Argentina accuses UN ignoring the rising tensions in Falkland Islands
Argentina's president Javier Milei criticized Wednesday the United Nations for "looking the other way" during escalating tensions between Britain and Argentina over oil exploration in and around?the Falkland Island, a British overseas territory that is largely self-governing. Argentina has long denied British sovereignty. Milei, speaking before the 'world's leaders at the UN General Assembly said Argentina claimed the islands. He also stated that the islanders did not have the right to self determination. He repeated his call for negotiations to resolve the conflict peacefully with the United Kingdom.
Argentina's Milei speaks to the UN as tensions over Falkland Islands rise
Argentine President Javier Milei will speak to world leaders on Wednesday at the United Nations General Assembly, amid escalating tensions between Argentina and Britain over oil exploration around the Falkland Island. The Falkland Islands are a British overseas territory that is largely self-governing. Argentina has long denied its sovereignty. Argentina began sanction proceedings earlier this month against over 60 companies and individuals linked to offshore oil drilling projects. British officials strongly objected. In a Friday statement…
California allows the sale of fuels with higher ethanol content to reduce gasoline prices
California Governor Gavin Newsom has signed legislation that allows?the?immediate?sale of a higher ethanol fuel blend. This is to curb the skyrocketing prices at the gas pump in America's biggest auto market. On Saturday, the signing of Senate Bill 795 removed the last regulatory hurdle to the sale of E15 gasoline, a blend of gasoline containing 15% of ethanol. This was more than a year since state Senators unanimously approved the move. California was 'the only US State where this fuel could not be purchased. This commonsense bill reduces unnecessary red tape while maintaining our safety and environmental standards.
Judge rules that Trump's EPA terminated the $7 billion solar grant program illegally
A federal judge in Rhode Island ruled Friday that the Trump administration had unlawfully canceled a $7 Billion grant program intended to expand solar energy in low income?communities. US District Judge Mary McElroy, in Providence, sided with several nonprofits, solar companies, and a labor union in finding that Environmental Protection Agency, under its administrator Lee Zeldin's leadership, overstepped its authority by rescinding grants that were previously given. Plaintiffs included the Rhode Island AFL-CIO, and nonprofits like Solar United Neighbors…
Judge rules that Trump's EPA terminated the $7 billion solar grant program illegally
Federal judge in Rhode Island ruled on Friday that the?President Donald Trump administration's administration illegally canceled a $7 Billion?grant? program intended to expand solar energy in low income communities. US District Judge Mary McElroy, in Provision, sided with several nonprofits, solar companies and labor unions in finding the Environmental Protection Agency, under its administrator Lee Zeldin exceeded its authority by rescinding grants that were previously awarded last year. Solar United, a nonprofit organization that was not a direct grant recipient, and the Rhode Island AFL-CIO are among the plaintiffs.
Argentina's Milei plans to strengthen sanctions against companies operating in Falklands
Analysts say that the Argentine president Javier Milei will be preparing legislation to strengthen sanctions against companies in the Falkland islands this week. This raises the question of whether he might escalate tensions between Argentina and Britain by targeting sectors other than the disputed islands’ economy. The bill is based on the sanctions that Argentina's government has allegedly opened against 60 companies and individuals involved in offshore oil exploration near the islands. Argentina claims ownership of these islands which it calls "the Malvinas" even though Britain owns them.
Russell: The oil industry in Asia wants Trump to abandon the Gulf but doesn't expect him to do so.
The crude oil industry in Asia has an idea on how to resolve the crisis caused by the conflict with Iran. They also know that their wish will not be granted, and are bracing themselves for a prolonged disruption of supplies from the Middle East. The APPEC conference held in Singapore this week was dominated by thousands of discussions about how to safely and sustainably reopen?Hormuz Strait. The answer was consistent. Donald Trump, the U.S. president, should 'back down' and leave the Gulf Region to allow other countries to clean up the mess that was created after the U.S. attacked Iran on 28 February.
