Latest News
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Cuba vows to defend against 'terrorists and mercenaries'
On Thursday, President Miguel Diaz Canel stated that Cuba will defend itself from "terrorists and mercenaries aggression." This came a day after Havana announced that it had killed four exiles on board a speedboat registered in Florida that entered Cuban water and opened fire at a patrol. Cuban officials said that the Cubans on the speedboat involved in the incident of Wednesday were anti-government Cubans. Some had been wanted before for plotting an attack. Cuba claims that six people were injured on the speedboat. "Cuba neither attacks nor threatens," Diaz-Canel said on X. "We have said this repeatedly and reaffirm it today: Cuba will be able to defend itself with firmness and determination." The incident occurred at a?time of heightened tensions between the United States and Cuba, who have blocked?oil deliveries to the island? in order to pressure the Communist government after they captured and imprisoned Venezuelan President Nicolas Maduro. Fuel shortages are affecting transport, and power cuts have worsened on the Caribbean’s largest island where the grid is dependent on imported oil. Venezuela was Cuba's largest oil supplier but it hasn't sent any shipments since December. U.N. warned of a humanitarian disaster if Cuba's needs for energy are not met. Russia, one of Cuba's last oil suppliers (though it hasn't given a specific date for the next shipment), called for restraint and called the incident "an aggressive provocation from the United States". Marco Rubio, the U.S. secretary of state, said that his government would independently investigate this incident. He told reporters that "we're still collecting facts." "We do not make decisions in the United States based on what Cuban officials say." (Reporting and writing by Anett Rios, Editing by Sarah Morland & Alistair Bell; Writing by Gabriel Araujo)
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Sources: US slows Lukoil assets sale due to Ukraine peace negotiations
Four sources with knowledge of the talks say that the United States has slowed down the sale of the international assets owned by the Russian oil giant Lukoil to use as a bargaining tool in the Ukraine peace talks. A document reviewed by OFAC showed that the U.S. Office of Foreign Assets Control (OFAC) will extend to Thursday the deadline for transactions to be completed from February 28 to April 1. In recent weeks, U.S. and Russian government officials failed to make a breakthrough during talks in Geneva and Abu Dhabi, or in Miami, in order to negotiate a deal for peace in Ukraine. Three?sources briefed about the meetings said that the U.S. sanctioned Russia's largest oil producer, the state-run Rosneft as well as the second-largest, Lukoil. The next round between the U.S. and Russia, as well as Ukraine, is scheduled for March. OFAC has extended the deadline three times since Washington imposed sanctions against the two Russian oil firms in October. An official in the U.S. A?U.S. The official stated that any deal must require that Lukoil does not receive any upfront value, and that the sale proceeds are placed into a blocked account under U.S. jurisdiction. The sanctions forced Lukoil to sell its international portfolio. This included oilfields and refineries from Iraq to Finland. Over a dozen buyers have expressed interest in the sale, ranging from ExxonMobil of the United States to Pornhub's former owner. Three sources claim that OFAC was handling the asset sale of Lukoil, but recently the process escalated, involving senior officials from the White House Treasury and State Departments, including Treasury Secretary Scott Bessent. The White House, State Department and Treasury did not respond to requests to comment on the extension of the deadline being connected to the peace negotiations. Lukoil didn't respond to comments. In a statement made earlier this month, Ukrainian president Volodymyr Zelenskiy claimed that his intelligence services had informed him that Russian envoy Kirill Dimitriev was proposing an economic deal worth $12 trillion to the Trump Administration. According to a source familiar with the situation, this deal also includes Lukoil's assets. This could complicate any sale. The United States, Saudi Arabia's?Midad Energy and Todd Boehly of the American billionaire Todd Boehly have all signed agreements with Lukoil. Carlyle Group private equity, Saudi Arabian?Midad Energy and Todd Boehly, an American billionaire, have all signed agreements with Lukoil. Chevron is in talks with Texas-based Quantum Capital Group for the portfolio but terms have not been agreed upon yet. Reporting by Anna Hirtenstein in London, Dmitry Zhdannikov and Marwa Rashad in Washington and Timothy Gardner in London; editing by Lisa Shumaker
