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Trump tells Ukraine's Zelenskiy to stop hitting Russian diesel
U.S. President Donald?Trump called on Ukrainian president Volodymyr?Zelenskiy on Sunday to stop attacking Russian diesel infrastructure. He said the attacks are causing a fuel shortage that "hurts the world". In recent months, long-distance Ukrainian?drone attacks on Russian oil refineries have reduced the country's fuel production. This has led to gasoline shortages in all of Russia. Ukraine, which is regularly attacked by Russia on its own energy infrastructure says that refineries are legitimate targets. According to GasBuddy, the U.S. average price of?diesel - used in trucks, trains and ships, as well as farm equipment - rose above $6 per gallon on Thursday for the first ever time. Trump said to journalists that Zelenskiy must stop knocking down diesel fuel in Russia. This was during his visit to the Irish Open in west Ireland, which is held on a course owned by Trump's family. "We spoke to Mr. Zelenskiy. There are a number of other targets. ?Don't hit diesel fuel. He said, "That's bad for the world." Trump said that the global shortage is not caused by the Middle East but by Russia and Ukraine. According to a draft government forecast, the war has caused Russia to reduce its oil production forecast for this year to a 17-year-low and to revise its fuel exports forecasts for 2026 and 2027.
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Russian nuclear head says Ukraine attacked fuel trucks, endangered Zaporizhzhia plant
The head of Russia’s state nuclear corporation, accused Ukraine on Sunday of attacking diesel fuel truck and killing two Russian servicemen. He also said that Ukraine was deliberately compromising safety at the Zaporizhzhia Nuclear Power Plant in Ukraine. Alexei Likhachev stated that 'the attack took place on Friday, and resulted in other Russian soldiers being injured. In the first weeks of the Ukraine War that erupted in February 2022, Russian forces seized the Zaporizhzhia Plant, Europe's biggest with six reactors. Both sides have accused each other of taking actions that "endanger the safety of the plant" and increase the likelihood of a nuclear disaster. Likhachev?issued a?statement saying Ukrainian forces launched "a number of combined strikes" Friday against fuel trucks that?deliver Diesel to the station. He said that the strikes were very close to the station's perimeter. Two servicemen died, and many Russian soldiers, some of them seriously, were injured. All of them were involved in supporting a purely civil mission. Diesel generators are vital for the plant, as they provide the power needed to cool the nuclear fuel in the reactors when the two external power lines of the plant go down. Both links were down for almost a three-week period in August and Septembre. Moscow has rejected the Ukraine's demand that Russia abandon the station and return its operation to Kyiv. Currently, the fuel?generates zero electricity. The International Atomic Energy Agency (IAEA), the U.N.'s nuclear watchdog, has permanently stationed a team of observers at the station along with Ukraine’s three other working plants. The agency has "repeatedly" acted as an 'intermediary? when disputes arise. Last month, it helped to arrange a local truce in order for repairs to be carried out and external power connections restored.
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Ukraine prepares for harsh winter after Russian attacks on economy
Officials in Ukraine warned that the country is bracing itself for a harsh winter, as Russian attacks on its infrastructure and export industries compound a growing budget crisis. The Economy Minister Oleksandr Kravchenko stated that the damage to Russian infrastructure and fixed assets was estimated to be close to $10 Billion this year. In addition, the wider economic costs and de facto blocking of its ports are seen as about 1.5 percentage points on the gross domestic product. Kravchenko stated that "we anticipate a difficult winter, both in terms critical infrastructure which is destroyed by Russian attacks every day, as well as the overall economic situation in the country." He told diplomats, investors and officials at a YES Conference in Kyiv that "this all happens when the budget is very tight and fiscal?space is extremely constrained." Russia and Ukraine are increasingly targeting each other's economic assets and logistics networks to try and undermine the other's war efforts. Since more than two weeks, Russia has been launching near-constant attacks on Kyiv, using jet-powered drones that are faster. This has disrupted life, business, and government operations. Both Russia and Ukraine deny that they deliberately target civilians during air strikes. Moscow has also blocked Ukraine's Black Sea port by intensifying air strikes on the southern regions of the country. Kravchenko stated that the blockade could result in a loss of about $40 billion dollars in export revenues. Ukraine's major exports, agricultural products and steel and iron, are shipped through its Black Sea port. Budget Revenue Falls Behind The domestic budget has been under pressure as Russian attacks have damaged infrastructure and industry. Roksolana Piedlasa is the head of the budget committee of the parliament. She said that domestic revenue was $1.35 billion below expectations in the first eight month of the year. A quarter of these losses were recorded just in August. She said that the war is becoming more expensive and Ukraine cannot fully fund its defense needs with domestic resources as it did in previous years. In the first eight-month period of this year, Ukraine spent about $42 billion for its defence. This does not include in-kind support. Pidlasa stated that domestic revenue generation and borrowing from local sources only yielded $39 billion during this period. She said, "Unfortunately this year the war is so expensive that we cannot even cover our own share of the costs." She said that the daily cost of war increased to $190 million in this year, compared to $140 million by 2024, due to inflation, an increase in troop numbers, increasing social payments to families of fallen soldiers, and a higher consumption of ammunition. Ukraine will face a?funding gap for its defense through the end this year. The government is trying to find ways to reduce or delay non-military spending, and is in negotiations with its Western allies on financial support. But so far there hasn't been a clear solution.
