Latest News
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Orsted, New Jersey reach settlement over canceled offshore wind farms
New Jersey authorities said the state will get $125 million from a legal settlement with Denmark's. Orsted over the business's cancellation last year of. two overseas wind farm projects. The New Jersey Board of Public Utilities stated in a declaration. that the funds will be used for financial investments in wind part. making facilities and wind farms. The settlement comes nearly seven months after Orsted stated. it would stop establishing the Ocean Wind 1 and 2 projects off the. coast of New Jersey as it battled with soaring costs and. supply chain hold-ups. The cancellations activated an upset reaction from New. Jersey Governor Phil Murphy, who is counting on offshore wind to. assistance achieve the state's climate change goals. His administration said it would accelerate the state's. plans to acquire additional overseas wind capacity by getting. quotes for new tasks in the 2nd quarter of 2025, more than a. year ahead of schedule. The energy regulator likewise said it would pause an. offshore wind transmission preparation effort with the regional. power grid operator, PJM Affiliation, while it thinks about the. effect of a new guideline from the Federal Energy Regulatory Commission that reforms. how large power lines are approved and paid for.
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Gold rises on softer dollar as focus shifts to US inflation data
Gold rates gained on Tuesday, assisted by a weaker dollar as investors anticipate U.S. inflation information due later today for more clearness on rate of interest cut timings. Area gold was up 0.3% at $2,357.44 per ounce by 1:55 p.m. ET (1755 GMT). U.S. gold futures settled 0.9%. greater at $2,356.5. The dollar index is down and we are seeing the yield curve. rates drop a bit. Gold is coming off a correction and is. hovering around resistance levels and now it's bouncing once again,. stated Bart Melek, head of product techniques at TD Securities. We continue to be fairly positive on gold. I still believe. that uncertainty of Federal Reserve monetary policy may effectively. keep gold from removing and moves be quite data dependent. going forward. The dollar slipped to a more than one-week low,. making gold less costly for other currency holders. Focus this week will be on the U.S. core personal. intake expenditures price index (PCE), the Fed's preferred. inflation gauge, due on Friday. Fed meeting minutes released recently revealed that the. policy reaction, for now, would involve keeping the. benchmark rate at its existing level. Traders are pricing in about a 63% possibility of a Fed rate cut. by November. Lower rate of interest reduce the chance cost of. holding non-yielding gold. Gold costs are most likely to remain fairly supported by. buying-on-dips need and central bank diversification, stated. Amelia Xiao Fu, head of product market strategy at Bank of. China International. Need from international reserve banks for gold has risen. for two years as they diversify their foreign currency reserves. On the other hand, worldwide physically-backed gold exchange-traded. funds (ETFs) saw net outflows of 11.3 metric tons last week,. according to the World Gold Council. Silver acquired 0.9% to $31.95 after a 4.4% jump on. Monday. Platinum climbed up 0.3% to $1,057.10. Palladium. reduced 1.1% to $978.00.
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Germany, Czech Republic look for EU talks on totally stopping Russian energy
Germany and the Czech Republic are pressing the European Union to hold talks on how to get rid of the staying energy sources Europe imports from Russia, EU diplomats told on Tuesday. Germany, Europe's greatest economy and gas market, and the Czech Republic will ask Brussels to begin regular high-level talks - possibly among countries' energy ministers - on how to totally end their imports of Russian energy. Moscow has actually slashed gas exports to Europe since attacking Ukraine in 2022, and an undersea surge closed down the Nord Stream pipeline from former top gas provider Russia to Germany. The EU has quickly replaced Russian fuel with eco-friendly energy and more gas from other providers. But the bloc still got 15% of its gas from Russia last year. Russia sent more than 15.6 million metric tons of Russian liquefied natural gas to EU ports in 2015, according to data analytics firm Kpler, a 37.7% dive compared to 2021, the year before Russia's Ukraine intrusion. Berlin and Prague will make the call during a conference of EU countries energy ministers in Brussels on Thursday, EU diplomats informed . A file, previously reported , revealed the ministers are set to discuss on Thursday the obstacles they are facing in phasing out Russian energy imports. EU members including Austria and Hungary stay heavily dependent on Russian gas. Berlin and Prague's relocation is one of many methods which the EU has attempted to work around insufficient support among its member countries to totally sanction Russian gas imports - which Hungary has actually consistently said it would obstruct. The EU has already banned imports of Russian coal, as well as sea-borne petroleum, with exemptions for some land-locked countries. Independently, EU countries are going over sanctions on trans-shipments of Russian LNG in Europe, but have not considered outright prohibiting imports. The bloc has also authorized a legal option for EU nations to obstruct Russian companies from utilizing their gas import facilities. Nevertheless, Spain and others have raised issues that if they did this alone, Russian LNG would merely stream to other EU ports instead. Brussels has actually set out a goal to end the EU's dependence on Russian energy by 2027.