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US extends deadline to April 1 for potential Lukoil buyers
According to four sources who are familiar with the talks, the United States has slowed down?the sale?of the international assets of Russian oil giant Lukoil to use them as a bargaining tool in the Ukraine peace negotiations. A document viewed by OFAC showed that the U.S. Office of Foreign Assets Control (OFAC) will extend to Thursday the deadline for transactions to be completed from February 28 to April 1. In recent weeks, U.S. and Russian government officials failed to make a breakthrough during?talks held in Geneva, Abu Dhabi, and Miami, in order to negotiate a deal for peace in Ukraine. According to sources briefed about the meetings, these discussions included 'the U.S. sanction on Russia's largest oil producer, Rosneft and on its second-largest competitor, Lukoil. The next round between the U.S. and Russia, as well as Ukraine, is scheduled for March. OFAC has extended the deadline three times to allow potential buyers to negotiate assets worth $22 billion with Lukoil since Washington imposed sanctions against the two Russian oil companies last October. The sanctions forced Lukoil to sell its international portfolio. This included oilfields and refineries from Iraq to Finland. Over a dozen potential bidders have expressed interest in the sale, ranging from ExxonMobil of the United States to Pornhub's former owner. Three sources claim that OFAC was handling the asset sale of Lukoil, but recently the process escalated, involving senior officials from the White House, Treasury, and State Departments, with Treasury Sec. Scott Bessent being more directly involved. The White House, State Department and Treasury have not responded to requests for comment about whether the extension is related to peace talks. Lukoil didn't respond to requests for comments. Volodymyr Zelenskiy, the Ukrainian president, said that his intelligence services had informed him earlier this month that Russian envoy Kirill Dimitriev had proposed to the Trump Administration an economic deal valued at?at least $12 trillion. According to a source familiar with the deal, it includes Lukoil's assets which could complicate any sale. Several companies, including the U.S. Carlyle Group and Saudi Arabia's Midad Energy have signed agreements with Lukoil. Todd Boehly, an American billionaire, has also worked with Xtellus Partners, a UAE-based fund, Alliance Investment Partners, as well as Xtellus Partners, a bank. Chevron is in talks with Texas-based Quantum Capital Group for the portfolio but terms have not been agreed upon yet. Reporting by Anna Hirtenstein in London, Dmitry Zhdannikov and Marwa Rashad in Washington and Timothy Gardner in London; editing by Lisa Shumaker
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Sources: Zorlu Holding Turkey in debt restructuring discussions with lenders
Two people who are familiar with the private talks say that Zorlu, a major Turkish holding company, has begun discussions with state banks about restructuring its debts. This could be the largest corporate loan restructuring in Turkey since the 2018 Lira Crisis. Last week, Zorlu Holding held CEO-level discussions with state banks and private lenders to start a restructuring plan. Sources, who requested anonymity because the talks are still ongoing, said that the company had put assets, including Zorlu AV, an iconic Istanbul shopping mall, up as collateral at state banks. One person said that Zorlu assets could be sold to cover recent losses in certain sectors. Uncertainty surrounded the amount of debt Zorlu hoped to restructure. According to the latest financial report, Zorlu will have around $3.2 billion in loans by 2024. Around half of Zorlu's total loans are in dollars, while another 30% is in euros. The rest is in Turkish Lira. Zorlu refused to comment on the discussions?but pointed to a Vestel statement earlier on Thursday which stated that "the company continued to conduct its business with financial institutions in the normal course of their operations." Bloomberg reported on Wednesday that Vestel was in talks with banks about restructuring debt of more than $500,000,000. Zorlu Enerji, a producer of renewable energy and Vestel, is a Zorlu company. Vestel is one of Turkey's largest exporters. In recent years, high interest rates, the stronger lira and weak domestic demand have hurt them. Turkey's protracted inflation crisis can be traced back to a series of currency crashes that occurred in 2018. This was also the year when many major conglomerates restructured debt, such as Yildiz Holding which restructured its $5.5 billion loan.
