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Prices of oil fall on the back of hopes for a de-escalation of tensions between Iran and the US
The oil prices dropped slightly on Wednesday, as the talks between 'the United States and Iran' progressed. This raised hopes for a deescalation in bilateral tensions. It also reduced risks of disruptions to supply from Middle Eastern oil producers. Brent futures fell?3?cents (0.04%) to $67.39 per barrel at 1:39 GMT. Meanwhile, U.S. West Texas Intermediate crude oil lost 5 cents (0.08%) to trade at $62.28. Both are near their two-week lows. Iran and the U.S. agreed on "guiding principles" for talks on resolving a long-standing nuclear dispute on Tuesday, but this does not mean that a deal will be imminent, according to Iranian Foreign Minister Abbas Araqchi. Analysts remain cautious regarding the possibility of progress being?maintained. Tony Sycamore is an IG'market analyst. In a note to IG clients, he said: "A meaningful breakthrough could ease geopolitical tensions, and possibly boost Iranian oil supplies. However, we are sceptical about whether this?outcome can be achieved within the next few months." In a note sent to clients on Tuesday, the political consultancy Eurasia Group stated that there was a 65% chance of an American strike against Iran before April's end. Reports from Russian media that the output of Tengiz oil field, one the largest in the world, had resumed after being suspended in January, also weighed on the price. Tengiz plans on reaching full capacity by February 23, according to sources. The American Petroleum Institute's weekly report, which is due in the afternoon, and that of the Energy Information Administration (the statistical arm of?U.S. Department of Energy on Thursday. According to analysts polled, U.S. crude stockpiles probably increased last week while distillate and gasohol inventories likely decreased. The 'inventory of crude oil is expected to rise by 2.3 million barrels during the week ending February 13, while gasoline stocks are expected to drop by around 200,000 and distillate stockpiles, including diesel and heating oils, by 1.6 millions barrels. (Reporting from Tokyo by Katya Glubkova; Editing by Edwina gibbs)
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BlueScope and NAB both jump on a better bid, as Australian shares rise.
Australian shares rose on Wednesday, boosted by a record high for National Australia Bank, after the lender reported?strong numbers in its first quarter, and BlueScope Steel, which jumped at an 'improved takeover offer. As of 0121 GMT, the S&P/ASX 200 was up 0.4% to 8,994.3 points. The benchmark index ended Tuesday 0.2% higher. The benchmark S&P/NZX 50 Index in New Zealand rose 1% to 13,164.88 after the Reserve Bank?of?New Zealand kept its interest rates at 2.25%. The central bank stated that it will continue to maintain its?accommodative monetary policy for some time in order to support the economic recovery. National Australia Bank shares surged 5.8% in Sydney to an all-time record high after the lender posted a 16% increase in its first-quarter cash earning, driven by strong performance across both its business and home-lending segments. NAB shares have pushed the financials subindex up by 1%. If the current momentum continues, it could end a three-day loss streak. NAB is the last of "Big Four" lenders to announce their profits this month. All lenders posted higher profits. The sub-index has risen 8% so far this month due to strong earnings and positive market reactions. Shares of BlueScope Steel soared up to 6% after SGH Ltd and U.S. based Steel Dynamics increased their offer for Australia's biggest listed steelmaker, BlueScope Steel. The new price was A$15 billion (10.63 billion dollars). CSL, a biotech company, led the gains with a 1% gain. The firm signed a deal with Eli Lilly to license certain rights for it to develop and market clazakizumab - an IL-6-blocking anti-body - for patients with advanced kidney disease. The mining sub-index, which was bucking the overall positive trend, lost 0.9%. Gold producers were under pressure after the price of bullion fell on the back of reduced demand for safe havens following the ease in geopolitical tensions.
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BlueScope and NAB both jump on a better bid, as Australian shares rise.