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Siemens Energy's Gamesa to cut 4,100 tasks, CEO says in staff letter
Siemens Energy's. wind turbine division Siemens Gamesa is planning to. cut 4,100 tasks, or around 15% of its labor force, the system's Chief. Executive Jochen Eickholt said in an internal letter to personnel. seen on Tuesday. Our present scenario needs modifications that surpass. organizational modifications. We have to adapt to lower organization. volumes, lowered activity in non-core markets, and a structured. portfolio, Eickholt stated in the letter. A representative for Siemens Energy said the business would. reveal the number of tasks affected when assessments with all. stakeholders are finished, declining to comment even more. The job cuts plan, which was initially reported by Spanish. paper El Correo, comes shortly after Siemens Energy fleshed. out major restructuring relocations at Siemens Gamesa, likewise flagging. that this would include personnel decreases. Eickholt said the goal was to keep Siemens Gamesa's total. labor force steady, via shifting jobs to and hiring more employees. in other part of the division, validating comments made by. Siemens Energy CEO Christian Bruch earlier this month. The leadership group and I understand that today's. announcement is difficult, particularly thinking about the obstacles. you've been facing over this previous year, Eickholt, who will step. down at the end of July, stated in the letter. But I want to highlight that our wind service, consisting of. Onshore, has a future..
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Climate change threatens low-lying Caribbean healthcare facilities, UN states
Tens of millions of individuals residing in seaside locations around the Caribbean and Latin America face imminent threats to health care and crucial infrastructure as climate change brings more serious weather condition events, according to a United Countries report on Tuesday. According to the report by the U.N. sexual and reproductive health company (UNFPA), some 41 million individuals - 6% of all individuals residing in the general region - live in low-lying seaside areas at threat of storm surges, flooding and hurricanes. In the Caribbean alone, this represents some 17%. Behind our modeling of exposed coastal populations are countless people-- consisting of poor and susceptible Afrodescendent and indigenous women and women-- who are the least responsible for the environment crisis however are paying a heavy price when it comes to their sexual and reproductive health and rights, said UNFPA Executive Director Natalia Kanem. Climate modification is not gender neutral and worsens existing inequalities, she stated. The report recognized over 1,400 crucial healthcare facilities located in low-lying seaside areas, utilizing satellite imagery and population estimates to recognize communities most at danger. In the Caribbean countries of Suriname, Guyana and the Bahamas, in addition to the Dutch and British areas of Aruba and the Cayman Islands, these represented over 80% of hospitals. In Pacific-facing Ecuador, this represented 12% of hospitals, in Haiti this was 10%, and in Mexico, the area's. second-largest economy, more than 5%. Brazil, Latin America's largest economy, counted one of the most. healthcare facilities in vulnerable low-lying locations, with 519 - representing. just over 7% of the number across the country. The U.S. National Oceanic and Atmospheric Administration. ( NOAA) has warned of a highly active Atlantic typhoon season. beginning this June due to hotter ocean waters combined with. effects from the La Nina weather phenomenon. UNFPA launched the report as leaders from Small Island. Developing States
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Italy goes for deal to speed hydrogen pipeline to Austria, Germany, sources state
