2025-11-19 00:54

Crash killed construction workers in March 2024 Maryland says bridge will now cost twice as much to build and take until 2030 to complete Board made series of recommendations to prevent future incidents WASHINGTON, Nov 18 (Reuters) - The NTSB said on Tuesday a loose wire caused a power failure on the 984-foot cargo ship Dali, leading to its March 2024 collision with Baltimore’s Francis Scott Key Bridge that killed six construction workers and destroyed the span. The investigation found a single loose wire in the electrical system caused a breaker to unexpectedly open, launching a sequence of events that led to two vessel blackouts and a loss of propulsion and steering. Sign up here. The NTSB found wire-label banding prevented the wire from being fully inserted, causing an inadequate connection. NTSB Chair Jennifer Homendy compared the painstaking search for the wire to finding a single loose rivet on the Eiffel Tower. The NTSB and the ship's manufacturer HD Hyundai Heavy (329180.KS) , opens new tab had to test thousands of wires to find the problem, she added. "It's like finding a needle in the haystack." The board also said contributing to the collapse was the lack of countermeasures to reduce the bridge’s vulnerability from impacts by ocean-going vessels, which could have been implemented if a vulnerability assessment had been conducted by the Maryland Transportation Authority. A replacement bridge was initially estimated to cost $1.7 billion to $1.9 billion and be completed by late 2028. On Monday, state officials said they now expect the bridge will cost $4.3 billion to $5.2 billion and open to traffic only in late 2030. They cited a new pier protection system and a new longer, higher design as reasons for the increased costs. The board staff said they recommended operators complete periodic inspections of high-voltage switchboards and proposed changes that would allow ships to more quickly recover from a loss of power. The NTSB has said previously the Dali lost electrical power several times before the crash into the Key Bridge, including experiencing a blackout during in-port maintenance and shortly before the crash. Power outages happen at sea and the NTSB made numerous new recommendations to prevent catastrophic collisions, including to the U.S. Coast Guard. It also called on Hyundai Heavy to incorporate "proper wire-label banding installation methods." The Key Bridge, like many other bridges, was not equipped with a warning system to prevent motorists from driving onto the bridge in the event of a hazard. ASSESSING BRIDGE SAFETY In March the board called for urgent safety assessments of 68 bridges in 19 states including crossings like the Golden Gate Bridge, Chesapeake Bay Bridge, Brooklyn Bridge and George Washington Bridge. The NTSB recommended major bridge owners consider adopting motorist warning systems capable of activating when a threat is identified to immediately stop motorists from entering onto the bridge in an emergency. The review focused on bridges built before 1991 and frequented by ocean-going vessels that have not undergone vulnerability assessments. The NTSB said last year the Dali lost power about four minutes before the crash when electrical breakers unexpectedly tripped, causing a loss of power to all shipboard lighting and most equipment when it was 0.6 mile (1 km) from the bridge. The FBI is conducting a criminal probe into the collapse. Homendy said some of the ship personnel are still in the United States. https://www.reuters.com/world/us/us-board-determine-cause-fatal-maryland-bridge-collapse-2025-11-18/

