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Reliance and Adani lead India's AI drive with plans to spend $210 billion
Reliance and Adani, two of India's largest conglomerates, are increasing their investments in?AI infrastructure and data. Reliance has committed about $110 billion while Adani has pledged $100 billion. Both companies want to establish India as a hub for AI. India offers tax breaks to foreign companies operating out of domestic data centres. It also takes measures to attract more AI talent. Mukesh Amani, chairman of Reliance Industries, said that cheaper computing would spur innovation. His company wants to apply the same strategy it used in 2016 to disrupt the telecom industry by slashing prices for data and expanding access. The plans were announced as executives from Google, Amazon, Meta Platforms, and Microsoft gathered at a major summit in New Delhi. This was in response to the increasing investment in India's AI ecosystem and cloud by Google, Amazon, Meta Platforms, and Microsoft. Reliance and Adani both benefit from data centres powered by renewable energy, since their own assets reduce their reliance on expensive grid power. By placing facilities near power plants, transmission losses are reduced and they're protected from rising electricity costs. Ambareesh Baliga is an independent analyst. He said that renewable-powered data centers are the most cost-effective option for companies in the long term. BETTING ON DATACENTRES India's role in the AI boom is limited, due to the lack of large-scale chip production. Data centres are the most viable entry point into the rapidly growing infrastructure market. Jio, a Reliance unit, is building multi-gigawatt AI-ready data centers, including one in Jamnagar, a western city, that is expected to add 120 megawatts in capacity by the second half of 2018. Adani Enterprises announced on Tuesday that it would invest $100 billion in data centres powered by renewable energy and AI. Aishvarya dadheech, chief investment officer and founder of Fident Asset Management, stated that Reliance is aiming to build an integrated AI stack in India. However, execution and monetisation are still key risks. $1 = 91.0870 Indian Rupees
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Investors react negatively to Fed minutes as TSX futures decline
Gold and oil prices rose on Thursday as investors assessed the minutes of the U.S. Federal Reserve. As of 5:30 a.m., March futures for the S&P/TSX 'composite index' had fallen 0.37%. ET. Toronto's benchmark stock index rose 1.5% on Tuesday as shares in technology companies rebounded following a easing of concerns about AI disruption. Miners also gained due to the strength of precious metals. In their January meeting, Federal Reserve policymakers had a split opinion on the next steps. "Several" were open to rate increases if inflation remains high and others would support more cuts if it declined as expected. Further clues on the Fed's policy trajectory will be provided by the weekly jobless claims report due later today, as well as the Personal Consumption Spending report, the Fed's preferred measure of inflation. Apple, Nvidia, and Meta Platforms all traded lower in premarket trade as the focus shifted back to AI concerns. The spot price of gold rose 0.1% on Thursday and the silver price increased 1.4%, amid tensions between Iran and the U.S. On Wednesday, the White House stated that although some progress had been made in talks with Iran earlier this week at Geneva, there was still distance on certain issues. Satellite images have shown Iran strengthening and repairing military sites. Brent futures, and U.S. West Texas Intermediate - Crude rose more than 1%. Nutrien, a fertilizer manufacturer, missed its quarterly profit forecasts due to lower crop nutrients volumes in the after-market earnings on Wednesday. Teck Resources and Kinross Gold, among other miners, beat their quarterly profit estimates. CLICK CODES TO GET CANADIAN MARKETS NEWS TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian Markets Directory (Reporting and Editing by Krishna Chandra Eluri; Reporting by Utkarsh T. Hathi)
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Teck Resources' quarterly profit beats expectations on the back of higher copper prices and output
Teck Resources surpassed fourth-quarter profits expectations on Thursday. The Canadian miner was helped by a surge in production and copper prices as it advanced its merger proposal with Anglo American. The beat highlights Teck's increasing reliance on copper, a key metal for electrification and the energy transition, as the company works towards completing a merger which would make it one of the largest producers of copper in the world. Teck and Anglo shareholders approved the merger in December. This paved the way for a "copper heavyweight" and left regulatory approvals to be the final hurdle. Teck and Anglo announced their merger plans in September. The $53 billion deal would be a stock-only, no-premium merger. This would result in the fifth largest copper producer in the world. Both companies have been undergoing significant restructuring over the past few years, largely due to previous takeover attempts. Teck reported that realized copper prices increased 22.5% to $5.11 a pound in the fourth quarter, while production increased nearly 10% to 134,000 tonnes. The company stated in a statement that "Copper production increased when compared with the same period of last year, supported by higher throughput, grades, and throughput at?Highland Valley Copper. Antamina also produced higher grades, and Carmen de Andacollo had a higher throughput." The company developed its tailings facility, which improved production at the Quebrada Blanca mine (QB). The fourth quarter copper output at QB reached 55,400 tonnes, a lower figure than last year but the highest quarterly performance since 2025. According to LSEG, the miner reported adjusted earnings per share of C$1.37 for the 'quarter ended December 31. This was above analysts' average estimates of 91 Canadian cents. Teck's copper production forecast for 2026 was kept at 455,000 to 530,000 tons. (Reporting by Arunima Kumar in Bengaluru; Editing by Shreya Biswas)
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As AI fears fade, tensions between the US and Iran simmer but global stocks remain flat.
