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Parry leads Kenya Open with 65 shots.
John Parry of England carded a bogey free 65 on Friday, giving him a tournament score 14 under par and a one-shot lead after the second round at the DP World Tour Kenya Open held at the Muthaiga Golf Club. Parry is the only player to have not dropped a shot since the start of the tournament. His 63 on the Thursday was a superb score. Hebert from France, who had a 66 during his second round, leads the leaderboard halfway through the event. South African Jayden Schper (69), who is currently in third place, is five shots behind Parry and Hebert. They are both nine shots under par, and have put some distance between them and the rest of the pack. Hebert advised that "conservative play is the best way to enjoy this course." The greens have become firmer and the pins on the front nine are more difficult, especially for those who don't play from the fairway. It was harder (on Saturday) than yesterday. Parry has already won one tournament on the DP World Tour in this season, the Mauritius Open. (Reporting and editing by Christian Radnedge.)
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How many US agencies have been affected by Trump's and Musk's job cuts?
Elon Musk is one of Donald Trump's closest advisors. Together, they have launched a massive campaign to reduce the 2.3 million federal employees. They have fired more than 10,000 workers in a chaotic and unprecedented effort. Layoffs were targeted primarily at employees who had been working in their current positions for less than one year. These workers have fewer protections on the job than those with longer tenure. About 75,000 workers also accepted buyouts offered by the Trump administration. The Trump administration is yet to provide a number of people that it has terminated. Reporters have gathered some details about the recent layoffs in federal departments and agencies. Internal Revenue Service A senior executive told employees on Thursday that the Internal Revenue Service would be firing 6,000 people, according to someone familiar with the situation. A source said that the IRS will lay off around 6,700 workers, mostly those hired during the Biden administration to combat fraud by wealthy taxpayers. Republicans opposed the expansion claiming it would result in harassment of ordinary Americans. The tax collection agency employs approximately 100,000 people. Department of the Interior Sources said that around 2,300 employees were laid off by the Interior Department. This included about 800 workers from the Bureau of Land Management. The Bureau of Land Management manages millions of acres of federal land for uses such as oil and gas exploration, timber harvesting, recreational activities, and cultural preservation. The department oversees 500,000,000 acres (202.3,000,000 hectares) in public land, including dozens national parks. Department of Agriculture People familiar with the plans say that the U.S. Forest Service is letting go 3,400 probationary staff, which equals 10% of their workforce. The U.S. Department of Agriculture announced on Tuesday that several employees who were working for the federal government on its response to the H5N1 bird flu outbreak had been accidentally laid off and that they are now trying to reverse those layoffs. Sources said that workers at the National Institute of Food and Agriculture (which supports agricultural science and technological research) and the Economic Research Service (which produces reports and statistics on the farm economy) were also fired. It is unclear how many people will be laid off from the Agriculture Department. The department employs almost 100,000 employees. Department of Health and Human Services A source said that 45% of newly hired employees at the Centers for Disease Control and Prevention who were still on probation were laid off. According to the Associated Press, nearly 1,300 CDC employees were fired. This represents one-tenth (10) of the agency’s staff. According to an internal email, the National Institutes of Health laid off 1,165 people, mainly probationary employees. STAT News also reported that FDA workers were laid off. It is not known how many FDA employees lost their jobs. More than 80,000 people work for the Department of Health and Human Services. This department oversees the CDC and NIH, as well as Medicare and Medicaid. STAT News reports that around 5,200 have lost their job. Department of Veterans Affairs The Department of Veterans Affairs has laid off more than 1,000 employees. This department provides health care and other benefits for millions of veterans. After the Democratic U.S. She said Senator Tammy Duckworth expressed concerns on X. Patty Murray, another Democratic Senator, stated that about 30 employees were rehired by an agency which operates a Pacific Northwest Hydroelectric Dam, after 200 employees had been fired, causing a public outcry regarding the reliability of power supply. The Department employs over 450,000 people, and supervises more that 1,500 healthcare facilities. Department of Energy The Department of Energy announced on Wednesday that 700 workers had been laid off. According to sources, up to 2,000 workers were informed that they would be laid off. Managers were instructed to give evidence as why certain employees should be rehired. Sources say that on February 14, 325 employees were notified that they would be laid off by the National Nuclear Security Administration. This is an Energy Department Office that manages and safeguards the U.S. arsenal of nuclear weapons as well as dangerous nuclear material around the globe. The Energy Department announced on Sunday that fewer than fifty