Italy is intending to sign a. letter of intent with Germany and Austria to accelerate. development of a more than 4billion euro ($ 4.35 billion). southern pipeline for supplying hydrogen to main Europe,. sources near to the matter told on Tuesday. The administration of Giorgia Meloni has actually laid out strategies to. turn Italy into an energy entrance and in 2015 it signed with. Germany and Austria a joint letter for a hydrogen-ready pipeline. between North Africa and Europe. The European Union aims to produce 10 million metric tons. and import 10 million lots of eco-friendly hydrogen by 2030 in a. bid to change nonrenewable fuel sources, which give off planet-warming gases. when burned. A group of companies consisting of Italy's Snam is. looking to construct by the start of the next years the SouthH2. Passage pipeline, which would permit green hydrogen from the. southern Mediterranean to reach European customers. It is. uncertain how much earlier Italy now wishes to see the pipeline. built under the letter of intent. Green hydrogen, produced by splitting water through. electrolysis using renewable energy, is included in the European. Commission's decarbonisation technique for high-polluting. markets and transportations. Among the sources, who decreased to be named, stated a. three-page letter of intent was being drafted with the objective of. accelerating the creation of the southern corridor and enhance. cooperation on the development of sustainable energy. The parties will talk about the matter on the sidelines of a. conference of European energy ministers scheduled for Brussels on. Thursday, two sources said, decreasing to offer further details. as talks had not yet been finalised. If signed, the letter of intent is anticipated to be submitted. for evaluation to the next European Commission, which will be. designated after elections to renew the European Union parliament. scheduled for June, another source added. Italy and Germany declined to comment. The Austrian energy. ministry did not right away respond to an emailed request for. comment.
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US spot natgas costs hit record low in California, power rates remain negative
U.S. area gas costs in Southern California was up to a record low for Tuesday, while power in Arizona and California remained unfavorable amidst low energy demand over the Memorial Day holiday weekend and ample inexpensive hydropower and other sustainable supplies. Negative costs signal there is excessive power or gas being produced in a region. Energy companies can either decrease output, pay someone to take their power or gas, or, if they can get a. license, flare undesirable gas. Next-day gas prices at the Southern California (SoCal). Border slid to a record low of 92 cents per. million British thermal systems( mmBtu ), down from$ 1.20 before. the Memorial Day vacation weekend. That broke the prior SoCal Border all-time daily low of.$ 1.14 per mmBtu set in June 2019, and compares with an average. of$ 1.58 so far in May, $2.53 up until now in 2024 and $6.78 in 2023. Next-day gas rates at the PG&E hub in. Northern California,&meanwhile, fell to$ 1.63 per mmBtu, their. most affordable because June 2019. In the power market, next-day costs was up to a seven-week. lowof unfavorable$ 17.50 per megawatt hour( MWh) at the Palo Verde. center in Arizona and a four-week low of unfavorable Path-15 in Southern California. That compares to Palo MWh so far in May, positive $18.79 up until now this year and favorable. $ 59.03 in 2023, and SP-15 averages of positive $3.25 per MWh so. far in May, favorable$ 18.89 up until now this year and positive$ 59.86. in 2023. U.S. next-day power and gas costs have turned negative. several times already in 2024, especially in Texas, Arizona and. California. Next-day power costs at Palo Verde in Arizona have averaged. listed below zero 18 times up until now this year versus simply as soon as in the. past in 2019. SP-15 rates, which never ever balanced listed below zero. before this year, have actually already struck that mark 15 times.
