2025-03-05 20:49
WASHINGTON, March 5 (Reuters) - The U.S. Department of Energy said on Wednesday that it has extended a permit for exports of liquefied natural gas from a Golden Pass LNG LLC project jointly owned by QatarEnergy and ExxonMobil (XOM.N) , opens new tab being built in Texas. The approval will grant additional time to begin LNG exports to large markets in Asia and Europe from the $10 billion project under construction in Sabine Pass, Texas. It extends the time the exports are allowed to begin from Sept. 30 this year until March 31, 2027. The project aims to begin producing LNG in late 2025 and export the super-cooled form of natural gas after that. Once up, it will become the ninth-largest export terminal in the United States, the DOE said. QatarEnergy owns 70% of the joint venture and ExxonMobil the remainder. "Golden Pass was the first project approved for exports to non-free trade agreement countries by DOE during the first Trump administration, and it is gratifying that this project is so close to being able to deliver its first LNG,” said Tala Goudarzi, an official in the department's fossil energy and carbon management division. The administration of President Donald Trump is approving LNG exports after former President Joe Biden put a pause on them to study the economic and environmental effects of the booming business. The United States is the world's largest LNG exporter. Golden Pass' developers asked federal energy regulators in August for a three-year extension to complete construction of the project, saying that a change in primary contractors requires an extension until November 2029. A spokesman for Golden Pass said extensions "build in time for contingencies to account for uncertainties outside of Golden Pass LNG’s control that can arise when constructing a project of this scale.” If completed, Golden Pass will have the capacity to export up to 2.57 billion cubic feet per day of LNG. Sign up here. https://www.reuters.com/business/energy/us-approves-lng-export-extension-golden-pass-2025-03-05/
2025-03-05 20:45
March 5 (Reuters) - The County of Los Angeles and City of Pasadena, along with other public entities, filed lawsuits against Edison International and its subsidiary Southern California Edison on Wednesday, alleging their role in igniting one of California's worst wildfires. The Eaton fire, one of the major fires that began in early January in the foothills east of Los Angeles, scorched more than 14,000 acres, nearly the size of Manhattan, and led to dozens of deaths. Authorities have yet to release an official cause for the major fires, including the Eaton blaze. The County of Los Angeles, the Los Angeles County Flood Control District, the Consolidated Fire Protection District of Los Angeles County, the City of Pasadena and the City of Sierra Madre filed lawsuits seeking compensation for damages to public resources and infrastructure caused by fire. "The lawsuits seek to hold Southern California Edison responsible for this devastating fire and recover the critical infrastructure and taxpayer resources that the fire destroyed," said Ed Diab, a founding partner of Diab Chambers representing the public entities, in a statement. The lawsuits, like others faced by the utility, cite eyewitness accounts and images that show a fire at the base of a transmission tower owned by SCE prior to the rapid spread of the flames by powerful wind gusts. Edison International said that it is reviewing the recently filed lawsuits against the company and would respond through the appropriate legal channels. A spokesperson for SCE added that due to the investigation being in its early stages, the company is unable to provide an estimate of potential costs. The lawsuits state that while the extent of damages and losses from the Eaton Fire and its aftermath are still being assessed, they are expected to be at least hundreds of millions of dollars. In its fourth-quarter earnings release, Edison International said it had not yet concluded whether its equipment was associated with the Eaton fire. Sign up here. https://www.reuters.com/legal/los-angeles-county-pasadena-sue-southern-california-edison-over-wildfires-2025-03-05/
2025-03-05 20:38
Trump exempts some autos from tariffs for one month Chile's at over four-month high Latam stocks set to snap eight session losing run Latam FX, stocks indexes jump over 2% each March 5 (Reuters) - Latin American markets soared on Wednesday, with Mexico's peso regaining more of its tariff-driven losses as investors hoped for some relief from U.S. tariffs, while a weaker dollar also provided a lift. In the latest move, U.S. President Donald Trump said he would exempt automakers from the tariffs on Mexico and Canada, for one month until they comply with the terms of an existing free trade agreement, and that he would be open to more exemptions. The currency in Mexico , a part of supply chains for automakers, bounced back from one-month lows, and was last up 1.1%. Stocks in the country (.MXX) , opens new tab were 0.5% higher. "There's relief and optimism to some degree, mainly because there's this chance that the tariffs might not go fully as in theory with the U.S. maybe considering some exemptions," said Quasar Elizundia, research strategist at Pepperstone, comparing the situation to the one-month reprieve given in early February. Trump also held talks with Prime Minister Justin Trudeau amid hopes the two countries would reach middle ground, as suggested by U.S. Commerce Secretary Howard Lutnick's comments on Tuesday. Global markets found some footing after the materialization of Trump's 25% tariffs on imports from Canada and Mexico, and a doubling of duties on Chinese goods rattled markets on Tuesday. Mexican President Claudia Sheinbaum said she is tentatively set to have a phone call with Trump on Thursday. Mexico is set to lay down its retaliatory plans by Sunday, while Canada and China have already announced tit-for-tat tactics. Elizundia said that Mexico was in a wait and see mode, and would proceed with countermeasures based on what actually takes place. The dollar index slipped 1.2%, to its lowest level since early November, in its third consecutive session of losses. The Brazilian real gained 2.3%, set for its best day since October 2022 as markets reopened following a public holiday. Chile's peso appreciated 1.7% to trade at over four-month highs, supported by an uptick in copper prices, after the biggest commodities consumer China set out an ambitious economic growth target, Germany's infrastructure fund plans and a weaker dollar. MSCI's gauge for Latin American currencies (.MILA00000CUS) , opens new tab ticked 2.3% higher, set for its best day in over two and a half years. The stocks index (.MILA00000PUS) , opens new tab added 2.7%, on track to snap an eight-session losing streak, with regional indexes logging robust gains. Global markets will also track U.S. job data due on Friday as concern mounts over the economy's health. Elsewhere in emerging markets, Ukraine's international bonds recovered from steep losses earlier this week after Trump said Ukraine was ready to negotiate over the war with Russia, and that the U.S. was reconsidering funding for Ukraine. HIGHLIGHTS ** Chile's SQM reports 41% drop in profit on lower lithium prices ** Profits for Colombia's Ecopetrol slide 22% in 2024 ** Trump hails 'reclaiming' of Panama Canal after BlackRock-led group's deal to buy stake ** Mexico's Sheinbaum popularity may insulate her from tariff devastation Key Latin American stock indexes and currencies: Sign up here. https://www.reuters.com/markets/latam-markets-jump-hopes-us-tariff-relief-after-trump-floats-exemptions-2025-03-05/
2025-03-05 20:26
WASHINGTON, March 5 (Reuters) - Billionaire Elon Musk, who is advising President Donald Trump on plans to radically shrink the U.S. government, said on Wednesday that the U.S. Postal Service and passenger railroad Amtrak should be privatized. "I think logically we should privatize anything that can reasonably be privatized," Musk said at a Morgan Stanley conference. "I think we should privatize the Post Office and Amtrak for example... We should privatize everything we possibly can." He said he thought those actions would require congressional approval. Last month, Trump said he was considering merging the Postal Service with the U.S. Commerce Department, a move Democrats said would violate federal law. The Postal Service has lost more than $100 billion since 2007, including $9.5 billion in the 12 months ending September 30. Earlier this month, however, it reported a fourth-quarter profit of $144 million. As email boomed, the agency has been hurt by an 80% decline in first-class mail volume since 1997. Volume is now at the lowest level since 1968. USPS declined to comment. Amtrak said in December ridership topped 2019 pre-COVID-19 levels for the first time in 2024 when it increased 15% over 2023 to a record 32.8 million customer trips. The rail operator reported an adjusted operating loss of $705 million for the 12 months ended September 30, down 9% versus 2023. Musk said that in comparison with Chinese high-speed rail, Amtrak "is a sad situation... It will leave you with a very bad impression of America." Asked about Musk's comments, Amtrak said Wednesday its "business performance is strong. Ridership and revenue are at all-time highs.... The train service we operate across our nationwide network, as mandated by law, is on-track to reach operational profitability - for the first time in history - during this administration." Amtrak in March said it was boosting passenger services on the East Coast as it aims to double ridership nationwide by 2040 to 66 million passengers. Congress approved $66 billion for rail projects as part of a massive infrastructure bill in 2021, with $22 billion dedicated to Amtrak over five years on top of regular funding. President Donald Trump during his first term repeatedly sought to cut funding , opens new tab to Amtrak, which received about $2.4 billion in annual federal support last year. Sign up here. https://www.reuters.com/world/us/elon-musk-says-post-office-amtrak-should-be-privatized-2025-03-05/
