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Whitehaven Coal in Australia posts a surprise loss for the first half on lower prices and falling shares
Whitehaven?Coal?of Australia posted a surprising first-half loss Thursday. Pressured by lower realised prices, which offset robust production in its major operations. This sent its shares down over 6% at the start of trading. Whitehaven is the top independent coal miner in Australia. It achieved an average coal price per ton of A$189, which was 19% less than last year's levels. This resulted in a 28% drop in revenue to A$2.48 billion. billion. The company stated that "cyclical price weakness in the metallurgical coal and thermal markets continued into the first half FY26 due to ongoing global uncertainty surrounding U.S. Tariffs and related trade dynamics." The Queensland operations of the company, which account over half of the group's earnings, and includes the Blackwater coal mines and the?Daunia coking coal mines that it acquired from BHP 2024, have reported a 58% decline in first-half operating earnings. The?New South Wales operation also reported a drop of 46% in earnings. Whitehaven Coal reported a net loss of A$19.38 million (13.38 millions) for the six months ended December 31. This is a significant change from the Visible Alpha consensus estimate of A$16.38 million and the A$350.38 million profit that was recorded a previous year. Net profit after taxes fell by 31% on a statutory basis to A$69 millions. Whitehaven remains confident about the future of metallurgical prices. They cite supply constraints after Cyclone Koji in Queensland, which was a Category 1 storm. The miner also pointed out early 'indications' that the oversupply of seaborne thermal coal could ease, after Indonesia, which is the world’s largest thermal exporter, indicated plans to reduce its output. Curb production Whitehaven's fiscal 2026 outlook was maintained. The company said that run-of mine (ROM) coal production and coal sales are trending upwards, while unit cost is expected to be at the lower end. The miner announced a?interim dividend of 4 Australian cents per share, and plans to spend another A$32million on share buybacks in the next six-months.
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EBay predicts strong revenue and buys Depop for fashion presence
On Wednesday, EBay Inc. forecast first-quarter revenues above Wall Street estimates and announced that it had acquired fashion'marketplace Depop' from Etsy for nearly $1.2 billion. This prompted a 7% increase in its shares during extended trading. In a difficult market, the company is trying to differentiate itself through "recommerce", and its role within the circular economy. It emphasizes pre-owned, authenticated and refurbished goods. LSEG data shows that EBay expects its first-quarter revenues to be between $3 billion and $3.05 billion. This compares to the average analyst estimate of $2.80billion. The company said that Depop has a "strong traction in the pre-loved clothing category" and plans to expand in one of the most dynamic areas for resale. In an interview, CEO Jamie Ianonne said: In an interview, CEO Jamie Ianonne said: The Depop deal will close in eBay's 2nd quarter. It is estimated that it would contribute between one and two percentage points of growth in total gross merchandise volume (GMV) in 2026. Ebay's GMV (a key metric that shows the total value sold on its platform) is in the range of $21.5 billion to 21.9 billion dollars for the first three months, surpassing an estimated $20.10 billion. The company's?revenue for the fourth quarter ending December 31?was $2.97 billion, exceeding an estimate of $2.88. GMV increased 10% to $21.24 Billion in the third quarter.
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Extinction Rebellion, an environmental group, says that it is being investigated by the US federal government
Extinction Rebellion, an environmental group, said that it was under investigation by the U.S. federal government and that FBI agents had visited some of its members, including those from the task force on extremism. When asked for comment, the FBI stated that it could not confirm or deny specific investigations, citing Justice Department policies. The environmental group released a statement saying that two FBI agents from the Joint Terrorism Task Force visited a former member (Extinction Rebellion NYC), 200 miles away from New York City, at their home. The statement stated that the agents asked the ex-member about their involvement in the environmental group’s New York City Chapter. It also said the former member directed questions to their attorney. The group said that, in March 2025 agents, identifying themselves as a part of the FBI, attempted to speak with six activists associated with Extinction Rebellion Boston. However there was no further communication. The FBI declined to comment on its nature or scope. Rights advocates have raised concerns about free speech under the administration of President Donald Trump, citing Trump's crackdown on pro Palestinian protests against U.S.-allied Israel's 'assault' on Gaza and his threats to liberal nonprofits and other groups that are opposed to his agenda, such as his immigration and climate policy. Trump's administration has accused many groups of funding or organising political violence, without providing any evidence. Climate activists have criticised Trump's reductions to domestic climate regulations and U.S. withdrawals from global environmental agreements. According to the global website of this environmental group, it is a "decentralised international movement that uses non-violent civil disobedience and direct action to convince governments to act fairly" in response to climate emergencies. Greta Thurnberg, an activist from Sweden, has attended previous actions organized by this group.
