2025-02-14 21:27
SANTIAGO, Feb 14 (Reuters) - The Gabriela Mistral unit of Chile's state-run copper producer Codelco (COBRE.UL) has reached an early agreement with its workers' union, Codelco said in a statement on Friday. The new collective bargaining agreement for Gabriela Mistral, one of Codelco's smallest mining units, will be in place for three years as of June 1, and cover nearly 300 people. Sign up here. https://www.reuters.com/markets/commodities/codelcos-gabriela-mistral-mine-reaches-early-deal-with-union-2025-02-14/
2025-02-14 20:54
Feb 14 (Reuters) - The U.S. Department of Agriculture has given a conditional approval to Zoetis (ZTS.N) , opens new tab to use its bird flu vaccine in poultry, the animal healthcare company said on Friday. Bird flu has infected nearly 70 people in the United States, with one death, since last April. Most of those infections have been among farm workers exposed to infected poultry or cows. The Wyoming Department of Health said on Friday it has identified its first human case of H5N1 bird flu in the region, making it the third confirmed instance of hospitalization related to the infection in the United States. The U.S. Centers for Disease Control and Prevention, however, has said the risk to the general public from bird flu is low. Zoetis, which deals with vaccines, medicines as well as diagnostic solutions for animals, said the conditional license was granted based on safety and reasonable expectation of efficacy. A conditional approval, called a conditional license, is used for emergencies, limited market availability, or other special circumstance and is issued for a finite period of time. Last month, USDA said it would rebuild a stockpile of bird flu vaccines for poultry that match the strain of the virus circulating in commercial flocks and wild birds. The U.S. had built a poultry vaccine stockpile after major bird flu outbreaks in 2014 and 2015, though they were never used. The vaccines were developed by Merck (MRK.N) , opens new tab, Ceva (CEVA.O) , opens new tab and one by U.S. government researchers, David Suarez, who was acting laboratory director of USDA's Southeast Poultry Research Laboratory in Athens, Georgia, had said in a 2023 interview. Separately, Moderna (MRNA.O) , opens new tab is developing a bird flu vaccine for humans and has received about $766 million from the U.S. government for its advancement. The company said last month it was preparing to advance its experimental shot, mRNA-1018, into late-stage trials based on preliminary data from an early- to mid-stage study. Sign up here. https://www.reuters.com/business/healthcare-pharmaceuticals/us-grants-conditional-clearance-zoetis-bird-flu-vaccine-poultry-2025-02-14/
2025-02-14 20:51
Biden blocked merger over national security concerns Nippon Steel made $14.9 billion bid for US Steel in 2023 Feb 14 (Reuters) - U.S. President Donald Trump said on Friday he would not mind if Nippon Steel (5401.T) , opens new tab took a minority stake in U.S. Steel (X.N) , opens new tab, but noted the Japanese company was considering purchases of U.S. Steel's debt. Trump's remarks were made to reporters at the White House days after the Republican president ruled out a purchase of the struggling American steelmaker by the Japanese giant. "Minority stake I wouldn't mind greatly," Trump said in response to a question on whether he would support such a move by Nippon. "What they're doing right now is they're going to be investors, and they're going to be investing in, I think, debt and various other things," Trump added. Nippon Steel and U.S. Steel did not immediately respond to requests for comment. Nippon Steel made a $14.9 billion bid for U.S. Steel in December 2023, ultimately promising billions of dollars in investment to revamp its aging infrastructure and pledging to keep its headquarters in Pittsburgh, Pennsylvania. The deal faced political headwinds from the get-go, with both Trump and his Democratic predecessor Joe Biden vowing to kill the transaction in a bid to appeal to voters in the election swing state of Pennsylvania, after the union representing U.S. Steel's employees, United Steelworkers, expressed opposition to the merger. The proposed tie-up was blocked by the Biden administration over national security concerns. But the parties have asked the courts to toss out the block, saying Biden unfairly intervened in a national security review to benefit himself politically, poisoning the process. The White House during the Biden administration defended the review. A Japanese government spokesperson said this week that Nippon Steel is considering proposing a bold change in plan from its previous approach of seeking to buy U.S. Steel. Sign up here. https://www.reuters.com/markets/commodities/trump-says-he-wouldnt-mind-if-nippon-steel-took-minority-stake-us-steel-2025-02-14/
2025-02-14 20:37
