Latest News
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Michelle Trachtenberg, the 'Buffy the Vampire Slayer" actor, has died at the age of 39
Michelle Trachtenberg died on Wednesday. She was an American actress best known for her roles on the TV series "Buffy the Vampire Slayer", "Gossip Girl" and "Buffy the Vampire Slayer". Her public relations team confirmed this. It is with deep regret that we confirm the death of Michelle Trachtenberg. The family asks for privacy in their grief. "At this time, there are no additional details," said the statement. Trachtenberg’s cause of death is unknown. Born in New York City on October 11, 1986, to Jewish immigrants. Trachtenberg began her career in Hollywood at the age of three, when she appeared in television commercials. Her debut on TV was in "The Adventures of Pete & Pete", a Nickelodeon show that aired in 1994. She landed her first major role at the age of 10 in the 1996 film "Harriet the Spy." She played in many Nickelodeon shows before being cast in "EuroTrip", a cult classic, in 2004, when she was still in her early 20s. She then played the most famous roles, such as Dawn Summers from the WB supernatural drama series "Buffy the Vampire Slayer", in 2000, and Georgina Sparks in the CW TV series "Gossip Girl", in 2007. Her other roles include the television films "Killing Kennedy," Sister Cities, and the science-fiction film "The Scribbler". Trachtenberg has also been seen in the music videos of the emo rock band Fall Out Boy, for their song "This Ain't a Scene It's An Arms Race" and Ringside's "Tired Of Being Sorry", directed by Joaquin Phoenix. (Reporting and editing by Danielle Broadway, Mary Milliken, Sandra Maler).
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US Fund Firms Face New Probe by Legislators over Climate Group Roles
Republican lawmakers have asked leading asset managers in the United States to explain their role in the planned overhaul of climate coalition, a top sectoral group. They are concerned that the efforts could be construed as collusion. Letters to the firms were seen by. The request for documents by companies such as Capital Group, State Street Global Advisors, and JPMorgan Asset Management is part of a planned evaluation within the Net Zero Asset Managers Initiative. NZAM, after previous pressures led BlackRock out of the group in January, asked its members to contribute via a series of meeting that U.S. House of Representatives Judge Jim Jordan stated in the letters might lead to "uncompetitive behavior." This material is just the latest in Jordan's and his committee's series of requests for information, and reports that suggest collusion between financial companies. Jordan has not charged any of the financial companies he named with violating federal antitrust laws over their climate initiatives, but several are facing litigation in Texas. The political challenges continue to deter corporate boards from joining global efforts against climate change. Some have even left coalitions in which they might be targeted. Since the election of Donald Trump who called climate change a hysteria, attacked a number green policies implemented by his predecessor, and pulled the country out from global efforts to combat climate change, the trend has increased. (Editing by Leslie Adler).
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Trump terminates oil deal with Venezuela
On Wednesday, U.S. president Donald Trump announced that he was reversing concessions made to Venezuela more than two-years ago by his predecessor Joe Biden. In a post published on Truth Social, Trump said that he would "reverse the concessions" made in the "oil transactions agreement, dated 26 November 2022." On that day in 2022, the Biden Administration granted Chevron the license to expand production in Venezuela. The company would then bring Venezuela's crude oil into the United States. The only license the Venezuelan government issued that day was this one. Trump didn't mention Chevron on the post. The White House or the U.S. State Department didn't immediately respond to questions about whether Trump meant Chevron’s license. Chevron didn't immediately respond to an inquiry for comment. Venezuelan President Nicolas Maduro, and his government, have always rejected the sanctions imposed by the United States. They claim that they are illegal measures that amount an "economic warfare" intended to cripple Venezuela. Maduro, his allies and the government have praised the resilience of the country despite the sanctions. However, they have in the past blamed the sanctions for some economic hardships. (Reporting and editing by Brendan O'Boyle, Rosalba O'Brien and Timothy Gardner)
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The US-Ukrainian Draft Minerals Deal: Key Provisions