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Moscow claims that it has hit ships and plants in Ukraine. Six people have been killed.
Officials said that Russian air strikes on Saturday in various Ukrainian regions killed six people and injured dozens. They also damaged infrastructure, residential buildings, and residential areas. In the last two months, civilian deaths in Ukraine have risen dramatically as Russia intensifies its attacks on infrastructure and 'power plants. Ukraine has attacked energy facilities and storage warehouses in remote parts of Russia, and both sides have targeted shipping. Vitaliy Bunechko is the governor of Ukraine’s Zhytomyr Region west of Kyiv. He said that a Russian attack on a grocery shop in Zvyahel killed two people. He said that two petrol stations, as well as a "foreign-invested enterprise" unidentified by him were also attacked. Volodymyr Zelenskiy, the president of Ukraine, reported earlier that attacks had been carried out in Kryvyi Rih and Zaporizhzhia?in the south-east. Ivan Fedorov is the governor of Zaporizhzhia Region. He said that two people have been killed and eleven injured in attacks on Zaporizhzhia, and other areas. Oleksandr Vilkul is the head of Kryvyi Rih’s military administration. He said that two people were killed overnight in attacks on?the city. The Russian military claimed that its forces had attacked Ukrainian steelmaker Zaporizhstal in the city of Zaporizhzhia. They also said they hit the Interpipe Steel Complex in Dnipro, several plants in Kryvyi Rih including the Northern Iron Ore Benefitation Works complex. It was impossible to independently verify the accounts of either side. Oleh Kiper said that in Odesa Region 37 people including an infant were injured overnight. Two people are missing. The Russian Defence Ministry stated that Moscow's forces have continued their strikes against Ukrainian ports. It claimed to have hit a cargo vessel in Odesa, which was carrying military goods. The ministry announced earlier in the day that its forces had hit two cargo ships overnight in the Black Sea port of Chornomorsk. Ukraine's military claimed it had caused a fire at one of Russia's biggest synthetic?rubber manufacturers in Togliatti?in the Samara area. It said that the Togliattikauchuk factory specialised in producing synthetic rubbers and fuel additives used in fuel for Russian missiles. Interfax reported that Russian regional governor Vyacheslav Federishchev claimed that Ukrainian drones had attacked industrial facilities in the?Samara Region, but did not specify which ones or whether they were damaged. Ilya Sukhikh, the mayor of Togliatti, in Samara Region, reported that several residential buildings had been?damaged, and one person injured. Svetlana Kambulova, the local mayor, told TASS that four commercial properties in Taganrog, in the Rostov Region, were also set ablaze.
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Iceland could ban whaling, leaving Norway and Japan in isolation
Iceland's Government will present a bill?on whaling in February that could ban it. This move?would leave Norway and Japan the only countries in the World to continue commercial whaling. Animal welfare activists and Hollywood celebrities have been protesting against Icelandic whaling for years. The government, which holds a majority in parliament, announced on its website that it is examining possible options for updating its whaling laws, paying particular attention to the option of an outright ban. According to Humane World for Animals (an animal welfare group which tracks the catches), 80 fin whales have been caught in this year's hunt season. This runs from June until the end of the month of September. The quota allows for 150 fin whales to die this year. Wendy Higgins is a spokesperson for Humane World for Animals. She said that there was a lot of public and political support for the bill. There are also compelling ethical, legal, veterinary and conservation reasons for hoping it passes. The International Union for Conservation of Nature has classified fin whales as vulnerable. Iceland's interim Government issued a license for five years to its sole remaining whaling firm in 2024. According to the International Whaling Commission, only Japan, Norway, and Iceland have engaged in 'commercial whaling' over the past few years. Iceland and Norway both resumed commercial whale hunting in 2006 despite an international moratorium in place since 1986. Japan withdrew in 2019 from the International Whaling Commission and resumed commercial whale hunting in its territorial waters and exclusive economic zones. The moratorium allows indigenous peoples to hunt whales in certain parts of the world such as Greenland or Alaska because whale products are vital for their cultural and nutritional lives.