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Molson Coors predicts a sharp decline in profit by 2026 as aluminum costs bite
Molson Coors, a beer maker, forecast a sharp decline in its annual profit on Wednesday. The company was hurt by increased aluminum tariffs and sluggish?spending from price-sensitive consumers. The brewer's shares fell 6% after the bell, as it also missed revenue estimates for the fourth quarter. According to LSEG data, the company that produces Miller Lite and its namesake beer expects adjusted earnings per share in 2026 to drop between 11% to 15%. This compares to estimates of a rise of 1.9% to $5.48. The forecast is a downbeat one as newly appointed CEO Rahul Ghoyal tries to turn the business around by focusing on cost control following a tough 2025, marked by weak beer consumption, falling volumes, and persistent inflation. Goyal stated that "we made the difficult decisions necessary in our business for course correction and to set ourselves up for a better future." The demand for alcohol has slowed as health-conscious consumers have shifted to non-alcoholic drinks and energy drinks. This trend is exacerbated by the rapid uptake of GLP-1 weight loss drugs. Gen Z and younger drinkers are also reducing their consumption of beer and spirits. Molson Coors relies heavily on aluminum cans as packaging and a spike in aluminum prices in the Midwest of the United States led to an increase in costs per hectoliter by 8.1%. Tracey Joubert, CFO of Molson Coors, warned that commodity inflation will continue to be a major drag in 2026 on the company's profitability even though she anticipates revenue trends to improve. At an industry conference held on Wednesday, the company's executives said that aluminum costs would also weigh on profits by about $125 million. Analysts expected a 0.1% decline in net sales. Analysts had expected $2.71 billion in net sales. The company's 'quarterly' results came in at 2.66 billion dollars, which is below the analysts' estimate. The company reported underlying earnings per share of $1.21, which was higher than the analysts' estimates of $1.16. Reporting by Koyena das and Savyata mishra from Bengaluru, Editing by Leroy Leo & Maju Samuel
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Edison International's profit beats estimates for the quarter on the basis of lower interest rates and higher electricity rates
Edison International announced a higher-than-expected profit on Wednesday. This was aided by higher electricity rates, and a decrease in interest costs related to wildfire-related cost-recovery approvals. In extended trading, shares of the company rose 1.8%. U.S. utilities are increasing electricity rates to pass on higher grid-modernization expenses. Extreme weather conditions and the surge in demand from data centers and industrial electrification, along with AI-focused data centres, is putting pressure on the country's power network. U.S. electric consumption reached record levels last year and is expected to continue rising in 2026. In the meantime, Southern California Edison's subsidiary saw a rise in its core?profit in the fourth quarter after regulators approved cost-recovery plans tied to wildfire expenses in years past, which resulted in lower interest rates. SCE also booked additional revenue after a final decision was made on its General Rate Case for 2025. According to LSEG, Edison's adjusted profit for the quarter ending December 31 was $1.86 per share. This beat analysts' estimates of $1.46 per shares. Rosemead-based utility forecasts annual adjusted earnings between $5.90 per share and $6.20 for 2026. The midpoint is lower than the estimates of $6.12 a share. The annual adjusted profit is expected to range between $6.25 and $7.65 per share in 2027. The annual revenue for 2025 was $19.32 billion. This is up from $17.60 a year ago. (Reporting and editing by Jonathan Ananda in Bengaluru)
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Sources say that US refiners Phillips 66 and Citgo are looking to purchase crude oil directly from Venezuela.