Here are the key details from a draft framework agreement on minerals between Ukraine and United States. A copy of this document, dated February 25, has been reviewed. RECONSTRUCTION FUND The document's title is "BILATERAL AGREEEMENT ESTABLISHING THE TERMS AND CONDITIONS OF A RECONSTRUCTION FUND". - Both countries will create a Reconstruction Investment Fund for the purpose of collecting and reinvesting revenues generated by Ukrainian resources. The fund will be managed by representatives from both countries. After the conclusion of the current agreement, a subsequent agreement regarding the fund will "be promptly negotiated". - Ukraine will contribute 50% of the revenues from the development in future of natural resources owned by the Ukrainian state. - The agreement does not specify the assets, but says that they will be specified in a subsequent agreement which will go before parliament for a vote. - Assets are defined as "minerals, hydrocarbons (oil, gas, etc.) and other materials that can be extracted, as well as other infrastructure related to natural resources assets, such as terminals for liquefied gas and port infrastructure." "For the sake of clarity, these future sources of revenue do not include current sources of revenue which are already included in the general budget of Ukraine." - The fund aims to invest in Ukrainian project and attract investments in public and privatized assets, including natural resources and infrastructure, ports, and state-owned companies. Contributions will be reinvested in Ukraine for "the safety, the security and the prosperity of Ukraine". SECURITY GUARANTEES The U.S. Government will support Ukraine in its efforts to secure the security guarantees necessary to achieve a lasting peace. The U.S. government has not mentioned any concrete security guarantees that Kyiv is hoping to obtain. "The Government of United States of America is supporting Ukraine's efforts in obtaining the security guarantees necessary to establish a lasting peace." The United States has committed to a long-term commitment of financial support for the development and growth of an "economically prosperous Ukraine". - The agreement includes "concrete measures to establish lasting peace and to strengthen economic resilience." According to the draft, both U.S. Treasury Sec. Scott Bessent and Ukrainian Minister of Foreign Affairs Andrii Sybiha will sign the agreement. (Reporting and editing by PhilippaFletcher; YuliiaDysa, Tom Balmforth)
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NRG Energy exceeds profit expectations for the fourth quarter on increased demand for electricity
NRG Energy, a leading energy company, beat Wall Street's expectations for the fourth quarter adjusted profit on Tuesday, thanks to a growing demand for electricity and lower fuel prices. It also announced its plans to serve more data centers over the next few years. The shares of the company increased by over 11% during morning trading. Utility companies benefit from the rising electricity consumption, mostly from the energy-guzzling, data-intensive data centers that are needed to scale Big Tech’s artificial intelligence technologies (AI). This has led NRG and its peers to increase their spending plans by tens or hundreds of millions of dollars. Robert Gaudette is the president of NRG’s Business and Wholesale operations. He said, "Growing electricity demand due to GenAI, and the construction of data centers, means that we need to create new, innovative partnerships in order to increase America's dispatchable generator quickly." In the first phase, the company signed Letters of Intent with PowLan, a data center developer, and Menlo Equities. The power targets were 500 Megawatts (MW). The work is expected to begin in 2026. Analysts said that the deals could scale up to as much as 6.5 gigawatts, which bodes well for the firm. NRG signed a similar agreement with GE Vernova, a maker of power equipment, and TIC, whose subsidiary is Kiewit, on Wednesday to develop new natural gas projects up to 5.4 GW. NRG's quarterly fuel costs decreased marginally compared to a year earlier, falling from $4.89 billion to $4.89. The company's Texas business unit, which is the biggest contributor to its profit, saw quarterly adjusted core earnings fall 14.4% from a year earlier to $327 millions, due to warmer weather. The gains were offset by the East and West segments. The Houston-based utility beat analysts' expectations by posting an adjusted profit per share of $1.56 in the fourth quarter. (Reporting and editing by Sahal Muhammad in Bengaluru, with Pooja Menon reporting from Bengaluru)
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Ukraine bonds rise on preliminary US critical mineral deal