2025-03-05 20:07
JETP formed to aid transition from coal South Africa, Indonesia, Vietnam and Senegal first beneficiaries US Treasury confirms withdrawal March 5 (Reuters) - The United States is withdrawing from the Just Energy Transition Partnership, a collaboration between richer nations to help developing countries transition from coal to cleaner energy, the U.S. Treasury Department said on Thursday. Reuters reported on the withdrawal on Wednesday, based on several sources in key participating countries. Treasury Secretary Scott Bessent has withdrawn the U.S. from JETP agreements with South Africa, Indonesia and Vietnam, a department spokesperson said. The move was consistent with an executive order President Donald Trump signed that said the U.S. had previously joined initiatives that "do not reflect our country's values or our contributions to the pursuit of economic and environmental objectives," the spokesperson said. JETP, which consists of 10 donor nations, was first unveiled at the U.N. climate talks in Glasgow, Scotland in 2021. South Africa, Indonesia, Vietnam and Senegal were subsequently announced as the first beneficiaries of loans, financial guarantees and grants to move away from coal. Joanne Yawitch, head of the JETP Management Unit in South Africa, said on Wednesday that the United States had communicated its withdrawal from the plan there. In Vietnam, two foreign officials with direct knowledge of the matter also said on Wednesday that Washington was withdrawing from JETP in the country. Another source familiar with the matter said the U.S. had withdrawn from the JETP in Indonesia and South Africa. "We have been informed by the U.S. of their withdrawal," said another South Africa-based source in the donor group. "There remains significant finance available, and the International Partners Group remains fully committed to supporting South Africa to deliver on its just energy transition through the partnership," the person said. Since Trump returned to office in January, Washington has slashed foreign aid and championed development of fossil fuels. The sources declined to be named as they were not authorised to speak on the matter. U.S. commitments for Indonesia and Vietnam exceeded $3 billion in total, mostly through commercial loans, while in South Africa the commitment was for $1.063 billion out of $11.6 billion pledged for the country. Sign up here. https://www.reuters.com/sustainability/climate-energy/us-withdrawing-plan-help-major-polluters-move-coal-sources-2025-03-05/
2025-03-05 20:03
DETROIT, March 5 (Reuters) - U.S. authorities have in recent weeks begun releasing seized Chinese-made equipment used for cryptocurrency mining, two industry executives told Reuters. Cryptocurrency miners – basically souped-up computers with advanced chips – compete with one another to solve mathematical puzzles, a process which helps build the blockchains underpinning the cryptocurrency world and earn rewards in the form of new digital currency. “Thousands of units have been released,” said Taras Kulyk, CEO and co-founder of Synteq Digital, a cryptocurrency mining equipment broker. At one point as many as 10,000 units had been stuck at various ports of entry, Kulyk told Reuters. “Apparently there were some folks in the CBP that really didn’t like bitcoin mining so they wanted to give the entire sector a headache, which they did quite well,” he said. U.S. Customs and Border Protection and the Federal Communications Commission began seizing certain bitcoin mining equipment late last year, industry publication Blockspace reported in November , opens new tab. The publication said at least some of the machines may have been detained because they carried chips from the trade-restricted Chinese chip company Sophgo. The release of an undetermined amount of equipment comes amid the ongoing trade war between the U.S. and China as well as security concerns raised by U.S. authorities dating to the waning months of the Biden administration. Ethan Vera, chief operating officer of Luxor Technology, told Reuters that “some held shipments are being released, but right now that is still a minority of them.” Both Vera and Kulyk said authorities raised concerns around radio frequency emissions from the machines, which they said were groundless. A spokesperson for the CBP acknowledged Reuters’ request for comment Wednesday but did not provide an immediate response. The FCC did not immediately respond to a request for comment. Sophgo was punished in the waning days of the Biden administration for allegedly serving as a middleman between high-end Taiwanese chipmaker TSMC and blacklisted Chinese telecom company Huawei, Reuters reported in October. Sign up here. https://www.reuters.com/technology/us-authorities-begin-releasing-some-seized-cryptocurrency-miners-industry-2025-03-05/
