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US gov layoffs lead Feb job cuts: Challenger
US gov layoffs lead Feb job cuts: Challenger
Houston, 6 March (Argus) — US-based employers announced 172,017 job cuts in February, the highest for the month since 2009, led by federal job cuts, according to consultancy Challenger, Grey & Christmas. The total for February is a 245pc increase from 49,795 cuts announced in January and is up by 103pc from a year prior. The government led all sectors in planned job cuts, with 62,242 cuts announced from 17 different agencies as part of the Department of Government Efficiency (DOGE)'s mass layoffs and contract cancellations. Employers in the first two months of 2025 announced 221,812 job cuts, the highest for the two-month period since 2009, when 428,099 job cuts were announced. The year-to-date total is up by 33pc from a year ago. "With the impact of the Department of Government Efficiency [DOGE] actions, as well as canceled government contracts, fear of trade wars, and bankruptcies, job cuts soared in February," said Andrew Challenger, senior vice president for Challenger, Gray & Christmas. An order to fire about 200,000 probationary federal employees was blocked by a federal judge, Challenger said. "When mass layoffs occur, it often leaves remaining staff feeling uneasy and uncertain," Challenger said. "The likelihood that many more workers leave voluntarily is high." The Challenger report comes a day before the monthly employment report from the Labor Department. Analysts surveyed by Trading Economics forecast 160,000 nonfarm jobs were added last month, up from 143,000 in January. The jobs report is based on a survey that includes the pay period encompassing the 12th of the month, while most of the job cuts captured by Challenger were in the latter part of the month. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil oil sector sees opportunity in US tariffs
Brazil oil sector sees opportunity in US tariffs
Rio de Janeiro, 6 March (Argus) — Planned US tariffs on goods from Mexico and Canada could represent an opportunity for the Brazilian oil and natural gas sector, oil chamber IBP said. "These trade disputes, this increase in protectionism, could conversely create opportunities for us to reach new markets," IBP president Roberto Ardenghy told Argus. The tariffs announced by US president Donald Trump earlier this week on US imports from Mexico and Canada subject Canadian crude to a 10pc duty, while the blanket levy of 25pc would apply to Mexican petroleum. The tariffs' implementation now looks set to be delayed until next month. US commerce secretary Howard Lutnick, in a televised interview Thursday, said that all US imports from Canada and Mexico that are covered by the USMCA duty-free treatment will be exempt from tariffs until 2 April. Trump then confirmed this on social media in the case of Mexican products. The risk of tariffs and trade disputes is "part of the international day-to-day … of the commodities sector" and could open new markets for Brazil as it ramps up production, Ardenghy said. The US imported 6.49mn b/d of crude in 2023, with Canada accounting for around 60pc and Mexico for 11pc, according to the US Energy Information Administration. Brazilian crude accounted for just under 3pc, but it is Brazil's main export to the US. "We can imagine that if there is a significant decline in Canadian oil exports to the US, for cost reasons, then Brazil will have an opportunity to access the US market that it did not have in the past," Ardenghy said. The Brazilian oil sector is also eyeing openings in other markets such as Mexico, he said. Brazilian oil from the high-yield offshore pre-salt fields is low-sulfur and low-carbon, with average CO2 emissions of 11 kg/bl, making it more competitive in mature markets, including US states with more stringent carbon-content rules such as California and Colorado, Ardenghy said. The country's medium sweet grade is also an advantage, as it is adaptable to many refineries, he said. Crude overtook soybeans as Brazil's main export product for the first time ever in 2024, with exports totaling $44.9bn, according to government data. China accounted for 44pc of the total, at $20bn, while the US accounted for $5.8bn, or 13pc, of last year's oil exports. By Constance Malleret Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
High US potash stocks to delay tariff reaction: Update
High US potash stocks to delay tariff reaction: Update
Updates text to include tariff delay for Canadian goods. Houston, 6 March (Argus) — Ample stocks of potash in the US would likely delay the impact of the US' Canadian import tariffs on prices and volumes, according to North American fertilizer market participants. Leading up to the February and March deadlines for the tariffs, a significant volume of Canadian potash was brought into the US, adding onto stockpiles leftover from the fall application season, according to sources. Potash price movement has been minimal since Tuesday, when the US tariffs were initially put in place before being delayed Thursday, partly because of the stockpiling and because some of the impact of the tariff is already priced into the market. MOP trade at Nola has been flat week-over-week at around $305/st fob. That is up by $50/st from the start of January but $12.50/st lower than the final week of February 2024. US potash producers Mosaic and Intrepid said an increase in the price of potash from the tariffs would likely materialize for second quarter product. It is unclear what the overall impact on the market would be, but Mosaic said that it would be borne by downstream distributors and end users. Mosaic also added that the overall impact of tariffs is unclear but that North American and global potash demand would remain robust. The product should remain affordable, Mosaic said, despite expectations of significant disruptions in global potash trade flows and logistics. But with the impending start of the spring application season on the horizon, and expectations of robust potash demand, potash prices at Nola and further inland could rise. Earlier today President Donald Trump announced that Mexico, which also was hit with a 25pc tariff on its goods this week, would not be required to pay tariffs on anything that falls under the US-Mexico-Canada free trade agreement at least through 2 April. A similar deal for Canadian goods was announced shortly afterward. Potash market participants said early Thursday morning that potash could be carved out of the policy in the future, a position advocated by industry groups Agricultural Retailers Association and The Fertilizer Institute. "Nobody wants this," one source said. "But we are going to hunker down and take [the tariffs] day-to-day." There is additional confusion among buyers of Canadian potash on how the tariffs will be implemented with shipments that have already been negotiated and which buyers will receive shipments from US warehouses or from across the border. By Taylor Zavala Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US withdraws from S Africa’s JET Partnership: Update
US withdraws from S Africa’s JET Partnership: Update
Updates throughout, details on funding Cape Town, 6 March (Argus) — The US has withdrawn from the Just Energy Transition Partnership (JETP) with South Africa under which it pledged $1.56 billion for the country's decarbonisation. The US' pledges to South Africa's JET investment plan comprised $56mn in grant funds and $1bn in potential commercial investments by the US International Development Finance Corporation (DFC). No concessional loans were offered by the US to South Africa. The move follows US president Donald Trump's executive order in January to pull out of the landmark Paris climate agreement and other global climate pacts. The South African government was notified of the decision by the US Embassy on 28 February. The US' withdrawal from the JETP reduces the current overall international JET pledges to South Africa to $12.8bn from $13.8bn, said the JET project management unit (PMU) located in the presidency. These pledges represented a fraction of the 1.5 trillion rand ($84bn) that South Africa in its 2022 investment plan said it needed over a five-year period to implement a just energy transition. "South Africa remains steadfast in its commitment to achieving a just and equitable energy transition," said JET PMU head, Joanne Yawitch. All other JETP partners remain firmly committed to supporting South Africa's transition, she said. Germany, France, the UK, the Netherlands and Denmark, have confirmed they were still part of the partnership and will continue to provide support. But South Africa's international relations and cooperation department noted that "grant projects that were previously funded and in planning or implementation phases have been cancelled." Meanwhile, the JET PMU said it was "actively engaging with other grant-making organisations to source alternative funding for JET projects previously designated for support from the US grant funding." The UK, France, Germany, the US and EU in 2021 pledged $8.5bn under the JETP to support South Africa's transition to a low-carbon economy and, specifically, to accelerate its phase-out of coal-fired power. Denmark, the Netherlands and Spain subsequently joined the partnership. The US has withdrawn from the International Partners Group, an international alliance that includes UK, the EU, Canada, Denmark, France, Germany, Italy, Japan and Norway. This decision will affect other countries such as Indonesia and Vietnam, which had previously agreed their own JETP with IPG partners including the US. Indonesia climate envoy Hashim Djojohadikusumo earlier this year criticised the JETP process, saying it had "failed" and alleging that "not a single dollar has been disbursed by the US government". At present, South Africa lacks investible non-coal energy projects, risking fund disbursal from partner countries. South Africa's grid remains heavily reliant on coal-fired power and so far the country has not developed any substantial non-coal generation capacity, while at the same time it has extended the life of coal-fired plants that were previously due to be retired. Eskom's decision to delay the decommissioning of the Camden, Grootvlei and Hendrina coal-fired power plants from 2027 to 2030 required the investment plan for an accelerated coal phase-out to be updated. By Ashima Sharma and Elaine Mills Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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