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US EPA will undo carbon emissions limits for power plants during G20 meeting
The U.S. Environmental Protection Agency announced Monday rules to repeal former President?Joe Biden?s limits on carbon emission from coal-and-gas-fired power stations and to prevent future climate regulations of these facilities. The move is part President Donald Trump’s effort to undo U.S. Climate Policy, which his administration claims has hampered energy production. The announcement was made at the sidelines of the G20 Energy Ministers' meeting in Houston this week, where global officials will discuss "regulatory efficiencies," expanding baseload power, and energy security. EPA Administrator Lee Zeldin stated that 'new measures to prevent future regulation on greenhouse gas emissions in the power sector would enable the U.S. build new generating infrastructure to meet the skyrocketing demand for electricity. He said that the Americans have demanded more common sense from federal agencies under President Trump’s leadership at a press conference held in Houston. "That means reducing red tape so that we can build a new power-generating system." Environmental groups slammed this new proposal. They said that it would be more expensive in terms of damage to the public and the environment. Nearly a quarter (25%) of U.S. emissions are attributed to the electricity sector. In June 2017, the Trump administration proposed to repeal regulations written by Biden that would have reduced emissions of mercury, carbon dioxide and other air pollutants at power plants. Biden's carbon emissions rules for power plants would reduce greenhouse gas emissions by one billion metric tonnes by 2047 as part of his administration’s fight against climate changes. This rule would have required that coal-fired power stations and new natural gas-fired generators install equipment to capture emissions in the next decade before they reach the atmosphere. This requirement made zero-emissions options like solar and wind attractive. Denying the existence of climate pollution that accounts for a quarter in the United States is reckless. Maggie Coulter said on Monday that it would 'lead to greater suffering and loss of life from extreme heatwaves, severe storms and destructive 'wildfires', similar to those we have seen this summer. According to a report by a reporter, Under Secretary of Energy Kyle Haustveit said that the new regulations would boost 'coal-fired electric power in the U.S. which has been steadily declining due to the availability and cheaper natural gas. He said, "President Trump has ended the war against beautiful, clean coal." "Coal has many advantages: it is affordable, reliable and secure."
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VTB sanctions imposed by the U.S.
Treasury Department: The United States imposed Iran-related Sanctions on Monday against?Russia's VTB Bank Public Joint Stock Company accusing it of involvement in Iranian sanctions evasion. Washington is seeking to increase economic pressure on Tehran. This action is a continuation of the sanctions that were imposed in 2022 against VTB, Russia’s second largest?lender. The bank was targeted following Moscow's full-scale invasion into Ukraine. Treasury Secretary Scott Bessent stated that "Under Operation Economic Outcast Treasury will continue to target those who provide material or financial support to the Iranian regime to enable it to maintain its terrorist enterprise." Treasury will not tolerate any regime support and will continue to expose and isolate Iran’s "enablers." Bessent warned that the Trump administration will sanction a "large bank" as it continues to exert economic pressure on Tehran in order to end a six-month conflict between the U.S. and Iran. Since the conflict began in February, the 'United States' has taken a number of economic measures to target Iran, including oil exports, shipping networks, channels for weapons procurement, financial intermediaries and digital asset exchanges.
