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Delaware's top court affirms new corporate law reform
The Delaware Supreme Court approved on Friday the 'billionaire bill', which would limit lawsuits filed against powerful business leaders. According to the law SB?21?, if a deal has been approved by either a board committee with a majority independent directors, or by a vote of public shareholders, then investors can't challenge it in court. Prior to this, both steps had to be taken and the board committee must have been made up entirely of independent directors. The bill makes it more difficult to challenge the independence of a director and limits what records are available to shareholders looking to check a deal's conflict. The measure was adopted by lawmakers in March 2025, to stop companies from leaving Delaware. This trend is known as DExit. Delaware is still the home of most large public companies, and its fees account for 20% of its budget. Other states are trying to attract incorporations. This law primarily affects companies that have a controlling shareholder like Meta Platforms which is controlled Mark Zuckerberg. Pension funds were among the opponents of the law, as they feared that it would limit their abilities to police possible conflicts of interest. They also viewed it a gift for influential tech founders. Shareholder lawyers argued SB 21 was a violation of the state constitution because it took jurisdiction away from Court of Chancery, and prevented them from reviewing certain claims in corporate deals. Defenders of the Law argued that lawmakers were not removing?jurisdictions or certain legal claims but were rather recalibrating the standards used by the Court of Chancery in determining if 'transactions are fair. In recent years, business leaders have been frustrated by 'court rulings which upset expectations regarding the state corporate law. In January 2024, a Delaware judge rescinded Musk’s $56 billion pay package from Tesla. Musk was outraged by the?ruling and encouraged companies to abandon Delaware. Dropbox, Roblox, and Coinbase Global did just that. In December, the Delaware Supreme Court restored Musk's compensation package after an appeal. Reporting by Tom Hals, Wilmington, Delaware. Editing by Noeleen Walder & Daniel Waller.
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Nigeria's economy grows marginally faster in the fourth quarter
Data released on Friday showed that Nigeria's economic growth grew slightly in the fourth quarter last year. It reached 4.07%, up from 3.98%, thanks to a slight improvement in both the oil and non-oil industries. The rate of growth was higher than the third-quarter's reading of 3.98%, but still fell short of President Bola Tinubu's ambitious targets for Africa's most populous nation. According to the National Bureau of Statistics, the oil sector expanded by 6.79% and the non-oil part of the economy grew by 3.99%. Tinubu, who took office in 2023, has devalued the currency, and overhauled tax systems to boost public finances. He has urged Nigerians to back the measures, which have exacerbated economic ?hardship for many, calling them a "once-in-a-generation" ?reset. In the final quarter of 2025, Nigeria's average daily oil production was 1.58 million barrels. This was lower than the third-quarter's production?of 1,64 million bpd, but higher than the?1.54million bpd produced in the fourth quarter 2024. Reporting by Elisha Gbogbo, Editing by Alexander Winning & Barbara Lewis
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WIDE IMAGE: Warmer winters have left the Pakistan Festival on thin ice
The pool in front Aleena Gul’s house, in Pakistan’s Hunza Valley, has been transformed into an ice skating rink every winter since the 1960s, with the jagged Himalayan mountains and the stone walls at Altit Fort as a backdrop. This year it didn't. Gul's bedroom allows her to see the pool, which doubles as an arena for hockey. She would wake up every morning at dawn and lace her skates before stepping out of her front door straight onto solid ice. She returned to playing after four years of university but is still waiting for winter. "There is a huge difference between 2018 and today," said?Gul. She's 21, the captain of her Hunza team, and one of the first Hunza women to take up this sport. "Winter used to start in November, and everything would freeze. The ice hasn't properly frozen yet, and it's now January. Winters in the northern mountains of Pakistan are becoming more unpredictable and arriving later. The cold spells are shorter and the freeze-thaw cycle is more unpredictable. Scientists in the Hindu Kush and Himalayan regions report fewer extreme events of cold, shorter snow seasons. Locals refer to this as a "snow-drought" when snow does not settle. Hunza is a place where the change can be seen. WeatherWalay's climate analytics platform compiled data that shows the average winter precipitation is down about 30% in the last few years. This represents four consecutive years of below-normal precipitation. Recent winters were also milder by 2-3degC, which means there was less snow to support the ice. Hunza's tournament is entirely dependent on natural ice, unlike resorts in Europe that have artificial snow. Winter sports are now dependent on weather patterns that do not follow the old rhythms in a valley that is heavily reliant on tourism. Ice Under Pressure Altit's Pool has been hosting the Karakoram Interlude for eight seasons. This community-run tournament attracts teams from all over northern Pakistan, and extends