Russell: The oil industry in Asia wants Trump to abandon the Gulf but doesn't expect him to do so.
Asia's crude-oil industry knows how to solve the crisis caused by the Iran conflict. But they know that their wish will not be granted, and are bracing themselves for a prolonged disruption of?supplies? from the Middle East. The APPEC Conference in Singapore this week was awash with thousands of conversations about how to safely and sustainably reopen?the Strait of Hormuz. The answer was consistent. U.S. president Donald Trump should 'back down and leave the Gulf Region to allow countries in the region to clean up the mess caused when the U.S. attacked Iran on 28 February. There was widespread agreement that a resolution to the conflict is not likely.
Iran says US energy companies are exposed and vows to respond if they are attacked by Iran
Iran warned on Monday that it would retaliate if the United States launched any more attacks against its assets. It said that the energy supply chain in the region was "sprawling and accessible" and that U.S. companies operating there were also exposed. Mohammad Baqer Qalibaf, the speaker of the Iranian Parliament, said that "strike our assets and you will be struck" after U.S.-Iranian strikes on shipping over the weekend which pushed oil to six-weeks highs on Monday. Mohsen Rezaei, a senior Iranian security official, said on Sunday that Iran…
Milei united in opposition to Falkland Islands oil proposal
Argentines are broadly in support of President Javier Milei’s?forceful campaign against oil drilling near Falkland Island, underlining the enduring resonance Argentina's claim to sovereignty over the British controlled archipelago. Milei, in a televised speech on Thursday, said that he would submit a bill before Congress to strengthen sanctions against companies drilling and participating in other activities on the island which impact our natural resources. Milei had previously preferred diplomacy to confrontation in the Falklands. Argentina has claimed sovereignty of the Falkland islands for almost two centuries. They lost a 1982 war with Britain.
Sources say that the US is expected to approve expanded biofuel exemptions as soon as Monday.
According to two people familiar with the issue, the Trump administration will approve an expanded number of exemptions to biofuel blend requirements for U.S. oil refiners as soon as Monday. This is part of its efforts to reduce gas prices. The White House was urged by lawmakers from farm-states not to increase waivers beyond the amounts announced at the beginning of the year, even though refiners had sought to use them to reduce fuel production costs. Farmers are concerned that the waivers will reduce the demand for their crops. However, both sides disagree about whether or not the expansion of the waivers can really lower gas prices.
Sources say that the US is expected to approve the expanded biofuel waivers on Monday.
According to two sources familiar with the issue, the Trump administration will likely approve a larger number of exemptions for U.S. refiners in order to reduce pressure on gas prices. Farm-state legislators had urged the White House to not expand waivers beyond amounts flagged at this year's start, even though refiners sought them to reduce fuel production costs. Farmers are concerned that the waivers will reduce the demand for their crops. However, both sides disagree about whether the expansion of the waivers can really lower gas prices.
Sources: Trump and officials discuss expanding refinery waivers, as the farm backlash increases.
People familiar with the meeting say that President Donald Trump, his energy, environment and agriculture chiefs discussed on Wednesday a plan to protect?biofuel? producers from the impact of small refinery exemptions. Sources claim that the White House supports a plan for a significant expansion of the controversial small refinery exclusion program. This has prompted resentment from the U.S. Farm Belt. The officials said they wanted to lower gasoline prices, which have increased during the war against Iran. This is to help Trump and his fellow Republicans maintain control of Congress at November's midterm election.
Farm and biofuel groups ask Trump to limit expanded refinery exemptions
A coalition of U.S. biofuel and farm groups has called on President Donald Trump to reject a proposal for an expansion of waivers from the nation’s biofuel blend requirements. They warned that an increase in waivers would harm rural America, by reducing demand for American crops. People familiar with the issue say that the White House supports a plan to expand the controversial program for small refineries exemptions. Officials want to bring down gasoline prices, which have been rising during the war with Iran. This could help Trump and his fellow Republicans win control of Congress at November's midterm election.
