U S ENERGY DEPARTMENT
US, Japan, South Korea vow strategic cooperation to boost security, economies
Commerce and trade ministers from the U.S., Japan, and South Korea agreed to cooperate on AI safety, export controls, clean energy, and semiconductor supply chains. U.S. Commerce Secretary Gina Raimondo emphasized the importance of collaboration for global security. Japanese Minister Ken Saito and South Korean Minister Ahn Duk-geun also attended the inaugural meeting, initiated at a Camp David summit. The ministers aim to strengthen supply chain resilience, particularly in semiconductors and critical minerals, and enhance cooperation in cybersecurity and technical standards to counter China's dominance in critical mineral supply chains.
India, US agree to step up cooperation on semiconductors, critical minerals
India and the US have deepened their cooperation on supply chain, semiconductors, and critical minerals during the iCET meeting in New Delhi. They launched a new strategic semiconductor partnership to co-develop processes for precision-guided ammunition. The partnership also aims to build India's semiconductor and ICT ecosystem. Additionally, they agreed to work together on ensuring a reliable supply of critical minerals, including co-investing in lithium and rare earths projects. Both countries are also establishing an Advanced Materials R&D Forum and exploring collaborations in technologies for critical minerals.
UFOs exist! it's official now. DOE Secretary acknowledges UFOs in heated argument with GOP lawmaker
Whistleblowers report UFO sightings near nuclear plants. Department of Energy Secretary Granholm calls them "drones."
US import prices unexpectedly fall in May
Import prices dropped 0.4% last month after an unrevised 0.9% surge in April, the Labor Department's Bureau of Labor Statistics said on Friday. That was the first decline in import prices since December. Economists polled by Reuters had expected import prices, which exclude tariffs, to edge up 0.1%.
US wholesale prices dropped in May, adding to evidence that inflation pressures are cooling
The Labor Department reported Thursday that its producer price index - which tracks inflation before it reaches consumers - declined 0.2% from April to May after rising 0.5% the month before. Measured from a year earlier, wholesale prices were up 2.2% in May. Excluding volatile food and energy prices, so-called core producer prices were unchanged from April and up 2.3% from May 2023.
Oil prices extend rally on potential U.S. crude purchase for reserve
Oil prices rose on hopes of higher seasonal fuel demand and potential U.S. crude purchases for its petroleum reserve, supported by expectations of rising fuel demand this summer. Market focus is on the Fed's policy meeting and upcoming reports from OPEC and the International Energy Agency. Analysts expect Brent to rise to $86 a barrel in the third quarter.
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Inflation, Fed meeting to give clues for US market direction
Investors await next week's inflation data and Fed meeting for signals on stock market trajectory amid conflicting economic signals. S&P 500's 12% YTD rise hinges on Fed's ability to manage inflation without hampering growth.
Wall St Week Ahead-Inflation, Fed meeting to give clues for US market direction
Political uncertainty may impact market stability. Early presidential debate raises concerns about 2024 election influence. Market attention shifts from economic data to political landscape.
US stocks slip in choppy trading after weaker jobs data
Oil companies Exxon Mobil and Chevron dropped 2.3% and 1.5%, respectively, as demand concerns weighed on crude prices. Energy stocks led S&P 500 sectoral declines with 1.5% fall. Small-cap stocks, typically more sensitive to economic expectations, declined 1.2%, while the rate-sensitive real estate sector gained 0.9%.
Dow has best daily gain for year; indexes up sharply for May
The Dow and S&P 500 closed higher on Friday with the Dow notching its biggest daily percentage gain since November 2023. The Nasdaq ended slightly lower. The New York jury convicted former President Donald Trump of falsifying documents to cover up a hush money payment to a porn star.
Oil prices steady ahead of US stocks data, OPEC+ meeting
Both benchmarks are headed for monthly losses, with Brent futures on track for a decline of more than 5% from last month, while WTI was poised for a slide of over 3.5%.
Iran's nuclear policy of pressure and talks likely to go on even after president's death
Iran's nuclear program is nearing weapons-grade uranium enrichment, prompting indirect talks with the U.S. and inviting the UN atomic watchdog for negotiations. This strategy aims to lift economic sanctions crippling Iran's economy. Following a major attack on Israel amid its Gaza conflict, Iran seeks to manage risks from the U.S. Despite the recent helicopter crash killing key Iranian leaders, Supreme Leader Ayatollah Ali Khamenei remains in control, continuing efforts to balance pressure and diplomacy. Indirect talks with the U.S. are ongoing, with uncertain outcomes.
New star wars plan: US rushes to counter Chinese and Russian threats in orbit
US Defense Department is looking to acquire a new generation of ground- and space-based tools that will allow it to defend its satellite network from attack and, if necessary, to disrupt or disable enemy spacecraft in orbit, Pentagon officials have said in a series of interviews, speeches and recent statements.
US consumer prices rise 0.3% in April; core CPI slows
U.S. consumer prices rose less than expected in April, indicating a resumption of the downward trend in inflation at the beginning of the second quarter, which has bolstered financial market expectations for a potential interest rate cut in September. The consumer price index (CPI) increased by 0.3% last month, following advances of 0.4% in both March and February, according to data from the Labor Department's Bureau of Labor Statistics (BLS). On a year-on-year basis, the CPI rose by 3.4% in April, slightly lower than the 3.5% increase recorded in March.
