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Phillips 66 will acquire Britain's Lindsey refinery assets
Phillips 66 announced on Monday that it has agreed to purchase the assets - and infrastructure - of the Lindsey Oil Refinery, located in northern England, after the site was liquidated. It will then 'integrate' the key facilities within its Humber Refinery. After a thorough review of the bid process, the U.S. refiner announced that it would not restart standalone operations in the British refinery due to the site's size, capabilities and facilities. Phillips stated that the Humber Refinery Complex will integrate storage and infrastructure assets from Lindsey, which will improve supply flexibility, as well as support both traditional?and alternative fuel production. The announcement was made following a bid process managed by FTI Consulting. FTI Consulting was appointed special managers for the Lindsey Oil Refinery Assets after the liquidator was named in June. Michael Shanks, Energy Minister, said that the move would increase the company's capacity to supply fuel to UK consumers. It will also boost domestic energy security and create hundreds of construction jobs over the next five-year period. He said that the rest of the?staff are guaranteed employment up until the end March of this year. Shanks said in a July statement that the?refinery would close after no buyers could be found for the location. (Reporting and editing by Shreya Biwas in Bengaluru. Pranav Mathur is based in Bengaluru.
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Starmer claims that the US is responsible for justifying actions in Venezuela
Keir starmer, British Prime Minister said that the United States was responsible for justifying its actions after it captured President Nicolas Maduro. He described the situation as being "not straight forward." "What Venezuela needs is a peaceful, democratic transition." Starmer said that this was the?position we held before the weekend and it is still our position. "International law is a framework, anchor, or benchmark against which we judge all other governments' actions. It is up to the U.S., of course, to justify "the actions" that they have taken. It's not easy. Even today, new developments continue to occur." Maduro was captured by the United States in an early morning raid on Saturday. He was taken to New York, where he will be charged with drug trafficking. Starmer's spokesperson said that the U.S. raid is not comparable to Russia?s "full invasion" of Ukraine. The UK has repeatedly condemned President Vladimir 'Putin’s invasion of Ukraine and imposed the largest set of sanctions ever against Russia. Starmer's spokeswoman told reporters that "comparisons" between the events of the weekend and an unprovoked invasion on a full scale into a democratic sovereign state are not fair. "We've always been clear... that Maduro’s rule in Venezuela was fraudulent." (Reporting and editing by William James; Andrew MacAskill, Sam Tabahriti)
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Starmer, the UK's Starmer, says that Greenland's fate is not up to others.
Keir starmer, British prime minister, said that he stands with Denmark in its defense of Greenland. He said that no one else can decide the fate of this vast territory. The U.S. military's operation to?capture Venezuelan president Nicolas Maduro and Trump's intentions to oversee the governance of the oil-rich Latin American nation has reignited concerns in Denmark about?Greenland. An autonomous Danish territory. Starmer told reporters that "Greenland, and the Kingdom of Denmark must determine the future for Greenland. Nobody else," Starmer responded in an interview that she stood with Mette Frederiksen, the Danish Prime Minister who told Trump to stop threatening Greenland. She said: "She's right and I stand by her." Starmer was asked to comment on the raid in Venezuela. He has "sought" to remain friendly with Trump, and taken a more tolerant stance than most other European leaders. He said that it was up to the U.S. now to justify their?actions and that Britain will judge other?nations by the standard of international law. Starmer said On Saturday He was not upset that Nicolas Maduro no longer served as president of Venezuela. However, he hoped this would lead to the establishment of a more democratic regime.
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Guinea's top court validates Doumbouya's landslide vote win
The Supreme Court of Guinea has confirmed that coup leader Mamady Doumbouya won a landslide in the election, paving the way for him to serve as president for seven years. Court also announced late Sunday that Abdoulaye Balde, the second-place finisher in the race, had dropped any legal challenge against the results, which opposition supporters condemned online. Balde didn't immediately respond to comments. Doumbouya is believed to be in his 40s. He seized power in Guinea in 2021, an African nation rich with bauxite ore and iron. This led to the ouster of then-president Alpha Conde. Conde gave a speech on New Year's Day in which he dismissed the election as a "masquerade". The validation by the?court, which is required after every vote, confirmed the provisional results, according to which Doumbouya secured 86.72% in the 28 December election, against an fragmented field consisting of eight opponents. Doumbouya made a brief speech following the ruling in which he called for "all daughters and sons of the nation, here as well as those living abroad, to join together to create a new Guinea". Balde, leader of the Democratic Front of Guinea (the opposition), came in second place with 6.59%. He asked the Supreme Court to annul the preliminary results because the vote count had not been transparent, and his party representatives had been 'expelled from certain polling stations. The U.S. Embassy in Guinea expressed its congratulations to Doumbouya, and stated that Washington looked forward to establishing stronger ties with Doumbouya as well as advancing the economic stability. (Reporting and writing by Guinea newsroom, Anait Miridzhanian, Editing by Andrew Heavens).
