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Phillips 66 will acquire Britain's Lindsey refinery assets
Phillips 66 announced on Monday that it has agreed to purchase the assets - and infrastructure - of the Lindsey Oil Refinery, located in northern England, after the site was liquidated. It will then 'integrate' the key facilities within its Humber Refinery. After a thorough review of the bid process, the U.S. refiner announced that it would not restart standalone operations in the British refinery due to the site's size, capabilities and facilities. Phillips stated that the Humber Refinery Complex will integrate storage and infrastructure assets from Lindsey, which will improve supply flexibility, as well as support both traditional?and alternative fuel production. The announcement was made following a bid process managed by FTI Consulting. FTI Consulting was appointed special managers for the Lindsey Oil Refinery Assets after the liquidator was named in June. Michael Shanks, Energy Minister, said that the move would increase the company's capacity to supply fuel to UK consumers. It will also boost domestic energy security and create hundreds of construction jobs over the next five-year period. He said that the rest of the?staff are guaranteed employment up until the end March of this year. Shanks said in a July statement that the?refinery would close after no buyers could be found for the location. (Reporting and editing by Shreya Biwas in Bengaluru. Pranav Mathur is based in Bengaluru.
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Starmer claims that the US is responsible for justifying actions in Venezuela
Keir starmer, British Prime Minister said that the United States was responsible for justifying its actions after it captured President Nicolas Maduro. He described the situation as being "not straight forward." "What Venezuela needs is a peaceful, democratic transition." Starmer said that this was the?position we held before the weekend and it is still our position. "International law is a framework, anchor, or benchmark against which we judge all other governments' actions. It is up to the U.S., of course, to justify "the actions" that they have taken. It's not easy. Even today, new developments continue to occur." Maduro was captured by the United States in an early morning raid on Saturday. He was taken to New York, where he will be charged with drug trafficking. Starmer's spokesperson said that the U.S. raid is not comparable to Russia?s "full invasion" of Ukraine. The UK has repeatedly condemned President Vladimir 'Putin’s invasion of Ukraine and imposed the largest set of sanctions ever against Russia. Starmer's spokeswoman told reporters that "comparisons" between the events of the weekend and an unprovoked invasion on a full scale into a democratic sovereign state are not fair. "We've always been clear... that Maduro’s rule in Venezuela was fraudulent." (Reporting and editing by William James; Andrew MacAskill, Sam Tabahriti)
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Starmer, the UK's Starmer, says that Greenland's fate is not up to others.
Keir starmer, British prime minister, said that he stands with Denmark in its defense of Greenland. He said that no one else can decide the fate of this vast territory. The U.S. military's operation to?capture Venezuelan president Nicolas Maduro and Trump's intentions to oversee the governance of the oil-rich Latin American nation has reignited concerns in Denmark about?Greenland. An autonomous Danish territory. Starmer told reporters that "Greenland, and the Kingdom of Denmark must determine the future for Greenland. Nobody else," Starmer responded in an interview that she stood with Mette Frederiksen, the Danish Prime Minister who told Trump to stop threatening Greenland. She said: "She's right and I stand by her." Starmer was asked to comment on the raid in Venezuela. He has "sought" to remain friendly with Trump, and taken a more tolerant stance than most other European leaders. He said that it was up to the U.S. now to justify their?actions and that Britain will judge other?nations by the standard of international law. Starmer said On Saturday He was not upset that Nicolas Maduro no longer served as president of Venezuela. However, he hoped this would lead to the establishment of a more democratic regime.
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Guinea's top court validates Doumbouya's landslide vote win
The Supreme Court of Guinea has confirmed that coup leader Mamady Doumbouya won a landslide in the election, paving the way for him to serve as president for seven years. Court also announced late Sunday that Abdoulaye Balde, the second-place finisher in the race, had dropped any legal challenge against the results, which opposition supporters condemned online. Balde didn't immediately respond to comments. Doumbouya is believed to be in his 40s. He seized power in Guinea in 2021, an African nation rich with bauxite ore and iron. This led to the ouster of then-president Alpha Conde. Conde gave a speech on New Year's Day in which he dismissed the election as a "masquerade". The validation by the?court, which is required after every vote, confirmed the provisional results, according to which Doumbouya secured 86.72% in the 28 December election, against an fragmented field consisting of eight opponents. Doumbouya made a brief speech following the ruling in which he called for "all daughters and sons of the nation, here as well as those living abroad, to join together to create a new Guinea". Balde, leader of the Democratic Front of Guinea (the opposition), came in second place with 6.59%. He asked the Supreme Court to annul the preliminary results because the vote count had not been transparent, and his party representatives had been 'expelled from certain polling stations. The U.S. Embassy in Guinea expressed its congratulations to Doumbouya, and stated that Washington looked forward to establishing stronger ties with Doumbouya as well as advancing the economic stability. (Reporting and writing by Guinea newsroom, Anait Miridzhanian, Editing by Andrew Heavens).