Tesla's EV charging team layoffs threaten to slow Biden's program to electrify highways
Elon Musk's Tesla charging team changes jeopardize fast-charging station deployment, influencing Biden's U.S. highway electrification. NEVI program, with $5 billion funding, encounters delays. Various key players like EVgo and ChargePoint brace for potential opportunities amidst Tesla's alterations.
Solar companies seek new U.S. tariffs on Asian imports
Petitions come amid growing alarm within the U.S. solar industry that a flood of cheap Chinese green energy technology exports are pushing down prices of solar panels and threatening efforts by the Biden administration to develop a domestic solar supply chain.
Here are the big hurdles to the global push to build up renewable energy
Renewables have much higher up-front costs to build wind farms, solar arrays and more, and that borrowing costs money.
Here are the big hurdles to the global push to build up renewable energy
The global goal to triple renewable energy by 2030 is hindered by the post-pandemic global economy. High interest rates, higher upfront costs for renewables, and increased borrowing costs make it harder to fund new projects. To cover these costs, the agreed price of electricity flowing to the grid is often raised. Costs for electric cables, power turbines, construction materials, and services are also rising.
US sanctions Chinese cyberespionage firm, saying it hacked US energy industry
China state-sponsored malicious cyber actors remain one of the greatest and most persistent threats to U.S. national security, the Treasury said. The cyber security industry has labeled such entities advanced persistent threats (APTs), and the government also uses that acronym. Treasury said APT31 is a collection of Chinese intelligence officers working for the Hubei branch of China's Ministry of State Security (MSS) who carry out cyberespionage campaigns on behalf of the state.
US awards record $6 bln to back industrial emissions reduction projects
The U.S. Energy Department is granting $6 billion for 33 industrial projects in 20 states to reduce carbon emissions. This investment will create union jobs and enhance U.S. competitiveness. The largest project will install new technology at a steel facility in Ohio to cut emissions by 1 million tons. These initiatives aim to eliminate 14 million metric tons of pollution yearly, equivalent to removing 3 million gas-powered vehicles from roads. The funding recognizes efforts by industries like cement, a major CO2 emitter.
Adani Green says aware of US probe into third party, denies relationship
Adani Green Energy has denied connection to U.S. anti-corruption probe involving a third party. Bloomberg had in a report said US was investigation into Adani entity's alleged payments to Indian officials. Adani Green stated there is no relationship with said party.
Storing renewable energy, one balloon at a time
Companies are developing and marketing varied and creative ways to store renewable energy: liquefying carbon dioxide, de-rusting iron, heating towers filled with sand to temperatures almost hot enough to melt aluminum.
Nitish Kumar distributes portfolios, retains Home, General Administration departments
Bihar CM Nitish Kumar allocates portfolios to NDA ministers; retains Home and General Administration, Samrat Chaudhary gets Finance and Commercial, Vijay Sinha gets Road Construction, Mines and Geology, and Art & Culture. The cabinet expansion comes less than two months after the ministry was formed, with 21 new ministers joining, bringing the total to 30, six below the constitutional limit of 36 for the state.
US consumer prices rise more than expected in December; weekly jobless claims fall
U.S. consumer prices rose more than expected in December, increasing by 0.3% month-on-month and 3.4% year-on-year, driven in part by rising rents. The cost of shelter accounted for over half of the increase in the consumer price index (CPI). Excluding volatile food and energy components, the core CPI rose 0.3% in December and 3.9% on a year-on-year basis.
US plans to buy 1.2 million barrels of oil for Strategic Petroleum Reserve
The department said it bought the oil at an average price of $77.57 a barrel from two companies after 18 bids were submitted.
Biden administration picks 31 regional tech hubs to spur US innovation
The U.S. Commerce Department has announced the names of 31 regional tech hubs that will be eligible for $500 million in federal funding to promote innovation in various sectors. The program aims to diversify the tech landscape in the United States and attract private sector investments in industries such as electric vehicle battery production, semiconductors, and clean energy.
India, US, Israel & UAE launch new I2U2 website and private enterprise partnership on UNGA sidelines
The I2U2 Group, consisting of India, the US, Israel, and the UAE, has launched a private enterprise partnership to increase awareness of its initiative in business communities and support projects that further its goals. The partnership aims to draw greater awareness to the potential of the I2U2 Initiative, particularly in key sectors such as water, energy, transportation, technology, space, health, and food security.
U.S. aims new sanctions at Russian military supply chains
The United States has imposed a large package of sanctions on more than 150 companies and individuals profiting from Russia's invasion of Ukraine. The sanctions aim to target Russia's military supply chains and deprive President Putin of the equipment and services needed for his war on Ukraine. The Treasury Department's sanctions focus on Russian military-linked elites, while the State Department's measures target individuals involved in arms shipments between North Korea and Russia.
China holds the key to understanding COVID-19 origins: WHO chief
The World Health Organization chief pressed China on Thursday to share its information about the origins of COVID-19, saying that until that happened all hypotheses remained on the table, more than three years after the virus first emerged.
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