Latest News
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Trump promises to retrieve uranium in Iran
Donald Trump, President of the United States, vowed on Thursday to'recover' Iran's stockpile of highly enriched Uranium. This was despite Iran's comments that they would not give the material over. We will get it. We don't have to, and we don't even want it. Trump told reporters at the White House that he would probably destroy it once we had it. But we wouldn't let them keep it. Iran is thought to have about 900 pounds (or more) of highly enriched Uranium. Trump claims that U.S. airstrikes and Israeli airstrikes destroyed it a year or so ago. Trump's war on Iran is centered around preventing Tehran from developing a nuclear weapon. Two?senior Iranian?sources' have confirmed that Iran's Supreme leader has issued a directive stating that near-weapons grade uranium shouldn't be sent abroad.
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Telecom Italia converts its savings shares ahead of Poste
Telecom Italia will conclude a 'transaction' on Thursday to convert a special share class?carrying a higher investor remuneration to ordinary shares. This long-awaited move is expected to remove a source of extra costs for the group. Telecom Italia launched its conversion plan in late December, after a court decision netted them EUR1 billion ($1.16billion). The majority of TIM savings investors accepted the offer during a voluntary phase which ended on Tuesday. 93.5% took up the offer. Davide Leone's financial investment firm, which began amassing TIM savings shares and became the main holder in 2024, explained that it was a "bet" on a process of "normalisation" for TIM. "One step was the simplification the dual share classes. Others in the past identified this as a?issue that they repeatedly tried to solve." TIM, after a failed privatisation in late 1990s, has spent many years in restructuring. This culminated in the sale in 2024 of its fixed-line networks to reduce debt, and TIM's expected return in public hands this year, following a takeover from state-backed conglomerate Poste Italiane. Poste's offer comes amid the prospect for consolidation in the telecommunications sector. Price competition has caused margins to be squeezed, which makes it difficult to maintain looming investments into 5G. Leone, who after converting a 13 percent savings share stake will?own about 3% of TIM, refused to comment on Poste’s bid. Poste's investment into TIM, however, aligned Italy with other major European countries that have kept a stake in former telephone monopolies. He said he seized a chance to start buying TIM’s?savings share in 2024 after a business plan sparked a “bad market reaction”, pushing prices up to "levels we regarded as attractive long-term valuations."
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Chinese container ship one of few vessels to cross Hormuz in deadlock over open waterway
Data showed that a Chinese-operated ship was "among the few" to cross the Strait 'Hormuz? in the last 24 hours. This comes as the uncertainty about reopening this critical waterway grows, with the talks between the U.S.A. and Iran at a standstill. Prior to the start of the war against Iran on February 28, the average daily shipping through the strait was 125-140 passages. As a result of the conflict, 20,000 sailors are still stranded on hundreds of ships in the?Gulf. According to an analysis based on ship tracking data, there were 10 ships per day that entered and left the strait. This included cargo vessels, as well as other ships like chemical and liquefied petroleum tankers. Crude oil tankers only accounted for a small percentage of total traffic. Analysis based on data from ship tracking. According to data analytics specialist SynMax, the Chinese-flagged Zhong Gu Nan Chan small container ship crossed the Strait within the last 24 hours. On Thursday, a SynMax analysis of separate Kpler data revealed that most of the other 10 vessels were dry bulk or container ships entering the Gulf of Oman. Only one Iran-linked oil tanker crossed into the Gulf of Oman. There is a fragile ceasefire in place, but no major breakthrough has occurred in the?peace effort. The U.S. blocking of Iranian ports, and Tehran's control of the Strait of Hormuz - a vital global oil supply route - complicates negotiations, which are mediated by Pakistan. Fearnleys, a shipbroker, said this week that they had been disappointed in the past by indications of a possible deal. "We definitely need the waterways opened, not only for the shipping industry but also for the global economy. Meanwhile, the market is more or less the same. Reporting by Jonathan Saul, Editing by Chiara Rodriguez
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Official: Trump will delay Biden's refrigerant regulations in an effort to reduce costs
