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Teck Resources' quarterly profit beats expectations on the back of higher copper prices and output
Teck Resources surpassed fourth-quarter profits expectations on Thursday. The Canadian miner was helped by a surge in production and copper prices as it advanced its merger proposal with Anglo American. The beat highlights Teck's increasing reliance on copper, a key metal for electrification and the energy transition, as the company works towards completing a merger which would make it one of the largest producers of copper in the world. Teck and Anglo shareholders approved the merger in December. This paved the way for a "copper heavyweight" and left regulatory approvals to be the final hurdle. Teck and Anglo announced their merger plans in September. The $53 billion deal would be a stock-only, no-premium merger. This would result in the fifth largest copper producer in the world. Both companies have been undergoing significant restructuring over the past few years, largely due to previous takeover attempts. Teck reported that realized copper prices increased 22.5% to $5.11 a pound in the fourth quarter, while production increased nearly 10% to 134,000 tonnes. The company stated in a statement that "Copper production increased when compared with the same period of last year, supported by higher throughput, grades, and throughput at?Highland Valley Copper. Antamina also produced higher grades, and Carmen de Andacollo had a higher throughput." The company developed its tailings facility, which improved production at the Quebrada Blanca mine (QB). The fourth quarter copper output at QB reached 55,400 tonnes, a lower figure than last year but the highest quarterly performance since 2025. According to LSEG, the miner reported adjusted earnings per share of C$1.37 for the 'quarter ended December 31. This was above analysts' average estimates of 91 Canadian cents. Teck's copper production forecast for 2026 was kept at 455,000 to 530,000 tons. (Reporting by Arunima Kumar in Bengaluru; Editing by Shreya Biswas)
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As AI fears fade, tensions between the US and Iran simmer but global stocks remain flat.
European stocks fell from a record-high on Thursday, and U.S. Futures?flatlined? as fears of AI disruption abated. However, tensions between Iran and the United States kept markets 'on edge' and supported oil and gold prices. The U.S. dollar found its footing overnight after the minutes of the Federal Reserve meeting revealed that policymakers are not in a hurry to reduce rates. The STOXX 600 Index in Europe fell 0.24% after Airbus and Rio Tinto reported their earnings. The index reached a new record on the previous day, as investors were able to shake off concerns about AI disrupting businesses with a rally of banking and defence shares. The futures of the U.S. S&P 500 index and tech-focused Nasdaq index were not much different. The MSCI index of Asian-Pacific Stocks excluding Japan rose by 0.38% despite the fact that trading was light as markets in Hong Kong and China were closed for Lunar New Year. The US economy is resilient Chris Turner, global director of?markets for ING, said that risk assets are generally OK. He said, "The Fed is talking about an economy that's resilient in the U.S. and good for global economic growth." "Equities are doing well in Asia." Wall Street rose on Wednesday,?driven by Nvidia's announcement that it had signed a multiyear agreement to sell millions of artificial-intelligence chips to Meta Platforms. We needed some good news. "I think there's been a general sense of malaise among the tech industry," said Tony Sycamore. He was referring to a sharp selloff that occurred earlier this month. He said Nvidia could potentially save U.S. stock prices when it reports earnings next Monday. FOCUS ON GEOPOLITICS, FED AND FEDERAL IMPROVEMENT Oil prices continued to rise after a surge in the previous session as investors priced potential supply disruptions due to fears of a war between the U.S. The?New York Times, CNN and other U.S. media outlets reported on the building up of American forces in the area of Iran. However, they stressed that President Donald Trump has not yet decided what course of action to take. Brent crude oil futures rose 1.5% to $71.42 per barrel, the highest level since late January. They had risen 4.4% during the previous session. U.S. crude oil rose 1.6% to $66.26. Michael Every, senior strategist at Rabobank said that the balance of risks is now tilting towards a U.S. attack after Friday's market close. He added that such an attack would likely last for weeks, rather than being "over by Monday morning". Gold, which is traditionally considered a safe haven, increased by 0.8%, to $5,017 per ounce. The dollar fell after rallying on the back of better than expected U.S. data. Minutes of the Fed’s January policy meeting also revealed that several policymakers are open to raising rates if inflation continues to rise. The 'dollar index, which measures the currency in comparison with six major peers, fell 0.11% last after gaining?0.59% Wednesday. Charlie Ripley is a senior investment strategist with Allianz Investment Management. He said, "From our perspective the minutes of the Federal Reserve confirm our belief that rate reductions are off the table in the near future." "Policymakers noted specifically that disinflation may be on a slow path." Reporting by Harry Robertson, Rae Wee and David Holmes in Singapore. Editing by Kim Coghill and Shri Navaratnam.
