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US initiates first step for potential mineral lease sale near American Samoa

US initiates first step for potential mineral lease sale near American Samoa

Reuters20 hours ago

WASHINGTON, June 12 (Reuters) - The U.S. Interior Department said on Thursday it was publishing a request for information and interest to explore the potential for seabed mineral leasing offshore American Samoa.
The step will launch a 30-day public comment period and mark the first formal action toward what could be the first mineral lease sale in federal waters in over 30 years, the department said.

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Classic American truck maker grovels as it brings back an icon: 'We got it wrong'
Classic American truck maker grovels as it brings back an icon: 'We got it wrong'

Daily Mail​

time23 minutes ago

  • Daily Mail​

Classic American truck maker grovels as it brings back an icon: 'We got it wrong'

Ram is bringing back a rumbling, gas-guzzling V-8 engine. Months after phasing out the iconic HEMI V-8 from the 2025 Ram 1500 lineup, the automaker now says the big-bodied motor will return in 2026. The brand's top boss apologized for killing the grunting 5.7-liter powerhouse. 'We own it. We got it wrong. And we're fixing it,' Tim Kuniskis, the CEO of the Ram brand, said in an advertisement, showing the executive driving the truck around a racetrack. Kuniskis spoke over the thunderous growl of the truck's iconic firing cylinders. 'You hear that? That's our HEMI. And it's saying, "We're back."' For years, Ram raked in huge profits with the HEMI-powered full-size pickup trucks. The brand, which spun out of Detroit-based Dodge in 2009, was praised by loyal customers for its throaty, high-octane motors and near luxury interiors. Truck sales are among the most profitable — and important — for US-based automakers. But regulations threatened the fan-favorite motor. Ram originally ditched the HEMI in favor of Stellantis' newer, smaller engines to comply with tightening vehicle federal emissions standards and state government pressure to build EVs. Last year, the company said it would replace the V-8 with a more efficient and powerful V-6 — but the swap also stripped away some of the brand's signature brashness. Fans hated the move. 'Ram will lose me as a customer,' a truck-lover said in a Reddit post after Ram announced the HEMI was dead. 'What a sad day.' Ram posted massive losses after moving on from the aggressive engine. Sales for the brand slumped more than 18 percent in 2024. Ram's struggles contributed to a sales flop for its parent brand, Stellantis, which reported a 70 percent slash in profits last year. But the engine's revival has sparked hope for a comeback. Kuniskis recently said he expects the HEMI to represent 25 to 40 percent of Ram 1500 sales in 2026. The engine was nixed after Ram engineered a more powerful, efficient V-6 engine - but customers didn't seem to want it The revived V-8, enhanced with Ram's eTorque mild-hybrid tech, will return to the 1500 lineup globally, including trims like Laramie, Limited, and Sport. Every truck will feature a 'Symbol of Protest' badge, a fender-mounted emblem depicting the Ram logo crashing through a engine block. Ram will continue to offer the newer V-6, which delivers more power and better fuel efficiency than the returning V-8. 'Data be damned — we raise our flag and let the HEMI ring free again!' Kuniskis added. Ram's HEMI bet comes amid a massive shift for its struggling parent company. Stellantis — which owns American brands Chrysler, Dodge, Ram, and Jeep and European brands like Fiat, Alfa Romeo, Opel, and Peugeot — saw its CEO, Carlos Tavares, abruptly resign in December. The company was going through a wave of bad headlines, including mass layoffs at US plants and struggles to keep up with President Donald Trump's 25 percent automotive tariffs. There might be some light at the end of the tunnel. In May, the Antonio Filosa, the former COO for North and South America, took over as the top boss. 'We believe the appointment is positive,' Rella Suskin, an automotive analyst with MorningStar, told 'Antonio has a strong background in on-the-ground execution and understanding of the market's regional needs. These traits will be key in attempting to regain some of the significant market share losses in Europe and the US over the last few years.'

