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Russian Central Bank says export prospects will worsen in the first quarter
Alexei Zabotkin, First Deputy Governor of the Central Bank, said that the outlook for Russian exports in the first quarter of 2026 will be more difficult than it was last year. This will have a negative impact on the federal budget. A?source near the government said earlier that the Russian budget deficit would be nearly three times higher than the official target at the end of 2026 due to falling Indian purchases?of Russian oil, and the widening of trade discounts. "The situation for our exports continues be challenging." Zabotkin, a RBC radio host, said that the situation is likely to be more challenging in the first quarter of the year compared to the fourth quarter or third quarter of the previous year. He said that a weaker export climate would have an inflationary effect. However, he didn't mention India specifically. Donald Trump, the U.S. president announced on Monday a deal to cut tariffs from 50% to 18% in exchange for New Delhi stopping its Russian oil purchases and lowering barriers. India's Russian crude oil imports fell in January, continuing the decline that began in December. The government released data on Wednesday showing that budget revenues in the energy sector fell by half to 393.3 billion rubles ($5.12 billion) in January, their lowest level since August 2020. $1 = 76.7500 Rubels (Reporting Elena Fabrichnaya, Writing by Gleb Brianski, Editing by Ros Rulse)
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Olympic Ice hockey: France's unlikely NHL veteran Bellemare debuts at the Games aged 40
Pierre-Edouard Bellemare, France's forward, describes his Olympic debut as a "dream come true" after playing in the NHL for 10 years. He calls his career a "very interesting story". Bellemare, who made his Olympic debut at the age of 40 after playing 10 years in the NHL, described it as a "very cool story". He added, "I had to pay when I was a child. We didn't have money for it." "The only hockey game I saw as a child was the Olympic games every four years. "I was born into an Olympic family, where if you make it there, that's a life-long accomplishment - and I'm here." Bellemare is one of only a handful of French players to have played in the NHL. Bellemare began his professional career, which will be 41 years old next month, in France in 2002. He played in Sweden between 2007 and 2014, then moved to the NHL as a Philadelphia Flyer. "I am from France. I was born in France and played all my life in France. At 21, I moved to Sweden, where there was little respect for French players at that time. Bellemare said that after he made his name, he was able to join the NHL as a French player at age almost 30. "This is completely crazy. Then you think, "I'm only going to stay for one year." Then I stayed for 10 years." France's first match is against Switzerland on 12 February. "I try to live every moment and enjoy it. This is my last year. Bellemare told Bellemare, "This is my last chance."
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Morocco urges residents in flood-prone areas to evacuate as the evacuations surpass 108,000
Residents of flood-prone regions in Morocco's northwest plains were urged to evacuate immediately Wednesday due to the increasing?threats from inundation caused by heavy rains, swollen river and the release of more water from full reservoirs. Interior Ministry: The Interior Ministry reported that the number of people evacuated by the authorities reached 108,432. As rising waters inundated villages and fields in the Northwest, helicopters were used to rescue people. Since Friday, the army has been helping with evacuations in response to a red warning for heavy rains this week. The Gharb region in the northwest of Morocco is an important wheat-producing area. It is made up of flat, low-lying areas that are difficult to drain after heavy rains and lack of slope. Official data shows that rainfall in Morocco has increased by 215% since last year, and is 54% higher than the historical average. The Interior Ministry announced that evacuations were ordered for parts of Larache province, including Ksar El Kebir city, Souaken and Ouled Ouchih as well as the Larache industrial zone and other areas near the Loukous River. This was to prevent further flooding. The majority of evacuations occurred in Ksar El Kebir. Authorities said that 85% had already left. State TV showed the people who were evacuated being provided with food and shelter in camps. After the Loukous River burst its bank last week, Ksar El Kebir was largely abandoned. Many neighbourhoods were submerged. The water ministry has released a statement that officials are concerned about the Oued Makhazine Dam near?Ksar El Kebir. It is currently operating at 146% of its capacity following weeks of heavy rainfall, and this has led to increased pressure for more water to be released downstream. Residents reported that electricity was cut in parts of Ksar El Kebir. Rights groups have asked the government to declare affected areas as "disaster struck," allowing residents to get insurance coverage for flooding damage. The extraordinary?rainfall ended a seven-year dry spell that had forced Morocco to increase investments in desalination. The dam filling rate in the United States has increased to 62%, up from 27% one year ago. Several large dams are being partially emptied for new inflows. (Reporting and editing by Alex Richardson; Reporting by Ahmed Eljechtimi)
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Tata Power, India's nuclear power company, is evaluating three locations for its nuclear projects.
