Latest News
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Ford increases profit forecast for 2026 in spite of nagging aluminum costs
Ford Motor raised its annual guidance by $500 million on Wednesday, thanks to significant tariff refunds. However, it said it still faced rising material costs as it worked to source aluminum for the?lucrative F150 pickup trucks. Ford Motor Company received $1.3 billion of relief from the U.S. Supreme Court's February ruling that invalidated some Trump Administration tariffs. Ford booked a gain in the first quarter on the expected refund, which boosted its bottom line. However, the company acknowledged that it is uncertain how quickly the government will reimburse them. Ford's guidance was raised by less than the refund amount, as the company is now facing higher-than expected tariff costs. These additional expenses are mainly on raw materials, such as aluminum, since Ford's U.S. major supplier Novelis suffered two large fires by 2025. The automaker said that production at the affected area of the New York factory is expected to resume in May or September this year. Novelis expects that production will resume in the second quarter. Ford increased its forecasted earnings before interest and taxes for the entire year from $8 billion to $10billion to $8.5billion to $10.5billion. After-market trading saw its shares drop by less than 1%. The automaker declined to reveal its total tariff cost, saying that it would only be liable for a net of $1 billion. Ford, based in Michigan, reported adjusted earnings per share (EPS) of 66 cents during the first quarter. This was a far greater result than analysts expected, who had predicted 19 cents. The tariff refund helped to boost this figure. Ford's adjusted earnings were $3.5 billion, while revenue reached $43.3 billion. Ford reported a quarterly net profit of $2.5 Billion. F-150 Production Estimated to Have Fallen According to CatalystIQ data, the inventory of the F-150 fell 38% from April of last year. This was largely due to the Novelis Fires. Ford's F-150 is the top-selling vehicle in America and has been for over 40 years. It is also a major source of profit for Ford. Ford's financial health is at risk if its production is disrupted. According to JPMorgan analyst Ryan Brinkman citing data by?S&P Global Mobility, the F-Series production is estimated to have dropped 12% over the past year in the first three months as of mid-April. This was a greater drop than anticipated. Brinkman, in an analyst note, said that Ford may have a harder time recovering than expected from the Novelis Fire. Ford's total vehicle sale decreased by 9% in the first three months of this year, and the decline was largely due to a decrease in demand for hybrid and electric vehicles. General Motors, a cross-town competitor, reported on Tuesday a 22% increase in its first-quarter profit. It also raised its earnings forecast for the full year. This was boosted by an optimistic $500 million tariff refund and a robust U.S. auto market. Ford's shares have risen by about 20% in the past year, while GM has risen by more than 60%.
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Tinubu, Nigeria's Tinubu, nominates a new oil regulator as the second leadership change within four months
The presidency announced on Tuesday that President Bola Tinubu has nominated Rabiu Abdullahi as the new chief executive officer of the Nigerian Midstream & 'Downstream Petroleum Regulatory Agency (NMDPRA). This is the second 'leadership -change' at the petroleum regulator within the last four months. Umar replaces Saidu Mohammed, who was appointed in December, after their predecessors quit abruptly, amid a high-stakes conflict between one agency, and Africa's wealthiest man,?Aliko Daniel. The nomination of Wednesday comes at a time when Nigeria is grappling with increasing domestic energy prices, partly due to higher global oil costs following the escalation in 'conflict' involving Iran. This has increased concerns about supply disruptions' and volatility on international energy markets. The decision was taken in the public's interest to improve the regulatory effectiveness of the downstream and midstream petroleum sectors. Until the Senate confirms the NMDPRA, the most senior official will be in a?acting?position. Umar has over 25 years of experience in the energy, manufacturing and infrastructure industries. He has worked for Dangote Cement in Nigeria, the largest cement producer. He held senior roles, including operational management, large-scale projects, and project delivery. The NMDPRA, established in '2021 under a new law, regulates Nigeria's'midstream and downstream' petroleum operations. This is a crucial segment of Africa's biggest oil-producing country. (Reporting and Writing by Chijioke Ahuocha, Nick Zieminski and Camillus Eboh)
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Wafa reports that a Palestinian teenager was killed in an Israeli raid on the West Bank.
