2025-05-06 22:43
NIAMEY, Niger, May 6 (Reuters) - Security forces in Niger have searched the offices of uranium miner Orano's local subsidiaries, seizing phones and equipment, two sources told Reuters on Tuesday, months after the French company said authorities had seized control of its Somair mine. One of the sources, who is close to Orano, also said local director Ibrahim Courmo had been arrested. Sign up here. Orano said it had "very limited" information on the situation because it had lost operational control of its subsidiaries in December. "On Monday, May 5, it appears that Nigerien law enforcement officers intervened at the headquarters of the Somair, Cominak, and Orano Mining Niger subsidiaries in Niamey, with equipment seized," the company said a statement to Reuters late on Tuesday. "We are very concerned about the situation, as we have not been able to contact the Orano representative in Niger at this stage." Orano on December 4 announced that Niger's military-led government, which seized power in a coup in 2023, had taken control of the Somair mine, of which Orano owns about 63%, with the government holding the remaining stake. Niger and neighbouring Mali and Burkina Faso have been stepping up pressure on foreign mining companies over the past year. Malian authorities have arrested foreign executives and seized gold stocks amid negotiations with mining companies in recent months. Burkina Faso's junta last month vowed to take control of more foreign-owned industrial mines. In June 2024, Orano said Niger had removed a mining permit for its Imouraren subsidiary. Canada's GoviEx Uranium (GXU.V) , opens new tab said it had been stripped of its right to develop a uranium project in Niger the following month. All three Sahel countries are led by military governments that have seized power since 2020 and sought to move away, economically, politically and militarily, from former colonial power France. https://www.reuters.com/world/africa/niger-security-forces-search-orano-offices-seize-phones-sources-say-2025-05-06/
2025-05-06 22:41
CHICAGO, May 6 (Reuters) - U.S. Senator Josh Hawley said on Tuesday he launched an investigation into Tyson Foods (TSN.N) , opens new tab after a former employee of the meat company alleged that children worked at one of its processing plants. The meat industry has come under increased pressure from federal regulators and activists to adopt safer labor policies since kids hired by contractors were found doing dangerous jobs cleaning slaughterhouses in 2023. Sign up here. Hawley, in a letter to the U.S. Department of Labor, said Tyson's former employee claimed to have witnessed underage workers at the plant, which the senator did not identify. The former employee, whom Hawley described as someone who oversaw plant safety but did not name, also received reports from hourly Tyson workers about children working in the plant, the letter said. It did not indicate when this allegedly occurred. Tyson, which runs chicken, beef and pork plants across the country, said it prohibits anyone under 18 years old from working in its facilities. The company does not facilitate or excuse the use of child labor by third-party contractors, according to a statement. Hawley said he opened an investigation in a Senate Judiciary Committee subcommittee he chairs and urged the Labor Department to do the same. The department did not immediately respond to a request for comment. In 2023, the Biden administration announced measures to crack down on child labor amid a steep rise in violations and investigative reports by Reuters and other news outlets on illegal employment of migrant minors in dangerous U.S. industries. That year, the Labor Department found that more than 100 children had been illegally employed , opens new tab by Packers Sanitation Services Inc, a company that contracted with meatpackers to clean slaughterhouses. Some worked at Tyson plants, according to the department. https://www.reuters.com/business/retail-consumer/us-senator-investigates-claims-child-labor-tyson-foods-plant-2025-05-06/
2025-05-06 22:21
HOUSTON, May 6 (Reuters) - U.S. offshore producer Beacon Offshore Energy expects first oil from its Shenandoah floating production system in June, a company executive said on Tuesday. The floating production unit, which is expected to produce 120,000 barrels of oil per day (bpd), was in the final stage of being hooked up and commissioned, Michael Clarke, Beacon's vice president of deepwater developments, said at a conference in Houston. Sign up here. The Houston-based privately held company is also looking to sanction the Shenandoah South discovery, Clarke said. Meanwhile, privately owned offshore producer LLOG Exploration said it expects production from its Salamanca project in August this year. The Salamanca project seeks to refurbish a former Gulf of Mexico production facility into a floating production unit with a capacity of 60,000 bpd and 40 million cubic feet of natural gas per day. It was previously expected to start production in mid-2025. https://www.reuters.com/business/energy/offshore-producer-beacon-sees-first-oil-shenandoah-june-2025-05-06/
2025-05-06 21:53