Tata Power, India's largest nuclear power company, is looking at potential sites for future projects in three states but is waiting on regulatory clarity to finalise plans. Chief Executive Praveer Sinha stated this Wednesday. India's Parliament approved a landmark bill on atomic energy in December that allows foreign and private companies to enter nuclear power. The energy-hungry nation is aiming to tenfold its nuclear capacity by 2047. Sinha stated that the company was 'looking at smaller-sized nuclear reactors including small modular reactors' but also noted that capital costs were?high and Indian private players had limited experience. He said that Tata Power was in talks with the Department of Atomic Energy and the Nuclear Power Corporation of India, as well as multiple technology partners including foreign firms. Sinha, speaking on the media call following?quarterly results of the company, said that many?regulations, and detailed rules, still need to issued. These include those covering licensing conditions and fuel-sourcing arrangements, and approval processes. He said that the company is expecting greater clarity within six to nine months. After which, it will begin site-related activities such as land acquisition. He added that Tata 'Power had not yet finalised its planned capacity for the proposed plants. Tata Power expects to meet its coal import requirements comfortably this year, after one of their key Indonesian mines received its full production quota. On Monday, it was reported that Indonesian mines had halted their spot coal exports after the government proposed steep cuts in production. Sinha stated that the company received its entire quota from the Kaltim Prima Coal Mine, which produces 'about 50 million metric tonnes annually. Tata Power sources coal in Australia, South Africa and other countries to diversify its supply. (Reporting and editing by Sethuraman N.R.; Andrea Ricci)
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Lawmakers urge Trump not to cut vehicle fuel efficiency standards
Eighty Democratic members of Congress called on the Trump administration to drop a plan to lower fuel economy standards, which former president Joe Biden finalized for 2024. In December, the National Highway Traffic Safety Administration proposed a significant reduction in fuel economy standards for model years 2022-2031. The average mileage requirement would be 34.5 miles/gallon by 2031. This is down from 50.4 mile/gallon (21.4 km/liter) at present. In a letter sent to Transportation Secretary Sean Duffy, the lawmakers led by Doris Matsui, Senator Ed Markey and others, stated that this proposal would increase fuel consumption and air pollution, and allow automakers to continue prioritizing larger vehicles with higher profit margins, which is already driving the price of cars up. NHTSA didn't immediately comment. Duffy said that the rules would allow Americans to purchase the cars they want and not force automakers into?building a growing number of electric vehicles. NHTSA proposes revising 2022 fuel efficiency standards, and then increasing them by 0.25% to 0.5% per year until 2031. NHTSA, under Biden's leadership, increased fuel efficiency in 2022 by 8% per year for model years 2024-2025, and 10% for model year 2026. BIDEN'S ARRANGEMENT Biden's rules were designed to encourage automakers to produce more electric vehicles to meet the new standards, but they would not have forced an end to gasoline-powered cars immediately. Senators Ron Wyden and Patty Murray are among the group of lawmakers, as well as Sheldon Whitehouse (Senator), Adam Schiff (Senator), Jeff Merkley (Senator), Jack Reed, Tammy Duckworth, Dick Durbin, and Chris Van Hollen. Fuel efficiency standards are important for the United States because they help to drive innovation. They have led to innovations in hybrids, advanced powertrains and aerodynamics. The report added that "strong fuel economy standards also encourage manufacturers to offer smaller and more efficient vehicles, which are likely to cost less to buy." According to the U.S. Auto Agency, the new rule will reduce up-front vehicle costs by $930 but increase fuel consumption of around 100 billion gallons by 2050. This could cost Americans an additional $185 billion in fuel and increase CO2 emissions by 5%. NHTSA announced Friday that it will also be removing standards for passenger vans and heavy-duty trucks.