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Trump claims that Iran is likely responsible for the attack on Saudi pipeline
U.S. President Donald 'Trump' said on Saturday that Iran is probably responsible for the aerial attack that shut down Saudi Arabia's East-West Pipeline, which was one of the Kingdom's main routes for exporting oil while bypassing the Strait of Hormuz. When asked by reporters in Dublin if Iran is?responsible? for the attack on a?vital oil pipeline, Trump replied: "I think that they are. They probably?are." The President of the United States, Donald Trump, also said that he had spoken with Saudi Crown Prince Mohammed bin Salman. He described him as a "good friend." The?U.S. Trump said that the Iran-aligned Yemeni?Houthis called his administration and expressed their desire to not have the United States directly involved in this conflict. "They'd much rather not have us involved and are letting the majority of?ships through." Trump added that there's "just one" country with which they aren't too pleased.
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US court rejects Trump administration's bid to keep Michigan coal plants open
On?Friday, a federal appeals court threw out a President Donald Trump administration order that had?forced a Michigan coal-fired plant to stay open past its planned retirement date. According to court documents, a unanimous?ruling?by a three-judge panel of the U.S. Court of Appeals 'for 'the District of Columbia Circuit determined that the Department of Energy had exceeded its authority in a rarely invoked emergency provision of federal legislation. Michigan challenged the DOE order after DOE instructed J.H. Campbell plant to stay online in 2025, shortly before the planned closure. The decision is a blow to the administration's efforts to maintain coal-fired power at a moment when the demand for electricity in the United States has increased due to the expansion of data centers. The coal-fired electricity is one of the biggest sources of carbon dioxide that contributes to climate change. "By forcing its continued operation, DOE attempted a tactic never before used to illegally support the aging J.H. Campbell coal plant, which nobody wanted to keep. Ratepayers are now stuck with the bill for an aging facility that should have retired over a year ago. "I'm relieved that the Court saw right through this façade and overturned DOE's order, which had no basis in reality," said Michigan Attorney?General Dana Nessel. The Trump administration has been using emergency powers under the Federal Power Act since 2025 to continue operating coal plants that were scheduled for retirement in Michigan, Indiana and Washington State, as well as those in Colorado, Washington State, Washington, and Michigan. DOE did not immediately respond to an inquiry for comment. This decision comes one month after DOE extended an emergency order to keep J.H. Campbell Generating Plant will remain open until November 14. Consumers Energy's plant was scheduled to close by 2025, because it "wasn't economically viable." According to the Michigan Attorney General's Office, the utility spent $295 million between May 2025 and June 2026 on its continued operation. Brian Wheeler, spokesperson for Consumers Energy, said that the company is reviewing this ruling. He said that "while that happens, we will continue to comply with the 90-day Department of Energy Order that keeps the Campbell Plant operating." Environmental groups have welcomed the ruling. Michael Lenoff of Earthjustice said that the 'DOE should stay within its lane and only use emergency powers in actual emergencies. "An emergency power should not be used to prevent the retirement of coal plants due to market forces in order for a coal-friendly agenda to gain traction."
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USDA cuts corn harvest forecast after hot summer weather
The U.S. Department of Agriculture announced on Friday that U.S. farmers will harvest less corn this fall than they had previously anticipated, following hot weather during the summer. Prices recently reached a 'three-year high' due to uncertainty over the size of the crop. Farm diesel fuel is used to run harvesting equipment by farmers. Diesel prices are also at record highs, above $6 per gallon, as they prepare for the harvest of crops in Midwestern fields. Jim McCormick is the chief operating officer of AgMarket.net. He said that "the cost to get this crop out has gotten really expensive." In a report published monthly, the USDA said that farmers will harvest 15,8 billion bushels (or 178.5 bushels) of corn and 4,535 billion bushels (52.8 bushels) of soybeans. USDA estimated corn production in?August at 16.013 billion bushels with an average of 180.7 bushels/acre and soybean production was 4.519 billion with an average yield?of 52.7 bushels. Analysts said USDA could lower its crop estimates further in future reports. Corn futures prices briefly rose on the Chicago Board of Trade. Jim Gerlach of A/C Trading said, "It is not a bad harvest?but by a wide margin it's less than last year's." Farmers have enjoyed the highest prices for about three years, due to uncertainty over U.S. grain yields and disruptions in Russian and Ukrainian grain exports out of the Black Sea area. Prices for soybeans reached a three-year peak on Friday, thanks to optimism over