Latest News
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Phillies Taijuan Walk shoots for Rockies road sweep
The Philadelphia Phillies began their first road trip this season with two impressive victories over the Colorado Rockies. The Phillies will try to complete the sweep on Sunday when they finish the three-game series. Philadelphia, who won 2-1 on Saturday night, will match up Taijuan Walker (0-0, 11.57 ERA), against Colorado's Tomoyuki Sugano (00-0, 1.93 ERA), in a matchup of right-handers. Walker had a tough start for the Phillies in his first game of the year, giving up seven hits on ten in four and a half innings on Monday against Washington. He can improve against the Rockies. Walker is 5-1 in 10 career starts against Colorado with a 2.36 ERA. In 2025, he went 2-0 and had a 2.45 ERA over two appearances against the Rockies. Walker can build on the Phillies' first two starts this weekend. Aaron Nola, Jesus Luzardo and their combined teams struck out 20 batters in each of their respective appearances. Nola was able to benefit from a strong run support during a 10-1 victory on Friday, but Philadelphia only scored two runs Saturday night. The Phillies offense has struggled, except for the 10 runs they scored on Friday. Bryce Harper stated that seasons can sometimes be like this. Some guys have great first months, but then have a horrible rest of the season. They can have a bad month, but then win MVP. You play the entire season because you want to. You shouldn't place too much emphasis on the first few games. You play your own game. It's important to remember that the season is long and it's worth playing all of it. Philadelphia will face a pitcher that it has not faced before. Sugano made a good debut for Colorado on Monday, when the Rockies thrashed Toronto 14-5. Sugano allowed only one run on just two hits, but a high pitch count kept him from going beyond 4 2/3 innings. Colorado signed Sugano (?36) to shore up its rotation, which struggled in 2025. The Rockies' pitching has improved this year, but, like the Phillies, their offense has been a struggle. Colorado has scored 5 runs in its last 4 games. The Rockies scored 15 goals in their Friday home opener and another 13 on Saturday night. This has played a role in the Rockies' 1-4 start in games with one run. After the 2-1 defeat, Warren Schaeffer stated that the "big thing" with Saturday's strikeout was we missed too many pitch in the zone and early in the count. "You can't chase late and miss pitches early, it's a bad combination." Despite the strikeout problems, there have been some positives. Ezequiel Torvar, a rookie, has a.294 average after he went 1-for-4 on Saturday. Troy Johnston is batting.333 and has one of Colorado's first eight home runs. Field Level Media
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Kuwait Petroleum Corp. reports damage to units following Iran drone attacks
On?Sunday?, Iranian drone attacks hit multiple targets in Kuwait. State?energy company Kuwait Petroleum Corporation reported fires and "severe damage" to some units. KPC stated in a press release that teams are working to contain fires at National Petroleum Company and Petrochemical Industries Company affiliates. KPC said earlier that a drone had attacked the complex housing the KPC headquarters and oil ministry in Shuwaikh. Kuwaiti state media, citing Kuwait's finance ministry, reported that an Iranian drone had allegedly 'hit an office complex of government ministries, inflicting significant material damage, but no injuries. Kuwait's Ministry of Electricity and Water said that two power-generating units were taken out after Iranian drones attacked two desalination and power plants. The damage was significant. In all incidents, no injuries have been reported. The U.S. and Israeli 'war on Iran' is now in its sixth weeks, with Tehran attacking Israel and Gulf Arab states that host U.S. military bases. Iran's Revolutionary Guards have claimed responsibility for the attacks on Kuwaiti petrochemical facilities, as well as those in Bahrain and the United Arab Emirates.
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PMI data shows that Saudi Arabia's non oil business activity shrank in March amid conflict.