According to sources familiar with these efforts, U.S. refiners 'Phillips 66' and 'Citgo Petroleum" are looking to purchase heavy crude from Venezuelan oil company PDVSA directly starting in April, to maximize profits. They do not want to buy through trading houses or U.S. oil giant Chevron. Trafigura, Vitol and other trading houses secured the first U.S. licenses for exporting Venezuelan oil in January as part of an agreement between Washington and Caracas worth $2 billion. Chevron holds an authorization to ship and operate in Venezuela since last year. Refiners have purchased cargoes of oil from these three companies in the U.S. as well as other countries. The pool of buyers will gradually expand after the U.S. President Donald Trump issued a general licence late last month, which authorized broader oil imports from OPEC countries. Three sources say Phillips 66 is a major refiner in the United States and wants to buy directly from PDVSA. One of the sources said that once the company is ready it will charter tankers to load crude at PDVSA terminals. Sources spoke anonymously due to commercial sensitivities. A Phillips 66 spokeswoman declined to comment on 'commercial activity, but stated that the refiners Gulf Coast facilities are capable of processing a variety of crude oils and that access to heavy crude is a valuable resource. Last month, the company purchased Venezuelan crude oil from Vitol at a price of $9 per barrel less than Brent crude. The White House announced on Friday that the Trump administration is responding in large part to the overwhelming interest of oil and gas companies. Taylor Rogers, a spokeswoman for the president's office, said that "the team works around the clock" to respond to requests from oil companies. CITGO AND VALERO SEEK DIRECT BUYING AS WELL Venezuela-owned ?U.S. Citgo Petroleum, a refiner in the Gulf Coast region of the United States, is also in discussions to purchase crude oil directly from Venezuela for processing at its Gulf Coast refineries. Citgo added that it expects all transactions with PDVSA 'under licenses GL46 and GL47' to be in line with normal 'commercial transactions. This means we would purchase any crude oil from Venezuela or oil products," the company said via email without elaborating. Citgo bought from Trafigura in January a cargo of 500,000 barrels of Venezuelan heavy oil for delivery in February. This was its first Venezuelan import since 2019. Three other sources confirmed that Valero, second largest U.S. refiner, and top buyer of Venezuelan crude oil from Chevron plans to purchase directly from PDVSA in the latter part of the year, after it evaluates the state of Venezuela's loading facilities. The company previously purchased Venezuelan crude for delivery to the U.S. Gulf Coast from Vitol. Valero will increase its imports of Venezuelan Oil. Up to 6.5 Million barrels of Venezuelan Crude are expected for delivery in March at its Gulf Coast refineries, making Valero the largest foreign refiner of the South American nation’s oil. Chevron is expected to make the bulk of these purchases. Two shipping sources said that many potential buyers are attempting to find the cheapest and best logistics for securing cargos. PDVSA's limited fleet of vessels, and high transfer fees from ship to ship are major obstacles. Valero and PDVSA didn't respond to requests for comments. Chevron refused to comment on any commercial issues, but said that it continues to supply customers. Vitol, Trafigura and others declined to comment on the impact of direct purchases by refiners on their business. CHALLENGES Ahead Washington is adjusting regulations to do business with Venezuela which is still under sanctions. Four sources reported last week that PDVSA told potential buyers they needed individual licenses from the U.S. Treasury Office of Foreign Assets Control in order to move cargoes through its ports. Three sources also said many U.S. financial institutions were reluctant to finance Venezuelan trade transactions. Many refiners, in addition to the general license that they intend to use over the next few months, have also submitted individual license requests. Venezuelan crude oil prices have lowered in recent days, as more Venezuelan oil is heading to the U.S. and not to China. Sources say that Vitol and Trafigura offered Venezuelan Merey Cargoes for $10 per barrel less than Brent in recent days. This is cheaper than the prices of $6 to $7.50 per barrel lower Brent last month. Vitol & Trafigura secured prices around $15 below Brent per barrel for the initial Venezuelan crude purchase, which brought in $500 million last month. Estimates claim that they made up to $4 profit per barrel, after transport and storage costs. Reporting by Nicole Jao, Marianna Pararaga and Arathy Smasekhar from Houston. Editing and editing by Nathan Crooks.