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European shares fall on AI concerns and inflation fears
European shares dropped on Monday, as technology stocks were under pressure following leaders of top AI companies who pushed for a slower pace of development. Meanwhile, a surge in global bond yields and oil prices dampened risk appetite. The pan-European STOXX 600 index was down by 0.5%, at 635.99. The majority of regional markets fell, but London and Zurich's indices rose by 0.4% and 0.8% respectively. As AI-linked stocks fell globally, technology shares were among the worst performers, falling 2.1%. Dario Amodei, CEO of Anthropic, called for companies to halt the advancements in AI models due to misuse concerns. This view was backed by xAI’s Elon Musk as well as OpenAI CEO Sam Altman. The STOXX 600 was led by the French chipmaker Soitec, which fell 12.5%. However, software stocks gained. Octave Intelligence, Capgemini, Sage and Relx all rose between 5% and 75%. Chris Beauchamp is the chief analyst at IG. He said, "These stocks were victims of SAASpocalypse on fear AI would wipe their businesses out." "Those fears were exaggerated, but if the AI giants put their foot down, the outlook for revenue for Sage, RELX, and their SAAS brothers globally becomes much brighter. Even if this only delays a long-term loss of biz." European miners declined 2.5% as a result of the weakness in commodity prices. Healthcare stocks rose 2.7%, bucking the trend. GSK grew by 4.7% following the positive results of two lung cancer drugs. This added to the momentum in this sector. Energy stocks fell 0.8% but crude prices rose 2% as supply concerns increased after new strikes on Saudi energy infrastructure, and attacks against ships in the Middle East. Recent oil prices have heightened inflation concerns, which has led to expectations that central banks around the world could raise interest rates this year. The European economies are especially vulnerable to rising oil prices, as they heavily rely on imports. ECB policymakers warned 'on Monday' that euro zone inflation may exceed high forecasts. Traders now price in an additional 25 basis-point ECB rate increase by the end of the year after last?week?s rate hike. Government bond yields soared as a result of the developments. The 10-year bund - considered to be the benchmark for the region - was at its highest level since mid 2009. The benchmark U.S. 10-year Treasury yields also rose to a psychologically important level of 5%. The U.S. Federal Reserve is widely expected to raise its main lending rate by at least 25 basis point this week --?in stark contrast to the split chances between a hike or a pause that were seen only a week earlier. After a close election, which reduced the influence of the far right, Sweden's opposition centre-left appeared most likely to win power on Monday.
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German Finance Minister demands UniCredit CEO to meet certain conditions regarding possible Commerzbank acquisition
On Monday, German Finance Minister Lars Klingbeil outlined a list of demands to UniCredit CEO Andrea Orcel regarding the possible acquisition of Commerzbank by the Italian bank. The German Ministry of Finance said that these included Commerzbank staying listed on the stock market, maintaining its base in Frankfurt, and continuing to fund German medium-sized businesses?at home as well as abroad. After Berlin failed to stop a takeover, the meeting in Berlin marked an important turning point in the two-year struggle for control of Germany's largest bank. Klingbeil said, "In a productive discussion with Mr. Orcel I made it clear to him that future negotiations should be conducted responsibly." Orcel stated in a press release that the meeting was "a good and constructive first discussion that will be quickly followed by others." He said, "Both sides should now reflect on this initial discussion to find a way forward that is in the best interests of all stakeholders and shareholders."
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The UK government is looking to buy out an insolvent steel specialist
The British government announced on Monday that it was drafting a plan to buy Speciality Steel UK, a manufacturer who formerly supplied the automotive, aero, and defence industries and entered liquidation at the end of August 2025. Speciality Steel was a part of Liberty Steel before it went into liquidation. Liberty Steel is owned by the commodities tycoon Sanjeev Gupta. The government announced that it was moving toward public ownership, after it decided it couldn't support a private sector bid. This company?has locations in Northern and Central England and supports more than 1,300 jobs. "We don't interfere in private companies lightly." "We cannot simply sit back and let the future of this company and its 1,300 employees be decided by default," said Jonathan Reynolds, business minister. Working towards public acquisition 'will keep options open while we work with workers, local leaders, industry, and investors to determine the best?long-term?"future? for these sites." The government stated that any purchase would be subject to a due diligence process and would be funded by existing government budgets. The government did not specify how much an acquisition might cost.
