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Portland General Electric buys Washington assets from PacifiCorp owned by Berkshire for $1.9 billion.
PacifiCorp is a utility owned primarily by Berkshire Hathaway. It has sold its wind and natural gas generation, distribution, and infrastructure assets in central and southern Washington State to Portland General Electric, for $1.9 billion. The company cited liquidity concerns due to the wildfire litigation it faces in Oregon. The deal announced Tuesday includes the Chehalis Natural Gas Plant, Goodnoe Hills Wind Facility, Marengo I & II wind facilities, and 4,500 miles transmission and distribution lines. PGE?will increase its local utility operations by 2,700 square miles and add 140,000 new customers. PGE announced that Manulife Investment Management would take a 49 percent stake in Washington's utility business. It could take up to one year for the transaction to close, depending on federal and state regulatory approvals. PGE and PacifiCorp have their headquarters in Portland, Oregon. PacifiCorp said that it could face legal action. Strain on liquidity The company could face a lawsuit from?thousands? of Oregonians, who accuse it of causing four fires in September 2020 by failing to turn off power lines during a storm. Damages claims can total $52 billion PacifiCorp said that the price would be lower, but it is likely to be less. The trials could go on until 2028. PacifiCorp asked the Oregon state court of appeals to reverse a class-action and remove liability for emotional distress suffered by fire victims. PACIFICORP FACES 'EXTRAORDINARY PRESURE' PacifiCorp announced the sale of assets, stating that "diverging policy" between the six Western U.S.?states they serve has created "extraordinary stress," which affects its financial stability and credit rating. Berkshire and its operating units rarely engage in any of these activities. A large business or group of assets. Greg Abel, the Omaha-based conglomerate’s new?chief executive? on January 1, replaced Warren Buffett. PacifiCorp and its immediate parents Berkshire Hathaway Energy, as well as Berkshire, did not respond immediately to comments. Utility companies are looking for additional generation assets and transmission assets as electricity demand increases among industrial customers and data centers. Maria Pope, PGE’s chief executive said on a conference called that the PacifiCorp's assets were "a valuable mixture of?natural-gas and wind resources which provide?safe and reliable power at affordable prices." PGE reported a profit for the fourth quarter of adjusted $53 million or 47 cents a share. According to LSEG, analysts expected 63 cents a share on average. Reporting by Katha Kaalia in Bengaluru, Jonathan Stempel in New York and Tasim Zieminski.
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The benchmark interest rate of the Romanian central Bank is 6.50%
The central bank of Romania held its benchmark interest rate steady at 6.50% on Tuesday as expected, despite the temporary impact from higher taxes and electricity prices. Inflation is expected to reach the target level in the first half 2027. All the analysts surveyed by expected that rates would remain unchanged. Wednesday, the bank will announce its new inflation forecasts. The bank targets an inflation rate of 1.5%-3.5%. Last August, the broad coalition government increased value-added taxes and excise duty to reduce the largest budget deficit in Europe. Inflation reached double digits in July due to the hikes and the ending of an electricity price cap. The bank said that the measures taken by the government will slow the demand and be disinflationary in the long term. In a press release, it stated that "the annual inflation rate will experience... a sharp downward correction in third quarter once the direct effects of the two major supply-side shocks have faded away." Then, it will fall gradually and, by mid-H1-2027, within the range of the target. This is due to the "strengthening" of disinflationary forces, particularly from the aggregate deficit. According to the bank's forecast, annual inflation will fall from 9.62% to 3.7% by December. The economy entered a technical recession towards the end of last year. Since 2005, inflation has been above target. Analysts are divided on when a rate reduction will occur. Some expect a policy easing to take place in May to help the economy recover, while others believe the bank will 'hold fire' until the second half. Capital Economics wrote in a note that policymakers would be cautious in resuming monetary easing, given the central bank's concern over inflation feeding inflation expectations. We still believe that the next rate cut will not come until summer and that rates are only going to be reduced by 75 basis points in this year. (Reporting and editing by Luiza Ili; reporting by Anil D’Silva).
