Latest News
-
Rosatom denies that Siemens Energy was a contributor to the Hungarian Power Plant
The companies confirmed that Rosatom, the Russian state nuclear power company, has released Siemens Energy from its contract to?help build Paks II in Hungary. This confirms an earlier report on the news website Politico. Rosatom informed?that it had terminated the contract with the firm?at the?end of 2025 because its?inability? to meet its contractual obligations. Siemens Energy stated that there were no sanctions in place at the time of termination, and that it fulfilled its contractual obligations in compliance with all national and international laws. It said that "at the time when the fulfillment would have made sense, the customer had already withdrawn his interest in the system." Rosatom stated that the German company was only interested in a few?elements of the instrumentation and control system, which accounted for?less than 4%?of the total equipment scope?of the project. Rosatom stated that the Siemens Energy?equipment could be replaced by Russian or European alternatives. It is already evaluating a number of replacement options, Rosatom said.
-
Unions reject Eskom's offer of 6% in pay
On Tuesday, two of South Africa's largest trade unions said that they had rejected an improved salary increase offer by state-owned utility Eskom. Eskom's power outages and financial problems have weighed on Africa's biggest economy for many years. But improved performance from its coal-fired stations has stopped the outages and led to the first annual profit in eight years. Eskom began negotiations with three major unions in the last year and offered a 5.5% pay rise last month. Livhuwani Mammburu, spokesperson for the National Union of Mineworkers, said that the 6% figure was increased during a third round last week of negotiations but rejected by members of their union. The NUM revised its demand to 12% from the initial 15%. This is still far higher than South Africa's annual inflation rate of 3.6%, which was recorded in December. Mammburu stated that "Eskom's management did not end load-shedding, but the workers. We feel they should be rewarded for all their hard work." Irvin Jim said that his union, the National Union Metalworkers in South Africa (NUMSA), had also refused the offer. He said that he did not accept the offer currently on the table, and that more talks would be held Thursday. Solidarity is a 'third union' that declined to comment on the negotiations, citing their sensitive nature. A spokesperson for Eskom?didn't immediately respond to? questions. Eskom is looking for another multi-year wage agreement. In 2023, Eskom reached a three year?pay contract that increased the salaries of non-managerial staff by 7% annually. (Reporting and editing by Alexander Winning, David Goodman and Olivia Kumwenda Mtambo)
-
Eight skiers confirmed dead after California avalanche; one still missing
Authorities said that eight skiers were killed in an avalanche on California's Sierra Nevada mountains, while one remains missing. This is the deadliest avalanche to ever occur in U.S. History. Rescuers found six survivors late Tuesday, including a man and five females, amid an intense winterstorm that dumped several feet of snow in the Sierra highlands. A group of backcountry skiing enthusiasts were buried by an avalanche that swept through the Castle Peak area in Truckee, California around 11:30 am Pacific time, Tuesday. Nevada County Sheriff Shannan Moon told a Wednesday afternoon press conference that one of the skiers is still being treated at a hospital for non-life threatening injuries. The survivors took refuge in an improvised shelter made partly of tarpaulin and communicated via radio beacons and text messaging with rescuers. Moon said that about 50 rescuers from the north and south were sent to "extreme conditions" including blinding?snow and gale force?winds. The team used a snowcat to reach the survivors within two miles and then skied to the accident. Authorities said that one of the dead skiers was married. Blackbird Mountain Guides had just completed a three-day trip with a group of skiers. Four guides and eleven clients were part of the tour group. They stayed in Frog Lake Backcountry Huts, located at 7,500 feet (2,300 meters) above sea level, near Donner Summit, just northwest from Truckee. The mountain gets more than 400 inches in snow each winter. This makes it one of the most snowy places in the western hemisphere. According to its