Ukraine's foreign bonds rose on Wednesday, after Kyiv announced it had reached a "preliminary deal" on vital mineral resources. Washington was seen as central in its efforts to win the support of President Donald Trump's Administration. Tradeweb data revealed that the bonds denominated in dollars gained up to 1.4 cents per dollar. The biggest gainer was the 2029 maturity which was bid at 72.35cents. The agreement stipulates that Ukraine will pay the United States revenue from its mineral resources. It comes ahead of a Friday trip to Washington expected by President Volodymyr Zelenskiy. Trump wants to end Russia's conflict in Ukraine quickly. U.S. and Russian talks, which have excluded Kyiv so far, will continue on Thursday. Trump has framed the deal as repayment for the billions of dollars Kyiv received during the war. Zelenskiy asked for security guarantees as a trade-off for the minerals rights. However, it's unclear if his demands were met. The new agreement appears to be less burdensome for Ukraine than its initial proposal, said Piotr Kalisz of Citi. He added that it did not offer any security guarantees but authorities in Kyiv believed a greater presence of U.S. interest in the country could act as a stabilizing force. Kalisz said that it appeared a similar deal could help ease diplomatic tensions between Ukraine & the U.S. In recent days, the bonds issued by Ukraine as part of the August 2008 restructuring agreement have experienced a roller coaster ride. After Trump falsely referred to Zelenskiy as an unpopular "dictator", who had to make a quick deal with the government or risk losing his country, the debt dropped sharply. The Ukrainian leader claimed that the U.S. President was in a "disinformation-filled bubble". Bonds have recovered some of their losses over the past few days, and some maturities are now close to reaching record highs set in mid-February. Reporting by Karin Strohecker, Editing by Peter Graff & Bill Berkrot
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European shares reach record highs as US dollar increases amid tax cuts plans
The European stock market hit a new record on Wednesday thanks to a draft U.S.Ukraine agreement on vital minerals, and strong corporate earnings. The U.S. Dollar rose as well after House Republicans approved President Donald Trump's tax-cut plans. U.S. Copper Prices Surge after Trump Ordered a Probe into copper imports. Wall Street was ahead of the hotly anticipated earnings from AI chipmaker Nvidia. The Republican-controlled U.S. House of Representatives late on Tuesday narrowly passed Trump's $4.5 trillion tax-cut plan, sending the budget resolution to the Senate, where Republicans are expected to take it up. Lars Skovgaard is senior investment strategist for Danske Bank. Tax cuts and less regulation are expected. It is something I expect to happen, and it would be good for the markets if it did. The mood also improved following reports that the U.S.A. and Ukraine had agreed to terms for a draft mineral deal. The STOXX 600 index, which covers the entire continent, reached a record high. Blue-chip indices in Frankfurt and Paris, as well as London, also rose. Tony Sycamore is a market analyst for IG. Wall Street saw the Dow Jones Industrial Average rise 211.70, or 0.49% to 43,834.33, S&P 500 gain 41.19, or 0.70% to 5,996.73 while the Nasdaq Composite gained 176.96, or 0.94% to 19,204.88. Emerging Market Stocks rose by 13.04 points or 1.16%. The benchmark 10-year Treasury yield rose 0.4 basis points, to 4.302, as investors anticipated more debt issuance in the future. The yield on the two-year bond, which is sensitive for changes in Federal Reserve expectations of interest rates, increased 2.7 basis points, to 4.123% In the previous session, yields fell to their lowest level in several months as traders increased bets on more Fed rate reductions this year due to growing concerns about the outlook for the largest economy in the world. The latest survey data released on Tuesday shows that U.S. consumers' confidence dropped at the fastest pace in three-and-a half years in February. This is the latest of a series of surveys which indicate that both businesses and consumers are becoming more concerned about the policies of the Trump administration. Fed funds futures indicate that 55 bps will be priced in for easing by the end of the year, which translates to at least two quarter point cuts. This is up from 40 bps about a week earlier. Meanwhile, U.S. copper prices The price of the products rose 3.5% due to rising expectations about Trump's tariffs, and a major power outage that hit a major producer in Chile. The dollar index (which measures the currency in comparison to six other majors) was up by 0.2%. The euro fell 0.18% to $1.0494. Oil prices in commodities remained near their two-month lows. Brent crude futures fell 0.08% to $72.96 per barrel while U.S. West Texas Intermediate crude rose 0.02% to $69.98. Spot gold dropped 0.26% in the previous session after dropping by 0.16%. Nvidia, the company that is the poster child for artificial intelligence, will report its earnings on Wednesday. This could provide clarity about demand and justify sector valuations. Due to the slow returns and breakthroughs made by China's DeepSeek, investor scepticism about the billions of dollars that U.S. technology firms have invested in AI infrastructure has increased. Jacob Falkencrone, global head of Saxo’s investment strategy, said that any signs of weakness within Nvidia’s report would have a significant impact on investor sentiment toward AI stocks in general. This week, some of Europe's top AI stocks fell after an analyst report flagged that Microsoft could slow down on data center leasing. The note lowered sentiment in the industry.