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Canada offers CANDU technology to Poland for its second nuclear plant
Canada's Energy Minister Tim Hodgson told reporters in Warsaw that the country believes its CANDU technology is the best option for Poland to build its second nuclear power plant. Poland has selected Westinghouse Electric, a U.S. company, to build its nuclear plant along the Baltic Sea Coast. The country has also begun consultations for the selection of a partner to build a second nuclear plant. It invited potential partners in the United States and France as well as Canada and South Korea. Hodgson, a reporter at the time, said that Canada was here to promote dialogue on nuclear energy as Poland moves forward with?its second nucleo plant. Last year, Poland signed a deal with Canada that provided a legal basis for cooperation in the field of nuclear energy. AtkinsRealis, a Canadian company, owns reactors in Romania that are based on the Canadian CANDU Technology. "PENSION FUNDS COULD be Shareholders in Plant" Hodgson stated that Canadian pension funds which provided capital to Britain's Sizewell C project could be potential equity investors in Poland's 2nd nuclear plant. He said, "If Poland chose CANDU we would do all we can to attract this type of institution investment here." Hodgson stated that Canada had also offered to supply its liquefied gas (LNG), in discussions with Polish officials. "I'm already seeing Europeans buy cargoes from our West Coast and then swap them for cargoes that are destined for Europe in Singapore or the Middle East." He said that this was a very efficient way to get Canadian?supply. Last year, Poland imported more than 8 billion cubic meters (bcm) of LNG. Most of it came from the United States. (Reporting and editing by Bernadettebaum)
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Vulcan Materials posts downbeat quarterly results, shares fall
Vulcan Materials, a manufacturer of construction supplies, reported?fourth-quarter results below Wall Street expectations on Tuesday, as weak residential building activity reduced demand for its concrete, asphalt, and aggregates. In premarket trading, shares of?the?company were down by more than 7%. The high mortgage rates have slowed homebuying, and the pace of new projects, while inflation is still driving up material and labor prices. This combination has put pressure on construction supply companies like Vulcan. The?company anticipates that total shipments will increase 1%-3% in 2026 compared to levels of?2025. The company also predicted a full-year adjusted earnings before interest, tax, depreciation, and amortization of between $2.4 and $2.6 billion. "We expect continued strong public construction activity, and improved private non-residential opportunities. This combination should benefit an already healthy price environment," said CEO Ronnie 'Pruitt. The company reported revenue of $1.91 billion for the quarter ending December 31, an increase of?3.2% over the same period last year. According to LSEG data, analysts had expected revenue of $1.96 billion on average. Vulcan’s largest segment - construction aggregates - which includes sand and gravel, crushed stone, and other crushed stones – reported revenue of $1.52bn, up from $1.47bn a year ago. On a?adjusted basis, Vulcan?reported?a profit?of $1.70?per share. Analysts had predicted a profit per share of $2.11 on average. (Reporting and editing by Krishna Chandra Eluri in Bengaluru.
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Rosatom denies that Siemens Energy was a contributor to the Hungarian Power Plant
The companies confirmed that Rosatom, the Russian state nuclear power company, has released Siemens Energy from its contract to?help build Paks II in Hungary. This confirms an earlier report on the news website Politico. Rosatom informed?that it had terminated the contract with the firm?at the?end of 2025 because its?inability? to meet its contractual obligations. Siemens Energy stated that there were no sanctions in place at the time of termination, and that it fulfilled its contractual obligations in compliance with all national and international laws. It said that "at the time when the fulfillment would have made sense, the customer had already withdrawn his interest in the system." Rosatom stated that the German company was only interested in a few?elements of the instrumentation and control system, which accounted for?less than 4%?of the total equipment scope?of the project. Rosatom stated that the Siemens Energy?equipment could be replaced by Russian or European alternatives. It is already evaluating a number of replacement options, Rosatom said.
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Unions reject Eskom's offer of 6% in pay
On Tuesday, two of South Africa's largest trade unions said that they had rejected an improved salary increase offer by state-owned utility Eskom. Eskom's power outages and financial problems have weighed on Africa's biggest economy for many years. But improved performance from its coal-fired stations has stopped the outages and led to the first annual profit in eight years. Eskom began negotiations with three major unions in the last year and offered a 5.5% pay rise last month. Livhuwani Mammburu, spokesperson for the National Union of Mineworkers, said that the 6% figure was increased during a third round last week of negotiations but rejected by members of their union. The NUM revised its demand to 12% from the initial 15%. This is still far higher than South Africa's annual inflation rate of 3.6%, which was recorded in December. Mammburu stated that "Eskom's management did not end load-shedding, but the workers. We feel they should be rewarded for all their hard work." Irvin Jim said that his union, the National Union Metalworkers in South Africa (NUMSA), had also refused the offer. He said that he did not accept the offer currently on the table, and that more talks would be held Thursday. Solidarity is a 'third union' that declined to comment on the negotiations, citing their sensitive nature. A spokesperson for Eskom?didn't immediately respond to? questions. Eskom is looking for another multi-year wage agreement. In 2023, Eskom reached a three year?pay contract that increased the salaries of non-managerial staff by 7% annually. (Reporting and editing by Alexander Winning, David Goodman and Olivia Kumwenda Mtambo)
