Latest News
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AES Corp signs a 20-year power supply agreement with Google
AES Corp. announced on Tuesday that it had signed a?20-year agreement with Google to?supply energy to the U.S. technology giant's Wilbarger County data center. AES has said that it also signed deals with energy generators which will be located?co-located to the new data centers and allow?Google?to expand its operations in order to meet the demand for 'its core services. The shares of the utility rose by 1.2% during premarket trading. U.S. ?utilities are racing to sign supply ?deals with data-center operators ?as the artificial-intelligence boom sparks a surge in power demand. However, the demand has stoked fears about rising power bills for customers. Amanda Peterson Corio is Google's global director of Data Center Energy. She said that the deal will bring clean energy online along with the facility. This would?reduce strain on the local power grid and help?keep?energy costs under control. AES has already signed agreements for a total of?12 Gigawatts of energy. Of these, 9 GW are directly with hyperscalers. AES has said that it will build the necessary shared electricity infrastructure to power the facility. (Reporting and editing by Leroy Leo, Shakesh Kuber, and Katha Kalia from Bengaluru)
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Constellation Energy exceeds profit expectations on strong demand for power
Constellation Energy, a major U.S. energy company, beat Wall Street expectations for its fourth-quarter adjusted profit on Tuesday. This was due to the rising demand for electricity from data centers. In premarket trading, shares of the company increased by 1.4%. The Energy Information Administration's Short-Term Energy Outlook said that the U.S. is likely to increase its power consumption this year and next after setting a new record in 2025. The rapid expansion of data centers to support artificial intelligence services and cryptocurrency is a major factor in the surge of demand. Other factors include a move by businesses and homes towards electric heating and transportation. Joe Dominguez, CEO of?CEO Joe Dominguez Corporation said: "We are combining the most reliable energy on the grid with flexible resources in order to meet the demand that is driven by the electrification economy and data economy." Constellation and Dallas-based CyrusOne signed an agreement last month to connect to and?serve the Freestone Energy Center, a new Texas data center. The utility has also signed agreements with Meta for the operation of one of its nuclear reactors in Illinois for 20 years and with Microsoft, to restart a reactor at an old Pennsylvania plant known as Three Mile Island. The company's fleet of nuclear reactors produced 45,459 Gigawatt-hours, down from 45.494 GWh a yea ago. This is due to?higher planned refueling days and non-refueling day compared to last year. Constellation completed its $16.4 billion acquisition of the natural gas and geothermal firm Calpine Corporation. The total quarterly operating revenue reported was $6.07 billion compared to $5.38 billion in the previous year. Constellation's operating costs rose by?22.3% in the quarter October-December, and interest charges grew by 25.6% to $113 million. LSEG data shows that the Baltimore, Maryland based?company reported an adjusted profit per share of $2.30 for the three months ended December 31. This compares to the $2.23 average analyst estimate, which was compiled by LSEG. Reporting by Vallari Shrivastava in Bengaluru and Pooja menon; editing by Leroy Leo
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Investors uneasy over AI disruption, but stocks steady
The global stock market stabilised on Monday, following a fall?caused by a variety of factors. These ranged from the uncertainty surrounding President Donald Trump's policy regarding tariffs and geopolitical tensions, to the renewed?concerns about the economic upheaval caused by artificial intelligence. The Supreme Court ruled that Trump's emergency tariffs are illegal?on?Friday. Following this ruling, the President announced a 10% levy across the board, which went into effect on?Tuesday. Trump said that the tariff was 15% but it wasn't clear when or if this would be applied. Trade partners and investors are unaware of the status of many tariff agreements, which could result in billions in refunds for importers. The MSCI All-World Index was unchanged. In Europe, the STOXX 600 climbed 0.2% in order to reach record highs. U.S. Stock Futures rose 0.4%. BEARISH ANALYSIS OF?EFFECTS of AI GETS ATTENTION The Nasdaq Composite fell 1.1% on Monday as concerns about the effects of AI in software and other industries caused the S&P 500 to fall 1%. Citrini Research's bearish analysis of the possible risks for the global economy has further weakened investor sentiment. Tony Sycamore said that the?report "got a lot airplay" according to Tony Sycamore. Tony Sycamore is IG's market analyst in Sydney. It does match up with a lot of fears that are already out there. This article circulated over the weekend and is just one of many recent "think pieces" that discuss the long-term effects of artificial intelligence on employment, growth, and even the existence of humans. In a note he wrote about a similar article, Deutsche Bank Strategist?Jim Reid stated: "The argument relies heavily on narrative and emotions rather than hard facts." It doesn't necessarily mean that it will