workers were eventually sacked from the agency after an uproar in the public and an attempt by the administration, to hire some of these employees back. The Energy Department employs approximately 14,000 people and contracts with 95,000 others. ENVIRONMENTAL PROTECTION AGENT The Environmental Protection Agency fired 388 probationary staff. The Environmental Protection Agency, which enforces environmental laws such as the Clean Air Act, has announced the firing of 388 probationary employees. FEDERAL AVIATION Administration Sean Duffy, Secretary of Transportation, said that the FAA has fired over 300 of its 45,000 employees. This comes as concerns about air traffic safety are raised in light of recent plane crashes. Department of Education A letter obtained by has revealed that at least 160 new hires have been informed of their termination from the Department of Education. Trump has asked for the dissolution and termination of the entire Department of Education, including its 4,400 staff. However, Congress must approve. The federal department, while local and state governments are responsible for most education issues in the United States provide billions in grants and loans for higher education. It also provides funding for students who have disabilities or are economically disadvantaged. The department enforces civil right laws. CONSUMER FINANCIAL HEALTH BUREAU The Consumer Financial Protection Bureau (CFPB), which was responsible for protecting consumers against banks, debt collection agencies, and other financial companies, has been shuttered in large part after the Trump Administration ordered that it cease all activities. People familiar with the situation said that between 140 and 200 probationary or so-called "term" employees of the agency have been terminated. GENERAL SERVICES ADMINISTRATION Sources claim that 100 General Services Administration employees received termination notices. More than 12,000 employees work for the independent agency that manages government real estate and oversees government contracts. Office of Personnel Management Sources said that all probationary employees of the Office of Personnel Management (which handles the human resources of the U.S. Government) were terminated in a group meeting of around 100 people. Small Business Administration In a letter obtained by, the Small Business Administration fired at least 45 probationary staff. The agency employs thousands of people and provides support to small businesses. (Reporting and editing by Scott Malone, Deepa Babington, and Joseph Ax)
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Asia LNG spot prices fall to a three-week low due to tepid demand
The Asian spot price of liquefied gas (LNG), which is a form of natural gas, fell to its lowest level in three weeks on Friday due to the lacklustre demand for gas and the decline in European wholesale prices. Average LNG price for April deliveries to North-east Asia Industry sources estimate that the price of a million British thermal unit (mmBtu) was $14.00, down from $16.10 per MMBtu last week and at its lowest level since late January. Charles Costerousse is a senior LNG analyst with data analytics firm Kpler. He said, "We are bearish on Asian LNG prices due to the expectation of mild temperatures in north-east Asia during March and a recovery in LNG supply." Martin Senior, Argus' head of LNG pricing, stated that Japanese stock levels have been depleted due to a recent cold snap, but spot demand has been low. He added that prices are still too high for second-tier Chinese buyers as well as Indian firms. This is limiting the demand on the spot market in Asia. Gas prices in Europe fell this week to near four-weeks lows, but they have since stabilized as the U.S. talks with Ukraine to end the conflict and EU member states are discussing the relaxation of storage targets. Alex Froley is a senior LNG analyst with ICIS. He said that market volatility could still lead to large price swings, depending on the outcome the Ukraine peace negotiations and EU storage goals. The European Commission, according to a draft EU document, will be working on a more flexible target for EU countries in order to fill their gas storages ahead of the winter after being concerned that strict deadlines might drive up prices. "Fundamentally the European storage is still lower than in the past two mild winters, but it will be sufficient for the rest of the winter. It will take a large amount of gas to fill up before the next winter. Froley said that this will help keep the prices stable throughout summer. According to Florence Schmit, energy strategist at Rabobank, Europe may need to import 70 billion cubic meters (bcms) of LNG in the summer to fill the storage sites for next winter. Schmit said that if storage targets were relaxed this year, the strength of summer prices relative to winter prices would diminish. S&P Global Commodity Insights estimated its daily North West Europe (NWM) LNG Marker price benchmark on a basis of ex-ship (DES), for cargoes to be delivered in April, at $13.927/mmBtu. This represents a $0.67/mmBtu reduction from the April gas prices at the Dutch TTF Hub. This marks an 8% decline weekly. Spark Commodities set the price for delivery in March at $13,96/mmBtu. Qasim Afghanistan, Spark Commodities analyst, says that the U.S. arbitrage for north-east Asia through the Cape of Good Hope has decreased for the fourth consecutive week. However it still indicates the U.S. cargoes have an incentive to be delivered to Europe and not Asia. Afghan said that global LNG freight rates have recovered from previous record lows. On Friday, Atlantic rates were $6,250/day and Pacific rates were at a new record low of $10,000/day.