website, Blackbird was established?in 2020. It operates in California and Washington state, as well as British Columbia and many popular ski spots abroad. The company offers guided ski trips, as well as alpine climbs and avalanche training. The avalanche alert issued by the Sierra Avalanche Center on Tuesday remained valid on Wednesday morning. The agency stated that "HIGH avalanche risk could continue throughout the day on Wednesday." According to the Colorado Avalanche Information Center which has tallied six U.S. Avalanche deaths so far this winter, Avalanches claim an average of 27 lives every winter in the United States. (Reporting and editing by Nick Zieminski; Additional reporting by Brad Brooks; Steve Gorman; Devika Nair. Writing by Joseph Ax)
-
Investors on edge as AI worries and US-Iran discussions dampen global stocks
Investors were uneasy about the prospect of a further selloff among technology and artificial intelligence?heavyweights, and nuclear negotiations between Iran and the U.S. remained a focus. Futures that track the Nasdaq 100 index in the United States fell 0.9%. The index has now declined three consecutive weeks, but the unwinding may not be over yet. S&P futures fell 0.3%. Axel Botte is the head of market strategy for Ostrum Asset Management. He said that "the markets are stress-testing each sector and their business model to see how resistant they would be to AI disruptors." A Bank of America monthly survey revealed that global investors are increasingly concerned about companies over-investing. The MSCI All-Country Index was flat. Botte said that the trend of fund managers selling European assets to benefit the U.S. has now reversed. UK DATA BOLSTERS - RATE CUT HOPES London's blue chip?FTSE 100 rose 0.4%, as the UK jobless rate increased, fuelling hope of an interest rate reduction next month. The annual wage growth, without bonuses, also slowed down to 4.2% in the last quarter of 2025, compared with one year ago. Adam Hoyes, senior asset allocation analyst at Rathbones, said that the softerening of the labour market was a major concern for more dovish Bank of England Monetary Policy Committee members for some time. The latest slowdown in wage growth may be the most important factor in convincing their more hawkish co-workers to support interest rate reductions. INVESTORS Scrutinize US-Iran Talks While tech stocks are in turmoil, traders also pay close attention to geopolitical events and their potential impact on the markets. Washington and Tehran have begun indirect talks on Iran's Nuclear Programme in Geneva, despite the heated rhetoric between U.S. president Donald Trump and Iran Supreme Leader Ayatollah Ayatollah Khamenei. The second round of Peace talks between Russia and Ukraine mediated by the U.S. On Tuesday, the same began in Geneva. The oil market could be affected by any breakthrough or failure in the negotiations. Brent futures rose 0.4% to $68.91 per barrel. U.S. West Texas Intermediate Crude?was up 1,8%. The contract didn't settle on Monday due to an American holiday. Analysts at ANZ said that geopolitical uncertainty is still a concern, and investors are cautious because of the upcoming U.S.-Iran negotiations as well as those with Ukraine this week. The risk premium that is currently built into oil prices may quickly?unwind if tensions in the Middle East are eased or a meaningful progress made on the Ukraine War." Spot silver fell 2.8% to $2.88 an ounce. Gold dropped 1.3% to $4.927 per ounce. The Nikkei in Japan fell 0.4%, despite the fact that the country's economy grew by an annualised 0.2% during the fourth quarter. This was far below the forecasted 1.6% increase, as government spending dampened activity. The dollar fell 0.3% to 153.14?yen, as the yen gained. The Japanese yen has steadily recovered after reaching its lowest level since July 2024 in late January, when investors were worried that Prime Minister Takaichi’s plans to spend heavily on the economy could harm state finances over time. In a research note, NAB analysts stated that the market had likely assumed that weaker GDP data for the fourth quarter would encourage PM Takaichi to reduce the food sales tax and offer additional fiscal assistance. The Lunar New Year holiday closed markets in China, Hong Kong and Singapore as well as Taiwan, South Korea, and Taiwan on Tuesday. The dollar index (which tracks the U.S. dollar against six other currencies) rose by 0.1%. (Scott Murdoch, Sydney; Saad Sayeed and Alexander Smith edited the article.