European stocks fell from a record-high on Thursday, and U.S. Futures?flatlined? as fears of AI disruption abated. However, tensions between Iran and the United States kept markets 'on edge' and supported oil and gold prices. The U.S. dollar found its footing overnight after the minutes of the Federal Reserve meeting revealed that policymakers are not in a hurry to reduce rates. The STOXX 600 Index in Europe fell 0.24% after Airbus and Rio Tinto reported their earnings. The index reached a new record on the previous day, as investors were able to shake off concerns about AI disrupting businesses with a rally of banking and defence shares. The futures of the U.S. S&P 500 index and tech-focused Nasdaq index were not much different. The MSCI index of Asian-Pacific Stocks excluding Japan rose by 0.38% despite the fact that trading was light as markets in Hong Kong and China were closed for Lunar New Year. The US economy is resilient Chris Turner, global director of?markets for ING, said that risk assets are generally OK. He said, "The Fed is talking about an economy that's resilient in the U.S. and good for global economic growth." "Equities are doing well in Asia." Wall Street rose on Wednesday,?driven by Nvidia's announcement that it had signed a multiyear agreement to sell millions of artificial-intelligence chips to Meta Platforms. We needed some good news. "I think there's been a general sense of malaise among the tech industry," said Tony Sycamore. He was referring to a sharp selloff that occurred earlier this month. He said Nvidia could potentially save U.S. stock prices when it reports earnings next Monday. FOCUS ON GEOPOLITICS, FED AND FEDERAL IMPROVEMENT Oil prices continued to rise after a surge in the previous session as investors priced potential supply disruptions due to fears of a war between the U.S. The?New York Times, CNN and other U.S. media outlets reported on the building up of American forces in the area of Iran. However, they stressed that President Donald Trump has not yet decided what course of action to take. Brent crude oil futures rose 1.5% to $71.42 per barrel, the highest level since late January. They had risen 4.4% during the previous session. U.S. crude oil rose 1.6% to $66.26. Michael Every, senior strategist at Rabobank said that the balance of risks is now tilting towards a U.S. attack after Friday's market close. He added that such an attack would likely last for weeks, rather than being "over by Monday morning". Gold, which is traditionally considered a safe haven, increased by 0.8%, to $5,017 per ounce. The dollar fell after rallying on the back of better than expected U.S. data. Minutes of the Fed’s January policy meeting also revealed that several policymakers are open to raising rates if inflation continues to rise. The 'dollar index, which measures the currency in comparison with six major peers, fell 0.11% last after gaining?0.59% Wednesday. Charlie Ripley is a senior investment strategist with Allianz Investment Management. He said, "From our perspective the minutes of the Federal Reserve confirm our belief that rate reductions are off the table in the near future." "Policymakers noted specifically that disinflation may be on a slow path." Reporting by Harry Robertson, Rae Wee and David Holmes in Singapore. Editing by Kim Coghill and Shri Navaratnam.