Oil prices jump after Israel's attack on Iran and it could lead to higher gas costs
Oil prices jump after Israel's attack on Iran and it could lead to higher gas costs

The Independent

time26 minutes ago

  • The Independent

Oil prices jump after Israel's attack on Iran and it could lead to higher gas costs

Oil prices have jumped following Israel's attack on Iran as experts warn the conflict could lead to higher gas costs. The price of a barrel of benchmark U.S. crude jumped 6.8 percent to $72.65 Friday. Brent crude, the international standard, rose 7.1 percent to $74.30 a barrel. '#GasPrices will likely start to rise across much of the country later this evening in response to Israel's attacks on Iran, which have caused oil prices to surge. For now, I expect the rise to be noticable, but limited. Approx 10-25c/gal thus far, but this could change,' industry expert Patrick De Haan wrote on X. Iran is one of the world's major producers of oil and if a wider war escalates, it could slow the flow of Iranian oil to U.S. customers and elsewhere. 'Iran knows full well that Trump i s focused on lower energy prices and actions by Iran that impact Middle East supply and consequently raise oil prices damage Trump politically,' Andy Lipow, president of Lipow Oil Associates consulting firm, told CNN. Past attacks involving Iran and Israel have seen prices for oil spike initially, only to fall later 'once it became clear that the situation was not escalating and there was no impact on oil supply,' said Richard Joswick, head of near-term oil at S&P Global Commodity Insights. The Secretary of the Organization of the Petroleum Exporting Countries warned industry executives not to 'raise false alarms.' 'There are currently no developments in supply or market dynamics that warrant unnecessary measures,' the organization said on X. Israel said 200 fighter jets took part in strikes on more than 100 targets in Iran overnight in an escalation that threatens to spark a wider conflict in the Middle East. Israel said Iran has launched more than 100 drones towards Israel in response - but Tehran has denied these reports, according to Iranian media. Trump firmly put the U.S. in Israel's corner after the attacks. The president said he'd given Tehran 'chance after chance to make a deal' that would have headed off the strikes by putting restrictions on the country's nuclear weapons program and complained that Iranian negotiators had never been able to come to an agreement. 'I gave Iran chance after chance to make a deal. I told them, in the strongest of words, to 'just do it,' but no matter how hard they tried, no matter how close they got, they just couldn't get it done,' he wrote on Truth Social. Trump also said he'd warned Iran that Israel 'has a lot' of American-made military hardware — 'the best and most lethal' — and is quite proficient in using it. 'Certain Iranian hardliner's spoke bravely, but they didn't know what was about to happen. They are all DEAD now, and it will only get worse!' he added. 'Iran must make a deal, before there is nothing left. No more death, no more destruction, JUST DO IT, BEFORE IT IS TOO LATE,' the president wrote.

Eyewatering sums rich homeowners have lost on San Francisco condos in city's infamous 'leaning tower'
Eyewatering sums rich homeowners have lost on San Francisco condos in city's infamous 'leaning tower'

Daily Mail​

time38 minutes ago

  • Daily Mail​

Eyewatering sums rich homeowners have lost on San Francisco condos in city's infamous 'leaning tower'

