance and active investing that doesn't harm competition. "The facts show Vanguard has stayed well within this construct," it said. (This story has been corrected to clarify that the antitrust laws, not the regulators, support passive fund investing, shareholder advocacy for better corporate governance and active investing that does not harm competition, in paragraph 8) https://www.reuters.com/sustainability/boards-policy-regulation/blackrock-says-coal-competition-case-risks-us-energy-independence-2025-05-23/