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Copper record set after Chilean mine strike
Prices of copper soared to record levels on Monday, as fears about supply?intensified after a strike in a Chilean mining facility and forecasts of deficits?as well as low stocks at London Metal Exchange-approved warehouses. The benchmark copper price on the London Metal Exchange rose 2.7% to $12,811 per metric tonne at 1138 GMT, from an earlier peak of $12,905.5. The metal used for power and construction reached a record price of $12,960 per ton. The theme of shortages was reinforced by traders after a strike took place at Capstone Copper’s Mantoverde gold and copper mine in northern Chile. Mantoverde is expected to produce between 29,000-32,000 metric tonnes of copper. This is only a small fraction of the global production forecast for this year of 24 million tonnes. However, this reinforces expectations that there will be a shortfall. Analysts at UBS wrote in a report that they forecast a deficit of 300,000 to 400,000 tons by 2026. This will increase to 500,000 tons by 2027. The drop in LME inventories, at 142.550 tons, has fueled the rise of copper prices. Copper tariffs are still being reviewed, even though copper import levies were exempted from August 1's law. Aluminium prices in other countries have risen to $3,069 per ton. This is the highest since April 2022, due to fears of shortages. Gregory Wittbecker is the President of Wittsend Commodity Advisors. He said that for the past 20 years, the LME's price has been largely dictated by China's capital costs. "Now, the market needs to begin thinking about CapEx in Indonesia." Lead rose 0.2% at $2,011, Nickel firmed up 0.4% at $16,885, and Tin rose 3.5% to $41,925. The big rise in tin was due to traders short-covering on a market with low volume. (Reporting and editing by Bernadette B. Baum; Pratima D. Desai)
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Chubu Electric Japan flags discrepancy with seismic assessment at Hamaoka Nuclear Plant
Chubu Electric Power in Japan said that it may have chosen'representative seismic wave' using a different technique than what was explained to regulators during the review of its Hamaoka Nuclear Power Station, located in central Japan. In a press release, the utility stated that the discrepancy "significantly impacts" the regulatory review for the central Japan plant. The company stated that "we?view this matter as an extremely serious issue that could undermine trust in our nuclear power business among our stakeholders, including local communities, and potentially shake the very basis of these operations." The company said that an independent committee would be set up to investigate. The Nuclear Regulation Authority is reviewing Chubu 'Electric to restart Hamaoka No. The Nuclear Regulation Authority is currently reviewing Chubu?Electric's application to restart Hamaoka's No. 4 reactors. The seismic assessment discrepancy occurred just after the local communities had approved and Tomari nuclear plant of Hokkaido Electric Power and Tokyo Electric Power Kashiwazaki - Kariwa nuclear plant. This could slow down the momentum for re-building trust in Japan's nucleonic power sector, which was harmed by the Fukushima Daiichi catastrophe of 2011. The ministry of industry said that it had asked Chubu Electric to 'thoroughly investigate and report the facts and circumstances surrounding the incident involving the seismic evaluation. The company was also asked to?identify the root causes and analyse them, develop effective measures for preventing a recurrence and report the existence of similar incidents. (Reporting and editing by Sherry Phillips and Emelia Matarise; Satoshi Obayashi and Yuka Sugiyama)
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As AI rally matures, investors may seek value in 2026
According to analysts, global investors will actively look for opportunities in the financial markets this year that are undervalued as concerns about an AI bubble encourage traders to look past highly valued technology companies. U.S. stock prices were volatile in 2025. They plunged to bear market territory after President Donald Trump's tariffs in April before eventually rebounding to new record highs. Analysts expect the upward trend to continue into 2026. However, investors may need to be selective in their asset selection. BlackRock Investment Institute strategists said that the current environment is ripe for investing actively. The dollar fell on the expectation of Federal Reserve interest rate cuts, boosting emerging market assets. Strategists bet on other asset classes gaining traction in 2018. Small Cap Stocks As earnings prospects improve, and borrowing costs decline, U.S. Small Caps may be back in the spotlight after years of being out of the spotlight. Oren Shiran is a portfolio manager at Lazard Asset Management. He said, "The biggest difference in 2026 will be that earnings growth returns to small-cap stocks." LSEG estimates that traders expect the U.S. Central bank to cut interest rates by 25 basis points twice in 2026. Small-cap companies are more likely to have higher debt levels, and so they will be among the first ones to benefit from a decrease in interest rates. Steven DeSanctis, equity strategist at Jefferies, expects the Russell 2000 index (which tracks small-cap stocks) to reach 2,825 by 2026. This would be a gain of nearly 14% from 2025. Gold's historical