Wafa, the official Palestinian news agency, reported that a?Palestinian teenager was killed?during a military raid by Israel in?the West 'Bank?occupied on Wednesday. The Palestinian Health Ministry said that the teenager is 16 years old. The Israeli military confirmed that it was investigating the report. Wafa reported that the boy was 'killed by soldiers' gunfire during a raid in the Palestinian city Hebron. The Israeli military had earlier claimed that two Palestinians had attacked and injured?two soldiers near Ramallah, in the area of Silwad. The soldiers opened up fire and killed one of the attackers, while apprehending the second. Was not able to confirm the details of any incident immediately. Palestinian officials reported that an Israeli strike killed a medic in?northern Gaza. The Israeli military did not comment immediately. The Israeli military?said that its forces shot down a militant later on Wednesday in southern Gaza. Reporting by Ali Sawafta from ramallah, and Nidal Al-Mughrabi from Cairo. Editing by David Gregorio.
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The US FDA has concluded that domestic infant formula is safe.
The United States Food and Drug Administration confirmed on Wednesday that infant formula samples tested in the U.S. contained very low levels contaminants. This confirms the safety of the supply. The agency tested over 300 samples of 16 infant formulas sold across the country, looking for heavy metals like arsenic and cadmium as well as synthetic chemicals, pesticides and phthalates. The agency reported that the majority of samples had very low or undetectable levels of contaminants. The FDA used the drinking water limits set by the Environmental Protection Agency to evaluate infant formula because unlike the EU, it does not have heavy metal standards. The amount of contamination was so small that it is encouraging for families and physicians to know that infant formulas seem very safe, said Valeria COHRAN, professor of pediatrics at Northwestern University Feinberg Medical School. TESTING IS CONTINUING Robert F. Kennedy Jr., Health Secretary of the United States, has been promoting the reduction of food chemicals. He also launched an infant formula nutrition review in 2013. Kennedy will host an industry roundtable in May. The FDA stated that although overall contamination levels were low, some samples required additional testing. The FDA tested powders as well as liquids that are ready to feed and concentrated liquids. The agency intends to continue testing. Katarzyna?Kordas, associate professor, epidemiology and environment health at the University at Buffalo, said that the U.S. diet guidelines do not take into account the risk of exposure to contaminants. This highlights the need for more research. Mercury, lead and pesticides were not detectable in 95% samples. Lead was detected in only 20% of samples. The majority of PFAS compounds also were not detected. The agency also tested some?of human?milk?samples and found that the majority contained at least one detectable contamination, while only 15% did not. Even small amounts of contaminants may be present in food, such as infant formula and breast milk. They can also enter the production process through exposure to environmental factors. Abbott, maker of Similac said on Wednesday that producing infant formula in the U.S. at scale is a matter for national security. These results confirm the safety of the domestic supply. Laura Modi is the CEO of Bobbie baby formula. She also stated that Bobbie will work with FDA to set federal standards on heavy metals found in infant formula. (Reporting and editing by Maju Samuel in Bengaluru, Sahal Muhammed and Sneha S. K.)
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Gold continues to fall after US Fed maintains rate unchanged
Gold extended its losses on Wednesday, falling?to?a?one-month low as the U.S. Federal Reserve left rates unchanged as anticipated and traders were worried about inflation resulting from the Middle East war. By 2:14 pm EDT (1814 GMT), spot gold had fallen 1.4% to $4,528.17 an ounce, its lowest price since late March. U.S. Gold Futures?Settled 1% Lower at $4,561.50. The Fed kept interest rates unchanged, but its most divided decision in over 20 years?noted growing concerns about inflation? in a statement of policy that attracted three dissenting officials who did not?feel? the U.S. Central Bank should communicate an emphasis on lowering borrowing costs. Tai Wong, an independent metals trader, said that the three dissenters who wanted to remove the easing bias from the statement put gold under pressure. After the announcement, traders stuck with their bets that the Fed would not reduce interest rates in this year or for a long time to come. After the decision, traders remained steadfast in their bets that the?Fed would not cut interest rates this year or well into next. "Only Trump or Iran can save the markets. But, both sides aren't getting closer to a agreement - and oil is reflecting this." Fawad Rasaqzada is a market analyst for City Index and FOREX.com. He said that the outlook for gold does not look so good right now. Donald Trump and U.S. oil companies discussed ways to minimize the impact of an upcoming months-long 'U.S. A White House official revealed on Wednesday that U.S. Oil companies were discussing a possible blockade of the?Iran ports, while President Trump urged Tehran sign a deal. Tehran has warned that it will take "unprecedented" military action against the continued U.S. blocking. The 'World Gold Council' said that global gold demand grew 2% on an annual basis in the first quarter 2026, as the surge in gold bar and coin purchases, as well as the 3% increase in central bank buying, more than offset a 23% drop in jewellery demand. Silver spot fell by 2.7% at $71.08, while platinum dropped 3% at $1,881.21 and palladium fell 0.4% to $1,454.52. (Reporting and editing by Ronojoy Mazumdar in Bengaluru, Aurora Ellis, Sahal Muhammed).