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Stocks rebound after Anthropic blow against software investors
Global shares recovered from their earlier lows on Wednesday as the selloff of software stocks waned. Gold was heading for its largest two-day increase in over 17 years. After the United States shot down an Iranian drone, and armed boats approached an American-flagged vessel on a major waterway, oil prices spiked. The market was dominated 'early on' by a selloff of global data analytics, professional service and software providers after Anthropic launched plug-ins to its Claude Cowork Agent on Friday. This sparked fears of an AI-driven disruption in these industries. After a double-digit drop on Tuesday, shares of LSEG in Britain and RELX REL.L from the Netherlands and Wolters Kluwer WLSNc.AS in the Netherlands have fallen for a second consecutive day. Chris Beauchamp, chief market strategist at IG, said that the software companies are parking their tanks in a very obvious way. VOLATILE TIMES Silver fell as much as 30 percent in one day after a two-day vicious selloff. Spot gold has reclaimed $5,000 and is up 2% to $5,047 per ounce. This brings the gains in the past two days to almost 9%, the biggest since late 2008. Silver increased by nearly 6%, to $90 per ounce. U.S. president Donald Trump announced Kevin Warsh to be his choice for the Federal Reserve. A margin increase by CME also exacerbated the selling. Warsh will shrink the Fed balance sheet which is usually bad for non-yielding metals. Joshua Chim is the general manager of FSMone, an online broker. He said, "We expect the volatility to remain high in the short term. But, once the market has found its feet, it should stabilize." He said that investors had "purchased the dip" via ETFs and unit trusts, following the "significant correction" of gold and silver. Brent crude futures rose 0.2% to $66.74 a barrel, which is not far from six-month highs. Investors were keeping a close watch on recent talks between the U.S. and Iran, in an effort to de-escalate tensions. FED IMPLICATIONS Volatility is more controlled in the currency markets. Both the European Central Bank (ECB) and Bank of England (BoE) will meet on Thursday but are not expected to change their interest rates. The euro closed at $1.18257 unchanged for the day while sterling gained 0.2% to $1.3724. The yen dropped below the weaker side 156 per dollar which grew 0.6% ahead of Japan's lower house elections this weekend. Prime Minister Sanae Takaichi could win a mandate for tax cuts and increased stimulus. (Rae Wee contributed additional reporting from Singapore; Jamie Freed and Catherine Evans edited the story. Emelia Sithole Matarise was also involved in editing.)
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Santagiulia under pressure to prepare for the first game
Workers scrambled for the day before the Olympic Ice Hockey Tournament was to start at the Milano Cortina Games. Players shrugged their concerns about the ice. As the players practice on Santagiulia, dozens are working around the clock in order to prepare the site for the first match, which will take place on Thursday when the host team Italy takes on France in the women’s event. As organizers rushed to complete the 15,300 seater arena, the built-from scratch arena was the focus of much concern. Veronika Muehlhofer is the general manager of Fondazione "Milano-Cortina-2026" and she said, "Construction work, they are done." The day and night prior to the first game is when the finishing touches are made. She said that there will be more cleaning needed to make the stadium look as beautiful and clean as possible to welcome the first spectators. Today you will see many cablers who are part of the broadcasting teams and have been working for the last few days in preparation for the games. Some sponsors will be outfitting their areas in order to promote "their products" and other things. Santagiulia remains a largely barren area, and large sections of the site are still to be cleared. It was only last month that the arena held its first test, where play was halted to repair a small hole in the ice. As at other NHL venues, the playing surface is a few inches shorter than NHL standards. Yohann Auvitu, a former NHL player and France defenceman, said on Wednesday that he didn't expect perfect ice. "It isn't good at all." After all, I have played everywhere. It's bad to play in Florida when it's 35? degrees outside. No complaints, it's just the way things are. Three games will be played each day. So I don't?expect to have good ice. "Just handle it," said he after practice at the Santagiulia skating rink. Auvitu thought the arena was very nice. "Locker Rooms are perfect. It's a short walk to get there. These things are not important. "I'm not expecting perfection, because it's nowhere near perfect," he said. For the first time in 2014, the Olympics welcomed back National Hockey League (NHL) players. This brought a new spotlight to the event. Christophe Dubi, the IOC's?Olympic Games executive director said that not every space in Santagiulia had to be finished. However, everything that was visible to the public or that related to athletes and journalists would be completed. Muehlhofer explained that when preparing for an ice hockey tournament there is a countdown to the drop of the puck. "It's like a little sigh as we get closer," he said.