2025-11-19 00:28

Novatek sells cargoes at 30%-40% discounts, sources say Sales end commercial limbo of sanctioned Arctic LNG 2 gas plant Beihai LNG Terminal becomes dedicated entry point for Russian gas LONDON/SINGAPORE, Nov 19 (Reuters) - Russian liquefied natural gas producer Novatek (NVTK.MM) , opens new tab has slashed the prices of its cargoes by 30% to 40% since August to entice Chinese buyers to purchase sanctioned gas from its Arctic LNG 2 project, sources familiar with the matter told Reuters. The purchases have ended the commercial limbo for the $21-billion project, which is subject to some of the harshest sanctions the U.S. and Europe have imposed on Russia. Sign up here. Washington is seeking to block the flow of oil and gas revenue to Kremlin coffers as U.S. President Donald Trump ratchets up pressure on Moscow to end its war in Ukraine. The White House has also threatened action against countries that continue to buy Russian energy exports. But China, a longtime ally of Russian President Vladimir Putin, opposes Western sanctions. Cracking down on Chinese entities flouting them could prove tricky. Washington only last month struck a delicate truce in its trade war with Beijing, and one senior industry source said enforcing the measures could jeopardise U.S. ambitions of doing its own LNG deals with China. DEEP DISCOUNTS DRAW CHINESE BUYERS TO PUTIN-LINKED PROJECT Novatek, which is co-owned by some of Putin's closest allies, started producing LNG at the plant in December 2023. But it failed to sell a single cargo until August this year, when it slashed prices for Chinese buyers. The gas producer sold its first cargo, which was delivered on August 28, at a discount of $3 to $4 to the Asian benchmark LNG price of around $11 per mmBtu, according to an industry source familiar with the deal. For subsequent deliveries - there have been 14 in total since August – Chinese buyers continued to receive steep discounts of around 30% to 40%, a second source familiar with the deals said. That means cargoes are selling at $28 million to $32 million, well below their market value of over $44 million. The prices of the cargoes have not been previously reported. Reuters has been unable to ascertain the names of the Chinese companies that bought them. Novatek did not respond to a Reuters request for comment. WASHINGTON NOT ENFORCING ITS SANCTIONS Much of Moscow's oil and gas is not directly subject to Western sanctions. And China is the world's biggest buyer of its energy exports. Trump's predecessor President Joe Biden, however, imposed specific sanctions on Arctic LNG 2 as well as related entities and vessels soon after it began operations in December 2023. French partner TotalEnergies (TTEF.PA) , opens new tab subsequently walked away from the project, though two of China's largest energy firms - China National Petroleum Corp and China National Offshore Oil Corporation (600938.SS) , opens new tab - remained, each with a 10% stake. The sanctions have also derailed Russian hopes of acquiring a fleet of Arc7 ice-class tankers to make year-round deliveries. Until August, without a buyer, cargoes from the project floated at sea or were transferred to storage units, costing Novatek millions of dollars, according to traders. Trump has made ending the war in Ukraine a foreign policy priority. And to pressure Moscow to negotiate, he has broadened U.S. sanctions targeting Russian energy, pressed allies to do the same, and threatened countries buying Russian exports, including India, with steep tariffs. So far, however, Washington has not moved to punish Chinese entities involved in the Arctic LNG 2 purchases. "They are pressuring their allies to stop importing Russian gas or LNG. But they are not implementing their own sanctions on Arctic LNG 2," said Anne-Sophie Corbeau, a researcher at Columbia University's Center on Global Energy Policy. The White House did not respond to a Reuters request for comment, asking if the administration was concerned by the LNG purchases and if there were any efforts under way to discourage or prevent the transactions. China's government has approved the purchases, said the two Beijing-based senior industry sources. And the Chinese business registration portal shows the Beihai LNG Terminal in southern China, to which the cargoes are being delivered, is run by state-owned energy infrastructure monopoly PipeChina. When asked if the government gave guidance over the imports or if it was concerned Washington might impose sanctions on PipeChina, which runs most of the country's oil and gas infrastructure, the office of the foreign ministry spokesperson did not directly comment but reiterated China's opposition to unilateral sanctions and "long-arm jurisdiction". "Energy cooperation between China and Russia is normal economic and trade cooperation beneficial to both countries' people," the spokesperson's office said. BEIHAI BECOMES CHINA'S DEDICATED RUSSIAN LNG IMPORT TERMINAL Prior to August, Beihai, a mid-sized terminal, had been used to import gas from various sources and companies, including eight U.S. LNG cargoes in 2024. But since August, PipeChina has refused to grant other companies access to Beihai, which has effectively become a dedicated entry point for Russian gas, said a third Chinese source, a trader with direct knowledge of the matter. The UK government imposed sanctions on Beihai in October. PipeChina did not respond to requests for comment. Complicating matters, Trump, who has repeatedly integrated American energy exports into trade deals with partners seeking to reduce U.S. tariff burdens, has voiced his desire to sell more LNG to China. The United States would find it difficult to sanction PipeChina as that would also block U.S. gas sales, a Western energy executive, who sells gas into China, told Reuters. China has not imported any U.S. LNG since February due to tariffs imposed during the trade war between the world's two largest economies. https://www.reuters.com/business/energy/russias-novatek-gives-deep-discounts-sell-sanctioned-lng-chinese-buyers-sources-2025-11-19/

