2025-11-06 20:35

List a blueprint for US push to secure supplies Copper vital for electric vehicles, power grids, data centers Met coal aligns with Trump's fossil fuel support List includes uranium for reactors and fertilizer minerals Nov 6 (Reuters) - The Trump administration on Thursday added 10 minerals to a list it deems essential for the U.S. economy and national security, including copper, vital to electric vehicles, power grids, and data centers, and metallurgical coal, used to make coke fuel for steel production. The Interior Department's critical minerals list guides federal investments and permitting decisions and helps shape the government's broader minerals strategy. Sign up here. The administration is expanding the list amid efforts to boost domestic mining and cut reliance on imports, particularly from economic rival China. LIST GUIDES FEDERAL INCENTIVES The list serves as a blueprint for Washington's push to secure supplies of materials needed for defense, manufacturing, and clean energy technologies. It determines which projects qualify for federal incentives, informs national stockpiling and research priorities, and signals to private investors where the government sees long-term strategic value. Officials and industry leaders say strengthening domestic production could help insulate the U.S. from potential supply shocks or export restrictions imposed by competitors like China, which dominates global refining of many critical minerals. Doug Burgum, the interior secretary, said the expanded list "provides a clear, data-driven road map to reduce our dependence on foreign adversaries, expand domestic production and unleash American innovation." The new list also includes uranium, which is enriched to fuel nuclear reactors, boron, lead, phosphate, potash, rhenium, silicon, and silver. Environmentalists slammed the move. Cameron Walkup, of Earthjustice Action, said the administration was ignoring economics, violating the law and opening the door for agencies to rubber-stamp projects with insufficient protections for communities from pollution. "Instead of prioritizing corporate profits, we should focus on real solutions to meet our mineral supply chain needs by rapidly scaling up reuse and responsible recycling of critical minerals and updating our mining laws." Potash and phosphate are used as fertilizers to grow crops around the world. "These are two minerals where stable supplies are absolutely necessary to fill our plates and feed our communities," said Corey Rosenbusch, CEO of The Fertilizer Institute. Potash was on an original 2018 list, but neither phosphate nor potash was included when it was updated in 2022, the institute said. U.S. COPPER OUTPUT LESS PROFITABLE Copper is used widely across the global economy in power generation, electronics and construction. Freeport-McMoRan (FCX.N) , opens new tab, the largest U.S. copper producer with seven mines and controls of one of the country's two smelters, said this year it could generate more than $500 million annually in tax credits tied to the 2022 U.S. Inflation Reduction Act if the red metal were declared critical. The Phoenix-based company was not immediately available to comment on Thursday. The average grade, or percentage of copper in rock deposits, in Freeport's U.S. mines is lower than elsewhere, boosting costs and making the U.S. the company's least profitable region. That fact largely explains why Freeport pushed for the designation. "We're not looking for handouts, but if the government is trying to incentivize domestic (copper) production, it's important to recognize that the U.S. doesn't have the same grades that we have internationally," Freeport CEO Kathleen Quirk told Reuters in March. Rio Tinto (RIO.AX) , opens new tab, which operates the other U.S. copper smelter, send the new list "sends a clear signal that America is committed to building resilient supply chains for the technologies that will define our future." Putting met coal on the list aligns with President Donald Trump's support of fossil fuels. Some U.S. met coal mines have shut in recent months amid ample supply and a reduction in exports to China, which put an additional 15% tariff on imports of U.S. coal this year. Rich Nolan, president and CEO of the National Mining Association, said it will continue to seek the expansion of the list to "ensure that the U.S. has the abundant domestic resources it needs, when it needs them." https://www.reuters.com/business/energy/trump-expands-us-critical-minerals-list-include-copper-metallurgical-coal-2025-11-06/

2025-11-06 20:34

Nov 6 (Reuters) - United Airlines (UAL.O) , opens new tab and Delta Air Lines both started cancelling Friday flights after the Federal Aviation Administration directed reductions at 40 high-traffic U.S. airports to address air traffic control safety concerns, the carriers said Thursday. United said on Thursday it plans to cut 4% of its flights Friday through Sunday. Delta said it was cancelling around 170 flights on Friday and fewer on Saturday because it is a lighter travel day. Sign up here. The FAA said it planned to impose 10% cuts starting on Friday, but then told airlines it would begin with 4% cuts and ramp up to 10% next week. United operates around 4,500 flights a day, and the cuts will result in less than 200 daily cancellations, the carrier confirmed. https://www.reuters.com/business/united-airlines-cut-4-flights-friday-through-sunday-2025-11-06/