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Copper record set after Chilean mine strike
Prices of copper soared to record levels on Monday, as fears about supply?intensified after a strike in a Chilean mining facility and forecasts of deficits?as well as low stocks at London Metal Exchange-approved warehouses. The benchmark copper price on the London Metal Exchange rose 2.7% to $12,811 per metric tonne at 1138 GMT, from an earlier peak of $12,905.5. The metal used for power and construction reached a record price of $12,960 per ton. The theme of shortages was reinforced by traders after a strike took place at Capstone Copper’s Mantoverde gold and copper mine in northern Chile. Mantoverde is expected to produce between 29,000-32,000 metric tonnes of copper. This is only a small fraction of the global production forecast for this year of 24 million tonnes. However, this reinforces expectations that there will be a shortfall. Analysts at UBS wrote in a report that they forecast a deficit of 300,000 to 400,000 tons by 2026. This will increase to 500,000 tons by 2027. The drop in LME inventories, at 142.550 tons, has fueled the rise of copper prices. Copper tariffs are still being reviewed, even though copper import levies were exempted from August 1's law. Aluminium prices in other countries have risen to $3,069 per ton. This is the highest since April 2022, due to fears of shortages. Gregory Wittbecker is the President of Wittsend Commodity Advisors. He said that for the past 20 years, the LME's price has been largely dictated by China's capital costs. "Now, the market needs to begin thinking about CapEx in Indonesia." Lead rose 0.2% at $2,011, Nickel firmed up 0.4% at $16,885, and Tin rose 3.5% to $41,925. The big rise in tin was due to traders short-covering on a market with low volume. (Reporting and editing by Bernadette B. Baum; Pratima D. Desai)
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Chubu Electric Japan flags discrepancy with seismic assessment at Hamaoka Nuclear Plant
Chubu Electric Power in Japan said that it may have chosen'representative seismic wave' using a different technique than what was explained to regulators during the review of its Hamaoka Nuclear Power Station, located in central Japan. In a press release, the utility stated that the discrepancy "significantly impacts" the regulatory review for the central Japan plant. The company stated that "we?view this matter as an extremely serious issue that could undermine trust in our nuclear power business among our stakeholders, including local communities, and potentially shake the very basis of these operations." The company said that an independent committee would be set up to investigate. The Nuclear Regulation Authority is reviewing Chubu 'Electric to restart Hamaoka No. The Nuclear Regulation Authority is currently reviewing Chubu?Electric's application to restart Hamaoka's No. 4 reactors. The seismic assessment discrepancy occurred just after the local communities had approved and Tomari nuclear plant of Hokkaido Electric Power and Tokyo Electric Power Kashiwazaki - Kariwa nuclear plant. This could slow down the momentum for re-building trust in Japan's nucleonic power sector, which was harmed by the Fukushima Daiichi catastrophe of 2011. The ministry of industry said that it had asked Chubu Electric to 'thoroughly investigate and report the facts and circumstances surrounding the incident involving the seismic evaluation. The company was also asked to?identify the root causes and analyse them, develop effective measures for preventing a recurrence and report the existence of similar incidents. (Reporting and editing by Sherry Phillips and Emelia Matarise; Satoshi Obayashi and Yuka Sugiyama)
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As AI rally matures, investors may seek value in 2026
According to analysts, global investors will actively look for opportunities in the financial markets this year that are undervalued as concerns about an AI bubble encourage traders to look past highly valued technology companies. U.S. stock prices were volatile in 2025. They plunged to bear market territory after President Donald Trump's tariffs in April before eventually rebounding to new record highs. Analysts expect the upward trend to continue into 2026. However, investors may need to be selective in their asset selection. BlackRock Investment Institute strategists said that the current environment is ripe for investing actively. The dollar fell on the expectation of Federal Reserve interest rate cuts, boosting emerging market assets. Strategists bet on other asset classes gaining traction in 2018. Small Cap Stocks As earnings prospects improve, and borrowing costs decline, U.S. Small Caps may be back in the spotlight after years of being out of the spotlight. Oren Shiran is a portfolio manager at Lazard Asset Management. He said, "The biggest difference in 2026 will be that earnings growth returns to small-cap stocks." LSEG estimates that traders expect the U.S. Central bank to cut interest rates by 25 basis points twice in 2026. Small-cap companies are more likely to have higher debt levels, and so they will be among the first ones to benefit from a decrease in interest rates. Steven DeSanctis, equity strategist at Jefferies, expects the Russell 2000 index (which tracks small-cap stocks) to reach 2,825 by 2026. This would be a gain of nearly 14% from 2025. Gold's historical run in 2025 was the best year since 1979, when the oil crisis began. J.P. Morgan and Bank of America predicted gold prices would hit $5,000 per ounce in this year