Australian shares rose?on a Wednesday, fueled by a new record high for the National Australia Bank, after it posted?strong numbers in its first quarter, and BlueScope Steel?jumped at an improved takeover bid. As of 2332 GMT, the S&P/ASX 200 was up 0.5% to 9,005 points. The benchmark index ended Tuesday 0.2% higher. National Australia Bank shares surged up to 5.8%, reaching a new high, after the lender reported a 16% increase in cash earnings for its first quarter, driven by?strong performance across both its home and business lending segments. NAB shares have pushed the financials sub-index up by 1%. If the current momentum continues, it could end a three-day loss streak. NAB was the last "Big Four" bank to announce their earnings in this month. All lenders posted higher profits. The sub-index has risen by almost 8% so far in this month due to strong earnings and positive market reactions. BlueScope Steel shares rose as much as 6 percent after SGH Ltd. and Steel Dynamics, a U.S. company, increased their offer to A$15 billion (10.63 billion dollars) for Australia's biggest listed steelmaker. CSL, a biotech company, gained 1.5% in healthcare stocks after signing a licensing agreement with Eli Lilly. The deal granted CSL certain rights to develop and market clazakizumab - an IL-6 blocking antibody for patients suffering from end-stage renal disease. The mining sub-index, which was bucking the overall positive trend, lost 0.7%. Gold producers were under pressure after the price of bullion fell on the back of reduced demand for safe havens following the ease in geopolitical tensions. New Zealand's benchmark S&P/NZX 50 Index?rose 0.7%, to 13,126.57. Investors awaited the Reserve?Bank of?New?Zealand's policy announcement, which is due later that day. The central bank, it is widely believed, will hold rates.
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California and Connecticut prepare a 'attack' on Trump's repealing of US climate regulations
Attorneys General from California and Connecticut have announced a "multi-state plan of attack" to combat President Donald Trump's decision to repeal the federal climate regulation for'vehicles'. The Environmental Protection Agency rescinded last week the "endangerment findings" which said that greenhouse gas emissions from cars endanger the public's health. Trump called this "the biggest deregulatory measure in the history of the United States." Connecticut Attorney General William Tong stated in an interview that "we're going to take action" and described efforts to determine standing, claims, and other elements of the?suit. "We are putting together the best possible plan of action." The EPA used its 'endangerment findings' to regulate power plants, automakers and oil and gas operations. About half of the U.S.'s greenhouse gas emissions are attributed to transportation and power. Legal experts also say the move could lead a surge of lawsuits referred to as "public nuisance actions", a path that was blocked after a '2011 Supreme Court decision that the regulation of greenhouse gas emission should be left with the EPA and not the courts. California Attorney General Rob Bonta stated in the interview that states are "looking at facts and laws to challenge the initial?action." Bonta, the California Attorney General, said that they would not wait. "We won't be bringing a lawsuit in six months." It is important to consider the temporal 'nexus' of an action. "But getting it right, and making sure that everything is tight, is also important."
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Apple trims Apple's Apple iPhones after Berkshire Hathaway purchases New York Times
On Tuesday, Berkshire Hathaway announced a new investment into the New York Times. This marks its return to a sector that Warren Buffett abandoned in 2020 after he sold off his conglomerate’s newspaper business. In after-hours trading, shares of the Times increased by 4% to $76,99. Berkshire reported that it held about 5,07 million Times shares valued at $351.7 million by the end of 2025 in a filing to the U.S. Securities and Exchange Commission. Berkshire filed its U.S. listed stock holdings, which made up the majority of equity in the Omaha-based company. Berkshire also said that it sold 4% of Apple's stake, which is still its largest equity at $62 billion. It also said that 77%?of its 10,000,000 shares in the online retailer Amazon.com were sold during the fourth quarter. Buffett's 60 years as Berkshire's CEO came to an end in the quarter. Greg Abel replaced Buffett as CEO on January 1. Buffett is still chairman. Berkshire’s filing doesn’t say if investments were managed by Buffett or Abel, or portfolio manager Ted Weschler. Todd Combs left JPMorgan Chase in December to become another portfolio manager. Berkshire's stock prices rise every time it announces "new stakes", which investors interpret as a sign of Buffett's approval. It is unclear if this will continue under Abel. Berkshire still hasn't named a replacement for Buffett or announced how it plans to divide up its equity investments. BUFFETT - FORMER PAPER CARRIIER, Dubbed THE TIMES a SURVIVOR Buffett delivered papers as a teenager and had long defended this industry. Selling In 2020, Berkshire will sell its newspaper business to Lee Enterprises, including the Omaha World-Herald in Omaha, for $140 millions. Berkshire became Lee's sole lender. Buffett, who is reluctant to sell businesses in their entirety, told Berkshire shareholders that the Times, Wall Street Journal, and possibly the Washington Post were the only publications with "digital models" strong enough to offset the decline of print circulation and advertising revenues. The Post, which is owned by Jeff Bezos of Amazon, has?since faced its own struggles and this month Layoffs Approximately one third of its employees. Berkshire bought and sold other stocks during the fourth quarter. It added to its holdings of Chevron, Chubb, and Aon, and sold some Bank of America and Aon stock. Abel's shareholder letter and the annual report of Berkshire Hathaway may contain more details about Berkshire's investment. Analysts and investors have stated that Berkshire has been cautious with valuations. They've gone a decade and more without making a major acquisition. Berkshire owns a number of other businesses, including the BNSF railway, Geico auto insurance, manufacturing and energy companies, as well as retail brands like Brooks, Dairy Queen and Fruit of the Loom. Reporting by Jonathan Stempel, New York; editing by Will Dunham and David Gregorio