2025-11-06 20:31

Global emissions are up 34% since the first climate conference The market for solar panels and EVs has grown - but so has fossil fuel use UN climate negotiations are bogged down by bureaucratic inertia, some critics say Nov 6 (Reuters) - As leaders gather for the U.N. climate summit in Brazil this week - three decades after the world's first annual climate conference - the data charting progress in the fight against global warming tells a sobering story. Despite years of negotiations, pledges, and summits, greenhouse gas emissions have climbed by a third since that first meeting; fossil fuel consumption continues to rise; and global temperatures are on track to breach thresholds scientists say will unleash catastrophic damage to the planet. Sign up here. "Yes, some good has come out of these conventions, but not enough to ensure the promise of life on Earth," said Juan Carlos Monterrey, Panama’s special representative for climate change, who is leading a push to streamline major environmental agreements. LOOKING BEYOND THE DATA That grim assessment raises a fundamental question ahead of the Nov. 10-21 summit in Belem, Brazil: Is global climate diplomacy failing? Or have the gatherings succeeded in ways that raw data cannot capture? Simon Stiell, the head of the U.N. Framework Convention on Climate Change (UNFCCC), says the annual meetings have made "vast progress." But he said: "Clearly much more is needed, and much faster, as climate disasters hit every country." Global greenhouse gas emissions have increased by 34% since 1995. While this is a slower rate than the 64% rise in the three previous decades, it still represents a trajectory incompatible with climate stability, according to scientists. "We still have time to solve this problem. We still can win this fight if we will do the things we promise to do. We just have to kick ourselves in the rear end and get going," said John Kerry, U.S. climate envoy under Democratic President Joe Biden. The World Resources Institute, a climate research and advocacy group, said in an October report , opens new tab that government targets for greenhouse gas emissions reductions for 2035 remain insufficient to keep global temperatures from rising more than 1.5C above pre-industrial times - the threshold world governments set at a landmark 2015 climate agreement in Paris. Global temperatures have surged past that 1.5C mark in some years, with 2023 and 2024 ranking among the hottest on record, although the 30-year rolling average – the benchmark used by the Paris deal – is still below that level. "There will be an overshoot, which is very unfortunate," James Fletcher, the climate envoy for the Caribbean Community (CARICOM) and former energy minister to St. Lucia, said in an interview. "Anything above 1.5 degrees Celsius will be catastrophic for small island developing states," he said. Stiell told Reuters that without the COP process, world temperatures would be headed for a catastrophic 5C of heating, instead of the under 3C increase that is now projected. Meanwhile, fossil fuel consumption - the primary source of planet-warming emissions - remains stubbornly high, driven by economic growth and, more recently, the energy demands of data centers powering artificial intelligence. The International Energy Agency projects that demand for coal - one of the dirtiest fossil fuels when combusted - will hold around record highs through 2027 as rising demand in China, India and other developing countries offsets declines elsewhere. On the other side of the ledger, solar and wind power adoption have accelerated, electric vehicle sales have surged globally, and energy efficiency overall has improved, according to data from the International Energy Agency. Global investment in clean energy reached $2.2 trillion last year, surpassing the $1 trillion invested in fossil fuels, according to IEA data. "We could not have dreamt that those technological advances and the drop in price for EVs and renewables would have happened 10 years ago," said Jennifer Morgan, Germany's former climate envoy and a veteran of every COP summit. Still, the rise in renewables and EVs has largely offset growing energy demand rather than replace fossil fuels. And in the United States, President Donald Trump - who has called climate change the world's greatest "con job" - has slashed subsidies for wind and solar power and electric vehicles, added permitting obstacles to renewable projects and opened more lands to drilling and mining. "President Trump will not jeopardize our country's economic and national security to pursue vague climate goals that are killing other countries," Taylor Rogers, a White House spokeswoman, told Reuters. SUCCESSES AND SHORTCOMINGS Yet despite those setbacks in the U.S., the Paris climate agreement - perhaps the biggest achievement of the COP process - has endured, even after the withdrawal of the U.S. during both of Trump's terms. That means countries theoretically remain committed to preventing the worst of climate change. However, the consensus-based nature of COP negotiations, which require unanimous decision-making from nearly 200 nations, has come under fire. "We are drowning in paperwork, drowning in reports, drowning in mandates that are only evaluated based on how many pages the document has versus how many lives that we're saving," said Monterrey, the Panama climate envoy. "We need systematic reform." Christiana Figueres, who was the lead U.N. climate official during the Paris talks, said the COPs could consider shifting toward a voting approach, similar to the International Monetary Fund. But Figueres also said the political haggling was becoming less important as world economies embrace clean energy technologies. "Today, the pull force for the transition is no longer coming from governments. It's in the private sector, in industry, in technology development." She pointed to China, which alone accounts for one-third of global investment in clean energy across solar, wind, batteries and the electric vehicle industry, according to the IEA. CATALYST OR CULPRIT Some COP veterans argue the current process is the best option to ensure all countries have a seat at the table to address a global problem. "I don't think that there are any alternatives to the multilateral process," said Manuel Pulgar Vidal, who served as president of COP20 in Peru and is currently climate director of the World Wildlife Fund. Former U.S. climate envoy Kerry acknowledged the flaws in these annual gatherings, but said they have remained vital. "We know they're not enough, but banging away and keeping the process moving is better than absolute, abject nihilism." https://www.reuters.com/sustainability/cop/30-years-climate-talks-progress-pitfalls-planet-peril-2025-11-06/