compared to $4,314.12 by 2025. Wells Fargo Investment Institute analysts expect that favorable conditions will continue, but they said gains may come at a slower pace. Central banks could also provide support by purchasing assets other than dollars. HEALTHCARE & FINANCIALS A wave of policy improvements could propel the healthcare sector to be a standout. Morgan Stanley stated that the increasing reach of weight loss drugs could boost industry. As M&A accelerates and the loan growth rebounds, financials, notably?banks are expected to also outperform. Morgan Stanley stated that the sector's valuation is still attractive due to deregulation and AI driven efficiency gains. Mid-cap banks offer compelling early-cycle opportunity. CURRENCIES Analysts?said that the U.S. dollar is set for another bout in weakness in 2026 as they expect the Fed to lower interest rates to cushion an easing labor market. Analysts also see political uncertainty, such as the appointment of a Fed chair, adding to volatility. Selling would make emerging market currencies like the yuan of China and real of Brazil more attractive, as currency movements are increasingly driven by divergent policy paths. ING economists believe that the Czech crown may benefit from a new boost due to the rate increases by the Czech National Bank. Analysts at MUFG wrote that commodity-linked currencies, such as the Australian and New Zealand dollars, could also benefit from a better global growth outlook. MUFG stated that the euro, among G7 peers, is likely to be supported by fiscal stimulus, while the Japanese yen may remain vulnerable but recover in the short term. Emerging Markets A weaker dollar and relatively low valuations are expected to continue to drive?inflows into emerging markets. BofA Global strategists said that emerging markets are now less volatile than developed ones. It is a mistake to focus too much on the fact the growth of emerging markets is lower than in the "good old days". It's true. But macro stability indicators have improved in recent years. Domestic politics could cause a snag, particularly as Brazil and Colombia prepare for elections. High-Yield and Corporate Bonds According to analysts, the high-yield bond market and corporate bond markets will be active in 2026 as dealmaking will increase demand for "buyout financing" and AI heavyweights are likely to continue seeking capital to fund data center investments. According to PitchBook, as of mid-December 2025 the high-yield issuers had a total of $325 billion. This is 17% higher than in 2024, and the highest showing since 2021's pandemic record. "We have a?constructive view on high-yield bonds in 2026." In the last year, demand for high-yield bonds was strong. This allowed them to comfortably absorb a high-supply?year," wrote Janus Henderson's portfolio managers in a recent note. EVENT CONTRACTS SUPERCYCLE Retail investor demand is expected to fuel the rapid growth of event contracts. These contracts allow users to wager on real-world outcomes in politics, sports, and financial markets. These contracts became popular before the 2024 U.S. Presidential election and have prompted a new wave of startups to launch event contracts. Vlad Tenev, CEO of Robinhood, said at a recent conference that "we're still in the beginning stages of this supercycle" for this asset class. Robinhood is one of the largest players in this industry, and Coinbase also wants to get a foothold. Citizens Financial analysts estimated that prediction markets generate nearly $2 billion a year in revenue. This could increase five-fold by the time institutions begin to participate. State regulators are examining the rapid growth of these contracts, accusing them of being similar to sports betting, and encouraging potentially speculative behaviour.
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Trump threatens military action against Colombia after Venezuela raid
U.S. president Donald Trump threatened military action against Colombia's government on Sunday, telling reporters such an operation "sounds great to me". Bogota was furious. The remarks came after the United States captured Venezuelan president Nicolas Maduro during a raid early on Saturday morning and whisked to New York?to face charges of drug-trafficking. Trump said to reporters on Air Force One that Colombia was also sick. It is run by a "sick" man who enjoys selling cocaine to the United States. He will not be doing this for long. When asked directly if the U.S. was going to pursue a military campaign against?the nation, Trump replied: "It sounded good to me." Colombia has rejected Trump's remarks as an unacceptable attack on an elected leader. The Foreign Ministry issued a statement on Sunday night that said, "It is an undue intrusion into the internal affairs of the nation against international law." Reporting by Gram Slattery, Trevor Hunnicutt and Christian Schmollinger; Editing by Tom Hogue and Gareth Jones
Venezuela's oil, mining and mining sector: huge potential but weak infrastructure
Here are some key facts about Venezuela's oil and mining sector. According to U.S. president Donald Trump, the U.S. captured President Nicolas Maduro on Saturday.
RESERVES
Official data show that Venezuela may have the largest oil reserves in the world, but its crude production is only a fraction of what it could be due to years of mismanagement, a lack of investment, and sanctions.
According to the London-based Energy Institute, Venezuela holds about 17% of the global reserves, or 303 billion barils, ahead of the Organization of Petroleum Exporting Countries leader Saudi Arabia.