Rich homeowners lost millions of dollars after buying condos in San Francisco's leaning Millennium Tower. Residents of the 419-unit high rise were informed in 2016 that the building had started sinking, which was also causing it to tilt. By that time, multi-millionaires had already snatched up apartments and penthouses with some spending upwards of $10 million to build out their high rise homes. The problems were resolved in 2023, f ollowing an extensive infrastructure project worth over $100 million, but the value of the homes inside have yet to rebound due to the litany of problems. Craig D. Ramsey purchased a penthouse inside the building for $13 million after being convinced that once the issues were fixed the price of the unit would soar. Ramsey had bought the property from the late venture capitalist Tom Perkins, who spent an astonishing $20 million to buy and build out the penthouse in 2009. Ramsey, who already owned a unit in the building, told The Wall Street Journal: 'I knew there was an issue. I just thought about the value I was getting.' In January of this year, Ramsey sold the property on for $9 million. Less than w hat Perkins had paid for the raw shell in 2009. Ramsey, a tech entrepreneur who co-founded a firm sold to Saleforce for $1.3 billion, added: 'It was insignificant. I lost a couple million dollars. So what? You move on.' The tech entrepreneur co-founded a software company that he sold to Salesforce for $1.3 billion in 2020, and owns other homes. Ramsey had also parted ways with his smaller unit on the 54th floor for $2.725 million, representing a loss of 37 percent from the $4.3 million he paid in 2012. The downtown San Francisco behemoth rests on a 10-foot deep concrete foundation made of soft soil and landfill. The developer, Mission Street Development LLC, blamed the sinking problem on construction of the nearby Transbay Transit Center by the Transbay Joint Powers Authority for destabilizing the ground below the tower. But according to local reports, the sinking started before the infrastructure project launched. Overall, residents of the building were saddled with $6.8 million of the roughly $20 million extra the project ended up costing over the original budget. It had originally been projected to cost around $100 million. During construction, however, the tower experienced more sinking and leaning. The homeowners association is now determined to shift the narrative and help boost the value of the homes. Dr. Joel Piser, resident and president of the board of the HOA, told the outlet: 'We've gotten so much negative press. 'We were easy targets—a bunch of people who have been successful in life and then are faced with this challenge. 'Now, we have something to counter it with. We have met the project's objective to stop the building from settling, and we're recovering.' In an analysis by the outlet of nine sales that had closed this year as of late May, they found that on average a seller lost on average 20 percent. Last year there was 16 recorded sales inside the building, with an average loss of 20.5 percent. One owner sold a unit on the fifth floor for $720,000 in late last year, a 52 percent from what the seller paid in 2015. At the start of this month there were 11 active listings inside the building on Zillow, ranging from $588,000 to $4.995 million, all besides two were listed for less than what was originally paid. The glossy, 58-story, all-glass building, located at 301 Mission Street, was completed in 2009 and is the tallest residential building in the city. Equipped with a 75-foot indoor lap-pool, a health club and spa, in-house cinema, and a restaurant and wine bar run by celebrity chef Michael Mina, all 419 apartments were quickly filled with wealthy residents when it opened. Penthouse suites sold for more than $10million, with the cheapest apartment selling for $1.6million. Gregg Lynn of Sotheby's Realty, told the outlet: 'There was incredible energy and enthusiasm about it. And consumers paid very high [prices].' Lenders started blacklisting homes, forcing prospective buyers to either pay all cash, or find alternative financing. Lawsuits were also filed by homeowners, that have since been resolved via a 'global settlement' completed in 2020. The terms of the settlement haven't been made public. Part of the agreement, the Journal said, was that the defendants would compensate owners for the dip in their property value. The figures were kept confidential. Ronald O. Hamburger, the structural engineer who oversaw the repair project, told the outlet that the project in itself was unprecedented. His team installed 18 pilings to supper the building's foundation, then moved the weight onto the new pilings. He said: 'It was like a bumper jack jacking up your car, only they were jacking up 200 million pounds.' In an attempt to bring lenders, insurance companies and buyers back into the fray, the HOA also commissioned a short film to document the pile project. Piser told the outlet that the aim was send a message that the building was open for business. He said that Citizens Bank has since cleared a $5 mortgage in the building. Local agent Bryant Kowalczyk added: 'The financing aspect has gotten a fair amount of people off the sidelines. The building kind of has nowhere to go but up.' Girish Mirchandani moved into the building earlier this year, paying $850,000 for a unit that the seller paid $1.545 million in 2016. He told the outlet that the news of someone paying $9 million for a penthouse gave him the confidence and lenders opening up their books to those in the building. Mirchandani said: 'I figured if someone's spending that on the penthouse, they've done their due diligence. Then, when my bank opened up lending there, it made it kind of a no-brainer.'

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