2025-11-06 20:00

Investors cautious despite pressure on Caracas U.S. actions against Maduro influence bond rally NEW YORK, Nov 6 (Reuters) - Venezuela, a debt-defaulted nation with an economy devastated by years of mismanagement and international sanctions, has become a surprise darling of bond investors, with returns for its dollar bonds of over 80% poised to lead emerging markets this year. The surge in prices to six-year highs, on the back of renewed expectations for a change of government, is warranted according to investors. But as declines on Thursday show, the duration of the rally is in doubt. Sign up here. "I think it's justified, but in terms of how much further you can go, it is a question of what comes next with respect to U.S. action," said Kathryn Exum, co-head of sovereign research at Gramercy. The latest leg of the bonds' rally began in September, when ships off the Venezuelan Caribbean coast were targeted by U.S. strikes. U.S. President Donald Trump later heightened his rhetoric against President Nicolas Maduro's government, confirming he authorized the CIA to conduct covert operations in Venezuela and offering a $50 million reward for information leading to Maduro's arrest. Regime change, investors say, could dislodge long-awaited debt restructuring talks that could enable them to get money out of the notably cheap securities, which have nearly doubled in value this year but remain in deeply distressed territory below 30 cents on the dollar. Yet Polymarket, which allows users to place bets on real-world events, showed the probability of a U.S.-Venezuela military confrontation before the end of 2025 stood at 30%, down from 70% late last month. The South American oil producer defaulted on its international bonds in 2017, and prices have for years fluctuated alongside the relationship between Washington and Caracas. SEB's Erik Meyersson said the still-trading bonds are "allowing investors to effectively bet on an eventual debt workout via political change." The Trump administration has a "trifecta of reasons" to pursue regime change, from the country's oil and gas assets to a desire to counter China's influence in Latin America, he added. But those betting on Venezuela have been burned before. The bonds last hit current levels in 2019, when the U.S. recognized opposition leader Juan Guaido as president. The next leg of the rally appears less straightforward, investors said. "We view the recent rally in Venezuelan bond prices as an opportunity to reduce exposure, rather than to add risk," Alejo Czerwonko, chief investment officer for emerging markets Americas at UBS Global Wealth Management, said in a note. "Even if regime change were to occur and the U.S. were to ease sanctions, Venezuela has been in default regarding debt payments for eight years, and faces one of the most complex sovereign debt restructurings in modern history," he said. With a basket of diversified sovereign dollar bonds returning around 4% to 7%, Czerwonko said "waiting for a resolution to the Venezuela debt saga is far from costless." Venezuela's unpaid stock is about $60 billion in defaulted bonds and balloons up to around $150 billion once interest, loans to state oil company PDVSA, arbitration awards and bilateral debt are included. https://www.reuters.com/world/americas/venezuela-bonds-surge-us-pressure-intensifies-maduro-2025-11-06/