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EPA will undo carbon emissions limits for power plants during G20 meeting
The U.S. Environmental Protection Agency will announce on Monday its final 'rule' that will repeal the Biden administration’s carbon emission limits for coal and gas fired?power plants. This is a major part of their broader efforts to undo U.S. Climate Policy that they claim has hindered American energy production. The announcement will take place on the sidelines a meeting of G20 energy Ministers in Houston, where global officials will discuss "regulatory efficiencies," expanding baseload power, and energy security. In June 2017, the Trump administration proposed to repeal rules that were written by former President Joe Biden in order to reduce emissions of carbon dioxide and mercury from power plants. Biden's carbon emission rules for power plants would have cut greenhouse gas emissions from 1 billion metric tonnes by 2047. This was a key part of the administration's effort to combat climate change. Nearly a quarter (25%) of the U.S. greenhouse-gas?pollution is attributed to the electricity sector. At the time, EPA administrator Lee Zeldin claimed that this move would save businesses $120 million a yearly. Environmental?groups have criticized the proposal saying that it would cause more harm to the environment and the public health. Denying a quarter of the climate pollution in the United States is reckless. ?It'll lead to more deaths and suffering due to intense heatwaves and dramatic?storms.
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Rosatom, a Russian company, says that a new nuclear power plant in Hungary will be able operate even when the Danube River is low.
The Russian nuclear company 'Rosatom' said Monday that the planned expansion of Paks Nuclear Power Plant in Hungary will be able to run during low water levels on the Danube River. Paks, which provides nearly half of Hungary’s electricity, was only operating at 10% capacity for a few days in August because of record-low river levels and a prolonged heatwave. Alexei Likhachev, Rosatom's head, told reporters that "as everyone knows, it has happened on occasion when the River Danube ran low and additional measures have been taken to ensure water supply." "Our project includes a number?of solutions that allow it to function even when the water levels are lower than during this dry summer. This has been taken into consideration in the project. The project, worth 12.5 billion euros ($14.41billion) to expand the Paks nuclear plant by adding two VVER reactors made in Russia was awarded without a competitive tender to Rosatom's state-owned nuclear corporation. It has been delayed for years. The comments by Rosatom's chief follow the remarks of Hungarian Premier Peter Magyar in August, who said that plans to cool the nuclear power plant using the?Danube should be reviewed. Magyar, who was elected as Prime Minister in the spring, criticized Viktor Orban's?Paks-2 as being too expensive and needing a re-evaluation. Likhachev stated?on Monday? that the Russians are still willing to discuss Paks-2? with the Hungarians but have not received any proposals. "We are ready to dialogue at any level, whether it is at the expert or government level." "We are waiting for suggestions on how to organize this work."
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Dangote, Africa's richest person, is aiming for his biggest deal ever.
Aliko Dangote, a serial entrepreneur who began his career by selling candy to schoolmates in northern Nigeria more than 50 years ago, is now preparing Africa's largest stock market listing. The sale of $1.6billion worth of shares in the giant Lagos oil refinery - a 'public offering' that will list the refinery in Nigeria in November - valued the company at $47.5billion. This deal represents the culmination in Dangote’s efforts over the past decade to build a mega-refinery that is now among the 10 largest refineries in the world. This is also the culmination of a career which has seen him go from a schoolyard sweets seller to Africa's wealthiest man. The 69-year old has no intention of stopping there. Proceeds from the IPO will be used to expand the Nigerian refinery and launch a project in Kenya that will see the capacity doubled. SUGAR CEMENT RICE SALT Born in Kano, a northern Nigerian state, in 1957, Dangote's maternal grandfather was the primary caregiver. He credits his grandfather with inspiring his business interest. In a 2015 interview, he stated that "when you're raised by entrepreneurial parents or grandparents you pick up this aspiration." It makes you more aggressive and think that anything is possible. I was unable, despite my repeated requests, to get an interview with Dangote. In 1977, after graduating from the university in Egypt, he