-
DTE Energy's profit beats estimates for the fourth quarter on high power demand
Utility DTE Energy surpassed Wall Street expectations?for the fourth-quarter profit, on Tuesday. This was due to higher power demand from data centers. According to the U.S. Energy Information Administration, the combination of?AI?datacenters in the technology industry and the electrification and modernization of homes and offices will push U.S. energy demand to new records by 2025 and 2026. The utility increased its five-year capital investment plan from $36.5 billion in 2011 to $6.5 billion last year on the basis of this estimated demand. The utility announced that it had negotiated its first hyperscale contracts in the quarter, to provide 1.4 Gigawatts of load to power Oracle's new data centre in Saline Township Michigan. This was approved by the state regulator. DTE says that by bringing Oracle into its system, it can spread out fixed costs and provide affordability benefits to existing customers. The adjusted quarterly profit for its electric segment reached $211 million. This is an 8.2% increase from the year before, and the segment's gas segment saw a 16.3% rise at $121 millions. DTE Energy provides natural gas and electricity to 1.3 million customers across Michigan. According to data compiled and analyzed by LSEG, the Detroit-based utility posted an adjusted profit per?share of $1.65 for the quarter 'ended December 31. This compares with analysts' average estimates of $1.52. Reporting by Tanay dhumal from Bengaluru, Editing by Krishna Chandra Eluri
-
UN Human Rights Chief raises alarm following drone strikes that kill more than fifty civilians in Sudan
On Wednesday, the UN human rights chief expressed alarm?after reports that more than 50 civilians were killed in drone strikes -in Sudan -in two days -in the past week. According to the U.N., drone strikes in four Sudanese states between Sunday and Monday killed at least 57 civilians, including 15 children. U.N. Human?rights Chief Volker Turk said that the killings are a reminder of "the devastating consequences" of drone warfare, which targets civilians and civil?infrastructure in Sudan. U.N. reports that 28 civilians died in a drone strike by the Sudanese Armed Forces on Al Safiya Market in Sudari, North Kordofan on Sunday. Next day, 26 civilians in West Kordofan were killed by an alleged SAF strike on a shelter for refugees in Al Sunut. U.N. reports that the Rapid Support Forces, a paramilitary group, also conducted drone attacks on two primary schools located in Dilling, South Kordofan. RSF and SAF didn't immediately respond to requests for comment. Greater Kordofan is a region that consists of three states. It has become the frontline in Sudan’s three-year conflict, between the SAF and RSF. This conflict has caused millions to be displaced and has led to a humanitarian disaster. All parties must cease their attacks on civilian objects. Turk said that the parties should take "urgent" measures to protect civilians by not using civilian objects for military purposes. (Reporting and editing by Alex Richardson; Olivia Le Poidevin)
-
TSX Futures Fall as Gold Dips; Inflation Data in Focus
The futures that track Canada's main index of stocks edged down on Tuesday as precious metals prices declined. Investors awaited the January inflation data, which was due in the morning. As of 5:40 a.m., March futures?on S&P/TSX Composite?index - fell 0.18%. ET. Toronto's benchmark stock index rose 1.9% on the Friday after softer than expected U.S. inflation figures raised expectations of Federal Reserve rate cuts. This lifted commodity-linked stocks. Spot gold dropped 1.4%, while silver fell 2.8%. This was due to the low trading volume, as major Asian markets were closed for Lunar New Year and North American markets on Monday. A stronger U.S. Dollar also impacted the prices. Brent crude futures dropped 0.55% as traders?assessed supply prospects after Iran conducted naval exercises?near?the Strait of?Hormuz. The U.S.-Iran nuclear talks on Tuesday will provide more clarity. U.S. West Texas Intermediate Crude was up by 0.83%. This includes all of Monday’s price action, as the contract didn't have a settlement on that day due to Presidents Day. Investors are focusing on the Canadian January inflation data due at 8:30 am?ET Tuesday. Mark Carney, the Prime Minister of Canada, has appointed?Janice Charette to be?the U.S.'s next chief trade negotiator. In corporate news the miner Wheaton?Metals announced that it had signed a streaming silver?agreement with BHP worth $4.3 billion. BHP will supply silver from its share in the Antamina mine's output. CLICK 'ON CODES' TO GET CANADIAN MARKETS UPDATES TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian Markets Directory (Reporting and Editing by Sahal Muhammad; Utkarsh T. Tushar Hathi)
-
Antofagasta profits jump 52% with record copper prices