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US Targets Chinese, Hong Kong firms over alleged role of Iranian drone procurement
As part of the Trump administration's "maximum-pressure" campaign against Tehran, the United States on Wednesday imposed sanctions on six entities in Hong Kong and China that they accused of involvement in an Iranian drone acquisition network. The U.S. Treasury Department announced that entities involved in the procurement of components for unmanned aerial vehicles (UAVs) on behalf of a firm under U.S. sanction, Pishtazan Kavosh Gostar Boshra and its subsidiary Narin Sepehr Mobin Isatis were also key suppliers to Iran's UAVs and ballistic missile program. We were unable to reach PKGB and NSMI immediately for comment. Treasury Secretary Scott Bessent stated that Iran continues to seek new ways to obtain the key components needed to boost its UAV weapons programs through new front companies or third-country suppliers. Treasury remains committed to disrupting schemes that allow Iran to send deadly weapons to terrorist proxy groups and other destabilizing agents abroad. The embassy of China in Washington and the Iranian mission at the United Nations headquarters in New York did not respond immediately to comments. The United States imposed new sanctions on Iran's oil sector, which is the main source of revenue for the Islamic Republic. The announcements are made as U.S. president Donald Trump seeks a zero crude exports from Iran to prevent it obtaining a nuke weapon. They also build on the layers sanctions already imposed by the Biden administration and his government. Trump, earlier this month, had restored his campaign of "maximum press" against Iran. This includes efforts to drive down the country's exports of oil to zero. Washington has reimposed its tough policy towards Iran which was used throughout Trump's initial term. The top Iranian diplomat stated on Tuesday that Iran will not give in to the pressure and sanctions of Washington. The action on Wednesday freezes all U.S. assets and prevents Americans from doing business with those who are targeted. (Reporting and editing by PhilippaFletcher; Michael Martina, additional reporting; Daphne Psaledakis).
Trump's trade threats and tariffs
Donald Trump has been in office since January 20.
The United States has issued numerous tariff threats.
These can be broad - such as a tariff on all imported goods from abroad - or targeted at certain sectors, countries, or regions to try and get them to comply with his demands.
Trump's threats are constantly changing, and other nations and businessmen are unsure of what to expect next.
Here's a summary of Trump’s threats and actions in relation to trade.
BROAD TARIFFS
Trump's vision is based on a gradual roll-out of tariffs that will apply to all U.S. imported goods.
Trump's economics team was tasked earlier this month with developing plans to impose reciprocal tariffs against every country that taxes U.S. imported goods, as well as counteracting non-tariff barriers, such vehicle safety regulations that exclude U.S. automobiles and value added taxes that increase the cost of their products.
In recent decades, tariffs have been reduced to a small fraction of U.S. taxes. Economists claim that Trump's policies are inflationary, as businesses who import goods and pay tariffs will pass on the costs to consumers.
Global trading partners may impose counter-tariffs on U.S. agricultural and energy exports. This could lead to a global trade war that would create uncertainty for investors and businesses.
Specific COUNTRIES
Trump's tariff proposals are aimed at several key trading partners.
MEXICO AND CANADA : Mexico was the U.S.'s largest trading partner in 2024, and Canada ranked second. Trump announced that he would impose tariffs on imports coming from Mexico and Canada, which will go into effect February 4, as a retaliation against migration and the fentanyl trade. The proposed tariffs included 25% on the majority of goods imported from Mexico and Canada with a 10% tariff for energy imports.