According to the U.S. Department of Energy, Venezuela's oil reserves consist mainly of heavy crude in the Orinoco Region of central Venezuela. This makes its crude costly to produce but relatively simple to process. Maduro and Delcy Rodrguez, the acting president of Venezuela at the time, announced in?2019 a five-year plan to boost mineral extraction, as an alternative for oil production.
Venezuelan government published data in the year before that included key terms used by mining industry, such as reserve and resource, interchangeably. It is difficult to determine if Caracas was aware of its full mining potential.
A reserve is a volume estimate for a mineral which can be economically produced. The volume of a particular mineral in a region is called a resource, regardless of whether it can be economically extracted.
The 2018 report was published by Venezuela's Mining Ministry website as a "minerals catalogue" for investors. It estimated that coal reserves were approximately 3 billion metric tonnes and nickel reserves at 407,885 tons.
The same report also estimated gold reserves of 644 metric tonnes, iron ore resources of 14.68 billion tons (although much of this is speculative), and a resource of bauxite of 321.5 millions metric ton. Venezuela published in 2021 a map of its mineral reserves, based on 2009 data. The map listed antimony, copper and nickel reserves, as well as coltan, magnesium, zinc, titanium, tungsten, and molybdenum. However, it did not include volumes.
Rare earths are a group of 17 minor metals used in magnets to turn energy into motion. Rare earths is a subset critical minerals.
Venezuela, along with Iran, Iraq Kuwait and Saudi Arabia, was a founding member in OPEC. The country's struggle with electricity has repeatedly hindered mining and oil operations.
In the 1970s, the country produced as much as 3.5 millions barrels of crude oil per day. This represented at that time over 7% global oil production. In the 2010s, production fell below 2,000,000 bpd and reached an average of 1.1 million barrels per day last year. This represents just 1% global oil output. This is roughly the same as the production of the U.S. State of North Dakota.
If the developments lead to a real regime change in the end, it could result in even more oil being available on market. It will take some time before production recovers fully, said Arne L. Rasmussen of Global Risk Management.
Saul Kavonic, analyst at MST Marquee, says that if the regime changes succeed, Venezuelan exports will grow, as sanctions are lifted, and foreign investments return.
Jorge Leon, Rystad's head of geopolitical analyses, said that Libya and Iraq are clear examples.
Trump said to Fox News Saturday that the United States will be heavily involved in Venezuela's petroleum sector. It is unclear what the operational status of mines linked to Maduro’s 5-year plan. Maduro's National Council for Productive Economy said last month that the national production of iron ore, gold and coal increased in the first quarter of 2025. However, it did not provide any figures.
Venezuela nationalized its gold industry in 2011. CVG, a maker of iron and steel, is also under the control of the government. Last October, it was reported that Venezuela had restarted its coal production. It aimed to export over 10 million metric tonnes of the mineral by 2025. The government has not yet confirmed if it met its target. The U.S. Geological Survey estimates that Venezuela produced 100,000 tons of coal in 2019 from 731 million tons of reserves.
In the last decade, the production of many minerals has declined, including nickel and bauxite.
Joint Ventures
Petroleos de Venezuela S.A. was created in 1970, when Venezuela nationalised the oil industry.
Venezuela took steps in the 1990s to open up the oil sector to foreign investors. Venezuela required that all oil projects be owned by PDVSA after Hugo Chavez was elected in 1999. Exxon-Conoco left Venezuela in the 2000s, and their assets were confiscated.
PDVSA has set up joint ventures with Chevron and other companies, including China National Petroleum Corporation, ENI, Total, and Rosneft, in order to boost production. Maduro said in 2023 that he would license mines in an area where Guyana and Venezuela are in dispute over ownership. Maduro’s government has supported artisanal mining of gold in the Venezuelan Amazon since at least 2016.
EXPORTS AND REFINING
Since the introduction of the sanctions, China is now the largest buyer of Venezuelan crude oil.
Venezuela owes China about $10 billion after China became its largest lender during the late president Hugo Chavez.
Venezuela repays loans with crude oil transported by three very large crude carriers that were previously owned jointly by Venezuela and China.
In December, two of these supertankers approached Venezuela when Trump announced the blockade on all tankers entering and leaving the country.
According to PDVSA documents, and shipping data, the vessels are waiting for instructions as Venezuelan exports were mostly stopped.
Trump said to Fox News Saturday that China will get the oil, without providing any further details. Russia has also lent Venezuela billions of dollar, but the exact amount remains unclear.
PDVSA owns significant refinery capacity outside of the country. This includes CITGO, which is located in the United States. However, creditors have been fighting to take control through lengthy legal cases before U.S. court. Reporting by Marianna Paraga, Arathy Sommesekhar Dmitry Zhdannikov Ernest Scheyder Daina Beth Soolo; Editing by Jason Neely Stephen Coates
(source: Reuters)