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Canada cancels mandate for EV sales in another move to reduce climate change
Canada announced on Wednesday that it would be scrapping its national mandate for electric vehicles, marking yet another retreat from climate measures by the Liberal government led by Prime Minister Mark Carney. Ottawa mandated in 2023 that by 2026, 20% of vehicles sold would be emission-free. Vehicle manufacturers were not happy with the push, claiming it imposed unsustainable cost and made them vulnerable to a new U.S. -administration that cut support for EVs. Canada is introducing stronger emission standards for the 2027-2032 model years, which will help it achieve its goal of 75%?EV sales in 2035 and 90%?EV sales in 2040. Carney's Office said that cutting the EV mandate would "rationalise emissions reduction policies and focus on outcomes that?"matter" to Canadians, without placing a?undue burden? on Canadian industry. Carney, citing U.S. Tariffs' damage to the highly-integrated North American auto industry, urges the country to diversify their trade and boost domestic manufacturing. In November last year, the federal government canceled a planned cap on emissions in the oil and gas industry?and lowered rules for clean electricity. These moves were designed to encourage investment?in energy production. Canada will continue to maintain counter-tariffs against auto imports coming from the United States. It is also looking for ways to encourage Canadian vehicle manufacturers to increase production and investment. The program offers incentives of up to C$5,000 on EVs manufactured in countries with which Canada has free-trade agreements. Canada has promised C$1.5 billion for the improvement of its national charging network. Keywords: CANADA AUTOS/
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Early Russian crop condition data indicates good harvest in 2026
Dmitry Patrushev, the Deputy Prime Minister, said that the share of Russian crops which were in normal condition as of February 5, was 97%, compared to 87% for the same period in 2025. Analysts suggested the data indicated a good harvest. In 2025, extreme weather conditions, particularly in the southern regions of the bread basket, will affect the harvest in Russia, which is the largest exporter of wheat in the world. According to the?estimates of experts, 97% are in normal condition. Patrushev stated that these are?very good results. Andrei Sizov, the head of Sovecon's consulting firm, said that there was concern in January over a?cold snap? that hit certain areas. However, it did not reach the southern regions. Temperatures are now rising. "It is possible to say with certainty that only 3% of crops are in poor condition. Sizov stated that this is significantly below the average of five years and is better than last season. Sizov said that the heavy snowfall in Russia indicates that there will enough moisture to grow winter crops when vegetation starts in spring. Patrushev told a meeting of the government that Russia's grain crop for 2025 was 142 million metric tons. This included the grain from Ukraine controlled by Russia. This included 93 million metric tons wheat. Patrushev said that the grain harvest in 2025 was the third-largest ever, an increase of 9% compared to the previous year, but still below the historical record set in 2023, which was 147 millions tons. Rosstat, the Russian statistics agency, did not include Russian-controlled territories in its figures. It reported earlier that they had harvested 3.2 millions tons of grain. (Reporting and writing by Olga Popova, editing by Guy Faulconbridge & Jan Harvey; Writing and reporting by Gleb Brnski)
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Chevron namess new heads of strategy and trading as well as business development
Chevron Corp announced Thursday that it will be making senior leadership changes in 2026. Several long-serving executives are retiring and internal candidates will step into key roles across strategy, business development, and trading. The U.S. major oil company continues to integrate Hess' assets as it navigates a volatile market characterized by?fluctuating oil prices?, increasing capital discipline?and increased investor focus?on returns?. Frank Mount, the president of corporate business development at Chevron, will retire after 33 years in November. Jake Spiering will succeed him in August 1. He is currently the director of investor relations. Jeanine Wai has been appointed director of Investor Relations, with effect from April 1. Patricia Leigh will also retire from Chevron in July, after 35 years as president of Supply and Trading. Molly Laegeler will replace Leigh as chief strategy officer on March 1. She will oversee supply,?logistics, and trading. Kevin Lyon, the leader of the integration?of Hess will replace Laegeler in the role of chief strategy officer at the same date. Bruce Niemeyer will also retire from his position as?president for shale & tight in October, after 26 years. Gerbert Schoonman is to succeed him on April 1. Niemeyer, meanwhile, will continue as a senior executive adviser until October. (Reporting by Arunima Kumar in Bengaluru; Editing by Shreya Biswas)
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Norway Parliament rejects any challenge to LNG plant power supply