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Why the oil flow through the Iraq-Turkey Pipeline has been stopped
After a nearly two-year halt, crude oil could soon flow again through a pipeline connecting the semi-autonomous Kurdistan Region in northern Iraq with Turkey. According to sources, the Trump administration has piled pressure on Iraqi officials to allow Kurdish crude oil exports to resume or face sanctions along with Iran. The Kurdistan Regional Government and the Federal Government of Iraq have not yet worked out the details needed for a resumption, such as an acceptable payment mechanism to the oil companies. This is a summary of the dispute over pipelines: What is the latest? Iraq's oil minister Hayan Abdel-Ghani said to reporters on Monday, that oil exports will resume from the semi-autonomous Kurdistan Region next week. The announcement was made after the Iraqi Parliament approved on February 2 a budget amendement that set a rate for oil transportation and production costs of $16 per barrel in Kurdistan. The KRG is also required to transfer its oil production to the State Oil Marketing Organization, a state-run organization. In a brief statement posted on its website, an association of oil companies in Kurdistan that includes DNO Energy, Gulf Keystone Petroleum, Shamaran Petroleum and Genel Energy welcomed the amendment. KRG rejected the earlier $7.9 per barrel proposal as being too low. Safeen Dizayee, the head of the KRG's Department of Foreign Relations, said on Tuesday that no technical or legal issues remained to be resolved in order to resume the flow. He declined to specify when the pipeline would be reopened. The Turkish government said that it had not received any information yet from Iraq regarding the resumed oil flow on the Iraq-Turkey pipe. Why is it important? While Iraq, OPEC’s second largest oil producer, exports around 85% of its crude oil via ports in southern Europe, the northern route through Turkey accounts for only 0.5% of the global oil supply. The resolution of a dispute that has lasted for nearly two years could add to oil supply and increase prices. Baghdad's oil minister stated that Baghdad expects to receive around 300,000 barrels of crude oil per day (bpd). It is expected that the oil export resume will also ease the economic pressure on the Kurdistan Region, where the stoppage has resulted in salary delays for workers of the public sector and cutbacks to essential services. What prompted the shutdown? On March 25, 2023, Turkey stopped pumping approximately 450,000 barrels of oil per day (bpd), including around 370,000 bpd KRG crude via the pipeline. The flow was stopped after the International Chamber of Commerce ordered Ankara pay Baghdad $1.5 billion for damages incurred by unauthorised exports from 2014 to 2018. Baghdad claimed that the national company responsible for the marketing of Iraqi oil, SOMO was the only one authorised to handle crude exports through the Turkish port. The pipeline was shut down by Turkey because the Iraqi federal government gained the right to control loading in Ceyhan. What is the dispute about? Iraq filed an arbitration request in 2014 at the Paris-based ICC regarding Turkey's role as a facilitator of oil exports out of Kurdistan, without the consent from the federal government. Iraq claimed that Turkish trading and pipeline firm BOTAS violated the 1973 Iraq-Turkey Pipeline Agreement by facilitating Kurdish crude oil exports through Ceyhan. Sources told us that the ICC ruled Iraq had the right to control loadings in Ceyhan, and ordered Turkey pay half of the discount on KRG oil sold. Iraq received a net award of $1.5 billion, before interest. The initial request was for $33 billion. A case is currently being arbitrated that covers the period of 2018 and beyond. Reporting by Maha El-Dahan, Ahmed Rasheed, and Nerijus Adomatis; editing by Daniel Flynn
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After the tanker explosions, Russia ordered divers to inspect ports
According to a recent letter, the Russian authorities have tightened up measures in ports and are employing divers to check the bottom of ships. This is due to increasing threats to infrastructure and merchant shipping. The letter from the Russian Transport Ministry and Federal Agency for Sea and River Transport (ROSMORRECHFLOT) instructs sea port Captains to inform shipowners of the need for all vessels to be checked for explosives and foreign objects upon arrival at seaports. This includes using divers and underwater telemetric equipment. The letter, dated 14 February, mentions an increased threat to the safety of transport infrastructures and merchant ships transporting high-risk and dangerous goods. In separate incidents in the past month, three oil tankers in the Mediterranean and one in the Baltic Sea were damaged by explosions. The causes of these blasts are unknown. (Reporting, writing and editing by Robert Harvey)
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EU to implement surveillance plan for underwater cables and fleet of repair vessels