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Gains in refining for energy group Orlen offset impairment losses, lifting shares
Orlen, a Polish energy group, reported adjusted core earnings higher than expected on Thursday. This was helped by a stronger downstream result which overshadowed the?net profit miss caused?by asset impairments as well as lower oil and natural gas prices. The shares rose 2.2% as of 0849 GMT. This boosted Poland's blue chip index WIG20 which rose by 0.5%. Analyst Tamas Pelser at?Erste Group said that the 4Q25 period was a positive one for the Polish energy giant, highlighting "the very strong contribution" of refining in a margin-friendly environment. Orlen's model refinement?margin increased in the fourth quarter, as sanctions and Ukrainian drone strikes on Russian infrastructure curbed diesel exports. This boost in downstream prices cushioned the impact of a wider commodity slump. Brent crude fell nearly 15%, and gas prices have fallen from their highs of last year. EBITDA LIFO (earnings before interest, tax, depreciation, and?amortisation) adjusted for the value of inventories and impairments fell 15% in the third quarter to 12.15 billion Zlotys ($3.40billion), but still beat the analysts' consensus estimate of 11.4 billion Zlotys. Orlen's net quarterly profit of 3,13 billion zlotys was below the 4.8 billion expected by the analysts polled before the results were published. In the fourth quarter report, net impairment losses totaling 3.34 billion zlotys were recorded on non-current assets. The fourth-quarter report showed a net impairment loss of 3.34 billion zlotys on non-current?assets. Orlen announced that it would spend?36.3 zlotys on capital expenditures in 2026. This is up from 32.6 zlotys spent last year. The first Polish offshore wind farm will be completed this year on the Baltic Sea. A gas-fired energy plant is also planned for the northern city of Grudziadz.
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At the AI summit, tech majors pledge billions to India
This week, senior executives from artificial intelligence companies around the world joined world leaders for an AI summit in?India. Here is a list of the major deals that were struck during the India AI Impact Summit in New Delhi. JIO INVESTS $110 BILLION IN INDIA'S RELIANCE INDUSTRIES Mukesh Ambani, the billionaire chairman of Reliance Industries, said that Jio and Reliance Industries will invest $109.8 Billion over the next seven-year period to build artificial intelligence infrastructure and data infrastructure. INDIA'S ADANI GROUP WILL COMMIT $100 BILLION?FOR AI-DATA CENTRES THROUGHOUT 2030 Adani Group, a port-to-power company, announced on Tuesday that it would invest $100 billion in renewable energy AI data centres powered by 2035. Adani stated that it is expected that the investment will trigger $150 billion in additional investments across related industries including server manufacturing, cloud platforms and sovereign cloud. It added that this would create an ecosystem of $250 billion in AI infrastructure for India within the next decade. MICROSOFT?TO INVEST 50 BILLION DOLLAR IN THE 'GLOBAL SURF' BY 2030 Microsoft announced on Wednesday that it will invest $50 billion in the next decade to expand AI across 'Global South countries'. Last year, the firm announced $17.5 billion in AI investments to India. YOTTA, AN INDIAN DATA CENTER FIRM, COMMITS TO $2 BILLION FOR AI HUB Yotta Data Services announced on Wednesday that it would build one of Asia's biggest AI computing hubs, using Nvidia Blackwell Ultra chips. The project will cost more than $2 billion. INDIAN EXPORTER OF IT SERVICES TCS SIGN OPENAI AS A DATA CENTER CUSTOMER Tata Consultancy Services announced on Thursday that it had signed up OpenAI, parent company of ChatGPT, as its first customer under Stargate's global AI infrastructure initiative. INDIA’S L&T AND?NVIDIA WILL BUILD THE LARGEST AI FACTORY IN INDIA Infrastructure giant Larsen &Toubro announced a joint venture with Nvidia. The two companies will work together to develop AI-ready data centres, advanced computing platforms and ecosystem enablement to support large AI workloads. (Reporting by Nandan Mandayam in Bengaluru; Editing by Raju Gopalakrishnan)
