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India launches attacks on Pakistan
India launches attacks on Pakistan
Houston, 6 May (Argus) — India's military said it launched attacks today against nine targets in Pakistan and Pakistan-occupied Jammu and Kashmir in retaliation for an April terrorist attack that killed dozens. India's ministry of defense said its strikes were a "precise and restrained response" to a 22 April incident near Pahalgam in Kashmir where 26 tourists were killed. They were focused on "terrorist infrastructure sites", the ministry said on the social media site X in a post Tuesday at 4:49pm ET. "Importantly, no Pakistani military facilities were hit, reflecting India's calibrated and non-escalatory approach," the ministry said. The government of Pakistan said on its own X account that five sites had been hit in the attacks. "Pakistan has every right to respond forcefully to this act of war imposed by India, and a forceful response is being given," the Pakistan government wrote. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Mexico's manufacturing contraction deepens in April
Mexico's manufacturing contraction deepens in April
Mexico City, 5 May (Argus) — Activity in Mexico's manufacturing sector shrank for a 13th straight month in April, with declines accelerating in production and new orders, according to a survey of purchasing managers. The manufacturing purchasing managers' index (PMI) fell to 45.5 in April from 46.9 in March, finance executives' association IMEF said, moving further below the 50-point threshold that separates growth from contraction. US tariffs imposed since March are adding pressure to Mexico's manufacturing sector, which makes up about a fifth of the national economy. The auto industry, responsible for roughly 18pc of manufacturing GDP, may be the hardest hit by the new measures, including a 25pc tariff on auto parts that took effect 3 May. Mexico remains the top exporter of vehicles to the US, supplying 23pc of all US auto imports in 2024. But IMEF said tariffs compound broader, mostly domestic headwinds, including reduced public spending and investor uncertainty stemming from sweeping legal and regulatory reforms. New investment has stalled since late 2024. The PMI index for new orders fell by 2.5 points to 41.8, the lowest since June 2020. Production dropped by 2.5 points to 43.6, while employment fell by 0.6 point to 46.4. New orders and production have now been in contraction for 14 straight months, and employment for 15. Inventories saw the steepest drop in April, falling 4 points to 46.3 — sliding from expansion to contraction — as manufacturers accelerated shipments after tariff implementation dates were confirmed. IMEF's non-manufacturing PMI — which covers services and commerce — remained in contraction for a fifth consecutive month but edged up by 0.5 points to 49.0 in April. Within that index, new orders rose by 0.6 points to 48.1, employment increased 1.3 points to 48.6 and production held steady at 47.5. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Australia re-elects renewable-focused Labor party
Australia re-elects renewable-focused Labor party
Sydney, 5 May (Argus) — Australia's Labor party has been voted in for another term in a landslide majority, reaffirming the party's targets on renewable energy and emissions reduction. The election held on 3 May saw overwhelming support for the incumbent Labor government led by prime minister Anthony Albanese, which prioritised renewable energy, compared to the opposition's plans to install nuclear plants to replace coal-fired power . Labor now face pressure to meet key energy policy targets, including 82pc renewable energy in electricity grids by 2030 and a 43pc reduction in greenhouse gas emissions on 2005 levels by 2030. The government said late last year that Australia was on track to reduce emissions by 42.6pc by 2030 , nearly within the target and rising from previous estimates of 37pc in 2023 and 32pc in 2022. This was mostly because of the reformed safeguard mechanism , the expanded Capacity Investment Scheme (CIS) and the fuel efficiency standards for new passenger and light commercial vehicles. Lobby groups now expect the government to set a strong 2035 emissions reduction target , within the range of 65-75pc below 2005 levels indicated last year by the Climate Change Authority (CCA). The CCA is yet to formally recommend a target, and the government will then need to make a decision and submit Australia's next Nationally Determined Contribution (NDC) under the Paris Agreement later this year. In metals, a plan to buy critical minerals from commercial projects and keep stockpiles to steady prices by withholding or releasing stock will now be pursued by the re-elected government. The previous Albanese government was not forthcoming in meeting calls for a biofuels mandate or production incentives but it announced it would allocate A$250mn ($162mn) of its A$1.7bn Future Made in Australia innovation fund to low-carbon fuels (LCLF) research and development in March. In agriculture, a planned ban on live sheep exports will go ahead by 1 May 2028 under laws passed last year. The coalition campaigned heavily to revoke the laws, but the re-election of Labor has raised concerns in the live export sector. By Grace Dudley Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US bill would extend expired biofuel credits
US bill would extend expired biofuel credits
New York, 1 May (Argus) — Legislation soon to be introduced in the US House would extend expired biofuel incentives through 2026, potentially providing a reprieve to refiners that have curbed production this year because of policy uncertainty. The bill, which will be sponsored by US representative Mike Carey (R-Ohio) and some other Republicans on the powerful House Ways and Means Committee, according to a person familiar, could be introduced as soon as today. It would prolong both the long-running $1/USG for blenders of biomass-based diesel and a separate incentive that offers up to $1.01/USG for producers of cellulosic ethanol. The credits expired at the end of last year but under the proposal would be extended through both 2025 and 2026. The incentives would run alongside the Inflation Reduction Act's new "45Z" credit for clean fuel producers, which offers a sliding scale of benefits based on carbon intensity, though the bill would prevent double claiming of credits, according to bill text shared with Argus . The 45Z credit is less generous across the board to road fuels — offering $1/USG only for carbon-neutral fuels and much less for crop-based diesels — and is still in need of final rules after President Joe Biden's administration issued only preliminary guidance around qualifying. The proposal then would effectively offer a more generous alternative through 2026 for biodiesel, renewable diesel, and cellulosic ethanol but not for other fuels that can claim the technology-neutral 45Z incentive. That could upend the economics of renewable fuel production. Vegetable oil-based diesels for instance could claim the blenders credit and earn more than aviation fuels that draw from the same feedstocks. According to Argus Consulting estimates, aviation fuels derived from wastes like distillers corn oil and domestic used cooking should still earn more than $1/USG this year, conversely, since 45Z is more generous to aviation fuels. Extending the biodiesel blenders credit would also allow foreign fuel imports to again claim federal subsidies, a boost for Finnish refiner Neste and the ailing Canadian biofuel startup Braya Renewable Fuels but a controversial provision for US refiners and feedstock suppliers. The 45Z incentive can only be claimed by US producers. The blenders incentive is also popular among fuel marketer groups, which have warned that shifting subsidies to producers could up fuel costs. The proposal adds to a contentious debate taking place across the biofuel value chain about what the future of clean fuel incentives should look like. Some industry groups see a wholesale reversion to preexisting biofuel credits — or even a temporary period where various partly overlapping incentives coexist — as a tough sell to cost-concerned lawmakers and have instead pushed for revamping 45Z. A proposal last month backed by some farm groups would keep the 45Z incentive but ban foreign feedstocks and adjust carbon intensity modeling to benefit crops. Republicans could keep, modify, extend, or repeal the 45Z incentive as part of negotiations around a larger tax bill this year. But the caucus is still negotiating how much to reduce the federal budget deficit and what to do with Inflation Reduction Act incentives that have spurred clean energy projects in conservative districts. Uncertainty about the future of biofuel policy and sharply lower margins to start 2025 have led to a recently pronounced drop in biodiesel and renewable diesel production . President Donald Trump's administration is working on new biofuel blend mandates, which could be proposed in the coming weeks, but has said little about its plans for biofuel tax policy. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