tourist season past summer. In good years the rink is lit up by floodlights and spectators are seen leaning on stone parapets with tea cups in their hands, as they exhale white clouds. The rink was prepared as usual, with water being poured at night, and the surface smoothed by hand, to allow temperatures below -20degC. Gul explained, "We tried to freeze it until 3 in the morning." "We're trying everything we can." Sadiq Saleem is a 31-year-old founding member of SCARF and president of Altit Town Management Society. He was the first to introduce ice hockey into the valley. The blades that scratched the surface of the ice left thin puddles. Under the surface, hairline cracks appeared. Organisers pressed palms against the ice to listen for cracks and check for flex. "We spent a whole week building this arena," said Naseer, 34, cofounder of SCARF. "But the sun was so strong that it destroyed everything." Under floodlights the opening ceremony was held, but organizers warned that the rink is too fragile to accommodate entire teams. The thinning ice made it necessary for only captains to reveal the jerseys alongside sponsors. The opening night friendly game has been cancelled. COLD CHASING It was not possible to debate the weather. In just a few hours, organizers had moved through Altit’s lanes, calling out to players and knocking at doors. The tournament was relocated nearly two hours to the north, in Sost. This is one of the last Pakistani towns before the Chinese border. Colder air provided better chances of ice. This was not the first time they had done it. The ice in Sost remained firm when, two winters ago the pool at Altit failed to freeze. Sost is located about 2,800 metres above sea level, roughly 300-400 metres higher than Altit. This year too, the solution failed. Gul felt like he was chasing after a season who kept regressing. The rink in Sost was located on a valley floor exposed to the wind near the Khunjerab pass, under steep, wind-cut mountains that funneled cold air from higher elevations. While the surface of this pool was more firm than Altit’s, there were still thin areas. The players tested the surface before they put their weight on it. On the first day, three matches were scheduled. One match was played. Gul stated that "the ice was not in good condition when we arrived at the rink." "Teams played on, but it was difficult. "We've never seen anything like this before." The blades of the skaters caught unexpectedly where the ice cracked and softened. Every evening, organizers would pour water on the ice, hoping that the temperatures overnight would freeze it. Saliha Ibrahim, a 21-year-old member of the organizing team, said that "our event relies entirely on natural ice." If we cannot improve the surface we may need to change the venue. Winter can't pay the bills Not only players feel the pressure. Winters are unpredictable in cafes, guesthouses and transport operators. The pipes in smaller guesthouses, without heating, freeze and cut off the water. They then thaw, and refreeze unpredictably. This increases the risk of costly repairs and bursts. As temperatures rise, fewer and fewer regions are able to host winter sports. Residents of Hunza -- a district with fewer than 100,000 residents -- are faced with a'reality that is without artificial snow, refrigeration systems, or certainty. Hunza's winter is quieter than its summer, but residents claim that erratic snowfall and flooding, as well as impassable roads, deter tourists who want to see the snow-covered peaks or frozen lakes. This was before the Karakoram Interlude began attracting travellers from all over Pakistan. Naseera Khatoon owns Murku Cafe in Altit, which overlooks the pool. Her daughter, ?Arifa, plays ice hockey. In the past, tournament week brought steady business, as families would linger long after matches were over to enjoy traditional soups and dumplings. Her cafe was quiet this year, despite her participation in the ceremony. "We usually earn money during the tournament," she said. "This time there was very little." She recalls the winters of her childhood when heavy snowfall closed schools for several months, and families would store food to prepare for long cold spells. She said, "We used store food and dry vegetables because the roads would be closed [in winter]." "Now, food is available all year round. However, the snow and ice have disappeared." Kareem Ul Hayat, the?supervisor of the restored 900 year-old Altit Fort said that winter tourism has grown because events such as ice hockey have attracted visitors. He said that numbers have declined in recent winters. He said, "In the old days, the mountains were always white." "Now, the snow is disappearing quickly." Title on Thin Ice The tournament continues in Sost. The players adapted their game to the new conditions. The wind blew hard against the scarves of spectators. Yahya Karaim, a 20-year-old player from Altit said that the surface was different than anything they had ever trained on. He said, "I was expecting better ice conditions but I was a little sad when I saw the skating rink." "Many players fell." "The surface was too bumpy and weak." They chased the winter north. Even there, however, the cold was elusive. Gul's team won on a fragile, scarred ice rink far away from home. Reporting by Ariba and Salah in Hunza Valley Pakistan; Editing and production by Saad, Lucy, and Kate Mayberry.
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The US Energy Secretary says that Venezuelan oil proceeds are no longer being routed through Qatar.