The Norwegian parliament rejected on Thursday a proposal that would have blocked Equinor from supplying electricity to its Hammerfest LNG plant via the region's electrical grid. This allowed for 'ongoing' development to continue. The Socialist Party, which had previously supported the LNG plant plan, withdrew their support, calling it "in fact unlawful". The opposition proposal was supported by 48 parliamentarians, while 54 members voted against it. The government approved a connection in 2023 to reduce greenhouse gas emissions from the plant located on Melkoeya Island off Hammerfest, and?extend the lifetime of the plant. Critics claim that connecting the "currently gas-driven" plant to the "regional grid" could deprive local companies of electricity and increase prices, as well as harming the interests of Sami Indigenous Reindeer Herders. The Red Party, a far-left party, had filed a motion in order to stop the project. They wanted to tell the minority Labour government that they should "facilitate" the release of power by the grid operator Statnett for the electrification projects on Melkoeya. The proposal of the Red Party was supported by several political parties including the right-wing Progress Party and the agrarian Centre Party. Anders Opedal, CEO of Equinor, warned on Wednesday that the passing of the motion could have wide-ranging repercussions. It would undermine confidence in Norwegian investments and the country's energy supply to Europe. Equinor, Petoro, TotalEnergies. Vaar Energi. and Harbour Energy own the plant. It accounts for 5% Norway's exports of gas. (Reporting and editing by Terje Solsvik, with Nora Buli)
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Belgium and Engie resume talks on nuclear reactor extension
The Belgian government confirmed on Thursday that it had re-opened talks with French utility Engie about possible extensions of Belgium's nuclear reactors. This confirms an earlier report by Belgian newspaper L'Echo. The Belgian government refused to provide more information about what it said were ongoing talks with the utility firm. L'Echo reported that after a first meeting with Prime minister Bart De Wever another meeting is planned between Engie &?Energy Ministry Mathieu Bhet. Engie didn't immediately respond to comments. The government is examining whether Doel 4 or Tihange 3 could continue to operate for an additional '20 years under the previous agreement, and if other reactors can also be'remain online. Tihange, a reactor of 1,038 megawatts (MW), is located in the east of Belgium. Doel, a reactor with 1,039 MW is located near Antwerp. The reactors?which were put into service in 1985? make up 35% the country's total nuclear energy capacity. Charlotte Van Campenhout is reporting, Himani Sarkar is editing and Louise Heavens is a contributor.
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Utility WEC Energy beats Q4 profit forecasts as gas, electricity sales increase
WEC Energy Group Inc reported a profit for the fourth quarter that exceeded Wall?Street expectations. This was due to an increase in residential?and?commercial sales, as well as?utility?sector?continued benefiting from steady demand. U.S. utilities are supported by a steady demand for electricity from small and mid-sized businesses and households, but high regulatory, financing, and operating costs continue to put pressure on the sector. As data centers dedicated to artificial-intelligence and cryptocurrency grow, and customers electrify their heating and transport, power consumption will also rise. Milwaukee-based company that serves 4.7 million customers in Wisconsin, Illinois Michigan and Minnesota said'residential electric usage increased 3.5% over the past year while total retail sales increased 2.2%. The company reported that the consumption of electricity by small commercial and industry customers increased 1.6% and large commercial and Industrial customers also increased 1.6%. WEC reported that natural gas deliveries in Wisconsin will increase by?11.5% between 2025 and 2025. Natural gas is provided by the company through its?We Power unit and Wisconsin Public Service. The quarter included a charge of 45 cents per share?related proceedings over infrastructure cost recovery?riders? in Illinois. According to LSEG, WEC reported adjusted quarterly earnings of 1.42 cents per share for the three months ending December 31 compared to an average analyst's estimate of $1.40 cents per share. Reporting by Pranav mathur in Bengaluru, Editing by Tasimzahid
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Pandora Platinum-Plated to Reduce Reliance on Expensive Silver
Pandora has switched to platinum-plated items to reduce its exposure to the wild swings of the silver market. This comes after a speculative frenzy drove the metal's prices to record highs over the last year. Silver's sharp movements have become a major factor in the share price of the Danish company. Last week's drop in the metal sparked a surge in the stock. In an interview, CEO Berta De Pablos Barbier said: "We must decouple the performance of the company from the value of its shares." "We are not a trader of silver, we are a jewellery company." Pandora's most popular charm bracelets are getting a new look that ditches sterling silver in favor of an alloy base with a platinum-plated trademark. Pandora will use less platinum, which is more expensive than silver but cheaper to produce. After the announcement, Pandora's stock rose more than 5%. A?TRANSITION YEAR Pandora, the biggest jewellery brand in terms of items sold, offers silver charm bracelets starting at $80. It has little room to increase prices, as its customers are cutting back on non essentials. It reported a 4% organic growth in revenue for the fourth quarter, which was in line with expectations. However, it warned that revenue could only rise by 2% this year and even fall 1%. De Pablos-Barbier, who warned last month about a weak holiday season in its largest market, said that store traffic, consumer sentiment and credit card spending are still slow in the U.S. De Pablos Barbier, who took over the company on January 1, appointed Philippa Newman as Chief Product Officer. Philippa was previously with Michael Kors. She said Pandora "needs new designs to attract different customers." De Pablos Barbier, an analyst on a conference call, said that 2026 would be a transitional year. We expect to reap the benefits of these changes in 2027. Pandora plans to switch at least half of its silver collection to platinum plating by 2027 and reduce the silver jewellery share to 25% in its offering, de Pablos Barbier said. Silver prices have been erratic over the last week, as investors piled into and then fled from the market. Silver spot lost over a quarter of value after hitting a record high last week. On Thursday, it was selling at $74.94 per ounce.