be wrong in the end, but...the vibes-to substance ratio is undeniably large." Wall Street saw a range of software stocks and payment companies drop on Monday. International Business Machines shares plunged more than 13% in one day, their largest drop since the late 2000s. This was after AI startup Anthropic announced that its Claude Code could be used to update a programming system run by the company. IBM stock rose 0.5% during premarket trading. Many are nervous about the sheer size of corporate borrowings and AI spending, especially given the market weight of the companies that have been at the center of this boom. Despite recent volatility, S&P is still only 2.5% below its record highs. Chris Turner, ING's strategist, said that "none of...this has yet delivered the knockout blow to equity market, where S&P 500 has gyrated within a small 6,775-7000 range since the beginning of the _year". "Tomorrow night's Nvidia announcement might be the next big thing, however." Nvidia is an AI chipmaker that will report earnings on Wednesday after the bell. It accounts for about 8% of S&P 500. FEDEX SUES FOR REFUNDS AFTER U.S. TARIFF RULING Trump warned on Monday that countries should not back out of trade agreements recently negotiated with the U.S. following the Supreme Court's tariffs ruling. He said he would impose higher duties under different trade laws. The new tariffs were based on Section 122 from the Trade Act 'of 1974. This has caused further confusion among markets that are trying to 'come to terms with U.S. protectionism policies. FedEx, a global transportation company, sued on Monday for a refund. The dollar is steady at $1.178 and up 0.8% against the yen. Brent crude was little changed in the commodities market, trading at $71.43 a barrel. Meanwhile, tensions between the U.S.A. and Iran continued to simmer. Gold, the safe-haven, remained volatile and fell 1.25% to $5,166 per ounce. (Additional reporting from Gregor Stuart Hunter, Singapore; Editing and production by Kevin Liffey, Alex Richardson).
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Study says that the Congo lakes release ancient carbon and raise climate concerns.
Scientists say that two large lakes in the Democratic Republic of Congo are releasing carbon which has been 'locked away' for thousands of yeas in peatlands around them. This could pose a threat to climatic stability. Researchers from the ETH Zurich published their findings in Nature Geoscience. Tropical peatlands play a vital role in climate regulation. Researchers from ETH Zurich have found that the ancient peat deposits in Lakes 'Mai Ndombe' and 'Tumba, which are some 3,000 years old, account for up to 40% of the carbon dioxide emissions. In a press release, Travis Drake, the lead author of the study, said: "We were surprised that ancient carbon was being released through the lake." Matti Barthel, co-author, said that the carbon?reservoir had a leak from which old carbon was escaping. There is no clear way to determine how carbon gets from peatlands to lakes. Researchers believe the phenomenon may worsen due to climate change and changes in land usage, like the conversion of forestland into cropland. This increases the drought conditions. The peat that is formed by the accumulation of dead plants does not decompose when it's flooded with water. However, as soon as the peat dries out, the organisms which 'break down? plant material revive, and the carbon returns to the atmosphere. The Congo Basin's swamps and tropical peatlands cover just 0.3% of Earth's surface but store one-third the world’s carbon. This makes the area a global carbon reservoir. Researchers say that it is 'one of the least studied major forest regions in the world,' and they need to do more research on its changing ecosystems. Clement Bonnerot (reporting, writing, and editing) Alexandra Hudson
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Weisfisch to sell Glencore almost $115 Million of cobalt, according to sources
Glencore agreed to buy nearly 2,000 tons of cobalt from Rami Weisfisch, an industry veteran. The deal is a historic one. Two sources confirmed that the material, which is essential for defense and military gear, will be shipped to the United States to be included in its planned stockpile. The U.S. administration of President Donald Trump is actively seeking out critical materials, including cobalt, to reduce its dependence on China. China is the world's dominant supplier and processor for metals and minerals required by strategic industries. China has used its power to impose quotas, new regulations and ban the export of certain minerals. The sources say that the London-listed miner Glencore had agreed to purchase cobalt over a period of 12 months from Weisfisch in 2026, using a formula based on the prices reported by the price reporting agency "Fastmarkets". Weisfisch & Glencore declined comment. Weissfisch acquires COBALT in 2015 Sources said that the deal marked the end of Weisfisch’s involvement in the cobalt market for the past half century. Weisfisch's cobalt from 2015 is being stored in Europe and?the United States. Sources expect Glencore to'sell cobalt to U.S. as part of Project Vault. This initiative is to stockpile essential minerals backed up by $10 billion seed funding from U.S. Export-Import Bank, and $2 billion private funding. At a briefing held last week, CEO Gary Nagle announced that Glencore would be participating in the project. Weisfisch reached an agreement