Chris Wright, the U.S. Energy secretary, said that proceeds from the sale of Venezuelan oil will no longer be routed through an account in Qatar. Instead they are being sent directly to US Treasury Department accounts. The U.S. has taken control of Venezuela's oil exports after Washington and Caracas signed a landmark deal in January. The U.S. has taken control of Venezuela's oil exports as part of a historic deal signed between Washington and Caracas. To protect the money from seizure, it was initially deposited into a Qatari account. Wright, who spoke to reporters in Texas about the?reroute, said that it was a result of an executive order from the United States issued last month, which sought to protect Venezuelan money against creditors. This is because debts to bondholders and expropriated companies, former business partners, or other parties continue to accumulate. Wright said that President Donald Trump of the United States does not have any plans to visit Venezuela at this time, but "it's a very real option." Wright was the highest-ranking U.S. official in recent years to visit Venezuela. He urged American firms to invest to?revitalize Venezuela’s deteriorating energy industry. Venezuelan crude oil is expected to generate revenue of approximately $ Reach $2 Billion Wright told reporters on Thursday that the money would be used to benefit Venezuelan citizens in the days ahead. The Trump administration has said that money from Venezuela will be overseen and used by the U.S. Wright stated that during his visit to Venezuela?last week, the Venezuelan government had presented plans for investment that included repairing the electricity grid in the country. He said that the?government recently bought a number of medical supplies in the U.S. Wright continued, "Their capacity to generate electricity has declined over the past?20 years. However, they already have assets that they can repair and do plan to invest money in this regard." Sheila Dang reported from Corpus Christi in Texas. Marianna Paraga, Hugh Lawson, and Niveditarjee Bhattacharjee edited the story.
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ArcelorMittal closes its second Ukrainian unit amid Russian attacks on the power sector
The company announced on Friday that ArcelorMittal Kryvyi Rih, Ukraine's largest steelmaker, is closing another division in Ukraine because of a 'deepening energy crises caused by Russia's continued attacks on Ukraine's energy system. Russia has stepped up its strikes against Ukraine's energy industry, targeting power plants and substations. This forced Kyiv into cutting off power to businesses, and increasing imports from Europe. The company, an ArcelorMittal SA subsidiary, announced in a press release that it will close its subsidiary Casting and Mechanical Plant. This plant is one of the largest enterprises in the country, and includes foundry equipment, thermal and weld deposition, and machining. Three months after the date of the?announcement, the decision to close the plant will come into effect. ArcelorMittal Kryvyi Rih stated that the company's decision was primarily a result of the energy crisis it faces during wartime. This includes the high price of electricity in Ukraine. The report added that "this led to a significant increase in the cost of production which further weakened the economic feasibility of steel product manufacturing." The company said that another reason was due to the decision by the European Commission, which introduced the CBAM (Carbon Border-Adjustment Mechanism) in January without any exceptions or transition periods for Ukrainian producers. CBAM is a tool that the EU uses to set a fair price for carbon emissions during production of goods with high carbon content entering the EU. The plant will be the second asset of the company to be closed in this year. ArcelorMittal Kryvyi Rih announced in January that it would be closing one of its production units in the second quarter due to the EU's environmental policy and the high prices of local electricity. It said that the decision to close down two units would affect over 2,400 jobs. (Reporting and editing by Pavel Polityuk. (Editing by Jane Merriman.)
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US wants to forfeit oil tanker, 1.8 million barrels Venezuelan crude oil
The Justice Department announced on Friday that the United States is seeking to forfeit a crude oil cargo of approximately 1.8 millions barrels supplied by Venezuelan PDVSA and an oil tanker, 'Motor.Tanker.Skipper', which was seized by U.S. authorities in December. The Department of Justice filed a complaint in the U.S. The Department of Justice filed a complaint in the District Court for the District of Columbia alleging a conspiracy dating back to 2021 that aimed to facilitate the shipment of petroleum products and their sale to the benefit of the Islamic Revolutionary Guard Corps of?Iran. The Justice Department released a statement that said, "During this period, the Skipper transported crude oil from Iran to Venezuela, and through ship-to -ship transfers delivered it to different locations around the globe, including other rogue regimes." The Skipper hid its illicit activities by using false flags, spoofing locations and other methods to conceal their sanctions evasion. The U.S. seized the oil supertanker near Venezuela in December, as part of a stepped-up pressure strategy against President Nicolas Maduro. He was captured by U.S. forces in an operation on January 3. (Reporting and editing by Doina chiacu; Daphne Psaledakis)
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HF Sinclair's CFO Atanas Atanasov has taken a voluntary leave of absence in the wake of a disclosure review
HF Sinclair revealed in a filing that Atanas Atanasov has taken a 'voluntary leave from duty.' This comes just a week following a similar request by top boss Tim Go. In premarket trading, shares of the company dropped 4%. The company announced last week that it had begun an internal review of their disclosure processes. The company said on Friday that the review started on January 26 after Atanasov expressed concerns about certain actions taken by Go creating an "unfavorable" "tone at top" with respect to the 2025 disclosure process. At a later stage of the review the board expressed concerns about certain actions that Atanasov had taken, and he then requested a leave of absence. HF 'Sinclair announced that it had finished the review, and concluded that the executive actions did not create a "tone at the top" unfavorable to the 2025 disclosure process. It added that the company's disclosure control and procedures are still effective. Vivek Garg was named interim CFO by the company. Franklin Myers is currently serving as the interim CEO. HF 'Sinclair stated that it expected to?negotiate a separation agreement with Go and Atanasov. (Reporting from Vallari Srivastava, Bengaluru. Editing by Vijay Kishore.)