According to a White House spokesperson, the Trump administration plans to defer compliance with two Biden era rules governing refrigerants on Thursday as part of a broader effort to undo former President Biden's environmental agenda. Grocers, semiconductor makers and other companies using hydrofluorocarbons would be affected by the actions. Hydrofluorocarbons are potent greenhouse gasses that are used in air conditioning and refrigeration systems. The requirements for compliance?are derived from an Environmental Protection Agency rule that was issued in 2023 to?reduce emissions of superpollutants. The official also said that the Environmental Protection Agency will propose to roll back other restrictions on HFCs via a separate "rule" affecting the transporters of refrigerated products. First reported by USA Today and expected to be announced at a White House gathering by U.S. president Donald Trump, the move will also include EPA administrator Lee?Zeldin. White House officials said that easing restrictions could result in savings for consumers of up to $2.4 billion. Zeldin stated that "Americans had every right to be frustrated with the Biden-era rules on refrigerants." "They did not protect the?health of humans or the environment, and instead piled on expensive, unattainable regulations beyond what the law required." The EPA 'last week proposed a lowering of wastewater limits at coal-fired.power plants. They said the changes would reduce electricity costs. Reporting by Steve Holland and Jarrett Renshaw, Editing by Chizu Nimiyama and Mark Porter
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Cruise operators get a refund from the US Supreme Court for confiscations of Cuban goods
Cruise operators facing combined judgements of $440 Million The docks were confiscated by Castro's Cuba By Jan Wolfe WASHINGTON (May 21) - On Thursday, the U.S. Supreme Court delivered a "setback" to four American cruise companies that had contested $440,000,000 in combined judgments. They were accused of "unlawfully using docks that had been seized by Fidel Castro’s communist government in Cuba in 1959." In an 8-1 decision, the justices overturned a lower court ruling that had thrown out judgments against Carnival Cruise Line, Norwegian Cruise Line Holdings, Royal Caribbean Cruises, and MSC Cruises. These companies were sued by the U.S. firm who built the port before the Cuban Revolution. The company sued under the Helms-Burton Act of 1996, which allows U.S. citizens who own property in Cuba to sue any person who "traffics with property that was confiscated by Cuban government on or after 1 January 1959." Havana Docks Corporation sued cruise lines for compensation under the Helms-Burton Act. The company built docks at Havana’s port in the early 20th Century. Castro expropriated and nationalized property owned by U.S. firms, including Havana Docks. Havana Docks had been granted a 99-year concession by Cuban government in 1934 for the construction and operation of the piers of the Havana port. Cuba has not paid compensation to Havana Docks but the Helms-Burton Act gives the company the opportunity to sue in U.S. courts for damages. The Helms-Burton Act not only authorized lawsuits against Cuban governments and state-owned companies, but also international businesses such as U.S. Cruise lines who have done business in Cuba. Both parties of U.S. Presidents suspended a crucial provision of the Helms-Burton Act. This meant that private lawsuits were not allowed to proceed. The suspension was lifted by President Donald Trump 'in 2019, during his first term, causing a new wave of litigation to be filed in U.S. courtrooms against Cuban state owned entities and some American companies accused of trafficking confiscated property. Four cruise operators have used the docks between 2016 and 2019, after President Barack Obama eased travel restrictions to Cuba. In a court filing, they said that it was absurd to "pay hundreds of millions of dollar for following the executive's lead and reopening Cuba travel." In 2022, a federal judge ruled that cruise lines were guilty of?trafficking' by docking their ships at the terminal. Each of the four cruise lines was fined more than $100,000,000. The 11th U.S. Circuit Court of Appeals, based in Atlanta, threw out these judgments last year. Circuit Court of Appeals threw these judgments out last year. They focused on the fact the Havana Docks' concession?would have expire in 2004, long before cruise lines would use the facilities. The 11th Circuit stated at the time that "when that concession expired in 2004 any property interests that?Havana Docks?had by virtue of?that concession?ended." The conduct of cruise lines between 2016 and 2019 does not constitute a trafficking of confiscated property from Havana Docks. Havana Docks' litigation was not completely ended by the?11th Circuit decision, which threw out $440 million of combined judgments. Havana Docks may still have a claim against Carnival due to alleged conduct of that company prior to 2004. The 11th Circuit decision is just one of many U.S. court decisions that have created obstacles for Helms-Burton Act claimsants. The majority of these cases were?dismissed on jurisdictional and procedural grounds. In February, the Supreme Court heard arguments in this case. The Supreme Court heard arguments in the case in February. The Supreme Court is yet to rule on the Exxon Case.
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What sites have been attacked by Ukraine?