started trading rice and sugar with a relative. In the early 1980s he founded Dangote Industries in which he holds 85%. He built it into a multinational conglomerate that includes sugar, salt, and cement. It operates in more than a dozen African nations. Dangote’s personal fortune is estimated to be between $31 and $35 billion. This was a result of his cement business, which has been very profitable. The government policies that encouraged domestic cement production have helped Nigeria to become self-sufficient in this?essential material for building, but they have also fueled criticisms that the lack of competition keeps prices high. ECONOMIC FOLK HERO FOR SOME, VILLAIN FOR OTHERS Influence came with wealth In a 2005 cable, leaked by U.S. diplomatic sources, they said that he had been hailed as an "economic folk-hero" by many, but viewed by others as a villain, because of his close proximity to the political world. They wrote: "The truth lies somewhere between these caricatures." Dangote is often described as being reserved by those who have met him, despite his wealth and power. "He has an instinct for opportunities and the discipline to make his ambitions real," said Kenyan author and businesswoman Gina Din Kariuki. "But it wasn't his ego that stayed with my, it was the humility he showed." He avoids flashy displays and drives himself. He has a habit of threatening to purchase his favorite soccer team, London's Arsenal. But he is proud that he keeps the majority of his wealth in Nigeria. Bismarck Rewane is the CEO of Financial Derivatives Company Ltd in Lagos, and has known Dangote since more than two decades. Some people have called him a control-freak. I see it more as a passion to get things done. Local fuel traders in Nigeria, however, accuse Dangote, of using political connections to squeeze out rivals. He argues his 700,000-barrels-per-day ?refinery can now meet Nigeria's fuel needs and is battling in court to end imports. Regulators have, however, warned against the risk of a fuel supply monopoly. The Dangote Group and Dangote neither responded to inquiries for comment regarding the allegations. He has stated that the listing will help to counter concerns about monopolies. He told a conference in 2013: "They'll say that we now have shares. So let everyone have a piece of it." Dangote's mission to push Africa towards self-sufficiency was brought into sharper focus by the Iran war, which exposed Africa's dependency on fuel imports. According to a source familiar with the talks, after the conflict raised concerns about fuel supplies, Kenya approached Dangote regarding the construction of an East African refinery. Dangote announced the project two months later with Kenyan and Ugandan officials. He said that it will begin this month.
As military buildups eclipse talks, the US and Iran are heading towards a conflict.
Officials on both sides, as well as diplomats in the Gulf and Europe, say that Iran and the United States have moved rapidly toward a military conflict. They are losing hope for a diplomatic resolution to the standoff they've had over Tehran’s nuclear program.
Sources say that Iran's Gulf neighbours, including Israel, now see a conflict as more likely than a peaceful settlement. Washington is building one of the largest military deployments it has made in the region since the 2003 invasion of Iraq.
Source familiar with the plans said that Israel believes Washington and Tehran are in a deadlock and has begun preparing for a possible joint military operation with the United States. However, no decision has yet been made on whether or not to conduct such an action.
This would be the U.S.'s second attack on Iran in less than one year. The first was an airstrike by the U.S., Israel and other countries against Iranian military and nuclear installations last June.
Officials in the region say that oil-producing Gulf nations are preparing themselves for a possible conflict, which they fear will spiral out of control and cause destabilisation of the Middle East.
Two Israeli officials said they believed the gaps between Washington, D.C. and Tehran were unbridgeable. They also stated that there was a high likelihood of a military escalation in the near future.
Regional officials claim that Tehran is making a grave mistake by refusing to make concessions. They also say that President Donald Trump is trapped by his military build-up and cannot reduce it without losing face.
Alan Eyre is a former U.S. Diplomat and Iran Specialist. He said that "both sides are sticking with their guns" and that "nothing meaningful will emerge unless the U.S.
"What Trump cannot do is assemble this much military and then return with a "so-so" deal and withdraw the military. He said: "I think he believes he will lose face." "If he attacks it will get ugly very quickly."