Chinese?demand ahead of a'summit' between Donald Trump and Xi Jinping. USDA increased its estimates of average U.S. corn prices by 60 cents per bushel and 30 cents per bushel. Farmers who face fuel and fertilizer prices that have skyrocketed since the U.S. began its war against Iran, causing trade disruptions in the Strait of Hormuz, are not guaranteed to make a profit. Many farmers order fuel and supplies for spring planting. Randy Place, an analyst with?the Hightower Report, says that "this is not the time for a large rally" of these prices. It is unclear whether crop prices can remain high for a long time to offset the steep input costs, and reverse the downturn of the agricultural economy in the last four years. Both growers and economists agree that the current business climate is one of the worst since 1980s, when a wave foreclosures and bankruptcy crippled U.S. Farmers. STOCKS ENDING TIGHTEN A lower estimate of corn production could help support prices. According to a poll, analysts had expected a corn harvest of 15,785 billion bushels with a yield average of 178.2 bushels/acre and a soya bean crop of 4,501 billion bushels with a yield average of 52.5 bushels/acre. USDA estimates that U.S. ending corn stocks will reach 1.567 billion bushels by August 31, 2027, after crops are exported to feed livestock in the U.S. and make biofuels. Stocks of soybeans were estimated to be 310 million bushels. Analysts expect 2026-27 corn stocks to be 1.528 billion bushels and soybean stocks to be 298 million bushels. The USDA estimated?corn stock at 1.653 billion?bushels and soybean stocks at 318 million?bushels in August. USDA estimates that the 2026-27 wheat ending stocks will be 717 million bushels. This is unchanged from August, and slightly lower than analysts' expectations (719 million bushels). USDA has lowered its estimate of wheat exports to Ukraine and Russia by 1 million tons metric tons each, as compared with a month earlier.
Chip stocks lift S&P 500 in volatile trading ahead of long weekend
The S&P?500 edged up in choppy trades ahead of the long holiday weekend on Friday. Wall Street was looking to wrap up a week of turbulence that marked the?start?of fourth-quarter earnings.
Micron and Seagate Technology, which manufacture memory chips, gained 5,6% and 2,2% respectively in 2025. This is a continuation of their explosive gains from 2025.
After President Donald Trump suggested that he might want to keep Kevin Hassett as his economic adviser, the Treasury yields increased. This lowered market expectations that Hassett will succeed Fed chair Jerome Powell.
The odds of Kevin Warsh, a former Fed governor, becoming the next Fed Chair rose from 44% to 57% on Polymarket. Hassett, a prominent voice for lower interest rates, was the top contender for the Fed’s top position.
This week, investors have also been dealing with concerns about the Federal Reserve's independence following Powell
U.S. prosecutors threatened to indict. Hassett, however,
Play down
The probe said he was expecting "nothing" to be seen.
John Belton said that the administration appears to be reversing some of its (Fed) rhetoric. He added that any attempts to undermine Jerome Powell "may appear to backfire."
Even after S&P 500 & Dow closed at 'new record levels on Monday, U.S. stock markets were lagging behind with modest weekly losses.
The 'fallout' of a proposed cap of 10% on credit card rates for a year weighed down on the shares and markets, despite good quarterly results from major U.S. Banks.
The financial sector is heading for its worst week since October.
At 11:42 am. The Dow Jones Industrial Average gained 5.48 points or 0.01% to 49,447.92. The S&P 500 rose 10.29 points or 0.15% to 6,954.76. And the Nasdaq Composite increased 40.78 or 0.17% to 23,570.80.
The stock market was closed on Monday, Martin Luther King Jr. Day, so investors were hesitant to make big bets before the long weekend.
The Defensive Sectors Lead Weekly Gains
The top three sectors for weekly gains were consumer staples, utilities and real estate - all considered defensive.
This week, money shifted from some of the largest tech companies to more undervalued sectors. The Russell 2000 small-cap index is expected to gain 2% this week and the S&P600 small-cap index by 2%.
Next week, the earnings season will be in full swing with major companies like Netflix, Johnson & Johnson, and Intel reporting their results.
New data shows that U.S. manufacturing production increased unexpectedly in December.
Fed official Michelle Bowman stated that a fragile employment market could quickly deteriorate, and the U.S. Central Bank should be prepared to reduce interest rates again in case it is needed.
After a report stated that U.S. States experiencing a rapid increase in data center construction would sign an agreement with the Trump administration to curb rising energy costs, independent power producers fell.
Talen Energy fell by 6% while Constellation Energy, Vistra, and Vistra Energy all dropped by 5% or 9%.
On the NYSE, declining issues outnumbered advancing ones by a ratio of 1.44 to 1 and by a ratio of 1.17 to 1 on the Nasdaq.
The S&P 500 recorded 23 new 52-week lows and six new highs. Meanwhile, the Nasdaq Composite registered 46 new highs with 28 new lows. Reporting by Medha and Pranav Kashyap from Bengaluru, and editing by Shinjini Ganuli and Maju Sam
(source: Reuters)