2025-08-26 20:21
Aug 26 (Reuters) - Federal Reserve Governor Lisa Cook, whose removal is being sought by President Donald Trump over allegations of misstatements on her mortgages, will seek court approval for her continued right to carry on in her role at the U.S. central bank, the Fed said on Tuesday. "Lisa Cook has indicated through her personal attorney that she will promptly challenge this action in court and seek a judicial decision that would confirm her ability to continue to fulfill her responsibilities as a Senate-confirmed member of the Board of Governors of the Federal Reserve System," a Fed spokesperson said. "As always, the Federal Reserve will abide by any court decision." Sign up here. The Fed next meets to set interest rates on September 16-17, and Trump has been pressuring the central bank to lower interest rates dramatically. The Fed may well cut its benchmark interest rate at that meeting, delivering a policy action at least in the direction Trump has demanded even as he stokes a potential crisis over the Fed's standing. In her time on the board, Cook has voted with the majority when the Fed was raising rates to battle inflation, to cut them last year in moves made before and after Trump's election, and to hold borrowing costs steady since December. She has issued no dissents. Trump on Monday said Cook's firing was "effective immediately" and on Tuesday said he has somebody in mind as her replacement. The Fed's statement indicates that from the U.S. central bank's view, Cook's status as a governor has not changed, and that it would take a court ruling between now and the upcoming meeting for her to be prevented from participating. Her lawyer Abbe Lowell has pledged to file litigation on her behalf against the firing. The Justice Department has not filed charges or taken any steps against her. The Federal Reserve Act sets 14-year terms for Fed governors and specifies that they may be removed by the president only for "cause." "Long tenures and removal protections for governors serve as a vital safeguard, ensuring that monetary policy decisions are based on data, economic analysis, and the long-term interests of the American people," the Fed spokesperson said. "The Federal Reserve will continue to carry out its duties as established by law." https://www.reuters.com/legal/transactional/feds-cook-seek-judicial-decision-continue-her-role-fed-says-2025-08-26/
2025-08-26 20:09
Aug 26 (Reuters) - The lone Democrat on the U.S. Commodity Futures Trading Commission, and one of just two remaining commissioners at the agency, said on Tuesday that she will leave the regulator on September 3. Commissioner Kristin Johnson, who announced her leaving date in a statement, had previously announced that she intended to leave the agency. Her term ended in April 2025; commissioners can continue beyond their terms. Acting Chairman Caroline Pham, a Republican who is the only other commissioner currently at the regulator, has also said she intends to leave. Sign up here. WHY IT MATTERS Leadership at the CFTC, which is expected to take on increased oversight of new markets including crypto, is in flux amid Johnson's imminent exit. The CFTC is typically led by a five-person commission of Democrats and Republicans. President Donald Trump's nominee to lead the CFTC, Brian Quintenz, is still awaiting Senate confirmation, and the Republican president has yet to name any other individuals to the open positions. KEY QUOTE "In advancing an agenda in the name of growth, it is critical not to dismantle the foundational resilience that supports financial stability and protects the broader economy," Johnson said in a statement on Tuesday. https://www.reuters.com/sustainability/boards-policy-regulation/us-cftcs-only-democratic-commissioner-sets-date-leave-agency-2025-08-26/
2025-08-26 20:03
CAIRO, Aug 26 (Reuters) - The Iraqi Cabinet approved on Tuesday the principles of an energy cooperation framework with Germany's Siemens Energy (ENR1n.DE) , opens new tab, according to a statement. The statement did not provide further details. Sign up here. The German company has already been involved in electricity projects in Iraq, including the award in 2023 of long-term service contracts for three power plants in Iraq as part of broader energy cooperation. In the same year, Siemens also signed a deal to develop Iraq's power network. Iraq, which is heavily dependent on Iranian natural gas imports to generate power, has often suffered from electricity shortages that worsen during summer heat. Earlier this month, a power outage hit the central and southern regions of the country after a sudden shutdown at the Hamidiya power plant led to a fault in the electricity transmission network, electricity ministry sources said. Iraq in the past two years has also signed agreements with oil majors that had previously retreated from the country, including Chevron, France's TotalEnergies and UK oil major BP. https://www.reuters.com/sustainability/boards-policy-regulation/iraq-approves-principles-cooperation-framework-with-siemens-energy-2025-08-26/
2025-08-26 19:57