Antofagasta, a Chilean miner, posted a 52% increase in its annual core profit on Tuesday, as record prices for copper offset softer output. It also said that increased capital expenditures would support production over the medium-term. Analysts had expected that earnings before interest, tax, depreciation, and amortisation would reach a record of $5.2 billion in 2025, up from $3.43billion a year ago. This was due to the fact that copper prices rose by more than 40%. Antofagasta proposed a final dividend of 48 cents per share for 2025, bringing its dividend payout ratio to 50%. Since more than a decade, it has maintained its policy of returning a minimum of 35% of net profits to shareholders. The capital expenditure surpassed the forecast of $3.6 billion in 2013 as work at Centinela concentrator reached its peak. Capex will be $3.4 billion by 2026. At the end of 2025 net debt was $2.75 billion, up 69% on a year ago. Antofagasta, a London-listed company, saw its shares fall 3.1% at mid-morning trade. It was the biggest loser in London's FTSE 100 Index which rose 0.4%. The stock is up almost 11% in the last year. Peel Hunt stated that the brokerage estimated a dividend of 56.5 cents for 2025, which was lower than both analysts' estimates and their consensus. LONG-STANDING AIM OF EXPANDING THE CENTINELA Antofagasta has been expanding the?Centinela mine in Chile to meet increasing copper demand. Ivan Arriagada, CEO of Centinela, said in an earnings call that he thought that 70% of the construction had been completed at the Centinela'second concentrator' by the end last year. Later, he told analysts that construction would be completed in 2027. Production ramp-up will begin in 2028. The first full year of production is expected in 2029. The unit's annual processing capacity is 95,000 tons. Arriagada stated that Antofagasta viewed the change in government of Chile positively. He noted that?Presidente-elect Jose Antonio Kast intends to ease permits and lower corporate tax. The CEO expressed optimism about the prospects of Antofagasta’s Twin Metals copper-nickel-and platinum group metals project in Minnesota. This project had been delayed due to a mining ban. "With the changing environment and policy in the U.S. we do expect to be able make some progress with Twin Metals within the next few months," Arriagada stated. (Reporting and editing by Barbara Lewis, Bernadettebaum and Tom Daly)
India's massive election faces heatwave difficulty in penultimate phase
The world's biggest election might end up being the most popular on Saturday, as Indians take part in the nexttolast stage of voting with temperatures forecast to rise to 47 degrees Celsius (117. degrees Fahrenheit) in the capital New Delhi.
More than 111 million people in 58 constituencies throughout. eight states and federal areas are eligible to enact the. sixth of the seven-stage general election, including in the. capital area and the northern swing states of Uttar Pradesh. and Bihar.
Authorities are concerned that the heatwave in parts of. northern India, consisting of Delhi and neighbouring Haryana state,. might discourage voters from going to the surveys and standing in. lines, in an election previously marked by low turnout.
There is an issue, but we hope that people will get rid of. the worry of the heat wave and come and vote, Delhi Chief. Electoral Officer P. Krishnamurthy informed .
Prime Minister Narendra Modi, leader of the. Hindu-nationalist Bharatiya Janata Party (BJP), is favoured to. win a third successive term, a feat formerly accomplished just by. self-reliance hero Jawaharlal Nehru, India's first prime. minister.
Ballot began on April 19 and will conclude on June 1, with. counting set for June 4.
Among those eligible to vote in Delhi are Rahul Gandhi,. leader of the primary opposition Congress party and Modi's main. competitor, Gandhi's Italian-born mom Sonia Gandhi and his sis. Priyanka Vadra.
Rahul Gandhi is objecting to elections in the southern state. of Kerala and the household bastion of Raebareli in Uttar Pradesh,. both of which have currently voted. India allows people to contest. more than one seat however they can keep just one if they win.
Likewise qualified to vote is opposition leader and Delhi Chief. Minister Arvind Kejriwal, whose bail after pre-trial detention. of nearly two months in a graft case has actually given fresh impetus to. the opposition project.
Turnout was low in the initial stages of the election but it. has enhanced as the Election Commission (EC), celebs and. politicians repeatedly urged individuals to vote.
Modi called on individuals, specifically women and youth, to vote. in large numbers in a message on social media platform X on. Saturday morning. Democracy prospers when its individuals are engaged. and active in the electoral process.
The EC has actually deployed countless paramedics with medicines. and oral hydration salts at polling stations in Delhi. Ballot. centres have actually likewise been equipped with mist devices, shaded. waiting areas and cold water dispensers for voters who may have. to wait in lines for hours in the blistering heat.
Among the locations voting on Saturday is business center of. Gurugram in Haryana, which has workplaces of half the Fortune 500. business and experienced Hindu-Muslim clashes that eliminated seven. people last year.
Faith has actually inhabited centre phase in marketing, with Modi. accusing opposition leaders of being pro-Muslim - a relocation. experts state aims to fire up his Hindu nationalist base - and. the opposition accusing the prime minister of targeting the. minority community.
The EC on Wednesday directed the BJP and Congress to. workout restraint in their campaigns.
(source: Reuters)