2025-08-21 18:52

SUCHITOTO, El Salvador, Aug 12 (Reuters) - The proliferation of water lettuce on El Salvador's largest wetland reservoir, known as Lake Suchitlan, is jeopardizing a key source of the country's hydropower generation as well as local species and communities, authorities said on Tuesday. Residents armed with excavators and dump trucks among other tools venture out to the reservoir on a daily basis to remove swathes of the bright green aquatic plants, which are growing rapidly due to flows of nutrients, debris and pollution, exacerbated by seasonal downpours. Sign up here. The free-floating invasive weed, which is not generally considered edible for humans, can smother native plants and choke waterways. The reservoir is El Salvador's largest freshwater body and plays a key role in the country's hydropower operations. It is also a specially designated wetland site, home a rich variety of migratory birds, aquatic species and native plants. Since late July, workers have cleared the equivalent of nine soccer fields of vegetation from the water's surface, weighing around 1,270 metric tons, according to CEL, the government's local hydroelectric commission. https://www.reuters.com/sustainability/climate-energy/pollution-fed-aquatic-weed-overruns-el-salvadors-largest-reservoir-2025-08-13/

2025-08-21 18:49

Aug 21 (Reuters) - The U.S. Justice Department does not plan to target software developers that create decentralized platforms for transmitting cryptocurrencies without criminal intent, a Justice official said on Thursday. Marking the latest sign of the U.S. government's changing views on crypto, acting Assistant Attorney General Matthew Galeotti of the DOJ's criminal division said the department will move away from bringing charges over failure to register as a money transmitter business. Sign up here. "Our view is that merely writing code, without ill-intent, is not a crime," Galeotti said in remarks prepared for a crypto summit in Wyoming. Money transmitters, such as Western Union and payment apps like Venmo, need to be licensed and follow certain rules for vetting customers and reporting suspicious activity to prevent money laundering. Such rules have become a flashpoint for the crypto sector, especially for decentralized exchanges which often say they have no visibility or oversight over transactions on their platforms. A jury earlier this month found a co-founder of Tornado Cash, a firm which makes cryptocurrency transactions harder to track, guilty of a conspiracy to operate an unlicensed money transmitting business. Anti-corruption advocates say such firms make it easier to launder illicit funds. But critics of the case said the co-founder, Roman Storm, merely created the computer code. The jury in the case deadlocked over whether he was guilty of money laundering and sanctions evasion. Those charges were brought by the U.S. attorney's office in Manhattan under the Biden administration. The DOJ under Republican President Donald Trump, whose family has been building a crypto business, has dramatically shifted its approach to the crypto sector. The Justice Department has disbanded its crypto enforcement team, and the U.S. Securities and Exchange Commission, a civil regulator, has walked away from a number of cases against crypto firms and executives. https://www.reuters.com/sustainability/boards-policy-regulation/us-doj-back-off-money-transmitter-cases-shift-backed-by-crypto-2025-08-21/

2025-08-21 18:37

WASHINGTON, Aug 21 (Reuters) - The U.S. Commerce Department said on Thursday it has opened a national security investigation into the import of wind turbines and components. Earlier this week, the department said it was adding wind turbines to a list of products that will face 50% tariffs on the aluminum and steel content. The "Section 232" investigation, which was opened on August 13 but not made public until now, could be used as a basis for even higher tariffs on imported wind turbines. Sign up here. Energy research firm Wood Mackenzie said approximately two-thirds of the value of a typical U.S. wind turbine is imported. U.S. imports of 2023 wind-related imported equipment were valued at $1.7 billion, the lowest volumes since 2013, the firm added, with Europe being the biggest exporter (41%), followed by Mexico (34%), and India (around 15%), the firm added, saying Chinese imports have diminished due to increased trade tensions. Since taking office in January, President Donald Trump has repeatedly sought to stall development of wind and solar energy, calling them unreliable, expensive and overly dependent on Chinese supply chains. The Commerce Department is seeking comments on the role of foreign supply chains in meeting U.S. demand for wind turbines and on "the impact of foreign government subsidies and predatory trade practices on the competitiveness of the wind turbines and their parts and components industry." The United States is self-sufficient for nacelle assembly and tower supply, while maintaining limited blade manufacturing capacity. However, the majority of blades, all drivetrains and other electrical components are imported, Wood Mackenzie analyst Endri Lico said. The department has opened numerous probes into the national security ramifications of imports of airplanes, semiconductors, pharmaceuticals, heavy trucks, copper, timber and lumber, critical minerals and drones. The offshore wind industry has struggled in recent years with soaring inflation and logistical problems that have raised costs. It faced a further setback when Trump suspended licensing on his first day back in office in January. https://www.reuters.com/business/energy/us-opens-national-security-probe-into-imported-wind-turbines-components-2025-08-21/