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Sweden asks the energy sector to increase security but does not face any specific threats
Sweden's signal intelligence agency announced on Thursday that it had told its 'energy industry' to increase security levels following a recent cyberattack against?Polish infrastructure. However, this was not a response to any specific threat. Swedish TV4 reported earlier, citing anonymous sources, that authorities in the Nordic countries were investigating a possible threat from actors who had ties to a foreign power. Ola Billger is the head of communications at Sweden's National Defence Radio Establishment. Billger said, "We did this last Friday and we called on the energy industry to take certain steps to make Sweden more difficult to target." Last month, the Polish government announced that it was able to stop a "large cyberattack" at the end of December. The attack was intended to disrupt communications between renewable energy installations and grid operators. In recent years, Nordic intelligence and police agencies investigated damages to underwater gas pipelines and power lines, as well as telecoms cables, in the Baltic Sea. Some of these were caused by deliberate attacks and sabotage. Svenska Kraftnat is the Swedish electricity grid operator. It said it increased its vigilance in its facilities but refused to specify when. A spokesperson for Sweden's?Civil Defense? said: "We are aware and we work with other government agencies." Gassco in Norway, which oversees the vast network of terminals and pipelines that supply natural gas to Europe said there was no immediate threat to Norway's gas infrastructure. The National Crisis Management Centre of Lithuania said that energy security was still a priority for the country, but it had received no new threats. The Norwegian National Security Authority, the Danish intelligence and national security service as well as Norway's security police did not respond to our requests for comment. Johan Ahlander reported from Stockholm; Louise Rasmussen contributed additional reporting in Copenhagen; Nora Buli was in Oslo and Andrius sytas was in Vilnius. Terje Solsvik edited the story.
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Copper prices fall from two-week highs as stocks rise and temper demand optimism
The price of copper fell on Thursday, after reaching a two-week high in the previous session. A stronger dollar and rising inventories dampened expectations about a recovery in demand from China, the top consumer of the metal in the world. In official open outcry, the benchmark?three-month?copper price on the London Metal Exchange fell 0.3% to $13,286 a metric ton. The metal had reached $13,350 during the previous session. This was the highest level since February 11. Shanghai Futures Exchange also saw a similar high overnight. The Chinese have returned to the market since the first day of the Lunar New Year. According to SP Angel analyst John Meyer, the Chinese could be stockpiling copper for strategic purposes or following a new directive requiring the construction of data centres. Beijing will host China's annual parliament gathering in early March. The event is expected to release a "five-year plan" for 2026-30. The Yangshan premium The price of copper in China is now $50 per ton compared with $33 prior to the holiday. The U.S. Dollar Index, which measures the strength of the greenback against a basket six currencies, has risen, making metals denominated in dollars more expensive for investors who use other?currencies. Stocks were high, which also affected prices. LME copper stock The total rose to 253,600 tonnes after an additional 4,000 tons were imported from?the United States' and South Korea. This is the highest total since March 2025 and comes after the Comex premium, which brought copper into the U.S., evaporated. Meyer stated that "lots?of copper off-market has been thrown into warehouses to increase visibility and possibly catch higher prices." The entire base metals industry was in?red. Aluminium dropped 0.8% to $3.146 per ton. Zinc fell 0.6% to $3.368. Lead?lost 0.2 % to $1.987. Nickel dropped 2.1% to $17.700 a tonne. Tin shed 0.5% to $53,450. (Reporting and editing by Rashmi, Sonia Cheema, and Jane Merriman; Additional reporting by Lewis Jackson; and Dylan Duan.)