Trump suspended the tariffs until March 4 in order to negotiate with these two countries.
Trump said Monday that tariffs against Canadian and Mexican imports were "on schedule and on time" despite efforts made by both countries to improve border security and stop the flow of drugs into the U.S. before a deadline of March 4.
Canada exports mainly crude oil, other energy products and cars and auto parts as part the North American automotive manufacturing chain. Mexico exports a variety of goods to the U.S., including industrial and automotive products.
CHINA: Trump imposed a 10% additional tariff on all Chinese imports to the U.S. which went into effect on 4 February after repeatedly warning Beijing that it wasn't doing enough in order to stop the flow of illegal drugs into the United States.
Trump has said that the EU, and other countries, have alarming trade surpluses. He said that the products of the other countries will be subject to tariffs, or he would demand that they purchase more oil and natural gas from the U.S. despite the fact the U.S.'s gas export capacity has reached its limit.
In a statement released on 14 February, the European Commission stated that the "reciprocal trade policy" was a step backwards.
RUSSIA: Trump threatened to hit Russia and "other participating countries" with tariffs, taxes and sanctions if an agreement to end the conflict in Ukraine was not reached soon.
INDIA/BRICS NATIONS : Indian Prime Minister Narendra modi met with Trump mid-February in Washington and offered to discuss easing tariffs and buying more U.S. gas, oil and combat aircraft. He also discussed possible concessions.
India is the largest trading partner of the United States and imposes a high tariff on U.S. products.
Trump threatened to impose tariffs on the BRICS nations if they didn't agree not to create a new currency.
COLOMBIA - Trump announced that he would impose 25% tariffs on Colombian products after the country refused flights with migrants who were to be deported by the U.S. The two sides reached an agreement.
PRODUCTS
METALS: Trump announced on February 9 that he would impose tariffs on all imports of steel and aluminum used by automakers and aerospace companies as well as in construction and infrastructure.
According to World Bank statistics, the U.S. imports more aluminum than any other country in the world. According to the International Trade Administration, it has been running a steel trade deficit for over a decade. The International Trade Administration reports that it is the world's second-largest steel importer, with over half of its volumes coming from Canada.
Trump ordered on Tuesday a new investigation into the possibility of new tariffs on imports of copper to rebuild U.S. manufacturing of this metal, which is critical for electric vehicles, military equipment, semiconductors, and a variety of consumer goods.
Just over half of the refined petroleum products in the U.S. are produced domestically
Copper
It consumes every year.
SEMICONDUCTORS : Trump stated that tariffs would start at "25%" or more, and increase substantially over a period of one year. However, he did not specify when they will be implemented.
Taiwan Semiconductor Manufacturing Co, the world's biggest contract chipmaker, produces semiconductors for Nvidia and Apple, among other U.S. customers, and 70% of its revenues in 2024 will come from North American clients.
PHARMACEUTICALS : Imposing tariffs of 25% or more on pharmaceuticals imported could be a burden on Japan. This is the home to major drugmakers like Takeda Astellas Daiichi Sankyo Eisai and Takeda.
India's economy would also be affected, as the U.S. is the largest market for most generic drugmakers in the country. Exports to that country account for 31% of all industry exports.
Trump announced that levies for automobiles could be implemented as early as April 2. For example, the European Union collects a duty of 10% on imported vehicles, which is four times higher than the 2.5% U.S. tariff rate for passenger cars. The U.S. charges a 25% duty on pickup trucks imported from other countries than Mexico and Canada.
Trump also floated the idea that tariffs of up to 100% would be imposed on other vehicles including EVs. In 2024, the automobile industry will account for more than $200 billion in imports from Canada and Mexico. (Reporting and editing by Maju Sam, Lincoln Feast, Seher Dareen and Sriraj Kalluvila in Bengaluru, and Margueritachoy, Anmol Choubey and Anmol Anil in Bengaluru)
(source: Reuters)