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California, Colorado and Washington file lawsuit against Trump administration to unlock funds for clean energy projects
California, Colorado, and Washington are suing to get the federal government to pay grants approved by Congress for clean energy projects. The California attorney general's said this on Wednesday. The Trump administration has terminated funding for environmentally-focused laws such as the Inflation Reduction Act. This is part of a broader effort to curb?support?for wind, solar, and other fossil free power sources, while also?prioritizing an increase in U.S. petroleum production. California has been one of the main opponents to Trump's policies. They have filed dozens suits. California's Attorney General Rob Bonta told reporters on Tuesday that he planned to sue the Trump administration over its changes to vaccine policies and to challenge the repeal of the Environmental Protection Agency's endangerment findings, which were key to the regulation of climate change. Bonta stated that the new lawsuit is in response to California's $1.2 billion loss in federal funding for the Alliance for Clean and Renewable Hydrogen Energy Systems, or ARCHES. The hydrogen plan was designed to replace fossil fuels for?utilities and public transport, as well as trucking, ports, and trucks. California says federal agencies must implement laws. Bonta told an interviewer on Tuesday that Congress is the only one with the power to spend money, not the executive branch.
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Gas inhalation kills 37 at Nigerian mining site
A?police report and a'security report' seen on Wednesday said that at least 37 miners had died from?carbon monoxide toxicity? in a mining area of Nigeria's Plateau State. According to the report, the incident happened at 5:45 am in a mine in Kampani in the Wase region. Twenty-five more miners were taken to hospital. Dele 'Alake, Nigeria's Minister for Solid Minerals Development said that the area was an abandoned site where stored minerals were prone to releasing toxic gasses. Unaware of the harmful nature of the gases, the villagers entered the tunnel to collect minerals, and then inhaled them, according to him. Alake ordered that the mining areas covered under licence 11810 operated by Solid Unit Nigeria Limited, and owned by Abdullahi Dan China in Zuraq be closed, after villagers died from alleged gas poisoning while mining. The security report stated that preliminary findings revealed that the victims aged between 20 and 35 died after inhaling gas while working underground. The 'Plateau State Government' said that many people were believed to be dead, but did not provide a number. It added that other patients were being treated in hospitals nearby. The site has been cordoned-off by security forces to prevent access. The majority of mines in Nigeria are illegal, and the safety measures that exist are limited. Miners also lack protective equipment. The federal government has ordered an 'immediate shut down of all mining activities in the affected region pending further investigations. (Additional reporting from Camillus Eboh, Abuja; Writing by Chijioke Ahuocha and Editing by Jon Boyle. Ros Russell and Chizu. Nomiyama.)
Canada Minister says US tariffs will not target Alberta
Jonathan Wilkinson, Canada’s Minister of Energy and Natural Resources, said that any Canadian response to U.S. Tariffs would be fair and equitable for all regions and would not single out Alberta as Canada’s largest oil producing province.
Wilkinson stated that Canada would respond by focusing on products which hurt Americans more than Canadians.
Donald Trump, the U.S. president, has threatened to impose tariffs of 25% on all Canadian exports. This could happen as early as this Saturday. Canada is planning to counter-tariff U.S. products, and tensions between Danielle Smith, Premier of Alberta and the federal government have been caused by concerns that the federal could restrict oil exports.
Canada exports 75% of its goods and services to the United States. Canada has been a major source of U.S. imports of oil for many years. In 2023, Canada will supply more than half the total U.S. crude imported.
Wilkinson said to reporters that Canada cannot respond in a manner that harms its long-term interest or that hits a single sector or area disproportionately.
"You can't single out the West. He said that it must be something fair. "Quebec will feel the pain. Ontario will also feel it. The west will feel that too. And Atlantic Canada will as well." (Reporting and editing by Amanda Stephenson; Rod Nickel, Caroline Stauffer, and Caroline Stauffer)
(source: Reuters)