2025-11-18 23:55

Nov 18 (Reuters) - Vulcan Elements, a North Carolina-based rare earth magnet producer, said on Tuesday it will build a $1 billion manufacturing facility in its home state to supply U.S. electronics and military customers. The facility, which is being funded in part by the Pentagon, is slated for Benson, roughly 30 miles (48 km) southeast of Raleigh. Sign up here. It would boost U.S. access to magnets that turn power into motion for electric vehicles, cell phones, fighter jets and thousands of other products. Those magnets are at the center of global trade conflict as China uses them as leverage in negotiations with the Trump administration. The company chose North Carolina over other states due to its engineering-focused workforce and economic incentives, said CEO John Maslin. The plant site is located inside North Carolina's so-called "Research Triangle," near prominent universities, laboratories and military complexes. "The most important thing for us was workforce. It was finding the PhDs, the engineers and the technicians from complementary industries," Maslin said. While the U.S. had been the world's largest magnet manufacturer, it let that skill lapse in the 20th century. Vulcan's magnet technology was developed by a co-founder and the company does not foresee any patent issues, Maslin said. North Carolina estimates the facility will boost the state's economy by $2.6 billion. If that happens, Vulcan will be eligible for $17.6 million in state grants. Vulcan in August signed a rare earth oxides supply deal with ReElement Technologies. The oxide would need to be turned into a metal before it is turned by Vulcan into magnets. Maslin said that the metallization step will be done in the Benson facility, but he declined to say if Vulcan or a third party would conduct that step. Vulcan's goal is to produce 10,000 metric tons per year of magnets, with a "significant" amount of that production online by 2027. That is roughly the same volume planned by MP Materials (MP.N) , opens new tab for its Texas magnet facility. https://www.reuters.com/business/rare-earth-magnet-startup-vulcan-elements-build-1-billion-north-carolina-plant-2025-11-18/

2025-11-18 23:50

Home Depot falls after cutting FY profit forecast Nvidia due to report this week US September jobs report also due this week Indexes: Dow down 1.1%, S&P 500 down 0.8%, Nasdaq down 1.2% NEW YORK, Nov 18 (Reuters) - U.S. stocks ended lower on Tuesday, with the S&P 500 putting in a fourth straight session of losses as valuation worries hit big technology-related shares and a disappointing forecast pressured Home Depot. The four-day drop was the benchmark's longest losing streak in three months. Sign up here. Adding to caution, quarterly results from artificial intelligence and market leader Nvidia (NVDA.O) , opens new tab are due after the bell on Wednesday. The U.S. earnings season is near its end, but Nvidia's results will be closely watched by investors worried about market gains tied to AI exuberance. Nvidia's shares were 2.8% lower on the day. The September U.S. jobs report is set to be released on Thursday after being delayed because of the long government shutdown. Earlier private market surveys have pointed to a cooling labor market. Data Tuesday showed the number of Americans on jobless benefits surged between mid-September and mid-October. Shares of Home Depot (HD.N) , opens new tab dropped 6% after the home improvement chain gave a forecast for full-year profit that disappointed and missed quarterly earnings estimates. "You're having this massive sentiment correction during a period where earnings is delivering maybe above bull expectations, and, yet, there's so much fear circulating in the market," said Marta Norton, chief investment strategist at retirement and wealth services provider Empower. The Dow Jones Industrial Average (.DJI) , opens new tab fell 498.50 points, or 1.07%, to 46,091.74, the S&P 500 (.SPX) , opens new tab lost 55.09 points, or 0.83%, to 6,617.32 and the Nasdaq Composite (.IXIC) , opens new tab lost 275.23 points, or 1.21%, to 22,432.85. Home Depot aside, earnings for this reporting period have been much stronger than expected. Year-over-year earnings growth for the S&P 500 is now at 16.9%, well above the 8.8% estimated at the start of October, according to the most recent LSEG data. Indexes pared losses by midday before falling again. Some equities traders viewed the recent selloff as overdone, with traders at Jefferies, for instance, writing in a note that the market could be setting up for a bounceback. They noted that while megacaps are selling off sharply, "action under the hood is more mixed/slightly encouraging." Six of the 11 major S&P 500 sectors ended higher on the day, and the Russell 2000 small-cap index (.RUT) , opens new tab gained 0.3%. Among other megacaps that ended sharply lower, Amazon.com (AMZN.O) , opens new tab was down 4.4%. Concerns over high valuations and dwindling expectations of a December interest rate cut have led to a pullback in U.S. stocks, with the S&P 500 down about 4% from its October peak. The S&P 500 and the Nasdaq both closed below their 50-day moving averages on Monday, an important technical threshold, for the first time since late April. On the Nasdaq, 2,353 stocks rose and 2,350 fell as advancing issues outnumbered decliners by a 1-to-1 ratio. Volume on U.S. exchanges was 18.66 billion shares, compared with the 20.2 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/us-stock-futures-slip-rate-cut-hopes-fade-valuation-worries-persist-2025-11-18/