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Copper reaches four-week peak, on course for seventh consecutive monthly increase
Prices of copper hit a 4-week high on Friday and are on course for a 7th consecutive monthly gain. Demand optimism has outweighed worries about stocks piling up in warehouses registered at major exchanges. The benchmark three-month copper price on the 'London Metal Exchange' rose by 1.3% in open-outcry official trading to $13,482 per metric ton after reaching $13,527, its highest level since January 30. After a wave speculative purchases, the metal used for power and construction reached a record high on January 29, reaching $14,527.50. One metals trader stated that base metals were also supported by the?investment need for hard assets' since October. After the Lunar New Year holiday, the first data released showed that the copper stock in Shanghai Futures Exchange warehouses reached a ten-year high. This was because end-users reduced their buying and the high prices deterred some downstream demand. ShFE copper stocks Totaled 391,529 tons on Friday. This is up 44% compared to a week ago. Zinc Aluminium Stocks were up by 45% and 20% respectively. UBS analysts stated that even though Chinese copper demand is down since September, global trends towards renewable energy, and the emerging demand for data centres, are expected to provide a secular support for copper. UBS expects spot copper to reach $15,000 per ton in 13 months. The global copper demand is expected to rise 2.8% by 2026, and the market deficit will increase to 520,000 tonnes this year, up from 203,000 ton in 2025. Tin, among other LME metals, rose 4.9% to $57,125 per ton, in official 'activity. Tin prices are up by 42% on account of supply concerns. Aluminium?rose by 0.2% to $3163 per ton. Discount for LME cash aluminium contract against benchmark Analysts at Marex wrote in a recent note that the discount has been reduced over the last two weeks due to concerns about a possible disruption of supply via the Strait of Hormuz. The discount last stood at $15 per ton on Friday. It was down from $36 on February 17. Zinc fell 0.9% to $3,348 per ton, while lead slipped 0.5% to 1,975 dollars and nickel rose 1.1% to 17,880 dollars. (Reporting and editing by David Goodman.)
US construction expenditures increase in line with expectations for December
U.S. Construction Spending increased in December. This was boosted by a rebound in the single-family homebuilding industry, as well as continued strength in home improvements.
The Census Bureau of the?Commerce Department announced?on Friday?that?construction expenditures rose 0.3%, after declining 0.2% in November. The rise was in line the expectations of economists. In December, construction spending fell 0.4% on an annual basis. Data was delayed due to?last year’s government shutdown.
Spending on construction projects for private clients increased 0.5% in the month of December, after a 0.2% decrease in November. Residential construction investment increased by 1.5% after remaining unchanged in November. The spending on single-family housing projects increased by 1.5%. The spending on multi-family units, which make up a small part of the housing market, increased by 0.1%.
Renovations continued to increase. Homebuilding has remained slow despite the acceleration in December. This is due to higher mortgage rates and more expensive materials as a result of import tariffs.
The recent decline in mortgage interest rates could be a catalyst for construction. However, building lots are still scarce. Residential investment has fallen for 'four consecutive quarters.
In December, spending on nonresidential private structures such as offices and factories fell by 0.7%. The spending on nonresidential buildings has been declining for eight consecutive quarters despite an increase in data centers that support artificial intelligence.
After falling by 0.2% in November, investment in public construction projects fell 0.5%. Construction spending by state and local governments decreased 0.7% in the month of December, while federal government expenditures increased 1.6%. Reporting by Lucia Mutikani, Editing by Chizu nomiyama
(source: Reuters)