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Entergy's capital expenditure plan increases by 33% for expanded Meta data center
Entergy, a U.S.-based electric utility, has increased its capital spending plan for the next four years by 33%, to $57 billion. This increase is largely due to the expansion of the energy infrastructure needed to service Meta data centers, according to the company. The U.S. Energy Information Administration reports that the U.S. power demand will reach record levels this year as data centers are rapidly built. Some of these data centers use as much energy as a city. Entergy has been one of the utilities to increase capital expenditures in the past two years. This is partly for the construction and upgrading of transmission lines, as well as power plants. Entergy announced last month that it has entered into an agreement with Meta data centers to provide electricity. The deal will require the construction of seven new combined-cycle natural gas power plants totaling?more than 5.2 gigawatts. One gigawatt can power 750,000 homes. Entergy also plans to build multiple gas-fired plants in Louisiana as part of a separate 2024 agreement for a massive Meta data center campus. On Wednesday, during a conference call for investors to discuss its earnings, Entergy said that it has 7 to 12 gigawatts worth of potential new data centers interested in connecting to the system. Data centers are becoming more common, and this has led to concerns that the average home or business will be stuck with at least a portion of the cost of building a massive energy infrastructure for Big Tech. Entergy claims that the new Meta deal will lower the power bills of the rest its customers. The agreement is also part of a new regulatory framework which requires data centers to pay more for power needs. Entergy reported on Wednesday a 6.7% increase in its first-quarter profits. The company supplies electricity to approximately 3 million customers throughout Arkansas, Louisiana?, Mississippi and Texas. The company reported that its weather-adjusted sales increased?6% over last year. This was boosted by an increase in industrial sales, as data centers, metal manufacturers, and transportation customers all saw sales rise. The New Orleans utility's industrial revenue for the quarter increased by nearly 15%, to 15,895 gigawatt hours. As of March 31, the company's debt level had risen 10% to $34.18 Billion. Entergy's operating costs also increased by nearly 22%, to $2.61 Billion for the period January-March. The company reported a 'net income' of $384.92 millions, or $83 per share, up from $360.76million, or $82 per share, a year earlier. According to LSEG data, Entergy adjusted profit per share reached 86 cents, which is in line with the average analyst estimate.