First LNG export approvals since Biden paused them in January, 2024 Trump signs order forming council to boost US oil and gas production Greens, US manufacturers worry about LNG boom's hit to emissions, gas prices WASHINGTON, Feb 14 (Reuters) - U.S. President Donald Trump's administration said on Friday it has granted a liquefied natural gas export license to the Commonwealth LNG project in Louisiana, the first approval of LNG exports after former President Joe Biden paused them early last year. The exports are approved to go to markets in Asia and Europe. Energy Secretary Chris Wright, whose agency is responsible for approving the shipments, said exporting U.S. LNG "strengthens the U.S. economy and supports American jobs while bolstering energy security around the world." The U.S. is trying to increase its LNG exports to help reduce Europe's dependency on Russian gas after Moscow's invasion of Ukraine three years ago. Trump ordered a lifting of the freeze on LNG export approvals the day he came into office for a second time on January 20. Commonwealth LNG, which has waited longer than any other company for its permit, wants to build a 9.5 million metric ton per annum export plant in Louisiana to sell to countries that do not have a free trade agreement with the U.S. "Today's actions demonstrate that President Trump is prioritizing the American energy industry and we are both pleased and grateful to have achieved these important regulatory objectives," said Commonwealth CEO Farhad Ahrabi. The company is expecting to make a final investment decision in September 2025 as a result of the license and subject to regulatory approval. Commonwealth expects first LNG production from the project in early 2029. Two other LNG companies, Cheniere (LNG.N) , opens new tab and Energy Transfer, have said they plan to move full speed ahead with their plans to export the fuel. U.S. LNG exports are expected to double before the end of the decade, based on approvals that had been granted before Biden's pause. That has raised environmentalists' worries about the LNG boom's potential to boost carbon emissions, while some manufacturers and fuel-dependent industries are concerned it might spike domestic gas prices. Trump also signed an executive order in the Oval Office on Friday creating a new energy council to be led by Interior Secretary Doug Burgum, which will seek to expand U.S. output of oil and gas. The U.S. is already the world's largest producer of those fossil fuels. The President commented on how he plans to boost drilling and said more than 600 million acres of offshore federal waters are now open to oil and gas development, after Biden had taken them off the table. Trump said he was working on getting approval for the Constitution natural gas pipeline that would bring gas from Pennsylvania's drilling fields to New York, in order to bring down energy prices in the region. Williams Cos canceled the pipeline in 2020 following opposition from politicians and environmentalists in New York, and it is uncertain how it could be approved. Sign up here. https://www.reuters.com/business/energy/trump-administration-begins-approve-lng-exports-after-biden-pause-2025-02-14/
2025-02-14 20:32
Layoffs hit nuclear offices in security and Cold War cleanup Some NNSA firings were rescinded, essentials can stay -source Loan Programs Office loses 45 workers, grid office 18 DOE has about 14,000 employees, 95,000 contractors WASHINGTON, Feb 14 (Reuters) - The administration of U.S. President Donald Trump has laid off about 1,200 to 2,000 workers at the Department of Energy, including employees at a power grid office, the nuclear security administration and the loans office, three sources familiar with the matter said on Friday. Democratic lawmakers also said the layoffs include workers at national labs and hydroelectric plants, and Cold War legacy nuclear sites that pose safety risks. The DOE has about 14,000 federal employees and 95,000 contractors. The layoffs of probationary workers come after three people representing billionaire Elon Musk's Department of Government Efficiency arrived at the agency last week. Some 325 workers have been let go from the department's National Nuclear Security Administration, which manages the U.S. nuclear weapons fleet and works to secure radiological materials around the world, two of the sources said. But those layoffs at NNSA have been "partly rescinded" to retain essential nuclear security workers, one of the sources said. It was unclear how many of the 325 firings were rescinded. The DOE did not immediately respond to a request for comment. "It's been chaotic for the staff," one source at NNSA said. "We just want to focus on national security stuff and this has distracted us from our work." The losses at the NNSA occur at a time when nuclear power plants have been at risk in Russia's war on Ukraine, including Zaporizhzhia, the largest in Europe. The NNSA is still working to secure radiological materials in the region, one source said. NOT IN THE PUBLIC INTEREST A copy of a letter seen by Reuters and sent to some DOE employees says: "DOE finds that your further employment would not be in the public interest. For this reason, you are being removed from your position with DOE and the federal civil service effective today." The department laid off workers' access to government-issued laptops and phones just after midnight Eastern Time (0500 GMT) on Friday, which left many with no way to receive the notifications and no knowledge they had been fired, one source said. Some 45 workers were let go from the Loan Programs Office, which has hundreds of billions of dollars in loan authority for clean energy, nuclear and clean vehicle projects, one source said. Another seven were laid off in the Office of General Counsel who had been supporting work in clean energy demonstration projects. In addition, 18 of 148 people were let go at the Grid Deployment Office, which seeks to modernize the power grid, making it resilient to extreme weather and able to transmit power from clean energy and fossil fuel-fired power plants. In Washington state, at least a dozen workers at the Hanford nuclear site - a 1940s site for plutonium and uranium production for atomic bombs - now decommissioned but highly contaminated - were