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/
2025-08-26 19:34
Trump fires Governor Cook amid push for more influence at Fed Cook's removal highlights worries over Fed independence EUR, GBP gain against U.S. dollar French bonds tumble as government faces collapse NEW YORK, Aug 26 (Reuters) - The dollar fell against major currencies on Tuesday as President Donald Trump's unprecedented move to fire Federal Reserve Governor Lisa Cook renewed concerns over the central bank's independence. The euro rose 0.22% against the dollar to $1.1647 while sterling was last up 0.2% at $1.3481. Against the Japanese yen , the dollar fell 0.27% to 147.36 yen, and it slipped 0.28% against the Swiss franc to 0.8032. Sign up here. The dollar index , which measures the greenback against a basket of currencies, was down 0.28% at 98.19. Trump said he was removing Cook over alleged improprieties in obtaining mortgage loans, a step that could test the boundaries of presidential power over the Fed. In response, Cook said Trump has no authority to fire her from the central bank, and she will not resign. Trump's announcement surprised markets but the reaction was relatively muted with investors caught between concerns over the politicization of policy and the move's potential payoffs for markets. "(I)nvestor movement remained relatively muted as attention stayed focused on the repercussions of Jackson Hole and overnight news highlighting an elevated threat to Fed Governor Cook and, more broadly, to Fed independence," said Uto Shinohara, senior investment strategist at Mesirow Currency Management. The unpredictable actions of the Trump administration and the prospect of a more dovish Fed have kept the dollar in check, he added. The market was also little changed after data showed U.S.-manufactured capital goods rose more than expected last month, while consumer confidence slipped slightly in August. The U.S. president has repeatedly berated Fed Chair Jerome Powell for not lowering interest rates, although he has stopped issuing threats to fire him ahead of the end of his term in a little under nine months. Traders are currently pricing in an 85% probability of a rate cut at the Fed's September meeting, according to CME's FedWatch Tool. Morgan Stanley on Tuesday became the latest brokerage to forecast a cut in interest rates in September, joining global peers after Powell hinted at policy-easing next month in a speech last week. "Monetary easing expectations are holding firm across the front end of the curve after the Conference Board's latest measure of consumer confidence showed households becoming more concerned about employment and income prospects even as they turned slightly more optimistic on the business environment," said Karl Schamotta, chief market strategist at Corpay in Toronto. "With the Fed's reaction function shifting away from inflation and toward an emphasis on labor market conditions, these numbers should help ratify market pricing for at least two rate cuts this year, and add to the factors weighing on the dollar." While investors may be inclined to sell the dollar, lingering economic and fiscal worries in Europe also narrow the available currencies for bets on a decline in the U.S. currency, said Kenneth Broux, head of corporate FX and rates research at Societe Generale. France's government bonds fell on Tuesday as the country's minority government looked increasingly likely to be ousted next month. The 10-year government bond yield rose to a peak of 3.53%, its highest since March and adding to Monday's 7 basis point climb. Bond yields move inversely to prices. Worries over renewed political instability in France added to jitters in global bond markets about the independence of the U.S. Federal Reserve, which contributed to selling in government bonds from the U.S., Britain and Japan. US/GB/JP/ In cryptocurrencies, bitcoin rose 1.03% to $110,796.68, attempting to break a three-day losing streak, while ether climbed 4.37% to $4,548.71. https://www.reuters.com/world/middle-east/dollar-trades-lower-trumps-move-fire-fed-governor-spooks-investors-2025-08-26/
2025-08-26 19:19
Aug 26 (Reuters) - The U.S. Transportation Department said on Tuesday it is cancelling $175 million for four projects that are part of California's high-speed rail project, following cancellation of $4 billion in federal grants for the state's ambitious but much-delayed high-speed rail project in July. The Trump administration said Tuesday it will withdraw funding for grade separation, overcrossing, design work and to build a high-speed rail station in Madera. California in July sued to challenge the withdrawal of funding, calling the decision illegal. Sign up here. President Donald Trump and California Governor Gavin Newsom have repeatedly clashed and earlier on Tuesday USDOT threatened to cancel $33 million in safety funding for the state after the department said California was not enforcing federal rules requiring truck drivers to be able to speak English. The funding cuts are another hurdle to the 16-year effort to link Los Angeles and San Francisco by a three-hour train ride, a project that would deliver the fastest passenger rail service in the United States. The California High-Speed Rail Authority said Tuesday the announcement "is a continuation of the Trump Administration’s illegal, politically motivated, and baseless attack on California High-Speed Rail and Central Valley communities... While opponents are recycling tired political attacks, California is building the future of American transportation.” The rail system, whose first $10 billion bond issue was approved by California voters in 2008, has built more than 50 major railway structures, including bridges, overpasses, under-crossings and viaducts, and completed 70 miles (113 km) of guideway. The funding cancellation marked the latest confrontation between the Republican president and a Democratic governor widely viewed as a leading contender for his party’s 2028 White House nomination. The two men have clashed over issues from transgender athletes and electric car rules to the use of National Guard troops during Los Angeles protests and even egg prices. The San Francisco-to-Los Angeles route was initially supposed to be completed by 2020 for $33 billion. But the projected cost has since risen to $89 billion to $128 billion, and the start of service is expected by 2033. A previous move by Trump during his first term in 2019 to revoke $929 million in federal grants was challenged by the state, leading to a settlement in June 2021 under Democratic President Joe Biden restoring the full amount. https://www.reuters.com/legal/litigation/us-cancelling-another-175-million-california-high-speed-rail-projects-2025-08-26/
2025-08-26 18:47
BELGRADE, Aug 26 (Reuters) - The United States has for the sixth time postponed sanctions on Serbia's Russian-owned oil company NIS (NIIS.BEL) , opens new tab, which operates the only oil refinery in the Balkan country, Serbia's energy minister Dubravka Djedovic Handanovic said on Wednesday. The waiver would apply until September 26, she said in a statement. Sign up here. "The goal is the removal of NIS from the U.S. Treasury's Office of Foreign Assets Control (OFAC) sanctions list," the statement said. On Tuesday, a Serbian official told Reuters Serbia has secured the sanctions waiver from Washington. Washington initially placed sanctions on Russia's oil sector on January 10, and gave Gazprom Neft 45 days to exit ownership of NIS. U.S. Treasury Department officials did not immediately respond to Reuters requests for comment. NIS - in which Gazprom Neft (SIBN.MM) , opens new tab owns a 44.9% stake, Gazprom (GAZP.MM) , opens new tab 11.3% and the Serbian government 29.9% - operates Serbia's sole refinery, in the town of Pancevo, just outside of Belgrade. Gazprom Neft transferred a stake of around 5.15% in NIS to Gazprom on February 26 in an attempt to ward off sanctions. The Pancevo facility has an annual capacity of 4.8 million tons and covers most of the Balkan country's needs, and sanctions could jeopardise its supply of crude via Croatia's Janaf (JANF.ZA) , opens new tab. https://www.reuters.com/business/energy/us-extends-waiver-sanctions-serbias-russian-owned-nis-oil-company-2025-08-26/