2025-08-21 18:23

BERLIN/FRANKFURT, Aug 21 (Reuters) - Berlin is considering extending its trusteeship over the German assets of Russian oil producer Rosneft (ROSN.MM) , opens new tab for a sixth time, two people familiar with the matter said, as efforts to sell the business drag on. The repeated trusteeship renewals raise pressure on Berlin to come up with a better legal structure for Rosneft's activities in Germany. Sign up here. The situation is emblematic of the challenges Berlin faces in dealing with Russian assets in Germany at a time when efforts to end the war in Ukraine are picking up pace. Rosneft's German assets, including stakes in the Schwedt, MiRo and Bayernoil refineries, were put under government trusteeship in September 2022 in the wake of Russia's full-scale invasion of Ukraine, which sparked an energy crisis due to the collapse of Europe's relations with key supplier Russia. So far, Berlin has shied away from nationalising Rosneft's activities, opting instead to maintain de facto control over them via a trusteeship that still leaves legal ownership in Russian hands. The trusteeship, which has to be renewed every six months, currently runs until September 10 and is being enacted by the German network regulator, the Bundesnetzagentur, on behalf of the economy ministry. A formal decision about the trusteeship extension is still outstanding, the sources said. Rosneft, Russia's biggest oil producer, has sought to sell its German businesses, including a 54.17% stake in the PCK Schwedt refinery, but talks with potential suitors, including Qatar, have proven unsuccessful so far. The first source said talks between Rosneft and Qatar were ongoing. Rosneft also owns a 24% stake in the MiRo and a 28.57% stake in the Bayernoil refineries. The economy ministry said that Berlin was examining various options regarding the group's German assets. "Ensuring security of supply remains the primary goal," a spokesperson for the ministry said, adding that Berlin was not part of the sales negotiations and could not provide information about it. The Qatar Investment Authority and Rosneft did not respond to requests for comment. Gazprom Germania, now operating under the name Sefe, was nationalised by Berlin in 2022 after the group's former Russian parent ditched the division, which is a vital part of Germany's gas supply. "The federal government is locked into its own strategy. For the (conservatives) Christian Democrats, expropriating companies would be against their campaigns ... it would be a major step with a very high threshold," the first source said. https://www.reuters.com/business/energy/berlin-weighs-trusteeship-extension-rosnefts-german-assets-sources-say-2025-08-21/

2025-08-21 16:47

WARSAW, Aug 21 (Reuters) - Poland plans to increase the corporate income tax rate paid by banks to 30% in 2026, from the current 19%, to finance increased defence spending, Deputy Finance Minister Jaroslaw Neneman was quoted as saying by the state-controlled news agency PAP. The measure is intended to help finance Poland's defence needs, he said, adding the rate would be lowered to 26% in 2027 and further to 23% in subsequent years. Sign up here. Poland has been ramping up defence spending since the start of the war in neighbouring Ukraine and plans to allocate 5% of gross domestic product to its armed forces in 2026. The Finance Ministry said in a statement that it also plans a gradual reduction in the banking tax. The tax is paid by financial institutions and depends on their assets. "The Finance Ministry estimates that these changes will result in an increase in corporate income tax revenues by approximately 6.5 billion zlotys in 2026," the ministry said in a statement. "In total, over the next 10 years, the proposed solutions are expected to generate over 20 billion zlotys for the budget, representing a significant contribution from the banking sector to financing state budget expenditures...," it added. ($1 = 3.6692 zlotys) https://www.reuters.com/sustainability/boards-policy-regulation/poland-plans-increase-corporate-income-tax-banks-2025-08-21/

2025-08-21 15:56

LONDON, Aug 21 (Reuters) - The BlackRock Investment Institute believes investors should bulk up their exposure to hedge funds, the company said on Thursday. The research arm of the asset manager suggests investors dedicate up to 5% more of their portfolios from their current levels to hedge fund investments, the highest the institute has ever recommended. Sign up here. Investors might take money from holdings in developed market government bonds and instead use this money for less risky hedge funds, it said in a note. Allocators comfortable with a bit more risk could take money from the stocks portions of their portfolios and instead redirect that money at higher risk hedge funds. The asset manager side of BlackRock, which also acts as a middleman for investors wanting to spend money on hedge funds, oversees $76 billion in hedge fund assets including direct hedge fund investments and hedge fund-related businesses, the company website says. U.S. President Trump in August signed a White House order directing regulators to expand access to alternative investments to 401k retirement portfolios, like hedge funds, adding a new layer of risk open to ordinary investors. BlackRock, which lobbied the Trump administration to expand asset options, plans to launch its own retirement fund that includes private equity and private credit assets next year. The broader hedge fund universe returned 1.1% in July and returns are up 5.2% so far in the year to July 31, figures from PivotalPath showed. Hedge funds are up roughly 8% over the past five years on an annualised basis. The S&P 500 and Nasdaq stock indexes have both risen roughly 9-10% this year (.SPX) , opens new tab, (.IXIC) , opens new tab. JPMorgan's global government bond fund was up around 2% as of July 31, it says on the bank's website. (This story has been corrected to say BlackRock recommends dedicating up to an additional 5% of portfolios to hedge fund investments from current levels, not recommends dedicating up to 5% of their portfolios to hedge funds, in paragraph 2) https://www.reuters.com/sustainability/boards-policy-regulation/blackrock-research-arm-bigs-up-hedge-funds-investors-2025-08-21/