In recent months, Ukraine has intensified its attacks on Russian energy installations as the peace talks have not produced any progress. Dmitry Peskov, Kremlin spokesperson, said that there are no dangers to the fuel supply in Russia. He was responding to a report on a drop in oil refinery in the central region of the country after recent drone attacks by Ukraine. The following is a chronological summary of the recent attacks that followed Russian strikes against Ukrainian energy facilities and their impact. SYZRAN On Thursday, the Ukrainian military and President Volodymyr Zelenskiy claimed that Ukrainian drones had struck Rosneft's Syzran oil refining plant in Samara. Two industry sources said that Syzran refinery has suspended oil refining following drone attacks in April 2018 which damaged processing equipment. The refinery can process around 170,000 barrels of oil per day, or 8.5 million tons per annum. According to industry sources, it will process 4.3 million tonnes of crude oil in 2024 and produce 800,000 metric tons of gasoline, 1,5 million metric tons of diesel, and 700,000 metric tons of fuel. The Ukrainian General Staff announced on Wednesday that the Ukrainian military had struck an oil refinery owned by Lukoil near Kstovo, in Russia's Nizhny Novgorod Region. The general staff announced on Telegram that a primary oil processing unit had been hit at the refinery. They added that the attack caused a fire. Two industry sources said that NORSI, Russia’s fourth largest oil refinery owned by Lukoil, suspended operations as well on April 5, following an attack from a Ukrainian drone. NORSI is the second largest producer of gasoline in Russia. It can process up to 16 million metric tonnes of oil each year or about 320,000 barrels a day. MOSCOW Two industry sources reported on Tuesday that the processing of oil at the Moscow refinery ceased after an attack by a drone from Ukraine over the weekend. Sergei Sobyanin, the mayor of Moscow, said that three homes were damaged and 12 people were injured, mainly near the entrance of Moscow's oil refining plant. He said that the "technology" at the refinery had not been damaged. Moscow's refinery is located in Kapotnya, a district of the capital, and has a capacity of 11 million tons per year. RYAZAN Two industry sources confirmed on Tuesday that the Ryazan oil refining plant, which represents almost 5% in total of the country's refining volume, halted processing following a drone attack by Ukraine last Friday. According to industry sources, the refinery will process 13.1 million metric tonnes of crude oil by 2024. It will produce 2.2 million gallons of gasoline, 3.4 millions gallons of diesel fuel and 4.3million gallons of fuel oil. ASTRAKHAN Debris resulting from a drone strike caused an fire at a gas processing facility in southern Astrakhan on May 13, according to the local governor. The Caspian Sea plant has a capacity of 12 billion cubic meters of gas per year and 3,000,000 tons of stable condensate. The plant also produces diesel, gasoline, and liquefied oil gases. PERM Russia’s Perm oil refining plant halted production after a drone strike on May 7, which caused a fire, and damaged equipment. The refinery will process around 12,6 million metric tonnes of oil in 2024. That's about 250,000 barrels a day. The refinery produced 2 million metric tons of gasoline, 5 million metric tons of diesel fuel, 700,000 metric tons of coke, and 200,000 metric tons of fuel oil. Officials confirmed that a drone attack by Ukraine caused a major oil refinery fire in Tuapse, on April 28. Two industry sources said that the refinery, which exports most of its product, stopped operations after a Ukrainian drone strike on April 16. The company has a production capacity of approximately 12 million tonnes per year or 240,000 barrels a day. It produces fuel oil, naphtha and vacuum gasoil. NOVOKUIBYSHEVSK The primary oil processing at the Rosneft operated Novokuibyshevsk refining plant in Russia has been stopped since April 18 following a drone attack by Ukraine, according to two industry sources. Industry sources say that in 2024 the refinery will process 5.74 million metric tonnes of crude oil. 1.10 million tons motor gasoline. 1.64 millions tons diesel fuel. 1.27 million metric tonnes fuel oil. UFA Ukraine’s military confirmed that it had carried out a strike on the Bashneft-Novoil oil refinery in Russia, more than 1,400 km away from the border between Russia and Ukraine. The plant can process up to 7 million tonnes of oil per annum. Kirishi Oil Refinery Kirishi halted its processing at the end March after Ukrainian drone attacks caused fires. Kirishi produced 600,000 tonnes of bitumen, 6.1 millions tons of fuel oil, and 6.1 million tones of diesel last year. UST-LUGA PLANT Novatek Energy Company suspended the processing of gas condensate and exporting naphtha at its Ust-Luga Complex after drone attacks resulted in an fire. Three market?sources' told us on March 27. Three processing units of the Ust-Luga Complex, each with 3 million tons per year capacity, refine stable condensate to light and heavy naphthas, jet fuels, ship fuel oils and gasoil. Company data shows that in 2025 the complex will have processed 8.0 millions tons of gas condensate. PORTS/TANKS Ukraine also attacked Russia’s ports in the Baltic and Black Seas,?including the Primorsk Port, oil tankers, and military vessels on May 3. After a drone strike on April 23, a fire broke out at a Transneft pumping station that supplies crude oil to Russia's biggest export terminal, the Baltic port Primorsk. An official with Ukraine's SBU said that Ukrainian drones attacked an oil-pumping facility and dispatch center in Russia's Samara Region on April 21. In early April, Ukrainian drones started a fire in Russia's Sheskharis Oil Terminal. Primorsk is one of Russia's biggest export ports and can handle up to 1 million barrels a day. At least 40% of the storage facilities were destroyed in a drone attack by Ukraine last month. (Reporting and Editing by Louise Heavens).