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Nuclear startup Newcleo raises $89 Million from Italian investors
Italian nuclear startup newcleo announced on Wednesday that it had raised 75 million euros ($88.60) in a new funding round with contributions from new investors including Italian iron and steel group Danieli and Cementir Holding. The company has raised more than 105 million euro in the last 12 months. Total funding since the?2021 foundation is 645 million euros. This funding will help strengthen our research and technology infrastructure in Europe and accelerate our expansion into the United States, said newcleo CEO Stefano Buono in a press release. Buono said recently that the developer?of small modular reactors? aimed to capitalize on U.S. policy supporting the nuclear?sector. In May, U.S. president Donald Trump signed a?order to increase domestic nuclear production through reducing?regulations? and accelerating new licenses. Newcleo is a company that specializes in the creation of advanced modular reactors using reprocessed atomic waste. This technology is designed to reduce costs and minimize risks associated with atomic waste management.
Venezuelans who have helped Canada's oil sands industry grow are unlikely to return home
In the mid-2000s, Luis Cabana, a professional engineer, could not walk down downtown Calgary without being accosted by someone he knew in Spanish. The office towers in the heart of Canada's oil & gas industry were crowded with Venezuelans, who fled persecution and economic stagnation back home.
Canada, with its vastness and cold climate, is far away from the humidity and heat of Venezuela. The oil sands of northern Alberta and Venezuela's Orinoco Belt both produce thick, tar like heavy crude. This fact has led thousands of Venezuelan engineers, geologists and scientists to relocate to cities such as Calgary, Edmonton, and Fort McMurray over the years.
"We were overrepresented." Cabana said, "I knew another professional in every company downtown." Cabana came to Canada in 2006. He spent over a decade working in the energy sector of Canada. They helped Canada become the largest producer of heavy oil in the world, while Venezuela's oil production was declining. Many Venezuelans in Canada who have made careers say that they will not return to Venezuela, despite President Donald Trump's stated goal to revive Venezuelan oil production. They have established lives in other countries. Trump's decision to revive Venezuela's oil industry has caused anxiety in Canada. An increase in heavy crude oil from Venezuela could replace some of the oil refinedrs in the United States purchase from Canada. The increase in Venezuelan oil production is unlikely to be significant for years because U.S. firms are reluctant to invest large-ticket projects that require multi-year planning without signs of political stability in Venezuela and widespread support for a new legal system.
Exodus prompted by oil strike against the Chavez regime
Four Venezuelans living in Canada were interviewed. Each of them came to Canada during a wave of migration that began in the early 2000s. The most notable occurred between 2001-2010, after the emergence of Hugo Chavez and a massive strike at the state-owned PDVSA. This led to the collapse of Venezuela's oil industry.
According to federal statistics, some of the 7,450 Venezuelans that came to Canada in this period held senior positions at PDVSA. After the strike in Venezuela, chemist Pedro Pereira was blacklisted as director of PDVSA’s technology strategy. He took up a job at the University of Calgary, where he directed nanotechnology research on oil sands. He recruited dozens more Venezuelans who were experts in heavy oil.
Pereira runs a tech company in Calgary that focuses on renewable energy.
Other Venezuelans also migrated to Fort McMurray in northern Alberta, a small city surrounded with boreal forest.
"When I arrived, the temperature was minus 35 degrees Celsius, and when I left Caracas it was plus 25 degrees Celsius, so it was quite a shock," said Lino Carrillo. He had previously worked in Venezuela in the heavy oil refining and processing industry before he was recruited by Canada's Suncor Energy.
The decline of Venezuela's oil sector coincided with that of Canada, as high oil prices and technological advances drove the oil sands boom in the early part of the century.
Carrillo said that "people appreciated the Venezuelan expertise." "I think Canada would have achieved what it did in the development of oil sands without the Venezuelans, but they brought people with 15, 20, years of experience that helped shorten the path."
WAVE OF REVERSE MIGRATION UNLIKELY Carrillo maintains close ties with Venezuela, and has even worked on the energy platform of opposition leader Maria Machado. Machado is now competing with Venezuelan government members for Trump's attention. She wants to be a part of the future governance of the country. Even if Venezuela re-builds its oil industry and returns back to democracy, many expats believe that a reverse migration wave from Canada's Oil Sands to the Orinoco Belt will be unlikely.
Pereira said that Venezuelan expats often talk about whether they will return to their home country and how they can help it recover. "But two generations have already passed, and those with expertise are mostly older than 55." Reporting by Amanda Stephenson, Calgary; Editing and proofreading by Caroline Stauffer, Nigel Williams
(source: Reuters)