2024-04-23 01:02
BUENOS AIRES, April 22 (Reuters) - Argentine President Javier Milei boasted on Monday that his government is successfully taming profligate public spending, touting a rare first quarter surplus that he argues is key to improving economic prospects in the Latin American nation. "Our plan is working," declared the libertarian leader in a televised address. Milei took office in December pledging to enact an economic "shock" plan in a bid to lower triple-digit inflation and reverse a prolonged economic slump marked by the steady deterioration of the peso currency and growing poverty. "I know the situation is difficult," Milei added, "but we're more than halfway there." Milei announced that his government had logged a financial fiscal surplus of more than 275 billion pesos ($315.4 million) in March. For the first quarter, the surplus - the first of its kind since 2008 - represented 0.2% of the nation's gross domestic product (GDP), the president noted. "We're going to give everything to pull this country out of the hell we inherited," he said, attacking previous governments for the country's dire economic straits. ($1 = 872.0000 Argentine pesos) Sign up here. https://www.reuters.com/world/americas/argentinas-milei-touts-rare-government-surplus-argues-shock-therapy-is-working-2024-04-23/
2024-04-23 00:43
SANTIAGO, April 22 (Reuters) - Miners Rio Tinto (RIO.L) New Tab, opens new tab and Eramet (ERMT.PA) New Tab, opens new tab as well as battery maker LG Energy (373220.KS) New Tab, opens new tab were among 30 companies that submitted proposals to develop lithium extraction technology for a Chilean salt flat in early stages of exploration, state-run mining body ENAMI said on Monday. ENAMI last month put out a call for companies to present technology to do pilot tests of lithium extraction techniques at the salt flat known as Salares Altoandinos, which the Chilean government is seeking to develop for lithium mining. The Technology Roundup newsletter brings the latest news and trends straight to your inbox. Sign up here. https://www.reuters.com/technology/rio-tinto-eramet-lg-energy-seek-develop-lithium-extraction-tech-chile-2024-04-23/
2024-04-22 22:54
April 22 (Reuters) - The U.S. Justice Department on Monday unsealed an indictment charging ten people of conspiracy to evade sanctions on Venezuela by procuring U.S. aircraft parts, including Honeywell engines for state oil company PDVSA's aircraft fleet. Venezuela has been under U.S. sanctions since 2017. The toughest measures, on oil exports and PDVSA, are set to resume in June after President Nicolas Maduro's administration failed to comply with a roadmap towards a competitive election this year. "To carry out this scheme, the defendants concealed from U.S. companies that the goods were destined for Venezuela and PDVSA by exporting them to third parties in other countries, including Novax Group SA, a Costa Rican company, and Aerofalcon SL, a Spanish company," the Justice Department said in a release. The U.S. Department of Commerce in late 2023 had added Novax and Aerofalcon to the Bureau of Industry & Security's list of companies engaging in activities contrary to U.S. national security and foreign policy interests. One of the ten people involved was arrested in Miami last week, according to the Justice Department. If convicted, they face a maximum penalty of 20 years in prison. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/world/americas/us-indicts-10-over-aircraft-parts-supplied-venezuela-2024-04-22/
2024-04-22 22:54
April 22 (Reuters) - TC Energy's (TRP.TO) New Tab, opens new tab NGTL gas pipeline system in the western Canadian province of Alberta has resumed normal operations after a rupture last week prompted the company to reduce pressure on a segment of the line, TC said in a statement on Monday. The cause of the rupture, which sparked a wildfire in a remote part of Yellowhead County, is still under investigation. "We have stood down our Yellowhead County incident emergency response and transitioned to the repair and restoration phase," a TC Energy spokesperson said, adding that the company was continuing to work with regulators. The NGTL is TC Energy's natural gas gathering and transportation system, which transports gas produced in the Western Canadian Sedimentary Basin (WCSB) to markets in Canada and United States. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. https://www.reuters.com/business/energy/canadas-tc-energy-says-ngtl-pipeline-system-resumes-normal-operations-after-fire-2024-04-22/
2024-04-22 22:39
HOUSTON, April 22 (Reuters) - U.S. fuel retailer Pilot Travel Centers named Gary Hoogeveen president of its energy business, the latest executive change since Berkshire Hathaway (BRKa.N) New Tab, opens new tab took over the firm. Hoogeveen, who was CEO of Berkshire's Rocky Mountain Power, has held several management roles at Berkshire Hathaway Energy since 2000, the company said in a statement. He will oversee Pilot's fuel supply chain, fuel procurement, logistics and transportation among other things. Brad Jenkins, Pilot's previous president for the energy business and Bill Cashmareck, vice president of Petroleum Marketing and Business Development, left the company in January. The company this year had replaced its chief executive and finance chief with longtime Berkshire executives and last year released about 15 employees, mostly tied to its crude oil trading operations. Known for its Pilot Flying J truck stops, Knoxville, Tennessee-based Pilot had expanded a fuel purchase and trading business by recruiting experienced diesel, gasoline and crude oil traders. Berkshire Hathaway this year completed acquisition of Pilot by buying the last 20% it did not previously own. Pilot operates more than 725 locations in the U.S. and Canada. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. https://www.reuters.com/markets/commodities/pilot-travel-centers-names-gary-hoogeveen-president-its-energy-business-2024-04-22/
2024-04-22 22:30
April 22 (Reuters) - Grain trader Archer-Daniels-Midland (ADM.N) New Tab, opens new tab said on Monday that Chief Financial Officer Vikram Luthar will resign from his role effective Sept. 30. Luthar is the highest-level executive to leave the firm since it disclosed accounting issues within its Nutrition division that later triggered two government investigations and forced it to revise six years of financial data. ADM had put Luthar on administrative leave in January as it launched an internal investigation focused on accounting practices involving the smallest of its three business units. The company said Luthar will receive $743,419 in cash performance incentive award for 2023 and shares awarded in 2021 that were tied to company performance. He will remain at ADM in a nonexecutive capacity until his resignation date to "provide transitional support" as the company searches for a new CFO, ADM said in a U.S. Securities and Exchange Commission filing. "The decision to move forward in this direction was made after careful consideration of the future of our company and how to best position ADM for success," CEO Juan Luciano said in an internal memo seen by Reuters. Luthar joined ADM from General Motors (GM.N) New Tab, opens new tab in 2004, rising to become the CFO of ADM's Nutrition unit in 2020 and later to company CFO in 2022. He oversaw one of ADM's most explosive periods of growth as the more than century-old grains merchant shifted from a crop trader and processor to a diversified food ingredients and nutrition company. The transition appealed to investors and helped ADM boost earnings to record highs in 2022. But a string of market shocks exposed some growing pains in the new division. In March, ADM corrected six years of financial data after an internal investigation found some sales between business units within the company were not recorded properly. ADM said it had overstated annual operating profit in the Nutrition segment by as much as 9.2%. ADM shares closed down slightly on Monday and remain around 8% below levels just before news of the accounting issues surfaced in January. Government investigations are not evidence of wrongdoing and do not necessarily result in charges. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. https://www.reuters.com/markets/commodities/adm-cfo-resign-company-faces-us-government-investigation-2024-04-22/
