2025-03-18 20:54
WASHINGTON, March 18 (Reuters) - The head of the U.S. government's energy loans office that has provided financing to projects from nuclear power to a sustainable aviation fuel plant supported by one of President Donald Trump's fellow Republicans will depart the agency this week, the U.S. Department of Energy said on Tuesday. John Sneed, who headed the Loan Programs Office, or LPO, in the Trump's first administration, was re-appointed on January 20 to head it for 30 days to work on the transition to new administration. His appointment was extended by about another month through March 21. Sign up here. Sneed said in a release he will return home to Texas, and his family, without giving more detail. In the first Trump administration, Sneed was also a chief of staff to then Energy Secretary Rick Perry, a former Texas governor of Texas. The LPO's capacity to offer low-cost loans and loan guarantees to emerging energy technologies was vastly expanded to hundreds of billions of dollars under the administration of former President Joe Biden, a Democrat. Technologies, such as advanced vehicles, batteries, and solar power arrays, that struggle to get financing from private banks, were among the beneficiaries, during Biden's presidency. Trump only used the LPO to finance nuclear power in his first term and it has been uncertain how he will use the agency in his second administration. So far this term, Trump's LPO has provided part of a loan guarantee for Holtec's Palisades nuclear plant in Michigan, which is aiming to be the first commercial reactor resurrected after a complete shutdown. Last month, his LPO also approved disbursement of a $1.67 billion loan guarantee finalized days before Trump took office for a Calumet (CLMT.O) , opens new tab sustainable aviation fuel refinery in Montana, after pressure from Senator Steve Daines, a Republican. DOE said it will announce the incoming LPO director in weeks. https://www.reuters.com/world/us/head-trumps-energy-loan-office-departs-this-week-2025-03-18/
2025-03-18 20:48
CAIRO, March 18 (Reuters) - The Saudi industry and mineral resources ministry awarded on Tuesday mining exploration licenses to several local and international firms, state news agency SPA reported. The licenses were awarded to Indian miner Vedanta and a consortium comprising local Ajlan & Bros and China's Zijin Mining (601899.SS) , opens new tab among others. Sign up here. The exploration licenses cover the kingdom's first mineralized belts located at Jabal Sayid in Madinah and Al Hajar in Aseer. They are both rich in base and precious metals, including copper, zinc, gold and silver. The licenses cover a total area of 4,788 square kilometers (1,849 square miles), according to SPA. The ministry said the miners would spend approximately 366 million riyals ($97.6 million) on exploration over the next three years. The kingdom's growing mining industry is part of the Vision 2030 plan to diversify the economy and cut reliance on fossil fuels. The government hopes to attract $100 billion a year in foreign investment under the plan by 2030. Riyadh started awarding licenses to international miners in 2022. Last year, Saudi Arabia revised upward estimates for its untapped mineral resources, including phosphate, gold and rare earths to $2.5 trillion, from a 2016 forecast of $1.3 trillion. ($1 = 3.7505 riyals) https://www.reuters.com/world/middle-east/saudi-arabia-awards-mining-exploration-licenses-local-international-firms-2025-03-18/
2025-03-18 20:45
March 18 (Reuters) - The U.S. Department of Agriculture will on Wednesday begin accepting applications from farmers affected by low commodity prices for economic aid passed by Congress last year, an agency official said on Tuesday. The stop-gap government funding package passed by Congress last December included $10 billion for economic assistance, a supplement to existing farm subsidy programs that support U.S. crops. Sign up here. U.S. farmers are struggling with slumping prices that have made some crops more expensive to plant than sell, and are expected to plant more corn this year in a bid to eke out a profit. The Emergency Commodity Assistance Program will pay farmers a flat rate by acreage for eligible commodities like wheat, corn, barley, and oats, said Brooke Appleton, the USDA's deputy under secretary for farm production and conservation, on a call with reporters. Once farmers' applications are approved, they will receive payments directly to their bank accounts within three business days on average, Appleton said. Congress also passed $20 billion in farm aid for natural disasters in 2023 and 2024, and the USDA will release more details on that aid soon, which will include money for livestock losses due to drought and flood, Appleton said. Farmers have taken economic hits in the early weeks of the Trump administration, including from a broad USDA spending freeze and potential market loss from tariffs. https://www.reuters.com/world/us/usda-begin-disbursing-economic-aid-farmers-amid-low-prices-2025-03-18/
2025-03-18 20:32