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FirstEnergy announces a $36 billion investment program after posting higher annual profits
FirstEnergy announced on Tuesday a $36 billion capital investment plan through 2030 after reporting a 4.3% increase in its full-year profits?as a result of higher electricity rates. As?power consumption?increases across the nation, utilities add billions of dollars in capital investment plans for upgrades to electrical grids and related infrastructure. U.S. electric demand is increasing at an unprecedented pace. Utilities are investing more to meet the growing demand from technology companies to?provide power capacity for their data centers to support AI-related tasks. FirstEnergy CEO Brian Tierney stated that the $36 billion investment plan includes more than $19 Billion in total transmission investments. The company benefited from the newly implemented Pennsylvania rates as well as stronger distribution sales that helped offset its higher operating costs. Utilities are aiming to pass on higher grid-modernization expenses to their customers through a rate increase, due to the increasing demand for electricity from industries electrifying themselves and data centers expanding. The company anticipates core earnings to grow at a compound annual rate of between 6% and 8%, from 2026 to 2030. The 2025 core earnings per share in?its distribution sector increased by 23 cents compared to 2024. The company confirmed its forecast of $2.62 - $2.82 per share by 2026 when it plans to spend $6?billion. FirstEnergy reported a?profit of $1.02billion, or $1.77 a share, for the year ended December 31 compared to $978m, or $1.70 a share, one year earlier. (Reporting from Katha Kalia in Bengaluru and Sumit Sha; editing by Maju Sam)
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US groups sue Trump to stop his efforts to remove history and science information from parks
On Tuesday, groups representing park conservationists as well as historians and scientists filed suit to prevent President Donald Trump’s administration from removing information from monuments and parks. This was after signs and exhibits that touched on slavery and climate changes were removed. In a lawsuit filed before the federal court in Boston, the National Parks Conservation Association and the American Association for State and Local History and other groups claim that the U.S. Department of Interior is engaging in a "sustained effort to erase history and undermine scientific knowledge." The lawsuit claims that the Department of Interior is removing exhibits and signs from national parks in violation?of mandates?from Congress which govern how over 430 sites should be run. It also claims to have adopted a policy that is illegal and lacks a reasoned explanation as to why certain signs and displays must be removed. Alan Spears said that "Censoring Science and Erasing America's History at National Parks are direct threats to all these amazing?places and our country stand for," in a press release. A spokesperson from the Interior Department said that the group Democracy Forward representing the plaintiffs was run by "far left extremists" and the policy they are challenging is "to ensure parks accurately tell the story of American history." This was one of the two cases filed on Tuesday that challenged changes made by the Department of Interior to national monuments and park under its jurisdiction, as part of Trump’s agenda. In New York, several community groups filed a suit claiming that the Department had removed the Pride Flag from the Stonewall National Monument. This was the first monument in the country dedicated to the LGBTQ movement. The case was filed in Boston a day after an?federal court in Pennsylvania ordered that the National Park Service reinstall a display that had been removed from the Independence National Historical Park's President's House Site in Philadelphia. This exhibit described the history and ownership of slaves by George Washington, America's first President. The lawsuit filed on Tuesday said that the exhibit was one of many removed after Trump signed his executive order targeting a "revisionist" movement that Trump called "inherently racist and sexist." He also accused it of portraying America as "inherently oppressive or irredeemably flawed." The White House claimed that Trump's order directed the Interior Department to change parks, monuments, and memorials in response to any "false revisions of history" at these sites. The lawsuit stated that after a subsequent order by Interior Secretary Doug Burgum to implement?Trump’s directive, National Park Service identified 'hundreds' of signs and material that it had begun removing from national parks. Signs posted in Maine's Acadia National Park described the impact of the climate change on Acadia and the importance of Cadillac Mountain for the Wabanaki, the indigenous people of the area. (Reporting and editing by David Gregorio in Boston, and Bill Berkrot.)
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Berkshire's PacifiCorp sells Washington assets for $1.9 billion to Portland General Electric, citing its liquidity.