laid off, including safety engineers who clean up and monitor the site, according to Democratic Senator Patty Murray of Washington. "These reckless firings will slow down critical cleanup work and make workers less safe—trying to run Hanford with a skeleton crew is a recipe for disaster that could have irreversible impacts," she said. "These layoffs will hurt companies, workers and their families across Eastern Washington." Murray said there were layoffs at other DOE-run facilities in the Pacific Northwest, including the Bonneville Power Administration hydroelectric facility and the Pacific Northwest National Laboratory, which carries out research on everything from nuclear energy to battery storage. Murray's office reported layoffs of over 600 electricians, scientists, cybersecurity experts at BPA. Sign up here. https://www.reuters.com/world/us/sweeping-us-energy-department-layoffs-hit-nuclear-security-loans-office-sources-2025-02-14/
2025-02-14 20:29
U.S. stocks advance for the week U.S. 10-year yield falls but up for the week European stocks mark their 8th weekly rise NEW YORK, Feb 14 (Reuters) - A benchmark of global stocks hit a record on Friday while U.S. Treasury yields dipped as some soft U.S. data and the latest tariff announcements raised hopes that the Federal Reserve may have some cushion to be more aggressive in cutting interest rates. The Commerce Department said retail sales dropped 0.9% last month, the biggest decrease since March 2023, after an upwardly revised 0.7% increase in December, and well short of the 0.1% decline estimate of economists polled by Reuters, suggesting rising prices and tariff uncertainty may be leading consumers to tighten spending. Other data from the Federal Reserve showed factory output dipped 0.1% last month, short of the estimate calling for a 0.1% increase, after a downwardly revised 0.5% rebound in December, as a sharp drop in motor vehicle output weighed. On Thursday, U.S. President Donald Trump directed his economic team to devise plans for reciprocal tariffs on every country that taxes American imports, raising the risk of a global trade war, but stopped short of imposing another round of duties. On Friday, Trump warned again that BRICS nations could face tariffs from the United States if they set up their own currency. Investors were watching for updates from the Munich Security Conference, where U.S. Vice President JD Vance accused European leaders on Friday of censoring free speech and failing to control immigration, drawing a sharp rebuke from Germany's defense minister and overshadowing discussions on the war in Ukraine. A meeting between Vance and Ukrainian President Volodymyr Zelenskiy ended without news of a deal for critical minerals that is central to Ukraine's push to win Trump's support. "It's all about Trump right now. All the other stuff is just noise. What everyone is focused on is, 'What is Trump going to do next, and where are his tariff wars going?'" said Dennis Dick, a trader at Triple D Trading in Ontario, Canada. On Wall Street, the S&P 500 ended roughly unchanged, as tech (.SPLRCT) , opens new tab led sector gains while consumer staples (.SPXHC) , opens new tab was the worst performer. The Dow Jones Industrial Average (.DJI) , opens new tab fell 165.35 points, or 0.37%, to 44,546.08, the S&P 500 (.SPX) , opens new tab fell 0.44 points, or 0.01%, to 6,114.63 and the Nasdaq Composite (.IXIC) , opens new tab rose 81.13 points, or 0.41%, to 20,026.77. For the week, the S&P 500 gained 1.47%, the Nasdaq rose 2.58%, and the Dow climbed 0.55%. The Nasdaq marked its biggest weekly percentage gain since early December. Expectations for a cut of at least 25 basis points by the Federal Reserve in June have crept back up to 51.3%, after markets were pricing in a 40.3% change in the prior session, according to CME's FedWatch Tool , opens new tab. Dallas Fed President Lorie Logan reiterated her view on Friday that even if inflation data comes in cooler in coming months, the U.S. central bank should not necessarily reduce short-term borrowing costs in response. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab added 1.73 points, or 0.20%, to 884.10 after inching up to a fresh intraday record for a second straight session at 885.66. The index was on track for its fourth weekly gain in five. The pan-European STOXX 600 (.STOXX) , opens new tab index closed down 0.24% but was able to secure its eighth consecutive week of gains, its longest streak in a year. European stocks have outperformed their U.S. counterparts since the start of the year, although questions remain whether that can last. The dollar index , which measures the greenback against a basket of currencies, fell 0.3% to 106.77 after falling to a two-month low of 106.56, with the euro up 0.28% at $1.0493. Against the Japanese yen , the dollar weakened 0.35% to 152.26 while Sterling strengthened 0.14% to $1.2583 against the greenback. The yield on benchmark U.S. 10-year notes fell 4.7 basis points to 4.478% but was still on track for a weekly gain after falling in two consecutive weeks. Oil prices fell, erasing earlier gains, as prospects for a peace deal between Russia and Ukraine were countered by a delay in U.S. reciprocal tariffs. U.S. crude fell to settle down 0.77% to $70.74 a barrel and Brent settled at $74.74 per barrel, down 0.37% on the day. text_section_type="notes">https://www.reuters.com/markets/ For Reuters Live Markets blog on European and UK stock markets, please click on: Sign up here. https://www.reuters.com/markets/global-markets-global-markets-2025-02-14/