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Cricket-Marsh leads Australia to a crushing victory over Oman in T20 World Cup Dead rubber
Australia thrashed Oman in Pallekele by nine wickets, winning the final Twenty20 World Cup group match in Pallekele. Both teams had already been eliminated from the competition. Mitchell Marsh, who was given a modest target of 105 to win, wasn't in the mood to wait around. He ruthlessly sent Oman's bowlers all over the place, reaching his half-century within the first powerplay. Shakeel Ahmad, from Oman, collided with Vinayak Shukla after he caught Travis Head and bowled him for 32. The 38-year old spinner was overjoyed that he performed Cristiano Ronaldo's trademark celebration. Marsh, who scored 64 runs with seven boundaries and 4 sixes, led 'Australia to victory with 62 balls left to spare. This was a record-breaking chase for a T20 World Cup total of over 100. Australia placed third with two wins, two losses and no points. Oman was the only team without a win. CLINICAL BOWLING DISPLAY FROM AUSTRALIAN Adam Zampa finished with 4-21. Australia had earlier produced a brilliant bowling performance to dismiss Oman in 16.2 overs, after winning the coin toss and choosing to field. Fast bowler Xavier Bartlett started the game with a wicket on the first ball. He removed Aamir Kaleim when his delivery crashed against the stumps. Bartlett's movements troubled the batters, and Jatinder Singh also bowled his next over. He finished with two powerplay?strikes which put?Oman in the backfoot. Oman tried to rebuild, but none of its batters were able to convert their early scores into significant ones. Wasim Ali was the standout with his gritty 32 from 33 balls. He provided the only significant resistance to the steady wicket-taking at the other end. Oman's spinners struggled to keep up with Australia, often misjudging the length of their pitches and playing the wrong line. Zampa took his fourth four wicket haul in T20 World Cups, while Glenn Maxwell, whose first over was marred by a dropped catch, also contributed with two wickets. (Reporting and editing by Alison Williams in Bengaluru, Rohith Nair from Bengaluru)
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Gold Fields increases shareholder returns after profits more than doubled
South 'Africa's Gold Fields announced on Thursday that its full-year profits?more than doubled. This was due to record bullion prices, increased production, and a boost in dividends. Gold prices are expected to rise by 60% by 2025 due to geopolitical and financial uncertainty, the expectation of U.S. rate cuts, and increased purchases by central bankers amid a trend of global dedollarization. Gold prices have risen 15% this year. Gold Fields increased production by 18% in the last year, to 2.438 millions ounces. The miner's headline earnings per share grew to $2.88 from $1.33 the previous year. Gold Fields announced a final "dividend" of 18.50 Rand per share, an increase from 7 Rand. This brought the total payout per year to 25,50 rand, up from 10 rand in 2024. In addition, the company will distribute an additional $353 million to shareholders in the form of special dividends worth $253 million and share buybacks worth $100 million. Gold?Fields' CEO Mike Fraser stated that the company is engaging with the Ghanaian government, which has proposed doubling of the gold royalty?rate as a response to the bullion prices rally. The talks have been?constructive. Fraser said in an interview that while he understood the social needs of Ghanaians, he wanted to make it clear that all governments should take a stance against creating uncompetitive, structural?situations. Gold Fields' Tarkwa Mine in Ghana will be its most productive mine by 2025, out of its entire portfolio, which includes assets in South Africa, Australia, Chile, and Peru. Tarkwa mine produced 475,000 ounces gold last year, which is about a fifth the total Gold Fields output.