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Utility PSEG's forecasts for 2026 profits are below estimates and will raise spending plans
Public Service Enterprise Group forecasted a?profit below analyst expectations on Thursday, but raised its five-year plan for capital expenditures as it ramps up investments in grid'modernization' amid surging demand. U.S. utilities have increased their spending plans, as power demand in the United States is increasing after years of stagnation. The growth has been driven by the proliferation?of energy-intensive data centres used by the technology industry. According to the Energy Information Administration, U.S. electricity demand is expected to reach record highs by 2026. PSEG expects to spend between $24 and $28 billion in the period 2026 to 2030. This includes $22.5 to $25.5 billion for regulated investments. The previous five-year capital plan of the?utility included capital expenditures between $22,5 billion and $26 billion from 2029. PSEG offers electric and gas service to approximately 4.3 million New Jersey customers. Through its PSEG Power segment, it also operates nuclear-generating equipment. The quarterly loss at 'the power segment' was reduced to $37m from $92m a year ago, thanks to higher capacity revenues, and the gas operations, which helped offset nuclear operation costs. According to LSEG data, the utility expects to earn operating profits in the range $4.28 to $ 4.40 per share - below the analysts' expectation of $4.39 per shares - by 2026. The Newark, New Jersey-based company reported an adjusted profit of 72 cents a share, exceeding estimates of 71 cents a share. Reporting by Pranav?mathur in Bengaluru, Editing by Shailesh?kuber
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Engie's CFO: Belgium wants to increase nuclear energy production
According to Engie's chief financial officer, the Belgian government wants to increase the capacity of nuclear reactors and extend their lifespan. Engie has previously stated that it is not interested in maintaining its nuclear assets. CFO Pierre-Francois Riolacci discussed Belgium's plans for nuclear power on Thursday, after the company announced its results and a major purchase in Britain. He also said that the company did not agree with a draft report from the Belgian regulator regarding future costs associated with the nuclear fleet. Engie CEO Catherine MacGregor stated that a final report on costs associated with the dismantling of older reactors and the amounts needed to operate newer ones in the future is expected at the end of April. Engie stated that it would rather focus on assets which are more profitable, such as batteries and renewable energy. Engie decommissioned 3 Belgian nuclear reactors by 2025. Its last two operational Belgian reactors - Doel 4 & Tihange 3 - are expected to continue generating power until 2035, with the government considering further lifetime extensions. The company stated that it was 'open' to extending the current 10-year extension of life for its remaining two reactors, but asked for clarification on decommissioning costs. MacGregor stated that "this extension is something we have been saying all along that we weren't super excited about considering. However, we could enter into a study in order to determine the economic and operational safety feasibility of a?such a?extension." She said that the company will only dismantle if there is a framework for dismantling provisions which is "stable, predictable and clear". (Reporting and editing by Forrest Crellin and America Hernandez)
Vistra beats fourth-quarter core profit estimates on AI-driven power demand
Vistra Corp, a power producer, beat Wall Street's expectations on Thursday for its fourth-quarter core profit?adjusted? as an?AI driven surge in electricity consumption from data centers?fueled earnings.
The U.S. is expected to?increase its power consumption?increase?increasingly this year and next year, due to the rapid expansion in data centers for artificial-intelligence services and cryptocurrency and the switch from gas and oil heating and transportation.
The big?tech companies are also looking for long-term contracts with electricity suppliers to power AI-driven services and data centres.
Meta Platforms has signed a 20-year contract to purchase power from Vistra's three nuclear plants located in the heartland of the U.S.
Vistra also announced in January a $4.7 Billion agreement to acquire Cogentrix Energy, and its 10 natural-gas-fired plants, from Quantum Capital Group, to increase capacity to meet growing energy needs.
In November, the power producer forecast a 2026 core adjusted profit that was higher than its 2025 outlook. This showed?confidence' in its expanding power generation portfolio as well as strong demand in all U.S. market segments.
As it expands its gas-fired energy and clean energy capacities, the company anticipates a core profit of between $6.8 and $7.6 Billion in 2026, up from a range of $5.7 to $5.9 Billion for 2025.
Vistra's?profit for the fourth quarter of $233 millions was down from $490 million one year earlier.
According to LSEG data, Irving, Texas, based company reported an adjusted core profit for the 'three months ended December '31 of $1.74 billion, which was above analysts’ average estimate of $1.6?billion.
The company's shares rose by 1.8% during premarket trading. (Reporting and editing by Diti Pjara in Bengaluru, Katha Kalia is based in Bengaluru)
(source: Reuters)