A 'business survey' revealed that Saudi Arabian non-oil sector activity fell in March for the first time since August 20. The war in the Middle East had slowed down supply chains. S&P Global's?seasonally-adjusted Riyad Bank Saudi Arabia Purchasing managers' Index (PMI) fell to 48.8 from 56.1 in Feb. The readings below 50 indicate contraction. Naif Al Ghaith is the chief economist at Riyad Bank. He said that the drop into contraction was largely due to short-term uncertainties linked with the geopolitical tensions of the region. "The soft reading was mainly?driven by a pause in the new orders, as clients adopted more caution." Export orders experienced a notable drop, and some firms reported a temporary slowdown of cross-border activities. This led to a moderated output, Al-Ghaith explained. For the first time, both output and new orders have declined since August 2020, when the COVID-19 epidemic brought economies to a grinding halt. New orders dropped to 45.2 in March, down from 61.8 in February. Export demand was weakening sharply. New export orders posted their steepest drop?in nearly six years. Exports were 'completely stopped' by some firms, while others experienced greater logistical problems. The conflict has slowed the flow of water through the Strait of Hormuz, but the supply strains have increased. This situation may continue as long as the Strait of Hormuz remains effectively blocked. Business expectations for the coming 12 months remain 'positive' despite a 'weakening of their lowest level since June 2020. Some firms are still confident about government spending, the development of infrastructure and the improvement in demand on the long term. (Reporting and Editing by Hugh Lawson).
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South Korea asks Gulf Nations for a steady supply of energy and safety of Korean vessels
The South Korean Ministry of Finance announced that Koo 'Yun-cheol, Minister of Finance, met with envoys of Gulf countries on Sunday to discuss energy security and the safety of 'Korean vessels near the Strait of Hormuz. This is due to the escalating Iran conflict disrupting shipping. The ministry said that during the Friday meeting, Koo requested the ambassadors of the Gulf Cooperation Council to ensure a constant supply of oil, liquefied gas, naphtha and urea as well as other critical resources. He also asked them to ensure the safety and security for Korean vessels and crews near this vital strait. The statement stated that the envoys referred to South Korea as a nation of "top priority". They also pledged to work closely with Seoul in order to maintain a stable supply. Like many Asian economies, South Korea relies heavily upon energy imports. This includes through the Strait of Hormuz. The Strait of Hormuz was the conduit for 20% of 'world oil' before Israel and the U.S. launched their war on the 28th of February. Since then, Iran has effectively closed the waterway. This has pushed up energy prices and raised fears of a global recession. Saudi Arabia, United Arab Emirates (UAE), Qatar, Kuwait and Oman are the six GCC member states. Reporting by Cynthia Kim, Editing by William Mallard
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Egypt increases electricity prices for households and businesses that use more energy amid energy crisis
The electricity ministry announced on Saturday that Egypt will raise electricity prices for residential and commercial consumers who use more electricity. This increase is due to a global energy crisis caused by the Gulf War. The government has taken a number of measures to reduce energy consumption and curb fiscal pressures as rising import costs put pressure on the finances of the most populous Arab country. The ministry stated that the increase would only affect households with higher consumption and commercial users. This was done to ensure the supply of electricity across residential, industrial and commercial sectors. The report said that electricity rates for residential bands up to 2,000 kilowatt hours per month would remain the same, but tariffs for higher residential brackets will increase by an average 16%. It added that commercial electricity prices in all brackets will increase on average by about 20%. In March, Prime Minister Mostafa. Madbouly stated that Egypt's energy import bills had more than doubled in the last few years since the start of the conflict involving the United States and Israel. This forced the government to increase fuel prices, raise fares for public transportation, and slow down some state projects, to relieve pressure on the public finances. Egypt implemented measures to rationalise its energy consumption in March, including a move towards earlier closing times for commercial venues. This was due to the rise of global oil prices during the conflict. Inflation has been in double digits since September 2023, when it peaked at 38%. The country is already struggling with heavy debts. Reporting by Momen Atallah and Enas Alashray