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ArcelorMittal is the leader in core profit, and EU steel measures will boost profitability
ArcelorMittal reported a fourth-quarter core income that was above the?market?forecasts, on Thursday. The company expects lower imports of steel into Europe to help restore profitability for its mills in Europe. In the first hour of trading, its shares rose by more than 3% and reached their highest level since August 2011. Since the beginning of the year, they have gained about 25%. According to LSEG, the multinational group headquartered in Luxembourg posted earnings of $1.59bn for the quarter. This was higher than analysts' estimates of $1.51bn. EU MEASURES ARE A BONUS?FOR DOMESTIC INDUSTRIES Even though global trade volatility hurt visibility in the past year, European Steelmakers welcomed an increased number of EU measures to protect the bloc's domestic industries, from recently implemented Carbon Border Adjustment Mechanisms (CBAMs) to a proposal by the European Commission to reduce import quotas. Aditya Mittal, CEO of ArcelorMittal, said in its earnings report that while the geopolitical instability posed significant challenges for the company going forward, it also laid important foundations. CBAM is the European Union tool that has been in place since 1 January to tax carbon-intensive products entering the EU to level the playing field for domestic producers who must adhere to stricter environmental standards than their rivals. ArcelorMittal estimates that these measures will reduce the number of steel flat and long products imported to the 27-country block by approximately 40% compared with 2024 levels. Genuino?Christino, Chief Financial Officer, said that this would help to increase the capacity utilization of the industry. This should also improve profitability. Christino stated that the full effects of these measures would be felt in 2027. The updated import quotas are expected to come into effect on July 1, this year. ArcelorMittal, on the other hand, expects to gain from a growing global demand. It expects that it will rise by 2% excluding China. It aims to gradually regain market shares for its mills in Europe throughout the year.
Dollar up on declining Fed cut bets, Asia shares close to record high
Asian stocks rose on Friday, as the artificial-intelligence boom gained momentum. The dollar, meanwhile, held close to a six-week peak after positive U.S. data led traders to reduce bets placed on rate reductions in the United States.
After Donald Trump, the U.S. president, took a wait and see attitude towards the 'unrest' in Iran after threatening intervention earlier, oil prices suffered?losses. Gold and silver were also down.
The MSCI broadest Asia-Pacific index outside Japan rose 0.5%, hovering near a previous session's record high. This was due to the stellar results of Taiwanese chipmaker TSMC. These results have given new life to the AI market.
On Thursday, the U.S. also reached a deal with Taiwan that reduces tariffs on a number of semiconductor exports. It also directs new investment towards the U.S. tech industry. This could anger China.
Nasdaq Futures rose 0.22% overnight, as Wall Street gained from gains in financial and technology stocks. S&P futures also climbed 0.15%.
Tony Sycamore is a market analyst for IG. He said, "We know that there are lingering questions about capex spending and AI in general. Yesterday's TSMC report was solid and sounded optimistic. It certainly gave a boost to those AI names who have?been struggling in recent months on Wall Street."
"I wouldn't call it a galvanising moment or a boost, but I would say that it provided much-needed reassurance, that everything is still on track."
The Nikkei 225 index fell by 0.42% in Japan, due in part to a rebound in the yen from its 18-month low.
After European shares reached a record-high on Thursday, the futures of EUROSTOXX '50 fell 0.38% and FTSE futures slipped?0.18%.
The dollar was near its six-week peak in currencies after a series of positive economic reports from the United States, including data showing that the number of Americans who filed new claims for unemployment benefits unexpectedly dropped last week.
The euro was at a low of $1.1606, and the pound fell 0.06% to 1.0076.
The dollar was trading at 99.36 against a basket, which is not far off its high of 99.493, reached on Thursday, and the highest level since December 2.
As fixed-income investors grow more confident, they are less likely to see a cut in April. Instead, the next benchmark will be dropped by Powell's successor, Jose Torres.
According to CME FedWatch, the markets now price in a 67% probability that the Federal Reserve won't change rates?in April. This is up from 37% one month ago. The odds of a stable outcome in June are also up to 37.5% compared to just 17% last month.
The yen rose 0.1% to 158.48 dollars, but was still not far off the 18-month low of 159.45 that was hit earlier this week.
Investors bet that a snap election could take place in Japan next month. This would pave the way for a fiscal stimulus plan from Prime Minister Sanae Takaichi.
Daniel Hurley is a portfolio specialist with T. Rowe Price. He said that the snap election would give Takaichi the opportunity to gain a greater mandate both at home and abroad. However, failure could spell the end of her premiership.
Prices on the oil market recovered from the steep drop they had experienced in the previous session, after Trump's tempered comments about Iran eased concerns about possible military action against Tehran or disruptions to oil supplies.
Brent futures rose 0.11% to $63.83 per barrel after falling more than 4% the previous session. U.S. crude oil was also up 0.2% to $59.31 a barrel after Thursday's 4.6% drop.
Spot gold fell 0.16% to $4,607.50 per ounce. (Reporting and editing by Shri Navaratnam).
(source: Reuters)