NEW YORK, March 18 (Reuters) - Institutional Shareholder Services (ISS) on Tuesday urged Rio Tinto (RIO.L) , opens new tab, (RIO.AX) , opens new tab shareholders to approve a proposal to review the miner's dual-listed structure amid pressure from activist Palliser Capital. Palliser has pushed Rio Tinto, which has a primary listing in London and a secondary listing in Sydney, to unify the two into a single holding company in Australia, arguing the dual-listed structure has cost shareholders billions of dollars in value and is a reason why its stock is trading at a discount to its peers. Sign up here. ISS, a prominent proxy advisory firm, is now recommending that shareholders vote on April 3 to back Palliser's non-binding resolution for the company to review the matter. "Unification appears to bring several benefits, like reduced complexity and lower chance of conflict of interest, strategic flexibility and, for Plc shareholders, a closing of the valuation discount of their shares," the ISS report which was seen by Reuters said. The ISS report comes days after Glass Lewis, a smaller proxy advisory firm, also recommended that shareholders endorse Palliser's proposal. ISS and Glass Lewis recommendations can be influential in guiding how investors vote on hot button issues like who serves on boards and whether or not proposed mergers should go ahead. https://www.reuters.com/markets/commodities/proxy-advisory-firm-iss-backs-palliser-proposal-rio-tinto-review-2025-03-18/
2025-03-18 20:28
TSX ends down 0.3%, at 24,706.07 Tech sector falls 1.9% Industrials end 0.6% lower Gold rises to record high March 18 (Reuters) - Canada's main stock index fell on Tuesday as domestic data showed inflation heating up and investors awaited an interest rate decision by the U.S. Federal Reserve. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) , opens new tab ended down 79.04 points, or 0.3%, at 24,706.07, after two straight days of gains. Sign up here. U.S. stocks also fell. The Fed is expected to keep interest rates unchanged on Wednesday when it will present updated economic projections. Investors worry that the economy could suffer in a fast-moving trade war. "It must be extremely difficult for central banks to set any kind of policy in this environment not knowing what the next day is going to bring in terms of new pronouncements," said Michael Sprung, president at Sprung Investment Management. Canada's annual inflation rate rose to 2.6% in February - the first time in seven months that inflation has crossed above the Bank of Canada's 2% target. There is a worry that the inflation numbers along with an uncertain trade environment means Canada could be "heading into an environment like stagflation," Sprung said. The technology sector fell 1.9%, with shares of electronics equipment firm Celestica Inc (CLS.TO) , opens new tab down 4.5%. Industrials lost 0.6% and financials ended 0.2% lower. Definity Financial (DFY.TO) , opens new tab shares fell 3.3% after Swiss Re (SRENH.S) , opens new tab announced a sale of its 10.5% stake in the Canadian insurer. The materials group, which includes metal mining shares, added 0.4% as copper prices rose and gold moved to a new record high. https://www.reuters.com/markets/tsx-futures-flat-investors-await-fed-meeting-2025-03-18/
2025-03-18 20:27
MEXICO CITY, March 18 (Reuters) - Mexican state energy company Pemex is in talks with companies owned by billionaire investor Carlos Slim about an investment in the country's most important natural gas field, Ixachi, President Claudia Sheinbaum said on Tuesday. Reuters revealed last week that officials at Pemex and Slim's companies were considering a so-called mixed contract for Ixachi in Veracruz state and a joint operating agreement for the deepwater Zama field in the Gulf of Mexico. Sign up here. "We're discussing this with the companies belonging to Slim," Sheinbaum said during her regular press conference when asked about further participation. Sheinbaum added that Grupo Carso, as one of Slim's companies is known, was already involved in some parts of the operation of Ixachi. It currently drills wells. Mixed contracts, which sources told Reuters would likely be used for Ixachi, are a new form of partnership between Pemex and private companies. These allow Pemex to work with private companies, complementing its own expertise and capital, while retaining ownership of resources. Cash-strapped Pemex is struggling to meet the crude oil production target of 1.8 million barrels per day (bpd) as fields, especially in the Gulf of Mexico, are being depleted and new discoveries fail to compensate for it. Ixachi has been celebrated as the most important find in more than a quarter of a century for Mexico, which seeks to become self-sufficient in energy. Nearly two-thirds of the gas consumed locally is imported, mostly from its northern neighbor via pipelines. RBN Energy, a market advisory service, wrote in a recent note that U.S. imports, mostly from the Permian and the Eagle Ford, have increased threefold over the past decade. Mexico's own production has declined rapidly, it noted, adding that much of it is considered unusable because of the high nitrogen content. https://www.reuters.com/business/energy/mexicos-pemex-is-talks-with-slim-about-ixachi-investment-president-confirms-2025-03-18/