2025-11-18 23:36

Brazil proposes two-stage deal to expedite COP30 negotiations Disagreements persist on finance and emissions cuts Group of countries call for roadmap to ditch fossil fuels New draft text expected Wednesday after late night talks BELEM, Brazil, Nov 18 (Reuters) - Brazil said on Tuesday it still expects to land a deal on some of the most contentious issues at the COP30 climate summit ahead of schedule, but conceded there were still wide gaps between countries on issues like fossil fuels. The two-week summit in the Amazon city of Belem has brought together governments from across the world to strengthen the complex U.N. framework underpinning global action to halt rising greenhouse gas emissions and cope with the damage caused by warming temperatures. Sign up here. Host nation Brazil wants a deal agreed in two stages: one package on Wednesday, including subjects like cutting fossil fuel use and delivering promised climate finance that were a week ago deemed too thorny to even include on the formal agenda, and another wrapping up any outstanding issues by Friday. Confirming that negotiators would work late into the night for the second day in a row, COP30 President Andre Correa do Lago said he still expected the first deal to be approved on Wednesday, but that it could be "very late". Any such deal would confound expectations set by recent COP summits - all of which have run way past their scheduled end. The conference is due to end at 2100 GMT on Friday. Brazilian President Luiz Inácio Lula da Silva will attend the conference on Wednesday to give fresh political impetus to the negotiations. He will meet U.N. Secretary-General Antonio Guterres. Lula said the meeting was designed to "strengthen climate governance and multilateralism." FRESH DEAL TEXT EXPECTED WEDNESDAY Earlier, the COP30 presidency, invoking the Brazilian Portuguese concept of "mutirão" - a spirit of collective effort - released a first draft of a possible summit deal titled "Global Mutirão: uniting humanity in a global mobilization against climate change". After a day of country-by-country consultations, a new version of the text is expected to be drawn up overnight and presented on Wednesday for further feedback. The toughest topics include pinning down how rich countries will provide finance to poorer countries to switch to clean energy, and what must be done about a gap between promised emissions cuts and those needed to stop temperatures rising. Some nations, including Brazil, also want a roadmap to help countries implement an agreement reached at COP28 in 2023 to transition away from fossil fuels, though the draft deal only listed this as an optional inclusion. "The current reference in the text is weak and it's presented as an option. It must be strengthened and it must be adopted," said Tina Stege, Climate Envoy for the Marshall Islands, at a press conference alongside representatives from more than a dozen supportive countries. However, underscoring the task ahead for the presidency, not everyone agreed. Correa do Lago later indicated that one of the options put forward in the first draft, which would see countries submit plans to reduce their fossil fuel use, had already been rejected by a number of other countries as too onerous. "Most of the countries are either very favorable or it's a red line," he said. https://www.reuters.com/sustainability/cop/brazils-cop30-slow-shuffle-climate-negotiation-turns-into-sprint-2025-11-18/

2025-11-18 23:29

Nov 18 (Reuters) - The Sierra Club said on Tuesday it was challenging a U.S. federal energy regulator's decision to fast-track connecting fossil fuel power plants to major electric grids at the expense of renewable energy. The environmental group filed a petition with the D.C. Circuit Court of Appeals to review the Federal Energy Regulatory Commission's (FERC's) decision to let the Southwest Power Pool (SPP) speed up the interconnection of mostly fossil fuel generation. Sign up here. The SPP, known for its abundance of wind energy, spans 14 states, stretching from North Dakota to Louisiana. But the grid operator says it needs more electricity to meet surging demand from data centers powered by artificial intelligence. Last year, wind was the SPP's top energy producer at 38%, followed by natural gas at 28%, according to the grid operator. The Sierra Club challenged SPP's proposal before FERC, but the agency denied it. FERC also denied the Sierra Club's rehearing request in September. The Sierra Club said it also filed a lawsuit challenging a similar fast-track plan that FERC approved for the Midcontinent Independent System Operator (MISO), an electric grid operator in the Midwest. "FERC's approval of SPP and MISO's line-cutting proposals will only add to the disruption that has prevented hundreds of gigawatts of clean energy from coming online to serve projected resource needs," Greg Wannier, a senior attorney with the Sierra Club, said in a statement. https://www.reuters.com/business/energy/sierra-club-challenges-fossil-fuel-advantage-wind-heavy-us-electric-grid-2025-11-18/