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Gains in refining for energy group Orlen offset impairment losses, lifting shares
Orlen, a Polish energy group, reported adjusted core earnings higher than expected on Thursday. This was helped by a stronger downstream result which overshadowed the?net profit miss caused?by asset impairments as well as lower oil and natural gas prices. The shares rose 2.2% as of 0849 GMT. This boosted Poland's blue chip index WIG20 which rose by 0.5%. Analyst Tamas Pelser at?Erste Group said that the 4Q25 period was a positive one for the Polish energy giant, highlighting "the very strong contribution" of refining in a margin-friendly environment. Orlen's model refinement?margin increased in the fourth quarter, as sanctions and Ukrainian drone strikes on Russian infrastructure curbed diesel exports. This boost in downstream prices cushioned the impact of a wider commodity slump. Brent crude fell nearly 15%, and gas prices have fallen from their highs of last year. EBITDA LIFO (earnings before interest, tax, depreciation, and?amortisation) adjusted for the value of inventories and impairments fell 15% in the third quarter to 12.15 billion Zlotys ($3.40billion), but still beat the analysts' consensus estimate of 11.4 billion Zlotys. Orlen's net quarterly profit of 3,13 billion zlotys was below the 4.8 billion expected by the analysts polled before the results were published. In the fourth quarter report, net impairment losses totaling 3.34 billion zlotys were recorded on non-current assets. The fourth-quarter report showed a net impairment loss of 3.34 billion zlotys on non-current?assets. Orlen announced that it would spend?36.3 zlotys on capital expenditures in 2026. This is up from 32.6 zlotys spent last year. The first Polish offshore wind farm will be completed this year on the Baltic Sea. A gas-fired energy plant is also planned for the northern city of Grudziadz.
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At the AI summit, tech majors pledge billions to India
This week, senior executives from artificial intelligence companies around the world joined world leaders for an AI summit in?India. Here is a list of the major deals that were struck during the India AI Impact Summit in New Delhi. JIO INVESTS $110 BILLION IN INDIA'S RELIANCE INDUSTRIES Mukesh Ambani, the billionaire chairman of Reliance Industries, said that Jio and Reliance Industries will invest $109.8 Billion over the next seven-year period to build artificial intelligence infrastructure and data infrastructure. INDIA'S ADANI GROUP WILL COMMIT $100 BILLION?FOR AI-DATA CENTRES THROUGHOUT 2030 Adani Group, a port-to-power company, announced on Tuesday that it would invest $100 billion in renewable energy AI data centres powered by 2035. Adani stated that it is expected that the investment will trigger $150 billion in additional investments across related industries including server manufacturing, cloud platforms and sovereign cloud. It added that this would create an ecosystem of $250 billion in AI infrastructure for India within the next decade. MICROSOFT?TO INVEST 50 BILLION DOLLAR IN THE 'GLOBAL SURF' BY 2030 Microsoft announced on Wednesday that it will invest $50 billion in the next decade to expand AI across 'Global South countries'. Last year, the firm announced $17.5 billion in AI investments to India. YOTTA, AN INDIAN DATA CENTER FIRM, COMMITS TO $2 BILLION FOR AI HUB Yotta Data Services announced on Wednesday that it would build one of Asia's biggest AI computing hubs, using Nvidia Blackwell Ultra chips. The project will cost more than $2 billion. INDIAN EXPORTER OF IT SERVICES TCS SIGN OPENAI AS A DATA CENTER CUSTOMER Tata Consultancy Services announced on Thursday that it had signed up OpenAI, parent company of ChatGPT, as its first customer under Stargate's global AI infrastructure initiative. INDIA’S L&T AND?NVIDIA WILL BUILD THE LARGEST AI FACTORY IN INDIA Infrastructure giant Larsen &Toubro announced a joint venture with Nvidia. The two companies will work together to develop AI-ready data centres, advanced computing platforms and ecosystem enablement to support large AI workloads. (Reporting by Nandan Mandayam in Bengaluru; Editing by Raju Gopalakrishnan)
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Cricket-Marsh leads Australia to a crushing victory over Oman in T20 World Cup Dead rubber