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Hegseth, Pentagon's Hegseth, defends Iran War and says it is not a Quagmire
Hegseth, the U.S. Defense Secretary, made fiery remarks to Congress on Wednesday. He defended the Iran War by saying it was not a "quagmire" and called Democratic lawmakers "feckless," for criticizing this unpopular conflict. Hegseth testified before Congress for first time after the U.S. launched a war on Iran in February. Trump's popularity is down since the conflict started. The /Ipsos survey found that only?34% Americans approve of the U.S. conflict against?Iran. This is down from 36% at mid-April, and 38% at mid-March. Democrats bombarded Hegseth's office with questions regarding the ongoing conflict. Rep. John Garamendi, of California, called it a "quagmire," and a "political disaster on every level." Hegseth replied angrily. "You call ?it a quagmire, handing propaganda to our ?enemies? Hegseth responded to Garamendi by saying, "Shame 'on you. You made a foolish statement." He also criticized the "reckless feckless and defeatist" Congressional Democrats. "Don't say: 'I'm in support of the troops, but a two-month military mission is a quagmire. ' Whom are you cheering here? "Who are you rooting for?" Reporting by Phil Stewart and Idrees Al, editing by Michelle Nikil
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Pentagon official: U.S. War in Iran cost 25 billion dollars so far
A senior Pentagon official said that the United States war against Iran had 'cost' $25 billion to date. This was the first estimate of the cost for the military. Democrats have been able to gain a strong lead in opinion polls in the six months before mid-term elections, when Trump's Republicans will likely face a tough battle to maintain their House majority. They are also attempting to link affordability with the unpopular Iran War. Jules Hurst who is the comptroller told the House Armed Services Committee members that the majority of this money was "for munitions". Hurst didn't specify what was included in that estimate, or whether it took into account the projected costs for rebuilding and repairing the base infrastructure damaged by the conflict in the Middle East. Rep. Adam 'Smith, the top Democrat in the House Armed Services Committee responded to?Hurst by saying: "I am glad that you answered that?"question. We've asked for a very long time and nobody has given us a number. The United States began to conduct strikes against Iran in February. Both sides maintain a fragile truce. Pentagon has sent tens and thousands of additional forces to the Middle East. Three aircraft carriers are also stationed in the area. Thirteen U.S. soldiers have died in the conflict and hundreds of others were injured. The disruptions in oil and gas shipments since the start of the war have caused a rise in the price of gasoline and agricultural products like fertilizers in the United States, in addition to the list of other high prices for consumers. Trump's popularity is down since U.S. and Israel started a war on Iran in February, which led to an increase in gas prices. A recent Ipsos survey found that only?34% Americans approve of the U.S. war with Iran. This is down from 36% at mid-April, and 38% at mid-March.
WIDE IMAGE: Warmer winters have left the Pakistan Festival on thin ice
The pool in front Aleena Gul’s house, in Pakistan’s Hunza Valley, has been transformed into an ice skating rink every winter since the 1960s, with the jagged Himalayan mountains and the stone walls at Altit Fort as a backdrop.
This year it didn't.
Gul's bedroom allows her to see the pool, which doubles as an arena for hockey.
She would wake up every morning at dawn and lace her skates before stepping out of her front door straight onto solid ice.
She returned to playing after four years of university but is still waiting for winter.
"There is a huge difference between 2018 and today," said?Gul. She's 21, the captain of her Hunza team, and one of the first Hunza women to take up this sport. "Winter used to start in November, and everything would freeze. The ice hasn't properly frozen yet, and it's now January.
Winters in the northern mountains of Pakistan are becoming more unpredictable and arriving later. The cold spells are shorter and the freeze-thaw cycle is more unpredictable. Scientists in the Hindu Kush and Himalayan regions report fewer extreme events of cold, shorter snow seasons. Locals refer to this as a "snow-drought" when snow does not settle.
Hunza is a place where the change can be seen. WeatherWalay's climate analytics platform compiled data that shows the average winter precipitation is down about 30% in the last few years. This represents four consecutive years of below-normal precipitation. Recent winters were also milder by 2-3degC, which means there was less snow to support the ice.
Hunza's tournament is entirely dependent on natural ice, unlike resorts in Europe that have artificial snow.
Winter sports are now dependent on weather patterns that do not follow the old rhythms in a valley that is heavily reliant on tourism.
Ice Under Pressure
Altit's Pool has been hosting the Karakoram Interlude for eight seasons. This community-run tournament attracts teams from all over northern Pakistan, and extends tourist season past summer.
In good years the rink is lit up by floodlights and spectators are seen leaning on stone parapets with tea cups in their hands, as they exhale white clouds. The rink was prepared as usual, with water being poured at night, and the surface smoothed by hand, to allow temperatures below -20degC.
Gul explained, "We tried to freeze it until 3 in the morning." "We're trying everything we can."
Sadiq Saleem is a 31-year-old founding member of SCARF and president of Altit Town Management Society. He was the first to introduce ice hockey into the valley.