Aug 26 (Reuters) - A group of U.S. federal agencies, including the departments of defense, energy and commerce, are working together to review offshore wind farms approved by the Biden administration along the Atlantic coast, U.S. Health and Human Services Secretary Robert F. Kennedy Jr. said on Tuesday. The revelation, during a meeting of President Donald Trump's cabinet, demonstrates a full-throated effort by his administration to undermine an industry that was central to former President Joe Biden's climate and energy agendas. Sign up here. In just the last week, the administration has issued a stop-work order on a nearly completed project off the coast of Rhode Island, and said it would move to cancel the approval of a planned facility off the coast of Maryland. "We now have an inter-departmental coalition, a team, which is (Interior Secretary) Doug Burgum and (Commerce Secretary) Howard Lutnick and (Energy Secretary) Chris Wright and (Defense Secretary) Pete Hegseth are all working on this. We're all working together on this issue," Kennedy said. He then raised the high-profile blade failure a year ago at an offshore wind farm off the coast of Massachusetts, which sent pieces of debris into the ocean that washed ashore on nearby beaches. Kennedy also said offshore wind was expensive and harmful to both the fishing industry and whales. His remarks came after Trump criticized the wind industry earlier in the meeting. "We don't allow windmills," Trump said. "We're not allowing any windmills to go up unless there's a legal situation where somebody committed to it a long time ago." https://www.reuters.com/sustainability/climate-energy/trump-agencies-team-up-review-offshore-wind-kennedy-says-2025-08-26/
2025-08-26 19:37
Oil slips after four consecutive sessions of gains Prices expected to remain in tight range, analyst says Traders track Ukraine developments, US tariffs on India NEW YORK, Aug 26 (Reuters) - Oil prices fell 2% on Tuesday, erasing gains from the previous session, as investors watched developments around U.S. tariffs, the war in Ukraine and the potential disruption of Russian fuel supplies. Brent crude was down $1.58, or 2.3%, at $67.22 a barrel, a day after hitting its highest price since early August. West Texas Intermediate (WTI) crude lost $1.55, or about 2.4%, to $63.25. Sign up here. "Given the huge amount of uncertainties in the oil market caused by the Ukrainian conflict and the tariff war, investors will remain unwilling to commit themselves to either direction on a prolonged basis," said Tamas Varga, an analyst with PVM Oil Associates. Brent prices could be bound to a trading range of $65-$74 for the foreseeable future, he added. Oil's rally on Monday was primarily driven by supply risks after Ukraine strikes on Russian energy infrastructure and the possibility of further U.S. sanctions on Russian oil. Ukraine's attacks in response to Russia's advances in the conflict and its pounding of Ukrainian gas and power facilities have disrupted Moscow's oil processing and exports and created gasoline shortages in some parts of Russia. Russia has revised up its crude oil export plan from western ports by 200,000 barrels per day in August from the initial schedule after Ukrainian drone attacks disrupted refinery operations and freed up more crude for shipment, three people familiar with the matter said. U.S. President Donald Trump has renewed his threat to impose sanctions on Russia if there is no progress towards a peace deal in the next two weeks. However, sources have told Reuters that U.S. and Russian government officials discussed several energy deals on the sidelines of this month's negotiations to seek peace in Ukraine. Meanwhile, Indian exports could face U.S. duties of up to 50% - among the highest imposed by Washington. "Front and center in this week's trade is the possibility that U.S. tariffs on India could be doubled to 50% as early as tomorrow ... further restricting Russian export flows that are already being inhibited by recent Ukrainian attacks on Russian oil refineries," analysts at energy advisory firm Ritterbusch and Associates said in a note. https://www.reuters.com/world/middle-east/oil-falls-2-nearly-three-week-high-focus-tariffs-russian-supply-2025-08-26/
2025-08-26 19:35
Aug 26 (Reuters) - The U.S. Department of Commerce issued affirmative determinations of anti-dumping and countervailing duties against 10 countries on Tuesday after investigations into corrosion-resistant steel products. The determinations cover $2.9 billion in imports from Australia, Brazil, Canada, Mexico, the Netherlands, South Africa, Taiwan, Turkey, the United Arab Emirates and Vietnam, the Commerce Department said in a statement. Sign up here. "Commerce made its final determinations that imports of CORE into the United States from ten trading partners were being dumped and/or subsidized," the department said. Corrosion-resistant steel is used to build automobiles, appliances and buildings, the department said. “American steel companies and workers deserve to compete on a level playing field,” Under Secretary of Commerce for International Trade William Kimmitt said in a statement. The International Trade Commission will now make its own determination of injury to the domestic steel industry, the department said. "If the ITC makes an affirmative, trading partner-specific injury determination, Commerce will issue AD and CVD orders," the Commerce Department said. https://www.reuters.com/world/americas/us-commerce-department-affirms-anti-dumping-duties-against-10-countries-2025-08-26/