May 6 (Reuters) - The National Renewable Energy Laboratory (NREL), a research division of the U.S. Department of Energy that focuses on energy sources like wind and solar, said on Tuesday that it laid off 114 employees due to federal budget cuts, stop work orders and new directives. WHY IT'S IMPORTANT The staff reduction at NREL, based in Golden, Colorado, reflects the broader trend of workforce cuts across the Department of Energy under the administration of U.S. President Donald Trump. The staff reduction represents about 3% of NREL's workforce of 3,675, according to the lab's web site. Sign up here. KEY QUOTE "NREL's mission continues to be critical to achieve an affordable and secure energy future. We are grateful for the dedication and commitment of our staff as we continue to advance the laboratory's work," the lab said in a statement. CONTEXT The layoffs come amidst a wider downsizing of the federal government under Trump. NREL is overseen by DOE's Office of Energy Efficiency and Renewable Energy. A White House budget proposal last week seeks to cut $2.6 billion in funding from EERE, in line with Trump's goal to boost fossil fuels and eschew clean energy technologies that experts say are needed to combat climate change. NREL is one of 17 national labs that sit under DOE. Most are managed by third-party contractors. NREL is managed by Battelle and MRIGlobal. https://www.reuters.com/business/world-at-work/trump-funding-cuts-force-layoffs-us-renewable-energy-research-lab-2025-05-06/
2025-05-06 21:45
May 6 (Reuters) - Canadian oil producer Suncor Energy (SU.TO) , opens new tab reported first-quarter profit above analysts' expectations on Tuesday, as it benefited from greater refinery production and sales volumes. The upbeat results come amid a broader rebound in North American refining margins. Last week, peer Imperial Oil (IMO.TO) , opens new tab posted record first-quarter earnings, driven primarily by stronger margins in its refining and fuel sales business. Sign up here. Suncor said its refined product sales rose to 604,900 barrels per day in the quarter compared to 581,000 bpd last year. The jump was primarily driven by higher refinery throughput and the benefit of the company's extensive sales and retail network. Refinery utilization also jumped to 104% from 98% a year ago. Calgary, Alberta-based Suncor's upstream quarterly production rose to 853,200 bpd, but sales volumes dropped due to a build-up in inventory. Talking about the earnings, CEO Rich Kruger said Suncor's "integrated business model, and continually improving cost structure, enables the company to deliver free funds flow and shareholder value despite the current volatile business environment." About 80% of Canada's crude and 40% of its natural gas production are sold in the U.S. This interdependence faced uncertainty when U.S. President Donald Trump announced tariffs on Canada. Although these duties were briefly implemented in February, most were rolled back within days. In February, CEO Rich Kruger said the integrated nature of the company's assets gives the company a "natural hedge" against tariffs. The company reported an adjusted profit of C$1.31 ($0.9509) per share for the quarter, compared with analysts' average estimate of C$1.21 per share, according to data compiled by LSEG. ($1 = 1.3777 Canadian dollars) (This story has been refiled to fix a typo in the headline) https://www.reuters.com/business/energy/canadas-suncor-reports-first-quarter-profit-beat-2025-05-06/
2025-05-06 21:23
SAO PAULO, May 6 (Reuters) - The month of May will be crucial for steelmaker ArcelorMittal (MT.LU) , opens new tab to decide whether it will move forward with fresh investments in Brazil, its head in the country told Reuters on Tuesday, as it approaches the end of its current investment cycle. The approaching deadline for the extension of trade protection measures adopted by the Brazilian government and the import tariffs implemented by U.S. President Donald Trump are relevant factors as ArcelorMittal mulls its next steps. Sign up here. Steelmakers in Latin America's largest economy have long complained of an unfair playing field, saying that China floods the market with cheap material and calling on the government to do more to control those imports. The Brazilian government in April 2024 raised the import tariff on some steel products to 25% for a year, while adopting some surcharge-free import quotas, a measure that is due to be renewed at the end of this month. It did not prevent, however, an increase in steel imports by the country, which rose 11% year-on-year in 2024 and reached in March this year the highest for any month ever, being strongly criticized by steelmakers as insufficient. "We are finishing an investment cycle of 25 billion reais this year and have appetite for at least another 10 billion in the coming years," said ArcelorMittal's head in Brazil, Jorge Oliveira, referring to a cycle that began in 2022 and a second one that would run through 2029. "The impact of imports is a reality that runs counter to the investment appetite of any group." Depending on Brazil's position in defending the local steel industry, Oliveira said, ArcelorMittal may postpone or even cancel investments of up to 4 billion reais in the Tubarao plant in Espirito Santo state, which were announced in February. "A first effect would be to postpone the project's start date, and a much worse effect would be to cancel the project. We are at a critical moment," Oliveira said, citing the possible impacts of a non-extension of the measures approved last year. The executive said that the sector expects the government to "at the very least" extend the measures, but that the sector has been discussing "alternatives" to reinforce them as the current ones "were not sufficient". Other large steelmaking players in Brazil include Gerdau (GGBR4.SA) , opens new tab, Usiminas (USIM5.SA) , opens new tab and CSN (CSNA3.SA) , opens new tab. https://www.reuters.com/markets/commodities/arcelormittal-sees-may-critical-decision-new-brazil-investments-2025-05-06/