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Vale moves closer to deal for Onca Puma nickel mine to resume operations
Vale and the Brazilian state of Para have actually moved more detailed to an agreement that might allow the mining group to resume operations at its Onca Puma nickel mine, according to the minutes of a conference seen by on Tuesday. Onca Puma, which has an estimated annual small capacity of 27,000 metric loads, had its operating license suspended earlier this year after Para's environment department flagged irregularities in a yearly environmental report. The state in northern Brazil also mentioned non-compliance on mining mitigation efforts that it said resulted in conflicts with local neighborhoods. Vale, which has kept since February it did not see indications of environmental or social breaches at the mine, brought the matter to courts and the parties had a conciliation hearing before Brazil's Supreme Court on Monday. The hearing concluded with both Vale and the state signaling they are willing to discover a method to solve the stalemate, the minutes revealed. The primary obstacle in the case revolved around Vale's alleged non-compliance with actions to mitigate impacts arising from mining activities. The state recognized 14 points that it considered to show unacceptable compliance by Vale, which committed to resubmitting an environmental impact report meeting Para's. requirements. The company also dedicated to employing local employees,. offering scholarships in the region, and assisting to protect. local wildlife, signifying both celebrations were aligned on problems. considered most sensitive, according to the document. The state's leading district attorney will take the recommendations from. this hearing to the governor for the purpose of evaluating the. resumption of Vale's activities, the minutes said, including a. further conference is expected to take place on June 20. Vale and Para have actually likewise consented to start a dialogue about the. Sossego copper mine, whose operating license was suspended. previously this year for similar factors. Sossego produced 66,800. metric tons of copper in 2023.
QUOTES-Reactions to the death of Iran's president in a helicopter crash
Iranian President Ebrahim Raisi, a. hardliner long seen as a possible successor to Supreme Leader. Ayatollah Ali Khamenei, was killed in a helicopter crash in. mountainous surface near the Azerbaijan border, officials and. state media stated on Monday. The helicopter was likewise carrying Foreign Minister Hossein. Amirabdollahian and 6 other travelers and crew, all of whom. perished.
Here are responses to the news:
SAUDI ARABIA'S KING SALMAN BIN ABDULAZIZ AND CROWN PRINCE. MOHAMMED BIN SALMAN
They used acknowledgements to the acting head of the executive. authority, Mohammad Mokhber, on the death of Ibrahim Raisi,. president of the Islamic Republic of Iran, and his buddies.
MARYAM RAJAVI, PRESIDENT-ELECT OF PARIS-BASED NATIONAL. COUNCIL OF RESISTANCE OF IRAN OPPOSITION GROUP, IN A DECLARATION:
This represents a monumental and permanent tactical blow. to the mullahs' Supreme Leader Ali Khamenei and the whole. program, well-known for its executions and massacres.
It will trigger a series of consequences and crises within. theocratic tyranny, which will spur defiant youths into. action.
Menstruation of mothers and those seeking justice for the. performed, along with the damnation of the Iranian people and. history, mark the tradition of Ebrahim Raisi, the well-known. wrongdoer of the 1988 massacre of political detainees.
AFGHANISTAN'S ACTING PRIME MINISTER MULLAH MOHAMMAD HASSAN. AKHUND:
We share in the sorrow of the Islamic Republic of Iran and. its people and extend our condolences to all the households of the. victims, the country, and the federal government of Iran.
In these difficult times, we stand alongside the people of. Iran and pray for forgiveness for all the victims of this. occurrence and for persistence for their families.
CHINA'S FOREIGN MINISTRY REPRESENTATIVE
President Xi Jinping has already sent out a direct message to. Iran's very first vice president, Mohammad Mokhber.
Xi stated President Raisi made essential contributions towards. Iran's security and stability, and towards establishing the. extensive tactical partnership in between China and Iran.
PALESTINIAN PRESIDENT MAHMOUD ABBAS, IN A DECLARATION:
We extend our sincere acknowledgements and compassion to the. brotherly Iranian people for the death of the late President. Ibrahim Raisi and the Foreign Minister, hoping to Almighty God. to bestow His vast grace upon the departed Iranian President and. the others, and to grant persistence and solace to their households,. affirming the uniformity of the State of Palestine and its. individuals with the Iranian leadership and individuals in this terrific. affliction.
PAKISTAN PRIME MINISTER SHEHBAZ SHARIF, ON X:
The fantastic Iranian country will overcome this disaster with. popular guts.
