2025-05-14 20:40
BRUSSELS, May 14 (Reuters) - The EU is weighing a temporary return to its pre-war trade agreement with Ukraine if a renegotiated deal is not ready to take effect when war-related tariff suspensions expire on June 5, EU diplomats said on Wednesday. The Commission proposed this transitional period would last seven months or until a new deal can come into effect. Sign up here. The EU temporarily waived duties and quotas on agriculture products in June 2022 after Russia's full-scale invasion to help Ukraine compensate for the higher costs of its exports via the EU, after Russia threatened its traditional Black Sea shipping lanes. "That regulation, suspending all tariff-rate quotas...until June 5, 2025, following which trade between the Union and Ukraine reverts to the rules established under the Association Agreement," the proposal showed, referring to a 2014 agreement. "Taking into account the tariff rate quotas under the Association Agreement are established for a full calendar year...the tariff rate quotas will be pro-rated on a proportional basis for the remainder of the calendar year." Ukraine's finance minister said on Wednesday he was in talks with the EU to renew the emergency measures but the Commission said no extension was planned. "The Commission is not planning to propose an extension of the ATMs (tariff suspension)... because we are currently working on the review of the EU-Ukraine Deep and Comprehensive Trade Area," the spokesperson said. "In this review process, our priority will be the gradual compliance of Ukraine with EU production standards, and a safeguard clause that could be triggered to prevent any disturbance to the EU and Ukrainian markets." EU farmers have repeatedly protested against a sudden influx of cheaper products from Ukraine and the Commission introduced "emergency brakes" on imports of poultry, sugar, oats, maize, groats, and honey if these exceed the yearly average in 2021-2023. The Commission has been eyeing a sharp cut to Ukrainian sugar imports amid complaints that large shipments have fuelled a collapse in prices. The EU is Ukraine's largest trade partner and Ukraine is the third-largest supplier of agri-food products to the EU, according to EU data. https://www.reuters.com/world/pre-war-eu-ukraine-trade-deal-may-temporarily-return-when-tariff-suspension-2025-05-14/
2025-05-14 20:29
May 14 (Reuters) - The Trump administration took steps to rescind a Biden-era regulation that lowered fees for renewable energy projects on federal lands, saying the rule unfairly favored development of wind and solar facilities. The Interior Department said in a press release on Tuesday that the White House would review the planned rescission before it was formally proposed and opened to public comment. Sign up here. The move is aligned with U.S. President Donald Trump's goal to undo regulations introduced by his predecessor, Joe Biden, that were aimed at expanding clean energy and addressing climate change. "Eliminating the Biden administration's preferential treatment of unaffordable, unreliable 'intermittent' projects and dismantling excessive, one-sided restrictions on traditional energy sources like oil, gas, and critical minerals, will unlock the full potential of America’s natural resources," Interior Secretary Doug Burgum said in the statement. The rule, which was finalized in 2024, formalized a roughly 80% cut in project fees for wind and solar energy developments on federal lands. Developers had complained for years that they were too high to draw investment. https://www.reuters.com/sustainability/climate-energy/us-rescind-rule-that-lowered-solar-wind-project-fees-federal-land-2025-05-14/
2025-05-14 20:15
WASHINGTON, May 14 (Reuters) - U.S. health secretary Robert F. Kennedy Jr. said on Wednesday that the "central focus" of the National Institutes of Health and the Food and Drug Administration will be on studying ultra-processed foods, sugars and food additives. "The central focus of NIH, is going to be looking at - and FDA - looking at ultra-processed foods, and sugars, and the 10,000 additives that are in our food," Kennedy said during a Senate Committee on Health, Education, Labor & Pensions hearing. Sign up here. https://www.reuters.com/business/healthcare-pharmaceuticals/nih-fda-focus-processed-foods-us-health-secretary-says-2025-05-14/
2025-05-14 19:59