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Asia shares boosted by technology as Iran and rate uncertainty dominate markets
Asian stocks rose Thursday, supported?by gains in technology giants from Wall Street. Meanwhile, lingering U.S. Iran tensions supported oil prices and gold was underpinned by safe-haven flows. The dollar was a firm currency after minutes of the Federal Reserve's last meeting showed that policymakers weren't in a hurry to lower rates. The trading was thin in Asia, with Hong Kong, China, and Taiwan closed to celebrate the Lunar New Year. However, MSCI's broadest Asia-Pacific share index outside Japan gained 0.4%, and Tokyo's Nikkei gained 0.70%. The Kospi index of South Korea has risen by more than 3%, reaching a new record high. The news that Nvidia had signed a multiyear agreement to sell millions of its artificial intelligence chips, both current and future, to Meta Platforms on Tuesday triggered a surge in the shares of Wall Street's tech giants. "We needed good news. Tony Sycamore is a market analyst for IG. He said, "I think there's been a general sense of malaise?in the technology sector." "Nvidia was at the forefront of the rally that we saw through to 2025. And now it could be coming to the rescue... some much needed good news can possibly?set tech shares for a better run up until Nvidia earnings next week." The European markets were set to open with a mixed performance. EUROSTOXX '50 futures fell 0.11% while FTSE?futures?added 0.15%. DAX futures fell 0.3%. Nasdaq Futures rose 0.17%, while S&P500 futures climbed 0.11%. Geopolitics was also prominent in the markets. Oil prices continued to rise after a surge in the previous session as investors priced potential supply disruptions due to fears of a war between the U.S. Brent crude futures rose by 0.16% to $70.46 per barrel, after a 4.35% jump in the previous session. U.S. crude gained 0.25% to $65.35 following a 4.6% increase on Wednesday. Michael Every, senior strategist at Rabobank said that the balance of risk now favors a U.S. attack after Friday's market close. He added that an attack would likely last for weeks, rather than being over "by Monday morning". Gold, the safe haven, continued to be bid on and remained steady at $4.998.18 per ounce. FED OUTLOOK The dollar held gains on Thursday, despite better than expected U.S. data. Minutes of the Fed’s January policy meeting also revealed that several policymakers were open to rate increases if inflation remained high. The yen fell to a lower level than 155 dollars per pound, achieving 155.26. Charlie Ripley is a senior investment strategist with Allianz Investment Management. He said: "From our perspective the minutes of the Federal Reserve confirm our belief that rate reductions are off the table in the near future." While some market participants look at inflation through the rearview mirror, the Fed continues to signal the safety warning that 'objects in mirror are closer than it appears'. Policymakers noted that disinflation may be moving at a slower pace. The?euro was also pushed down to $1.18, and bought $1.17915 at its last price, due to the news that European Central Bank president Christine Lagarde is planning to quit her position early. The New Zealand dollar rose 0.07% to $0.5970 after falling 1.4% the previous session. This was due to the central bank of the country calming market expectations that it would make a pivot towards hawkish policy at its meeting.
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Five miner presumed dead following mudslide at South African diamond mining
South Africa's Mining Minister said Friday that five diamond miners who have been?missing? since Tuesday after a mudslide occurred deep underground are presumed to be?dead. Gwede Mantashe said at a press briefing that the bodies of those who were killed should be recovered, South African Broadcasting Corporation (SAB) reported. Miners were trapped more than 800 meters underground when a "mud rush" occurred at the Ekapa Mine in Northern Cape Province. Ekapa Minerals said that all operations had been stopped immediately following the incident and that rescue efforts continued. Howard Marsden, Ekapa Minerals' General Manager, said that the time since the event was a "major concern" but that there had been no changes in their approach to rescue efforts. Mantashe stated in a separate press release that an investigation will be conducted to determine what happened. South Africa's mining industry and government have made efforts to reduce the number of mine-related deaths and injuries as part of "Zero Harm", a campaign. The?country's 41 mine-related deaths was its lowest ever. Ekapa Minerals informed the families of trapped?miners who held a candlelight vigil on Thursday night near the mine. Kimberley was the location of the 19th century diamond rush that attracted fortune seekers from around the world. Diamond revenues helped to finance the colonial ruler Britain during two world wars. (Reporting and editing by Alexander Winning; Additional reporting by Sfundo parakozov, Editing by Anathi madubela)
Rightward shift after election could restrict future EU climate policies
A more rightwardleaning European Parliament will make it more difficult to pass enthusiastic EU climate policies, however most of Europe's present worldleading green policies are likely to stay put, lawmakers, officials and analysts stated. Provisional lead to the European Parliament election on Sunday night revealed centrist celebrations holding a majority, however gains for rightwing and farright parties sceptical of the EU's. Green Offer package of ecological policies, and heavy losses. for Green celebrations.