run in 2025 was the best year since 1979, when the oil crisis began. J.P. Morgan and Bank of America predicted gold prices would hit $5,000 per ounce in this year compared to $4,314.12 by 2025. Wells Fargo Investment Institute analysts expect that favorable conditions will continue, but they said gains may come at a slower pace. Central banks could also provide support by purchasing assets other than dollars. HEALTHCARE & FINANCIALS A wave of policy improvements could propel the healthcare sector to be a standout. Morgan Stanley stated that the increasing reach of weight loss drugs could boost industry. As M&A accelerates and the loan growth rebounds, financials, notably?banks are expected to also outperform. Morgan Stanley stated that the sector's valuation is still attractive due to deregulation and AI driven efficiency gains. Mid-cap banks offer compelling early-cycle opportunity. CURRENCIES Analysts?said that the U.S. dollar is set for another bout in weakness in 2026 as they expect the Fed to lower interest rates to cushion an easing labor market. Analysts also see political uncertainty, such as the appointment of a Fed chair, adding to volatility. Selling would make emerging market currencies like the yuan of China and real of Brazil more attractive, as currency movements are increasingly driven by divergent policy paths. ING economists believe that the Czech crown may benefit from a new boost due to the rate increases by the Czech National Bank. Analysts at MUFG wrote that commodity-linked currencies, such as the Australian and New Zealand dollars, could also benefit from a better global growth outlook. MUFG stated that the euro, among G7 peers, is likely to be supported by fiscal stimulus, while the Japanese yen may remain vulnerable but recover in the short term. Emerging Markets A weaker dollar and relatively low valuations are expected to continue to drive?inflows into emerging markets. BofA Global strategists said that emerging markets are now less volatile than developed ones. It is a mistake to focus too much on the fact the growth of emerging markets is lower than in the "good old days". It's true. But macro stability indicators have improved in recent years. Domestic politics could cause a snag, particularly as Brazil and Colombia prepare for elections. High-Yield and Corporate Bonds According to analysts, the high-yield bond market and corporate bond markets will be active in 2026 as dealmaking will increase demand for "buyout financing" and AI heavyweights are likely to continue seeking capital to fund data center investments. According to PitchBook, as of mid-December 2025 the high-yield issuers had a total of $325 billion. This is 17% higher than in 2024, and the highest showing since 2021's pandemic record. "We have a?constructive view on high-yield bonds in 2026." In the last year, demand for high-yield bonds was strong. This allowed them to comfortably absorb a high-supply?year," wrote Janus Henderson's portfolio managers in a recent note. EVENT CONTRACTS SUPERCYCLE Retail investor demand is expected to fuel the rapid growth of event contracts. These contracts allow users to wager on real-world outcomes in politics, sports, and financial markets. These contracts became popular before the 2024 U.S. Presidential election and have prompted a new wave of startups to launch event contracts. Vlad Tenev, CEO of Robinhood, said at a recent conference that "we're still in the beginning stages of this supercycle" for this asset class. Robinhood is one of the largest players in this industry, and Coinbase also wants to get a foothold. Citizens Financial analysts estimated that prediction markets generate nearly $2 billion a year in revenue. This could increase five-fold by the time institutions begin to participate. State regulators are examining the rapid growth of these contracts, accusing them of being similar to sports betting, and encouraging potentially speculative behaviour.
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Trump threatens military action against Colombia after Venezuela raid
U.S. president Donald Trump threatened military action against Colombia's government on Sunday, telling reporters such an operation "sounds great to me". Bogota was furious. The remarks came after the United States captured Venezuelan president Nicolas Maduro during a raid early on Saturday morning and whisked to New York?to face charges of drug-trafficking. Trump said to reporters on Air Force One that Colombia was also sick. It is run by a "sick" man who enjoys selling cocaine to the United States. He will not be doing this for long. When asked directly if the U.S. was going to pursue a military campaign against?the nation, Trump replied: "It sounded good to me." Colombia has rejected Trump's remarks as an unacceptable attack on an elected leader. The Foreign Ministry issued a statement on Sunday night that said, "It is an undue intrusion into the internal affairs of the nation against international law." Reporting by Gram Slattery, Trevor Hunnicutt and Christian Schmollinger; Editing by Tom Hogue and Gareth Jones
Trump uses intimidation to get Venezuelan leaders in line
Sources familiar with the situation say that after removing Nicolas Maduro as president, the Trump administration hopes to intimidate Venezuela's inner circle to follow the U.S. position by threatening further military action which could place them at risk of suffering a similar fate.