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Slovak PM: EU should lift sanctions on Russian oil, gas and other energy sources to improve energy security
Robert Fico, the Slovakian Prime Minister, said that the European Union must end sanctions on Russian oil and gas imports and take steps to restore Druzhba pipeline flows, as well as end the conflict in Ukraine, in order to tackle the energy crisis stemming from the war with Iran. Fico stated in a press release after a phone call with Hungarian Premier Viktor Orban, that the EU should re-establish dialogue with Russia to ensure member states get gas and oil from all sources including Russia. Hungary and Slovakia are the only two EU countries that maintain relations with Moscow. Oil prices have risen?since U.S.-Israeli strikes against Iran began on February 28, causing a disruption to oil supplies in the Gulf and causing what the International Energy Agency calls the largest oil supply interruption in history. Central European nations have taken steps to reduce the impact of high fuel prices on consumers and businesses. By the end of 2025, only a fraction of EU oil imports came from Russia. This was after a steep decline in imports following Moscow's invasion of Ukraine. By January 27, Kyiv reported that a Russian drone attack had hit Ukrainian pipeline equipment, disrupting Russian oil?shipments. Budapest and Bratislava accuse Ukraine of intentionally delaying repairs in order to resume oil flow through the Druzhba pipe. This has triggered a political dispute which?has seen Hungary blocking an EU loan for Kyiv. Ukraine claims it is repairing it as fast as possible. Fico stated that it is not enough to address the energy crisis at the national or only local level. Five other European Union countries are also calling for a windfall profit tax on energy companies in response to rising fuel prices. This was revealed by a letter sent to the EU Commission on Saturday. The energy chief of the bloc said on Tuesday that it was considering reinstating energy crisis measures from 2022. This included proposals to reduce grid tariffs and electricity taxes.
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Taiwan has received assurances from a'major country' about LNG supplies
Taiwan's economy minister announced on Saturday that the energy minister of a "major country" producing liquefied gas had given Taiwan assurances about supply. He was speaking in relation to the?impact of the Iran War on Middle East energy imports. Taiwan, which is a major producer of semiconductors, relied on Qatar to supply around a third its LNG prior to the conflict. It has now said that it has secured alternative supplies from countries such as Australia and the United States for the months ahead. Kung Ming Hsin, Taiwan's Economy Minister, told reporters in Taipei that Taiwan enjoys good relations with its?crude gas and natural oil suppliers. Therefore, adjusting the origin of shipments or purchasing additional spot -cargoes will not be a problem. Kung stated that the energy minister from a "major energy producing country" had contacted him about two weeks prior. The person "explained that they would fully support our natural gas needs. He added that if we had any requests, we could let them know. Kung added: "Another nation even stated that certain countries had released strategic petroleum reserves and could help coordinate the matter if Taiwan needed assistance." He said, "This shows Taiwan has earned considerable international goodwill through the long-term confidence it has built." He refused to identify the countries involved. Angela Lin, spokesperson of state-owned refiner CPC said that at the same?newsconference, crude oil inventories are being maintained at levels prior to conflict and that overall petrochemical supply has remained stable. CPC Chairman Fang Jeng Zen said that a new agreement with the U.S. would see 1.2 millions metric tons of LNG delivered?annually. He added that Taiwan does not intend to import crude oil or LNG from Russia. (Reporting and editing by Ben Blanchard, Roger Tung and Joe Bavier).