In an action plan released on Friday, the European Commission said it would propose increasing surveillance of cables undersea and creating a fleet of vessels that could be used to repair cables during emergencies. Some European governments have expressed concern about recent incidents where power cables, telecom connections and gas pipelines were damaged, possibly intentionally. Henna Vikkunen is the executive vice president of the European Commission in charge for security. She said, "We want to ensure that Europe is not only equipped to prevent and detect cable sabotage, but also actively deter and repair any threat to critical infrastructure which is key to our economic and collective security." The Swedish police announced on Friday that they are investigating a suspected sabotage case involving an undersea cable of the Baltic Sea. NATO announced last month that several of its members are using frigates, naval drones and patrol aircraft to protect critical infrastructure in the Baltic Sea. In its Action Plan, the European Commission stated that it would take measures to prevent, detect, and deter damage to cables. Although no additional funding has been announced, hundreds of millions of Euros already available in the budget of the EU will be channeled towards these goals. The Commission announced that it will support EU member states in developing a surveillance system "designed to combine and link data" and launch a "dedicated surveillance drones program" both under and above the water. According to the plan, it will also establish a regional center in the Baltic Sea Region as a test of the new surveillance strategy. The Commission also outlined a goal to ensure the supply of spares and, in the medium-term, proposed to create a "reserve fleet" that would be used to repair or deploy submarine cables in an emergency. It said that together with NATO's chief of foreign affairs, the Commission will also enhance the cooperation between the EU and NATO in the area of resilience and protection for undersea structures. The EU would hold criminals accountable. Reporting by Lili Bayer
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Document says India is considering a bailout of indebted electricity distribution utilities
According to a document reviewed by the Ministry of Power, India may inject cash into heavily-indebted government owned power distribution utilities to ensure stability of the sector in the face of surging demand for power. In a document distributed this week, it was mentioned that the ministry had formed a group consisting of ministers who would identify states in urgent need of cash to pay for utilities, develop a "fiscal-discipline program" to help them avoid falling into a debt-trap, and suggest ways to encourage private investment. It would be the very first time that the federal government injects money into state-owned power utilities since 2021, when they cost the government 35 billion dollars. The Ministry of Power's document recommended that the utilities responsible for power distribution, which are mostly state-run and cannot easily raise their tariffs, but also face high power purchase costs, transmission and distribution losses and delayed payments from customers, be privatised. According to a Reserve Bank of India report dated December 19, the distribution companies accumulated losses of 75 billion dollars as of March 2023's fiscal year, which is about 2.4% of gross domestic product for the states. The 65 state-run power distribution companies are a total of 65. The document stated that "the financial health of distribution (DISCOMS), is crucial to sustaining a consistent and reliable electricity supply for consumers." "DISCOMs face many challenges, including inadequate tariff structures and rising costs of power procurement, as well as high losses in transmission and distribution, and late payment collection, which can result in revenue shortfalls or operational inefficiencies." Two government sources, who declined to be identified because they weren't authorised to speak to the media, stated that the ministerial group referred to in the document had met for the very first time on 30 January and were expected to meet once again this month for further discussion of a financial package to benefit the utilities. It was not possible to identify immediately the ministers that are on the panel. Emails sent to the power ministry for comment were not immediately answered. (Reporting and editing by Christian Schmollinger; Sarita Chaganti-Singh)
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Marine fuel supplier Chimbusco delivers largest marine biofuel bunker stem in Hong Kong
Chimbusco Pan Nation, a marine fuel supplier, announced on Friday it had delivered the largest amount of marine biofuel in Hong Kong. This is also the largest volume ever recorded for a single delivery in Chinese ports. According to sources in the bunker industry, recent marine biofuel stem sizes can range from 300 to 3,050 metric tons. However, stems can be bigger depending on specific needs. Chimbusco delivered 5,500 tons B24 marine biofuel in a single shipment to the vessel Xin Los Angeles this week, according to a statement posted online. The company said that it supplied more than 44,400 metric tons (or more than 96%) of biofuels to Hong Kong for bunkering last year. As shipping companies look for lower-carbon fuels, marine biofuel sales increased at major bunker hubs such as Singapore and Rotterdam in the past year.