Australia thrashed Oman in Pallekele by nine wickets, winning the final Twenty20 World Cup group match in Pallekele. Both teams had already been eliminated from the competition. Mitchell Marsh, who was given a modest target of 105 to win, wasn't in the mood to wait around. He ruthlessly sent Oman's bowlers all over the place, reaching his half-century within the first powerplay. Shakeel Ahmad, from Oman, collided with Vinayak Shukla after he caught Travis Head and bowled him for 32. The 38-year old spinner was overjoyed that he performed Cristiano Ronaldo's trademark celebration. Marsh, who scored 64 runs with seven boundaries and 4 sixes, led 'Australia to victory with 62 balls left to spare. This was a record-breaking chase for a T20 World Cup total of over 100. Australia placed third with two wins, two losses and no points. Oman was the only team without a win. CLINICAL BOWLING DISPLAY FROM AUSTRALIAN Adam Zampa finished with 4-21. Australia had earlier produced a brilliant bowling performance to dismiss Oman in 16.2 overs, after winning the coin toss and choosing to field. Fast bowler Xavier Bartlett started the game with a wicket on the first ball. He removed Aamir Kaleim when his delivery crashed against the stumps. Bartlett's movements troubled the batters, and Jatinder Singh also bowled his next over. He finished with two powerplay?strikes which put?Oman in the backfoot. Oman tried to rebuild, but none of its batters were able to convert their early scores into significant ones. Wasim Ali was the standout with his gritty 32 from 33 balls. He provided the only significant resistance to the steady wicket-taking at the other end. Oman's spinners struggled to keep up with Australia, often misjudging the length of their pitches and playing the wrong line. Zampa took his fourth four wicket haul in T20 World Cups, while Glenn Maxwell, whose first over was marred by a dropped catch, also contributed with two wickets. (Reporting and editing by Alison Williams in Bengaluru, Rohith Nair from Bengaluru)
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Gold Fields increases shareholder returns after profits more than doubled
South 'Africa's Gold Fields announced on Thursday that its full-year profits?more than doubled. This was due to record bullion prices, increased production, and a boost in dividends. Gold prices are expected to rise by 60% by 2025 due to geopolitical and financial uncertainty, the expectation of U.S. rate cuts, and increased purchases by central bankers amid a trend of global dedollarization. Gold prices have risen 15% this year. Gold Fields increased production by 18% in the last year, to 2.438 millions ounces. The miner's headline earnings per share grew to $2.88 from $1.33 the previous year. Gold Fields announced a final "dividend" of 18.50 Rand per share, an increase from 7 Rand. This brought the total payout per year to 25,50 rand, up from 10 rand in 2024. In addition, the company will distribute an additional $353 million to shareholders in the form of special dividends worth $253 million and share buybacks worth $100 million. Gold?Fields' CEO Mike Fraser stated that the company is engaging with the Ghanaian government, which has proposed doubling of the gold royalty?rate as a response to the bullion prices rally. The talks have been?constructive. Fraser said in an interview that while he understood the social needs of Ghanaians, he wanted to make it clear that all governments should take a stance against creating uncompetitive, structural?situations. Gold Fields' Tarkwa Mine in Ghana will be its most productive mine by 2025, out of its entire portfolio, which includes assets in South Africa, Australia, Chile, and Peru. Tarkwa mine produced 475,000 ounces gold last year, which is about a fifth the total Gold Fields output.
The Peruvian Congress extends the informal mining permits program by one year
LIMA, December 17 - Peru’s Congress approved on Wednesday a one year extension to a temporary?permit?program?for small-scale miner amid ongoing protests that?sought to give miners a longer period of time to regularize their operation.
The extension will last until the end of 2026. The government previously opposed a bill which sought to extend REINFO by two years.
After receiving an initial approval at the beginning of December, the extension was approved by 13 votes in favor, 4 against, and 2 abstentions.
The REINFO permits have been extended five times since the program began a little more than a decade ago. This program is for small-scale informal miners that extract gold and/or copper. These permits allow them to continue to work.
Sources in the Peruvian industry and police claim that the temporary permits also fueled a'surge' of illegal mining, at a time where precious metals trade at record prices on the international markets. In July, more than 50,000 small-scale miner were removed from REINFO. This left about 31,000 people responsible for bringing the status of their mining up to date before the end 2025.
Peru exported $15.5 billion in gold to the world in 2024. This is a huge jump from the $11 billion it had done last year. According to local financial regulator and sector data, it is estimated that 40% of the gold in this country is illegal. (Reporting and Writing by Marco Aquino; Editing and Revision by Brendan O'Boyle).
(source: Reuters)