PacifiCorp is a utility owned and operated by Berkshire Hathaway. It sells wind, natural gas generation, distribution and infrastructure assets in central and southern Washington to Portland General Electric, for $1.9 billion. The company cites liquidity concerns due to wildfire litigation it faces in Oregon. The deal announced on Tuesday included the Chehalis gas plant, Goodnoe Hills Wind Facility, Marengo I & II wind facilities, and 4,500 miles transmission and distribution lines. PGE will take on PacifiCorp’s 140,000 Washington State customers, covering an area of 2,700 square kilometers. Manulife Investment Management is taking a 49 percent stake in Washington Utility Business, according to PGE. It could take up to a year for the transaction to be completed, depending on federal and state regulator reviews. PGE and PacifiCorp have their headquarters in Portland, Oregon. PacifiCorp said that it may face financial strains from lawsuits brought by Oregonians accusing it of causing four fires in September 2020 by failing to turn off power lines when a windstorm hit. PacifiCorp said that damages claims could reach $52 billion, but they would probably be lower. The trials could go on until 2028. PacifiCorp asked the Oregon state court of appeals to reverse a class-action and remove liability for emotional distress suffered by fire victims. PACIFICORP FACES 'EXTRAORDINARY PRESSURE' PacifiCorp announced the sale of assets by stating that "diverging policy" between the six states in the western U.S. it serves has created "extraordinary stress," which affects its financial stability and liquidity, as well as credit ratings. Berkshire and its operating units rarely sell large businesses or groups of assets. Greg Abel succeeded Warren Buffett in January as chief executive of the Omaha-based conglomerate. Abel was the immediate parent of PacifiCorp, Berkshire Hathaway Energy, for around a decade. The utility said that "PacifiCorp has to navigate a complex set financial and regulatory pressures." The sale represents an important step towards strengthening the company and streamlining its operations. The sale excludes PacifiCorp’s?hydroelectric generator facilities in Washington. Utility companies are looking for additional generation assets and transmission assets in order to meet the growing demand from industrial customers and data centres. Maria Pope, PGE’s chief executive said on a conference called that the PacifiCorp?assets were "a valuable mixture of natural?gas?and wind resources which provide safe, reliable?and?affordable power." PGE reported a fourth-quarter adjusted profit of $53 millions, or 47 cents a share. According to LSEG, analysts expected 63 cents a share on average. Reporting by Katha Kaalia in Bengaluru, Jonathan Stempel in New York and Tasim Zieminski.
EU advisors warn against lowering new climate goal
Independent advisers to the European Union have warned against softening 2040's climate target, while EU officials are considering a softer goal to limit a backlash to ambitious environmental policies.
In July, the European Commission will propose a legally-binding target for EU countries to reduce their emissions by 90 percent by 2040 compared to 1990 levels. Brussels, however, is considering options to overcome the pushback of governments. These include setting a lower goal for domestic industries and using international credits to bring up the gap.
The European Scientific Advisory Board on Climate Change, or ESABCC, warned against this strategy, saying that it could divert funds from investments into European industries and infrastructure.
In an analysis of 2040's target published on Monday, the ESABCC stated that using international carbon credits, even partially, would undermine the creation of domestic value by diverting resources away from the transformation needed in the EU economy.
The Commission's spokesperson did not respond directly to the advisors' caution about carbon credits.
The spokesperson stated that "the Advisory Board is faithful to its mission to provide scientific advice with full independence and reminds us in today's report of the urgent need for ambitious climate action as well as the importance of setting a target of 2040 emission reduction,"
Carbon credits are a way for EU countries to buy credits from projects abroad that reduce CO2 emission - such as forest restoration in Brazil. These credits can then be used towards the EU's goal.
These credits, say their supporters, are an important way to raise money for projects that reduce CO2 emissions in developing countries. Some EU officials remain cautious. In 2013, the EU banned international credits on its carbon market after an influx of cheap credits that had weak environmental benefits led to a crash in carbon prices.
ESABCC, despite geopolitical headwinds such as looming U.S. Tariffs and high energy costs, said that it would stick to its 2023 recommendation, which was for the EU to agree to a net reduction of 90-95% in greenhouse gas emission by 2040. This, they said, is achievable, and in line to global goals in order to avoid worse climate change.
It would be necessary to have a power sector that is almost entirely free of emissions by 2040, and electrify industries that pollute.
They said that this would have many benefits, including fewer pollution-related illnesses, a boost in investments for modernising industries, and improved security, as Europe would be less dependent on fossil fuel imports. (Reporting and editing by Kirsten Doovan and Hugh Lawson).
(source: Reuters)