-Ancora demands U.S. Steel Board records and escalates proxy battle
Ancora Holdings, an activist investor, is requesting access to documents from U.S. Steel. This includes board minutes and financial documents. The letter was seen by, which reveals that the investor has intensified its campaign to replace certain board members of U.S. Steel as well as its chief executive. Ancora launched a boardroom battle against U.S. Steel last month, as the iconic American firm fought in court to save a planned merger between Japan's Nippon Steel. The company wants the U.S. Court of Appeals overturn the order of former U.S. president Joe Biden that blocked the merger citing national-security concerns. U.S. Steel said that it would have to lay off workers and close factories if the deal was canceled.
Ancora’s decision to issue a “books and records” request demonstrates how the activist uses one of the available legal tools to win a potentially bitter battle in the boardroom.
Ancora sent Megan Bombick Associate General Counsel Securities & Corporate Secretary, U.S. Steel, a letter in which it said that U.S. Steel should investigate "potential wrongdoing" relating to "the futile (lawsuit of) the company and "the unusual (trading plan) of the CEO (David Burritt).
Ancora, according to the letter is seeking information to determine if the board violated their fiduciary duty by filing the suit and whether Burritt “tried to trade on material information that was not public.” U.S. Steel described Ancora's letter as a "distraction" that repeated its baseless allegations. A representative of the company said that the board has "been and remains unwavering" in its commitment to act in the best interest of all stakeholders including stockholders. U.S. Steel would review the request and respond "in accordance with applicable law and regulations."
Investor currently holds less than 1% of U.S. Steel, which is approximately 500,000 shares. However, it has stated that they plan to significantly increase their position. The market value of the company, once the largest steel producer in the world, is $8.7 billion. Ancora will hold a conference call with investors to discuss the campaign on Wednesday at 10 am.
Ancora, a group of activists, nominated nine candidates for the 12-member board of U.S. Steel last month, including a senior executive who might replace the CEO. The activist wants the company also to drop its lawsuit asking a federal appellate court to overturn Biden’s decision to cancel the $14.9 billion transaction.
Ancora, in a letter to U.S. Steel, argued that by pursuing this lawsuit, U.S. Steel hurts shareholders. It also stated it wanted management and the board of directors to focus on fixing the company.
The letter stated that "By continuing to litigate (the Petition for Review), the Board wastes time and resources in their desperate hope that the Merger will bring them significant personal benefit."
According to a letter, Ancora gave the company until the 24th of February to provide typically confidential documents relating to the proposed merger between Nippon and Burritt Trading Plan.
It is looking into whether the directors and officers "breached the fiduciary duty to the company and stockholders". They also want to know more about Burritt trading U.S. Steel shares "in relation with merger discussions", and how he made use of his 10b5-1 predetermined plan, which allows insiders the ability to sell their stock. Donald Trump, the U.S. president, said earlier this month that Nippon would make a bid in the form of a sale instead of an investment. A Japanese government spokeswoman said earlier this month that Nippon was considering a radical change from its previous plan of trying to buy U.S. Steel. Prime Minister Shigeru ishiba also called the decision to stop the deal as "unjustified political interference."
Ancora already identified Alan Kestenbaum as the ideal replacement for Burritt. Kestenbaum was previously the CEO of Canadian steel firm Stelco. Stelco, a Canadian steel company, was acquired by Cleveland-Cliffs in the past year.
The date of the company's annual meeting has yet to be set. Last year, it was held on 30 April.
Ancora has won board seats at a number big companies. Earlier this year, Norfolk Southern shareholders elected Ancora nominees to three board seats. Norfolk Southern promised to work with Ancora in order to find a new director, to avoid a fight with the company. (Reporting and editing by Aurora Ellis, Chizu Nomiyama, and Svea Herbst Bayliss)
(source: Reuters)