May 14 (Reuters) - The gas turbine market might have trouble satisfying strong demand in the next 15 years due to manufacturing constraints, rising costs and competition from renewables, energy research firm Wood Mackenzie said in a report on Wednesday. Wood Mackenzie expects new gas-fired generation projects of around 890 gigawatt (GW) capacity to be added globally between 2025 and 2040, with the U.S. and China leading at 47% annual additions during the same period. Sign up here. The report noted that high U.S. capital costs and low power market prices pose hurdles, while in Asia high imported gas costs can limit growth. In Europe, decarbonization goals are pushing unabated gas to the margins by 2040. Meanwhile, power demand is likely to rise to 4,205 billion kilowatt hours (kWh) in 2025 and 4,252 billion kWh in 2026, from a record 4,097 billion kWh in 2024, the U.S. Energy Information Administration said earlier this month. Mackenzie said the emergence of net-zero power technologies like carbon capture and storage and hydrogen blending, along with the development of midstream infrastructure, presents opportunities and challenges for gas power growth. "These limits point to continued tight conditions in turbine deliveries through 2030, with conditions loosening between 2030 and 2040," said David Brown, director of energy transition research at Wood Mackenzie. https://www.reuters.com/sustainability/climate-energy/wood-mackenzie-sees-challenges-meeting-gas-power-demand-over-next-15-years-2025-05-14/
2025-05-14 19:52
LAGOS, May 14 (Reuters) - Nigeria is discussing exploration of its deep water oil acreage with Petrobras, years after the Brazilian oil giant exited the west African nation, Nigeria's Foreign Minister Yusuf Tuggar said. "Petrobras is no longer active in Nigeria, but they are very keen on coming back to Nigeria. They said they want frontier acreage in deep waters," Tuggar was quoted in a statement from the vice president's office as saying. Sign up here. Brazil is due to host the BRICS summit and COP30 this year after hosting the G20 meeting last year. Nigeria plans to promote investment at these summits as the African nation seeks to deepen ties with Brazil in areas such as energy, health, culture, and agriculture. The Brazilian state energy firm said in February it was in talks with companies including existing partners ExxonMobil (XOM.N) , opens new tab, Shell (SHEL.L) , opens new tab, and TotalEnergies (TTEF.PA) , opens new tab, to buy a share of their African assets. Petrobras began operations in Nigeria in 1998 in the deep waters off the coast of the Niger Delta. But it sold off its stakes more than 10 years ago to raise cash for domestic projects. (This story has been corrected to clarify that Brazil hosted G20 meeting last year in paragraph 3) https://www.reuters.com/business/energy/nigeria-talks-with-petrobras-deep-water-acreage-minister-says-2025-05-14/
2025-05-14 19:51
BUENOS AIRES, May 14 (Reuters) - Argentina's monthly inflation rate slowed more than expected to 2.8% in April, data from national statistics agency INDEC showed on Wednesday, though residents continue to struggle with the South American nation's ever-rising costs. The rate came in below analysts' forecast of 3.1% and marked a slowdown from the 3.7% recorded in March. Sign up here. Inflation in the 12 months through April hit 47.3%, slowing from the previous month's 55.9% rate, and a touch below the rate of 47.7% rate predicted by analysts polled by Reuters. "The data reflects the strong deceleration that inflation has been recording since the start of President Javier Milei's mandate," Argentina's Economy Ministry said in a statement. Central bank vice president Vladimir Werning had predicted a day earlier the slowdown should continue in May , opens new tab. While Argentina's monthly inflation rates have come down dramatically under Milei's administration, cuts to state spending have also hit pensions and infrastructure projects, while state workers have seen salaries dwindle. The cuts have also fueled large-scale strikes and protests, while many citizens continue to struggle to make ends meet. "Prices continue to go up, especially food," Buenos Aires resident Marcelo Medina, 60, told Reuters earlier on Wednesday. "The cost of living is very expensive and you can see that salaries are not keeping up with prices, they're lagging behind." While restaurant and hotel costs led the monthly increases, home maintenance and equipment tracked the lowest. Food and non-alcoholic drinks just surpassed the total national level at 2.9%, while rent and utilities came in below at 1.9%. "I'm surprised," said 74-year-old retiree Gloria Nochetti, speaking from an outdoor market. "If (prices) increased, they increased by just a little." "I'm delighted, today I received my pension and I'm able to go grocery shopping." Milei's government in mid-April lifted a currency control that had restricted the purchase of foreign currency, and implemented a divergent floating exchange band set between 1,000 and 1,400 pesos per dollar. Analysts polled by Reuters earlier this month predicted monthly inflation could further slow to 2% in the second half of 2025, while a recent central bank market expectations survey predicted inflation would slow to 2% in July and 1.8% by August. The survey predicted inflation would end the year at 31.8%. Earlier this week, Milei said there could be "no more inflation" in Argentina by the middle of next year. https://www.reuters.com/world/americas/argentina-monthly-inflation-slows-more-than-expected-april-2025-05-14/