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Five EU Finance Ministers Call for Tax on Windfall Profits of Energy Companies
In response to fuel prices rising due to the Iran War, five?European Union Finance Ministers have called for a tax to be placed on the 'windfall profits' of energy companies. This was revealed in a letter sent to the EU Commission on Saturday. In a joint letter dated on Friday, the finance ministers from Germany, Italy Spain Portugal and Austria called for such a move, stating that it would "signal" to others that they are united and capable of taking action. They wrote: "It will also send a message that those who benefit from the war's consequences must do their part in easing the burden of?the public." Since the U.S. and Israeli strikes against Iran began on 28 February, oil and gas prices have risen dramatically. This is similar to the energy crises Europe experienced after Russia invaded Ukraine - in '2022 - despite the fact that EU countries are now getting more of their energy from renewable sources. LETTER HIGHLIGHTS 'MARKET DISTORTIONS' In a letter addressed to EU Climate commissioner Wopke Hekstra, the Ministers referred to the possibility of a similar tax to be implemented in 2022 as a way to combat high energy prices. They wrote: "Given current market distortions, and fiscal constraints the European Commission must develop quickly a similar EU wide contribution instrument based on a sound legal basis." The letter did not specify the level of windfall taxes that ministers would propose, nor which companies should be affected. The energy chief of the bloc said on Tuesday that it is considering reviving measures taken in response to the energy crisis in 2022. This includes proposals to "curb grid rates" and taxes on electricity. After Russia cut off gas deliveries, the EU implemented a series of emergency policies. These included a?EU-wide gas price cap, a tax imposed on windfall profits of energy companies, and targets to?reduce gas demand. The Middle East conflict has a significant impact on the global energy prices. Since the U.S. and Israel war against?Iran started on February 28, European gas prices have risen'more than 70%. Dan Jorgensen, EU Energy Commissioner, said that Brussels is particularly worried about the supply of refined petroleum in Europe such as diesel and jet fuel. Reporting by Andreas Rinke, Writing by Tom Sims, Editing by Alison Williams
MORNING BID AMERICAS - Dancing in the Dark
By Anna Szymanski
February 13th -
What Mike Dolan, the ROI team and I are looking forward to reading, watching and listening to this weekend.
Editor's Note
Hello Morning Bid readers! This week has been a rollercoaster ride. We saw a massive election victory in Japan, the extension of artificial intelligence disruption, a pushback against President Donald Trump’s tariff agenda, and a mixture of U.S. data that roiled rates markets. All of this suggests that market expectations on everything from technology to "Takaichi" are as clear as mud. The Nasdaq Composite dropped 2% on Thursday after Cisco Systems' disappointing earnings. Apple's share price also dropped 5% yesterday, the biggest drop since last April when tariffs were announced for 'Liberation Day.' Transportation stocks are the latest victims of 'AI disruption trade. The biggest event this week was the victory of Japanese Prime Minister Sanae Takayi. Her Liberal Democratic Party secured a supermajority during the lower house elections held over the weekend. The Nikkei index, which measures the value of Japanese stocks, surpassed 58,000 on Thursday for the first ever time. The yen and Japanese government bonds, two markets that were roiled by Takaichi’s fiscal generosity for months, also gained strength. In fact, the latter is on course to make its biggest weekly gain in over a year. Investors might be betting on Takaichi being given the freedom to be fiscally responsible by her mandate, but it could also be a reflection of technical issues or the fact that negative sentiment has already been priced in. Investors should not be complacent by the post-election euphoria. The yen, and JGBs, could become volatile again when details about the funding plan for the Prime Minister's spending are revealed. The dollar was under pressure this week due to the resurgent Japanese yen, but the greenback gained some ground on Thursday as investors sought out safer assets. Dollar's persistent weakening against euro and yuan in the past year is notable. It seems to be aligned well with recent statements by leaders of both regions regarding their ambitions to have their currencies play a bigger role globally.
A surprising combination of economic data from the United States has shook expectations for Federal Reserve rate cuts this week. The release of lower-than-expected retail sales for December on Tuesday boosted expectations of Fed rate cuts in April. On Wednesday, however, the January jobs data surprised to the upside. The nonfarm payrolls grew by 130,000 in January, which was almost twice what the consensus expected. However, this increase was concentrated mainly in healthcare and social services, and coincided with huge downward revisions of 2025. Overall, data suggests that the labor market is stabilizing. Why is it expected that the Fed will continue to ease, even with inflation exceeding the Fed's target of 2.0% and signs emerging that global economic activity may be heating up? Governments around the globe are expected to ease their purse strings in 2018, despite massive debt loads (a negative sign for bonds). Meanwhile, tech titans have a capex spree, with $650 Billion planned by four companies for 2026. All of this does not seem to be a recipe for lower rates, even though President Trump wants the U.S. to have the lowest borrowing costs in the world.