2025-11-06 19:30

MEXICO CITY, Nov 6 (Reuters) - The Bank of Mexico cut its benchmark rate by 25 basis points on Thursday but struck a more cautious tone on the outlook for further easing, as the economy shows weakness but core inflation remains sticky. The rate's reduction to 7.25%, its lowest level since May 2022, was widely expected, though the central bank in a change from recent meetings offered guidance only for its next meeting, while also emphasizing lingering risks from stubborn core inflation. Sign up here. For the fourth consecutive rate decision, Deputy Governor Jonathan Heath was the only person on the five-member board to vote against the reduction, the bank said in a statement. Heath has repeatedly called for caution around rate cuts, pointing to stubborn core inflation that exceeds the central bank's 3% target, which has a tolerance range of plus or minus a percentage point. The most recent official data showed that headline inflation, as well as the closely watched core index, declined in the first half of October, though core inflation, which strips out volatile products, remained outside of the bank's target range at 4.24%. Banxico, as the bank is known, moved the persistence of core inflation higher in its list of upside inflation risks, noted Capital Economics senior economist Liam Peach. Peach said the bank's statement "was perhaps a bit more hawkish than expected," adding that its change in guidance "suggests a bit more caution with further interest rate cuts, which may now become more data dependent and stop-start." Alberto Ramos, chief Latin America economist at Goldman Sachs, also noted that the bank only gave easing forward guidance for its next meeting, in December, but not after that. The bank is leaving the door open to future cuts but "abstaining from providing any explicit signal," he said. Despite concerns about core inflation, the bank's board cited the ongoing weakness in Mexico's economy - GDP contracted in the third quarter - as factoring into its decision. For Alfredo Coutiño, Latin America director at Moody's, the bank's majority is "hoping that weak economic performance will help bring down headline inflation." Coutiño warned that headline inflation alone is too volatile to base rate decisions on. Mexico's national statistics agency will report inflation data for the full month of October on Friday morning. A Reuters poll of analysts forecasts headline inflation to fall by about 20 basis points, with core inflation expected to remain largely unchanged. https://www.reuters.com/world/americas/bank-mexico-lowers-benchmark-interest-rate-725-2025-11-06/

2025-11-06 19:26

Nov 6 (Reuters) - U.S. holiday sales are expected to surpass $1 trillion for the first time, the National Retail Federation said on Thursday, though growth is forecast to slow as economic pressures weigh on consumer sentiment. The holiday season includes major shopping days such as Thanksgiving, Black Friday, Cyber Monday and Christmas, and accounts for a significant portion of major retailers' revenues. Sign up here. Persistent inflation, the fallout from the Trump administration's tariffs and the federal government shutdown pose risks, as shoppers think twice about buying extravagant gifts. "American consumers may be cautious in sentiment, yet remain fundamentally strong," NRF CEO Matthew Shay said. NRF chief economist Mark Mathews said lower-income consumers are shifting toward essentials. "More of the non-essentials that they're cutting out are in the services side of the economy, like recreation, travel, and eating out. They're not doing that, but they're continuing to spend on goods." The economic stress on spending had led to multiple forecasts of a subdued holiday shopping season this year as well as muted forecasts for the period from companies including Tapestry (TPR.N) , opens new tab, Under Armour (UAA.N) , opens new tab and Canada Goose (GOOS.TO) , opens new tab on Thursday. "Consumers are highly promotional right now. They're looking for deals," Mathews told Reuters. "Most retailers recognize that," he added, saying companies will take a hit to stay competitive in the market. Sales during November and December are projected to rise between 3.7% and 4.2% to $1.01 trillion–$1.02 trillion, compared with a 4.3% increase to $976.1 billion last year. Retailers are expected to hire between 265,000 and 365,000 seasonal workers, down from 442,000 last year, reflecting a softer labor market, NRF said. NRF’s forecast is based on economic modeling using indicators such as consumer spending, employment, wages and historical retail data. It excludes auto, gas and restaurant sales. https://www.reuters.com/business/retail-consumer/us-holiday-sales-set-top-1-trillion-first-time-nrf-forecasts-2025-11-06/