I don't believe that we'll be rolling back on (climate). policies. However I do believe that it will be more complex to get. brand-new policies off the ground, Bas Eickhout, head of the European. Parliament's Greens legislator group, informed .
EU climate procedures over the next 5 years will depend upon. the inbound European Commission, which is accountable for. proposing EU laws. But the newly-elected European Parliament. will get a say on every new green policy.
Sunday's election result signals tougher mathematics to approve. new EU climate steps.
All new policies will be more difficult to pass. But backsliding is. very not likely, Krzysztof Bolesta, Poland's secretary of state. for environment, informed .
It is possible that new aspiration will be postponed, mainly. for populistic factors, concurred Julian Popov, who up until April. was EU member Bulgaria's environment minister.
That might have repercussions for an approaching 2040 EU. environment target, needed to guide the EU towards its 2050 net zero. emissions target. The EU Commission has actually recommended the 2040 goal. need to be an ambitious 90% emissions cut, however it needs approval. from both EU countries and the Parliament.
The upcoming European Commission and Parliament will likewise. face tough decisions on whether to present new policies to. push industries towards that 2040 target.
That includes farming, a sector whose emissions have barely. fallen considering that 2005. However after months of protests throughout Europe by. angry farmers, there is little political hunger to target the. sector with brand-new rules, particularly if the cost of abiding by. them would drive up food rates for people currently dealing. with the biggest dive in living expenses in a generation.
Shares in renewable energy companies were
knocked
lower by concerns the election results could slow the green. energy shift.
Wind turbine makers, Vestas and Nordex,. were down more than 3% on Monday. Orsted was down. 0.5%.
NO BIG U-TURN
While brand-new environment steps might face a harder ride, a. full-scale reversal of the dozens of EU climate policies passed. in the last 5 years would be lawfully challenging. Those policies - which include renewable resource targets and a. strengthened carbon rates routine on power and market - are. repaired into EU law and already being rolled-out across the bloc's. 27 member states. Many are currently working. EU emissions are down by nearly a. 3rd from 1990 levels, and Europe is setting up wind and solar. energy capacity at record speed.
Still, the election campaign saw mounting calls from the. right to scrap some Green Offer policies - with a prime target. the EU's 2035 restriction on new petrol and diesel cars and trucks. That policy has. a 2026 review provision, on which the Parliament will get a say.
It was an ideological recklessness, which absolutely must be. remedied, Italian Prime Minister Giorgia Meloni told online. magazine Open last week. Three EU diplomats singled out the 2035 automobile policy as one that. European Commission President Ursula von der Leyen will deal with. substantial pressure to deteriorate, including from some lawmakers in. her centre-right European People's Celebration who desire it ditched. Von der Leyen requires support from a majority of lawmakers in the. new European Parliament to win a 2nd term.
However broad environment policy rollbacks are not likely, authorities and. experts stated. That's partially because the EU's existing environment. steps add up to deliver its 2030 environment target - to cut net. greenhouse gas emissions 55% from 1990 levels - which national. federal governments and legislators both authorized into EU law.
There may well be changes in specific pieces of. legislation, however what will be important to see is how this. adds up, said Mats Engström, senior fellow at the European. Council on Foreign Relations think-tank.
DON'T CALL IT A 'GREEN' DEAL. Contrary to the last EU election in 2019, when millions of young. environment protesters took to Europe's streets, this year's. campaign saw environment modification took over by issues including. migration, financial troubles and struggling European markets. Fulfilling the EU's 2030 environment target will require financial investments of. 1 trillion euros per year, a dive of around 356 billion per year. compared to 2010-2020, according to the European Investment. Bank.
Buying local industries was a project pledge throughout. the political spectrum, as competition hones with the U.S. and China to produce green tech like low-carbon steel and. electrical automobiles. Some analysts said this focus would see the EU pass more funds. and policies to support climate-friendly jobs - but with the. concentrate on assisting market, rather than being green and. clean.
If it has to do with scaling up production of green. technologies here in Europe, then that might be performed in the name. of 'industrial competitiveness' and not for the environment, said. Linda Kalcher, Executive Director at think-tank Strategic. Viewpoints. It might be that we see the rhetoric moving, however the action. on the ground being the exact same, Kalcher stated.
(source: Reuters)