The blades that scratched the surface of the ice left thin puddles. Under the surface, hairline cracks appeared. Organisers pressed palms against the ice to listen for cracks and check for flex.
"We spent a whole week building this arena," said Naseer, 34, cofounder of SCARF. "But the sun was so strong that it destroyed everything."
Under floodlights the opening ceremony was held, but organizers warned that the rink is too fragile to accommodate entire teams.
The thinning ice made it necessary for only captains to reveal the jerseys alongside sponsors.
The opening night friendly game has been cancelled.
COLD CHASING
It was not possible to debate the weather.
In just a few hours, organizers had moved through Altit’s lanes, calling out to players and knocking at doors. The tournament was relocated nearly two hours to the north, in Sost. This is one of the last Pakistani towns before the Chinese border. Colder air provided better chances of ice.
This was not the first time they had done it.
The ice in Sost remained firm when, two winters ago the pool at Altit failed to freeze. Sost is located about 2,800 metres above sea level, roughly 300-400 metres higher than Altit.
This year too, the solution failed.
Gul felt like he was chasing after a season who kept regressing.
The rink in Sost was located on a valley floor exposed to the wind near the Khunjerab pass, under steep, wind-cut mountains that funneled cold air from higher elevations.
While the surface of this pool was more firm than Altit’s, there were still thin areas. The players tested the surface before they put their weight on it.
On the first day, three matches were scheduled. One match was played.
Gul stated that "the ice was not in good condition when we arrived at the rink." "Teams played on, but it was difficult. "We've never seen anything like this before."
The blades of the skaters caught unexpectedly where the ice cracked and softened.
Every evening, organizers would pour water on the ice, hoping that the temperatures overnight would freeze it.
Saliha Ibrahim, a 21-year-old member of the organizing team, said that "our event relies entirely on natural ice." If we cannot improve the surface we may need to change the venue.
Winter can't pay the bills
Not only players feel the pressure.
Winters are unpredictable in cafes, guesthouses and transport operators. The pipes in smaller guesthouses, without heating, freeze and cut off the water. They then thaw, and refreeze unpredictably. This increases the risk of costly repairs and bursts.
As temperatures rise, fewer and fewer regions are able to host winter sports.
Residents of Hunza -- a district with fewer than 100,000 residents -- are faced with a'reality that is without artificial snow, refrigeration systems, or certainty.
Hunza's winter is quieter than its summer, but residents claim that erratic snowfall and flooding, as well as impassable roads, deter tourists who want to see the snow-covered peaks or frozen lakes. This was before the Karakoram Interlude began attracting travellers from all over Pakistan.
Naseera Khatoon owns Murku Cafe in Altit, which overlooks the pool. Her daughter, ?Arifa, plays ice hockey. In the past, tournament week brought steady business, as families would linger long after matches were over to enjoy traditional soups and dumplings.
Her cafe was quiet this year, despite her participation in the ceremony.
"We usually earn money during the tournament," she said. "This time there was very little."
She recalls the winters of her childhood when heavy snowfall closed schools for several months, and families would store food to prepare for long cold spells.
She said, "We used store food and dry vegetables because the roads would be closed [in winter]." "Now, food is available all year round. However, the snow and ice have disappeared."
Kareem Ul Hayat, the?supervisor of the restored 900 year-old Altit Fort said that winter tourism has grown because events such as ice hockey have attracted visitors. He said that numbers have declined in recent winters.
He said, "In the old days, the mountains were always white." "Now, the snow is disappearing quickly."
Title on Thin Ice
The tournament continues in Sost.
The players adapted their game to the new conditions. The wind blew hard against the scarves of spectators.
Yahya Karaim, a 20-year-old player from Altit said that the surface was different than anything they had ever trained on.
He said, "I was expecting better ice conditions but I was a little sad when I saw the skating rink." "Many players fell." "The surface was too bumpy and weak."
They chased the winter north. Even there, however, the cold was elusive.
Gul's team won on a fragile, scarred ice rink far away from home. Reporting by Ariba and Salah in Hunza Valley Pakistan; Editing and production by Saad, Lucy, and Kate Mayberry.
(source: Reuters)