Three people who were briefed about the U.S.'s strategy said that President Donald Trump’s advisers believe they might also be able work behind the scenes to help Interim?President Delcy Rodrguez, who is seen by many as a technocrat, who could be willing to assist the U.S. in a political transition, and on key?oil related issues.
Trump's willingness to extend his military reach is one of the many complicating factors in this vague plan. It also raises questions about Trump's ability to bend Venezuelan post-Maduro government to his will.
According to a source, the sweeteners that Maduro could offer his aides are offers of amnesty and safe exile. These were the types of offers Maduro turned down in his last days before he was captured by U.S. Special Forces on Saturday. He is currently being held in a New York jail awaiting his Monday court date on drug charges.
Two powerful members of Maduro’s inner circle, Defense Minister Vladimir Padrino, and Interior Minister Diosdado Cabello, who have both received multi-million dollar U.S. bountys on their heads, are still potential spoilers for any agreement with the U.S.
The White House refused to answer 'questions, instead referring to Marco Rubio's comments that were broadcasted on Sunday.
Trump's efforts could also be undermined if Democrats are able to convince enough Republicans, including the president himself, to restrict funding for any future military operations in Venezuela. This would send a signal to Venezuela that Trump could be weaken.
The U.S. President's pledge on Saturday to "run", post-Maduro Venezuela, appears to be an aspiration for outside control - at least heavy influence?over the OPEC country?without deploying U.S. land forces that would have little support in their home.
Officials in the United States believe that they can still get Venezuelan cooperation by maintaining a massive buildup of military forces off its coast, and by threatening further airstrikes, targeting Maduro's loyalists, and as a final resort, sending a contingent U.S. soldiers.
The source said, "This sword is hanging over Trump's head."
According to a source with knowledge of the situation, Venezuela's leaders may feel particularly vulnerable due to the damage caused by U.S. strikes on Venezuela's air defence?systems.
Rubio emphasized on Sunday TV news programs that another major source of leverage is the "quarantine" placed on Venezuelan oil exports, which are the main financial lifeline for the government.
Senator Tom Cotton, Republican Chairman of the Senate Intelligence Committee in Arkansas, made it clear that the Venezuelan government was under threat. He told CNN: "If they do not want to follow Maduro's steps, they must start meeting our requirements."
VENEZUELAN Oficials Defiant
Top Venezuelan officials who called the capture Maduro's and his wife Cilia's Cilia Flores as a kidnapping, and accused the U.S. trying to steal Venezuela's vast oil reserve, insist that they will remain united.
Rodriguez, who is also Venezuela's oil minister, has been appointed interim leader by Venezuela's highest court. She has stated that Maduro remains the president.
She has been a member of Maduro's inner-circle for a long time, and has a deep understanding of the oil industry, which is the main source of income in the country. However, she has publicly refuted Trump's claims that she was willing to work with America.
Trump warned in an interview published by The Atlantic on Sunday that Rodriguez could pay a higher price than Maduro if she "does not do what is right."
Rubio, ignoring Rodriguez' defiant words, told CBS that "we're going?to make an assessment based on what they do and not what they publicly say."
Trump did not mention restoring democracy in Venezuela during his press conference held on Saturday. He also disappointed Venezuela's opposition by dismissing the idea of working together with Maria Corina Machado - widely regarded as Maduro’s most credible rival and winner of the Nobel Peace Prize. Instead, he focused on the prospects for exploiting Venezuela’s energy resources.
Trump's advisers seem to believe that co-opting Venezuelan's current government is the best way to stabilise the country, create a pathway for U.S. investment in oil and move towards some sort of political transition away from the Maduro regime.
Since the U.S. invaded Panama in 1977 to remove military leader Manuel Noriega on allegations that he ran a "drug-running" operation, it has not intervened so directly in Latin America. The United States also made similar accusations against Maduro. They accused him of running a 'narco state' and rigging 2024 elections, which he denied.
Trump did not provide a clear explanation of how the U.S. will fulfill its vow to oversee Venezuela. Critics condemned this as neocolonialism, and it could alienate some supporters who are opposed to foreign interventions.
Two U.S. officials say that Trump's comments caught the Western Hemisphere Office of the U.S. State Department by surprise. No preparations had been made to send staff to Caracas.
Rubio, along with Secretary Pete Hegseth, will assume this job. On Sunday, Rubio provided little clarity and appeared to move away from the idea that he would actually take day-today control of a country of almost 30 million people.
He told NBC's Meet the Press: "It's the running policy." "We want Venezuela moving in a particular direction because we believe it is good for Venezuelans and it's also in our national interests." (Reporting and writing by Matt Spetalnick and Humeyra Pauk; Additional reporting and writing by Jonathan Landay, Washington; Editing and Don Durfee, Diane Craft and Don Durfee)
(source: Reuters)