Pakistan will observe a day of mourning and the flag will. fly at half mast as a mark of regard for President Raisi and. his buddies and in uniformity with brotherly Iran.
INDIAN PRIME MINISTER NARENDRA MODI ON X:
Deeply saddened and surprised by the tragic demise of Dr. Seyed Ebrahim Raisi, president of the Islamic Republic of Iran. His contribution to strengthening India-Iran bilateral. relationship will always be remembered.
My genuine acknowledgements to his family and the people of. Iran. India stands with Iran in this time of sorrow.
RUSSIAN PRESIDENT VLADIMIR PUTIN:
Seyed Ebrahim Raisi was an impressive political leader whose. entire life was devoted to serving the Motherland.
As a true pal of Russia, he made an indispensable personal. contribution to the development of excellent neighbourly relations. between our nations and made great efforts to bring them to. the level of tactical collaboration.
OPEC SECRETARY GENERAL HE HAITHAM AL GHAIS:
In these difficult times, on behalf of myself and all the. personnel at the OPEC Secretariat, I extend my acknowledgements and. compassion to the renowned leadership and individuals of the Islamic. Republic of Iran and the households of HE President Raisi and. other authorities.
TURKISH PRESIDENT TAYYIP ERDOGAN, ON X:
As a coworker who personally witnessed his efforts for the. peace of the Iranian individuals and our area during his time in. power, I remember Mr. Raisi with respect and gratitude.
LEADER OF YEMEN'S HOUTHIS ABDUL MALIK AL-HOUTHI:
It is with fantastic regret and grief that we got the. news of the regrettable occurrence of the President of the Islamic. Republic, Mr. Ibrahim Raisi, the Minister of Foreign Affairs,. Dr. Hussein Amir Abdullahian, and their buddies.
THE PALESTINIAN IRANIAN-BACKED ISLAMIC JIHAD GROUP:
The martyrdom of the President and his Foreign Minister is. a great loss for the Islamic Republic.. It stated his loss was a fantastic one for the Palestinian people in. these hard circumstances, as they played a popular and. clear function in supporting and helping the struggle of the. Palestinian people.
NECHIRVAN BARZANI, PRESIDENT OF THE IRAQI KURDISTAN REGION:
The death of President Raisi is a tremendous disaster and a. extensive loss for the Islamic Republic of Iran, its individuals, and. its good friends.
Nevertheless, we have faith that the honorable people of Iran. and the Islamic Republic will overcome this enormous loss. May. God Almighty supply help and security to all, and may. the memory of the left be blessed.
ARAB LEAGUE CHIEF AHMED ABOUL GHEIT, IN A STATEMENT:
We pray to God to shower them with mercy and forgiveness. and to influence their households with patience and solace.
SUDAN'S SOVEREIGN COUNCIL HEAD ABDEL FATTAH AL-BURHAN, IN A. DECLARATION:
While the President of the Sovereign Council extends his. sincere condolences and sympathy to the friendly Iranian people,. he prays to God Almighty that he may have mercy on the President. and his companions, and grant their households patience and. solace, revealing the uniformity of the Government of Sudan and. its people with the management and the Iranian people in this. fantastic loss.
MALAYSIAN PRIME MINISTER ANWAR IBRAHIM, ON FACEBOOK:
President Raisi exhibited a deep dedication to the. welfare of his individuals and the self-respect of his country, which. represents a happy and abundant civilisation rooted in the. concepts of Islam.
His devotion to justice, peace, and the uplift of the. ummah was genuinely inspiring.
ITALIAN PRIME MINISTER GEORGIA MELONI ON BROADCASTER CHANNEL. 5 TV:
I see in these hours that the Iranian authorities are. crediting the thesis of the mishap and not conspiracy. theories.
I do not see any changes in the internal order in Iran, we. are in consistent contact with our European and G7 allies since. we are speaking about an incident that belongs to an especially. intricate regional framework.