with Glencore, a Swiss company, after the U.S. Defense Logistics Agency canceled a cobalt tender in October of last year. The original August 19 announcement was amended several times before it was withdrawn. Last year, the DLA said it would still purchase cobalt to be used in the National Defense Stockpile. However, it was reevaluating its strategy and did not have a target date for issuing a new tender. The company was originally looking for?offers only from three companies –?Vale’s Port Colborne, and Long Harbour plants located in Canada; Japan’s Sumitomo metal mining and Glencore’s Nikkelverk operations in Norway. CONGO QUOTAS Prices have risen due to expectations of a stronger cobalt market, as well as?tight supply created by the top producer Democratic Republic of Congo, which suspended exports between mid-February and end-February when it implemented quotas. They are 160% higher than levels in February 2025. Congo's cobalt? is a by-product of copper production and comes as hydroxide, which can be easily converted into cobaltsulphate to produce lithium-ion battery for electric vehicles and portable devices. China, which is the world's largest cobalt processor and has been scrambling for supplies, was most affected by Congo’s export bans and quotas. (Reporting and editing by Pratima Deai, Louise Heavens, Jan Harvey and Veronica Brown)
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Nigeria will start exporting a new crude grade by March and boost output
Cawthorne crude is similar to Bonny Light and valued for its gasoline and diesel yields Cawthorne export via vessel with a capacity of 2.2 million barrels, increasing production Kpler claims that Nigeria's crude oil and condensate production could reach 1.7 million barrels per day. Seher Dareen and Isaac Anyaogu LONDON, FEB 24 - Nigerian state oil firm NNPC plans to export a new sweet, light crude grade named Cawthorne in March. This will add to the recent increase in production from Africa's largest exporter. This launch is part a broader effort by Nigeria to increase production. It has been hampered for years?by unrest, theft of crude oil, and other factors. Two new grades have also been introduced since 2024. Nigeria is one of the countries that are seeking a higher target in the producer group, despite already pumping near its OPEC quota. Cawthorne Crude, which will be exported by the third week of March, according to a reliable source, has an API gravity of 36.4. This makes it comparable to Nigeria's Bonny Light oil, valued for the high yields of both gasoline and diesel. A trader reported that NNPC issued a tender last week for the grade of March 24-25. Analysts at Kpler stated in a report that the grade will be exported via the Floating storage and offloading vessel 'Cawthorne'. This vessel has a capacity to 2.2 million barrels, and aims to increase crude oil -transportation and -production from Oil Mining Lease 18, and the surrounding assets,in the Eastern Niger Delta. Kpler stated that, based on the storage limitations of the vessel, Cawthorne's supply could increase from the current?1.65m barrels per day to 1.7m bpd by the end of the year. Nigeria's OPEC+ oil production quota for crude is 1.5 million?bpd. The country produced 1.48?million bpd during January, according to OPEC data. Obodo 2025, and Utapate 2024 are other grades that Nigeria has introduced in the last few years. Reporting by Seher dareen in London, Issac anyaogu and editing by Alex Lawler & Louise Heavens
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Investors jittery about AI disruption as stocks dip
The global stock market fell for a second consecutive day on Tuesday. This was due to a variety of factors, including uncertainty about President Donald Trump's policy on tariffs, geopolitical tensions, and a renewed concern over the economic upheaval caused by artificial intelligence. The president announced that a 10% levy would be applied across the board after the Supreme Court declared Trump's emergency tariffs illegal?on?Friday. Effect on Tuesday . Trump said that the tariffs would be 15% but it wasn't clear when or if this would apply. Trade partners and investors are unaware of the status of many tariff agreements, which could result in billions in refunds for importers. The MSCI All-World Index eased for the second consecutive day. STOXX 600 in Europe remained steady, but was still within sight of records. The markets in Asia were boosted by traders returning from holidays from China and Japan. U.S. Stock Futures rose between 0.2-0.3%. BEARISH ANALYSIS OF AI EFFECTS GETS ATTENTION Monday, the S&P500 fell 1.0%, wiping out the?past weeks gains. Fears over the displacement effect of AI on the software industry and other industries pushed Nasdaq Composite down by 1.1%. Citrini Research's bearish analysis of the possible risks to the global economic system has further weakened investor sentiment. Tony Sycamore said that the report "got a lot airplay" at IG, a market analyst in Sydney. It does match up with a number of fears that are out there. Investors have been rattled by the article that circulated over the weekend. It is just one of many recent "think pieces", which discuss the long-term effects of artificial intelligence on employment, global economic growth, and even human existence. In a note he wrote about a similar article, Jim Reid of Deutsche Bank stated: "The argument relies heavily on narrative and emotions rather than hard proof." It doesn't