Bessent: US Treasury will stick to its debt auction schedule, despite larger buybacks
Treasury Secretary Scott Bessent announced on Monday that the U.S. Treasury would continue its regularly scheduled auctions of debt, including those for long-dated securities, despite the?move? to increase the buyback size of 10- to 30 year?securities. Bessent responded to a question at a 'news conference' focused on Iran sanctions regarding Treasury's plans moving forward for bond buybacks, including the size of future auctions. He said that Treasury would "continue our regular program" of auctions announced in early august. He said that Treasury has not yet purchased bonds in the expanded buybacks which will begin on September 10, for 10-year and 20-year security.
Bloomberg News reports that HF Sinclair has sued the EPA over delays in a decision on biofuel exemption.
Bloomberg News reported that HF Sinclair was suing the U.S. Environment Protection 'Agency, citing a suit filed by the refiner, for 'continuing...to delay a...decision on exemptions from biofuel blending requirements. The 'American Fuel and Petrochemical Manufacturers', who represent U.S. refiners, took a similar approach. They argued that mandates would increase compliance costs and fuel prices. The EPA stated that it would not comment on pending litigation or ongoing litigation. The controversy comes as Congress fights to pass the year-round sale of E15 gasoline with a higher ethanol content.
Bloomberg News reports that HF Sinclair has sued the EPA over delays in a decision on biofuel exemption.
HF Sinclair has filed a lawsuit against the?U.S. Bloomberg News reported?on Friday that the Environmental Protection Agency continues to?delay a decision regarding exemptions from mandates for?biofuel blends?. The American Fuel and Petrochemical Manufacturers (which represents U.S. refining companies) took a similar position, arguing that mandates would increase fuel prices and compliance costs. The mandates were finalized late in March and require oil refiners either to mix billions of gallons ethanol or?other biofuels with the nation's fuel supply, or purchase?credits called renewable identification numbers (RINs).
MORNING BID AMERICAS - Chips and Ships
Hello Morning Bid readers! It's hard to escape semiconductors and the strait. Asian stocks fell this week, despite the fact that tech giants such as Taiwan's TSMC had reported record numbers. These ructions could 'indicate concerns over the durability of hyperscalers massive AI capex expenditures - and therefore chipmakers' eyeball-popping profits' but the volatility in Asia is likely to also reflect the unwinding leveraged positions. Brent crude oil prices were hovering at $85 per barrel on Friday morning, well below their wartime peak of $118. Investors seem to be betting on the idea that tensions will subside soon - an?gamble which may not payoff.
US lawmakers want to crack down on imports of solar panels that they claim are evading duties
According to a letter obtained by the, a bipartisan group in the U.S. Congress urged on Thursday that Trump's administration crackdown on imports of partially finished solar cells. They claim these are being used to avoid trade duties and to improperly claim "federal manufacturing" tax credits. The long-running U.S. campaign to stop what solar panel manufacturers claim are efforts to avoid tariffs has led to the debate over blue wafers. About 80% of the global solar supply is supplied by Chinese companies, many of which have moved their manufacturing overseas to cater to the U.S.
Trump's clean energy policies are linked to $83 Billion in cancelled or delayed projects
According to a report released on Tuesday by the labor and environmental group BlueGreen Alliance, Trump administration policies have led to the cancellation of or delays of $83 billion worth of investment across hundreds of projects. The report was released as U.S. Senators and labor leaders prepare to meet on Tuesday, to discuss the clean-energy workforce. The analysis revealed that during Donald Trump's second term, 223 manufacturing projects and clean energy projects worth $82.9 billion and 111 765 jobs were stalled or canceled. The analysis attributed this to Trump's signature tax and spending package which repealed Biden-era incentive programs or curtailed them…