TALKS HAVE STALLED
Iran-U.S. talks stalled after two rounds on key issues from uranium to missiles and sanctions relief.
Sources familiar with the talks say that when Omani mediators handed an envelope containing proposals from the U.S. on missiles, Iranian Foreign Ministry Abbas Araqchi did not even open it. He returned it.
Araqchi, who spoke at the Geneva talks on Tuesday, said that the two sides had agreed upon "guiding principles" but the White House stated there was still distance.
A U.S. official stated that Iran would submit a written proposal within the next few days. Araqchi, on Friday, said he expected a draft of a counterproposal to be ready in a matter of days.
Trump, who sent aircraft carriers and warships to the Middle East on Thursday, warned Iran that it must reach a deal over its nuclear program, or else "really bad" things will happen.
He seemed to have set a 10- to 15-day deadline, which prompted a response from Tehran that it would retaliate if the U.S. bases were attacked. Oil prices have increased due to the rising tensions.
Officials in the United States say that Trump is still undecided about whether he will use military force, although he admitted on Friday that he might order a limited attack to try and force Iran to a deal.
He told reporters, "I suppose I can say that I am considering it."
It is not clear when an attack could occur. The U.S. secretary of state Marco Rubio will meet with Israeli Prime Minister Benjamin Netanyahu to discuss Iran on February 28, 2019. Senior U.S. officials said that it would take until mid-March for all U.S. troops to be in place.
What's the endgame?
European and regional officials are of the opinion that the size of the U.S. military deployment in the region will allow Washington to strike Iran while simultaneously defending its allies, Israel and military bases.
The U.S. core demand is unchanged: No uranium enrichment in Iran. Iran says that it will not discuss ballistic missiles and insists on maintaining its nuclear capability. It denies that it is planning to build nuclear weapons.
Defence analyst David Des Roches says that if talks fail, U.S. activities in the Gulf already signal how any strike would start: Blind Iran's Air Defence?and then attack the Revolutionary Guards Navy. This is the force behind decades of tanker attacks, and threats to shut down the Strait of Hormuz - the route used by a fifth of the world's oil.
Some Arab and European officials say they don't know what Trump's ultimate goal is. And?European governments ask the U.S. for specifics on what it wants to achieve with its strikes - whether to reduce Iran's missile and nuclear capabilities, to prevent escalation, or to pursue a more ambitious goal such as "regime changes".
Some European and regional officials are unsure whether military action will be able to change the course of Iran's ruling regime, which is led by Ayatollah Ayatollah Khamenei. The powerful Islamic Revolutionary Guards Corps protects the Supreme Leader.
Some claim that because there is no apparent alternative political force in Iran, and the leadership's resilience is largely intact it would be dangerous to assume that strikes could lead to "regime changes".
They say that military action is easier to start than control and harder to turn into a strategy.
ARE CONCESSIONS LIKELY TO OCCUR?
Few signs of compromise have been seen. Ali Larijani - a close advisor to Khamenei - told Al Jazeera TV Iran is willing to allow the International Atomic Energy Agency extensive monitoring to prove that it does not seek 'nuclear weapons. Tehran informed IAEA Chief Rafael Grossi about its decision.
Sources familiar with the talks say that Iran's support for regional militias was not raised in formal talks. However, Tehran has no objections to U.S. concerns regarding proxies.
Three regional officials reported that Iranian negotiators made it clear that Khamenei is the sovereign right to enrichment and missile production. David Makovsky, of The Washington Institute, said that each side is betting on the limits of the other.
He said that Washington believed overwhelming force would force Tehran to yield. Tehran, on the other hand, believes Trump is not interested in a sustained campaign, and Israel, the gap between the two countries, was too large to close. This, he added, made confrontation inevitable. Steve Holland reported from Washington and Rami Ayyub in Jerusalem, Samia Nakhoul wrote the article, and Timothy Heritage edited it.
(source: Reuters)