necessarily mean that it is wrong in the end, but...the vibes-to substance ratio is undeniably large." Many people are nervous about the sheer size of corporate borrowings and AI spending, especially because of the market weight of the companies that have been at the forefront of this boom. Despite recent volatility, S&P is still only 2.5% below its record highs. Chris Turner, ING's strategist, said that none of these events has yet?deliver the knock-out punch to equity markets. The S&P 500, for example, has been bouncing around a small range of 6,775-7000 since the beginning of the year. The Nvidia announcement tomorrow evening could be the next big thing. Nvidia is an AI chip maker that will report earnings on Wednesday after the bell. It accounts for about 8% of S&P 500. FEDEX SUES FOR A REFUND AFTER U.S. TARIFF RULING After the Supreme Court's ruling on Monday, President Trump warned other countries not to back out of the recently negotiated deals with the U.S., saying he would impose higher duties under different trade laws. The new tariffs were based on Section 122 of the Trade Act of 1975, which caused further confusion among markets that are trying to understand U.S. protectionism. FedEx, a global?transportation firm, sued on Monday for a refund. The dollar gained a little strength in currencies. It was most noticeable against the Japanese yen which fell after a report by the Mainichi daily On Tuesday, it was reported that Prime Minister Sanae Takaichi expressed her concerns about future?rate increases when she met Bank of Japan governor Kazuo Ueda in the last week. The dollar last rose 0.75% to 155.79 Japanese Yen, and was steady against the Euro at $1.1791. Brent crude rose 0.1% to $71.57 a barrel on the commodities market as tensions between the United States and China continued to simmer. U.S. and Iran Gold, the safest of all precious metals, fell 1.2% to $5,170 per ounce. Bitcoin dropped 2.2% to $63,172. Ether was down last 2.1% to $1,823. (Editing by Kevin Liffey; Additional reporting by Gregor Stuart Hunter, Singapore)
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Japan's top business lobby cancels private meeting with activist Fund Elliott
Keidanren has postponed a meeting with activist investor, Elliott Investment Management, scheduled for next month, a spokesman from the lobby group announced?on Tuesday. Last month, it was reported that the meeting planned for March 5 would be an opportunity to have an Elliott portfolio manager responsible for Japanese equity investments outline their investment strategy and how they engage with companies. This would then be followed by a "frank exchange" of views. Keidanren's official declined to elaborate on the reasons for postponing the meeting. Elliott didn't respond to our request for comment. Elliott is a major player in Japan. It has stakes and pushes for change at a number of'major' companies. They are also opposed to Toyota Industries buying out the forklift manufacturer Toyota Industries. The Toyota deal has been hailed as a case study in corporate governance, where the Japanese regulators encourage companies to reduce cross-shareholding arrangements and improve capital efficiency. Elliott criticized the deal for being underpriced, and lacking in transparency. Toyota, a member of the lobby group has extended its tender offer until March 2 due to a lack of shareholder support. Elliott has offered buy shares to investors who have agreed to accept the offer. If successful, this would translate to reduced support for the purchase. The activist investor?has taken stakes?into other companies, such as?Tokyo Gas and Kansai Electrical Power, which are all members of the lobbying group.
Nippon Steel raises $3.9 billion through Japan's largest convertible bond issue
Nippon Steel decided to increase its convertible bond offering to 600 billion yen, the largest in Japan's corporate histories. The company is seeking to refinance their $15 billion acquisition of U.S. Steel as well as fund business expansion.
The company announced on Tuesday it would increase the offering by 50 billion yen in total, in two equal tranches. This was based on the investor demand and the market conditions. It aims to invest 6 trillion dollars yen over the next five-year period, including an investment of $11 billion into U.S. Steel to fund growth.
Nippon Steel increased the size of its offer after announcing plans to raise 275 billion each in 2029 and 2030, with zero coupons and stock acquisition rights.
The report cited sources to discuss Nippon Steel’s plans to sell convertible bonds, in order to replace the bridge loan that it had taken out to purchase U.S. Steel.
Jefferies analysts said in a report that the company chose convertible bonds instead of an equity offering to limit immediate shareholder dilution. They described the bond operation planned as the largest by any Japanese firm.
The funding plan is a turning point for Nippon Steel, allowing it to concentrate on growth overseas while maintaining financial discipline.
Nippon Steel has increased its forecast of its net loss for the year ending March to 70 billion yen, due to an explosion at a blast furnace and charges related to U.S. Steel's acquisition.
The company plans to increase the annual global crude steel production capacity from 82 millions metric tons to 100 million by mid-2030s. $1 = 155.8700 Japanese yen (Reporting and editing by Tom Hogue; Andrei Khalip, Anil D'Silva, and Anil Hogue)
(source: Reuters)