Investors will be closely watching the latest CPI data, which is due to be released later today. Oil prices fluctuated this week on the energy markets. They were influenced by news of U.S. Iran negotiations. However, the result of Benjamin Netanyahu's meeting with Trump suggests that discussions with Tehran will be continued. The International Energy Agency announced on Thursday that they expect global oil demand to grow more slowly this year than originally forecast. This supports their projections of a significant glut in supply. This might not make sense with Brent crude at $70 per barrel, but oil prices are increasingly influenced by unpredictable external forces.
This is just another indication that even the supposedly efficient global markets will struggle to cope with the changes and twists of 2026, just like us. Check out Open Interest for more news on commodities and markets. Find out why investors might need a new hedge playbook, how a lack of snow in Europe could boost natural gas demand, and why WeChat, Reddit, and other social media sites are contributing to the latest metals boom.
Check out what the ROI team recommends you read, watch, and listen to as we enter the weekend. Please contact me at to let me know what you think.
This weekend we are reading...
The Doom Loop is the latest book by former IMF economist Eswar Prsad and Cornell Professor, Mike Dolan, who has been a member of ROI since its inception. It explores the consequences of rolling back decades' worth of globalization and multinationalism. He discusses how this happened and what can be done to prevent a destructive "doom loop" from spiraling out of control.
The story of the 1956 Suez Crisis, and the Hungarian Uprising, which unfolded simultaneously with huge global implications, is told by Alex von Tunzelmann in Blood and Sand. The importance of oil to Britain's decision making during the Suez Crisis was fascinating.
JAMIE MCGEEVER is a columnist for ROI Markets. Ben Harris, of the Brookings Institution, asks JAMIE MCGEEVER why U.S. economic growth continues despite policymakers pursuing an agenda which goes against the views of mainstream economists. He offers four possible answers: recent shocks were not as big as initially thought, shocks had been offset by stimuli, shocks hadn't yet moved through the system or economic models were wrong.
ANDY HOME is the ROI Metals columnist. The article is about rare earths and is a good primer on their production and consumption.
GAVIN MAGUIRE is a columnist for ROI Global Energy Transformation. This report describes a recent visit by a U.S. Public Utility Commissioner to several clean energy factories and grid equipment manufacturers in China. Her team visited the production lines of EVs and batteries, as well as solar panels, transformers and utility-scale transformers. They made some interesting observations.
CLYDE RUSSELL is a columnist for ROI Asia Commodities & Energy. One of the most notable features of the Mining Indaba Conference this year was optimism about the future of mining in Africa, as major powers once again compete to gain access to the continent's natural resources. It is not difficult to find articles that support and back up this bullish outlook. Finding an article that argues against this bullish view is not easy. Here's a counterpoint from the feisty, independent Daily Maverick.
Listening to...
ANNA SZYMANSKI is the editor in charge of ROI. She has released the latest episode on dating apps just in time for Valentine's Day. Carmel Crimmins, host of the Econ World podcast, digs deep into the multi-billion dollar business of online dating - why Gen Z is pulling away, how apps keep people swiping and if AI could completely rewrite this model.
We're always watching...
JAMIE MCGEEVER, ROI Markets columnist: I agree with Mike's suggestion and recommend Breakingviews editor Peter Thal Larsen’s recent interview of Eswar Prasad (author of The Doom Loop). Prasad explains the reasons why economic and political structures around the world are crumbling, and how to rebuild them. Not easily.
Want to receive Morning Bid every morning in your email? Subscribe to the newsletter by clicking here. Follow us on LinkedIn, X and ROI. The opinions expressed are the authors'. These opinions do not represent the views of News. News is bound by the Trust Principles to maintain integrity, independence and freedom from bias. (By Anna Szymanski)
(source: Reuters)