I hope that the future Iranian management wants to dedicate. itself to the stabilisation and pacification of the region.
CHARLES MICHEL, PRESIDENT OF THE EUROPEAN COUNCIL, ON X:
The European Union expresses its sincere condolences for. the death of President Raisi and Foreign Minister Abdollahian,. in addition to other members of their delegation and crew in a. helicopter mishap. Our thoughts go to the families.
JAPAN'S GOVERNMENT REPRESENTATIVE YOSHIMASA HAYASHI:
Japan expresses its inmost acknowledgements to the government. and people of Iran over the death of President Raisi and the. foreign minister.
VENEZUELAN PRESIDENT NICOLAS MADURO, ON X:
... Deeply saddened to have to say goodbye to an exemplary. person, an amazing leader of the world as our brother. Ebrahim is, and will constantly be, an outstanding person,. protector of the sovereignty of his individuals and genuine. friend of our country.
From Bolivarian lands, we express our deepest condolences. to Supreme Leader Ayatollah Ali Khamenei and want divine. consolation for such a delicate loss.
EGYPTIAN PRESIDENT ABDEL FATTAH EL-SISI:
The president of the Arab Republic of Egypt ... prays that. the deceased Iranian President and the departed might rest in God. Almighty's grace, and give their households perseverance and solace,. revealing the uniformity of the Arab Republic of Egypt with the. Iranian management and people in this terrible incident.
LEBANON'S IRAN-BACKED HEZBOLLAH GROUP, IN A DECLARATION:
It applauded the struggle of the martyrs in safeguarding the. reasons for the nation and their service to Iran, getting in touch with God. to bless them with his mercy, to safeguard Khamenei, and to grant. Iran the ability to get rid of the ordeal with patience and. determination.
SRI LANKA PRESIDENT RANIL WICKREMESINGHE, ON X:
I express my deepest compassions and genuine condolences to. the bereaved households, the federal government and the people of Iran. Our ideas and prayers are with the households of President. Raisi and his entourage.
JORDAN'S KING ABDULLAH, ON X:
My deepest condolences to the bros, management,. federal government and individuals of the Islamic Republic of Iran on the. death of Sibling President Ebrahim Raisi, Foreign Minister. Bro Hossein Amir Abdullahian and those accompanying them,. may God have mercy on them all.
We stand in solidarity with our brothers in Iran in this. hard situation
UAE PRIME MINISTER SHEIKH MOHAMMED BIN RASHID AL-MAKTOUM:
Our hearts are with you in this hard time. Our prayers. are that God will cover them with His vast grace and stay them. in His large Paradise.
SYRIAN PRESIDENT BASHAR AL-ASSAD, IN A STATEMENT:
Assad affirmed Syria's uniformity with the Islamic Republic. of Iran and the households of the dead.
Assad added that Syria had actually dealt with the late president to. ensure tactical ties between Syria and Iran stayed. prosperous, remembering Raisi's crucial see to Syria as part. of enhancing ties for the benefit of both countries.
IRAQ PRIME MINISTER MOHAMMED SHIA AL-SUDANI, IN A DECLARATION:
We extend our wholehearted condolences and compassions to the. Supreme Leader of the Islamic Republic, Ali Khamenei, and to the. country of Iran, its federal government and individuals.
We reveal our uniformity with the brotherly Iranian people. and the authorities of the Islamic Republic throughout this unpleasant. disaster.
HAMAS DECLARATION:
The statement conveyed Hamas' inmost condolences ... for. this immense loss.
It praised the deceased Iranian leaders for supporting the. Palestinian cause and resistance versus Israel and expressed. self-confidence that Iran's deep-rooted organizations will allow it. to conquer the effects of this fantastic loss.
QATAR'S EMIR SHEIKH TAMIN BIN HAMAD AL-THANI, ON X:
Genuine condolences to the federal government and people of the. Islamic Republic of Iran ... asking God Almighty for grace and. forgiveness for them and for their families with patience and. solace.
We come from Allah and to Him we shall return.