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India wants to return stranded vessels before sending any more to the Gulf
A senior government official stated on Thursday that India wants to ensure the return of its ships stranded at the Gulf before sending any vessel back to load fuel. Mukesh Mangal is the additional secretary in India's Ministry of Ports, Shipping and Waterways. He said that India wants to remove all its ships from the Strait of Hormuz. He said that India would send ships to the west of?Strait of Hormuz 'whenever conditions are conducive'. Mangal, India's shipping ministry, said at a press conference that the ministry is working with the foreign minister to coordinate and decide on whether or not to send back vessels after all stranded boats return. According to him, 13 Indian flagged vessels and 1 Indian owned vessel remain stuck on the western side of the Strait. Since the Strait was effectively closed due to conflict that began on February 28, U.S. and Israeli?strikes against Iran, thirteen vessels with energy cargoes - mostly liquefied petrol gas (LPG) - have transited the Strait. Earlier, India imported?more that 40% of its crude oils and 90% of its LPG (used for cooking) from the Middle East via the Strait of Hormuz. India is now facing one of its worst gas supply disruptions for decades. (Reporting from Saurabh Sharma in New Delhi and Nidhi verma; editing by Alexander Smith.)
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UK closes tax loophole targeting oil and gas companies' profits
British Finance Minister Rachel Reeves said on Thursday that she would prevent'multinationals', such as oil and gas companies, from reducing their tax liabilities by using corporate structures that involve foreign branches. Reeves announced the change in a speech that set out a number of measures designed to assist British consumers. He said the changes would fund free bus fare for children, tariff reductions on food, and a tax exemption for family attractions. She said that the reform would prevent British profits from being shielded from tax by losses attributable foreign branches. Reeves stated that closing the loophole would raise hundreds of millions of pounds each year. Reeves said that some oil and gas groups operating overseas through foreign subsidiaries have structured their tax affairs so they pay very little or no corporation taxes on their UK energy trading profit. She said that today, Britain would stop?that practice.' This move will bring Britain into line with other countries who treat foreign profits the same way. The UK has one of the most strict 'tax regimes' for oil and gas producers. This includes a 38% windfall tax when prices are above a government-set threshold, increasing the overall tax burden to 78%. Shell, BP, Ithaca Energy and Harbour Energy are among the companies that have not responded to requests for comment. (Reporting and additional reporting by Shadia Naralla and Stephanie Kelly; writing by William James, Sam Tabahriti and Alex Richardson, editing by Alex Richardson).
Americans returning from DRC who have Ebola must enter the US through Washington Dulles
The State Department announced Thursday that as Ebola cases increase in the Democratic Republic of the Congo (DRC), Uganda, and South Sudan, Americans who visited these countries within the past three weeks should only return to the United States via Washington Dulles, for enhanced screening.
In response to the Ebola epidemic, Customs and Border Protection and the U.S. Centers for Disease Control and Prevention are implementing enhanced public health screenings at Dulles. CBP reported that an Air France flight on Wednesday from Paris to Detroit was diverted to Montreal because a passenger "in mistake" from the DRC boarded.
Marco Rubio, Secretary of State, said that the purpose of the diversion is to prevent Ebola from reaching the United States.
"We diverted a flight to Detroit last night because we had to protect the American public. The first objective is to ensure that Ebola does not reach the United States. "Objective number two is to do everything we can to assist the people in DRC and other neighboring countries so that it does not spread."
The CDC announced on Monday that it would suspend entry for travelers who had been to the DRC or South Sudan in the weeks prior to their arrival in the United States in order reduce the risk of Ebola spreading. The ban does NOT apply to Americans and lawful permanent residents.
In 2014, travelers from three African countries who were returning to the United States due to Ebola fears had their luggage screened at five U.S. Airports, including Dulles in Washington, New York JFK in New York, Chicago O'Hare, and Atlanta.
The rebel alliance in control of the area confirmed on Thursday that a case of Ebola had been detected hundreds of kilometers away from the epicenter of the outbreak, in the eastern part of the Democratic Republic of Congo’s South Kivu province.
According to the World Health Organization, the outbreak is linked to 139 fatalities. As of Wednesday, 600 suspected cases were reported in Ituri province and North Kivu. According to the World Health Organization, two cases were also confirmed in Uganda.
Over the weekend, the WHO declared that the outbreak of the Bundibugyo virus strain, which is not vaccinated, was a public health emergency of international concern.
Earlier this week, Ugandan Information minister Chris Baryomunsi said the U.S. "overreacted" when it banned most travelers from Uganda along with DRC, South Sudan and South Sudan.
(source: Reuters)