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Eight skiers confirmed dead after California avalanche; one still missing
Authorities said that eight skiers were killed in an avalanche on California's Sierra Nevada mountains, while one remains missing. This is the deadliest avalanche to ever occur in U.S. History. Rescuers found six survivors late Tuesday, including a man and five females, amid an intense winterstorm that dumped several feet of snow in the Sierra highlands. A group of backcountry skiing enthusiasts were buried by an avalanche that swept through the Castle Peak area in Truckee, California around 11:30 am Pacific time, Tuesday. Nevada County Sheriff Shannan Moon told a Wednesday afternoon press conference that one of the skiers is still being treated at a hospital for non-life threatening injuries. The survivors took refuge in an improvised shelter made partly of tarpaulin and communicated via radio beacons and text messaging with rescuers. Moon said that about 50 rescuers from the north and south were sent to "extreme conditions" including blinding?snow and gale force?winds. The team used a snowcat to reach the survivors within two miles and then skied to the accident. Authorities said that one of the dead skiers was married. Blackbird Mountain Guides had just completed a three-day trip with a group of skiers. Four guides and eleven clients were part of the tour group. They stayed in Frog Lake Backcountry Huts, located at 7,500 feet (2,300 meters) above sea level, near Donner Summit, just northwest from Truckee. The mountain gets more than 400 inches in snow each winter. This makes it one of the most snowy places in the western hemisphere. According to its website, Blackbird was established?in 2020. It operates in California and Washington state, as well as British Columbia and many popular ski spots abroad. The company offers guided ski trips, as well as alpine climbs and avalanche training. The avalanche alert issued by the Sierra Avalanche Center on Tuesday remained valid on Wednesday morning. The agency stated that "HIGH avalanche risk could continue throughout the day on Wednesday." According to the Colorado Avalanche Information Center which has tallied six U.S. Avalanche deaths so far this winter, Avalanches claim an average of 27 lives every winter in the United States. (Reporting and editing by Nick Zieminski; Additional reporting by Brad Brooks; Steve Gorman; Devika Nair. Writing by Joseph Ax)
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Investors on edge as AI worries and US-Iran discussions dampen global stocks
Investors were uneasy about the prospect of a further selloff among technology and artificial intelligence?heavyweights, and nuclear negotiations between Iran and the U.S. remained a focus. Futures that track the Nasdaq 100 index in the United States fell 0.9%. The index has now declined three consecutive weeks, but the unwinding may not be over yet. S&P futures fell 0.3%. Axel Botte is the head of market strategy for Ostrum Asset Management. He said that "the markets are stress-testing each sector and their business model to see how resistant they would be to AI disruptors." A Bank of America monthly survey revealed that global investors are increasingly concerned about companies over-investing. The MSCI All-Country Index was flat. Botte said that the trend of fund managers selling European assets to benefit the U.S. has now reversed. UK DATA BOLSTERS - RATE CUT HOPES London's blue chip?FTSE 100 rose 0.4%, as the UK jobless rate increased, fuelling hope of an interest rate reduction next month. The annual wage growth, without bonuses, also slowed down to 4.2% in the last quarter of 2025, compared with one year ago. Adam Hoyes, senior asset allocation analyst at Rathbones, said that the softerening of the labour market was a major concern for more dovish Bank of England Monetary Policy Committee members for some time. The latest slowdown in wage growth may be the most important factor in convincing their more hawkish co-workers to support interest rate reductions. INVESTORS Scrutinize US-Iran Talks While tech stocks are in turmoil, traders also pay close attention to geopolitical events and their potential impact on the markets. Washington and Tehran have begun indirect talks on Iran's Nuclear Programme in Geneva, despite the heated rhetoric between U.S. president Donald Trump and Iran Supreme Leader Ayatollah Ayatollah Khamenei. The second round of Peace talks between Russia and Ukraine mediated by the U.S. On Tuesday, the same began in Geneva. The oil market could be affected by any breakthrough or failure in the negotiations. Brent futures rose 0.4% to $68.91 per barrel. U.S. West Texas Intermediate Crude?was up 1,8%. The contract didn't settle on Monday due to an American holiday. Analysts at ANZ said that geopolitical uncertainty is still a concern, and investors are cautious because of the upcoming U.S.-Iran negotiations as well as those with Ukraine this week. The risk premium that is currently built into oil prices may quickly?unwind if tensions in the Middle East are eased or a meaningful progress made on the Ukraine War." Spot silver fell 2.8% to $2.88 an ounce. Gold dropped 1.3% to $4.927 per ounce. The Nikkei in Japan fell 0.4%, despite the fact that the country's economy grew by an annualised 0.2% during the fourth quarter. This was far below the forecasted 1.6% increase, as government spending dampened activity. The dollar fell 0.3% to 153.14?yen, as the yen gained. The Japanese yen has steadily recovered after reaching its lowest level since July 2024 in late January, when investors were worried that Prime Minister Takaichi’s plans to spend heavily on the economy could harm state finances over time. In a research note, NAB analysts stated that the market had likely assumed that weaker GDP data for the fourth quarter would encourage PM Takaichi to reduce the food sales tax and offer additional fiscal assistance. The Lunar New Year holiday closed markets in China, Hong Kong and Singapore as well as Taiwan, South Korea, and Taiwan on Tuesday. The dollar index (which tracks the U.S. dollar against six other currencies) rose by 0.1%. (Scott Murdoch, Sydney; Saad Sayeed and Alexander Smith edited the article.
Base metals largely fall on caution over demand and China stimulus disappointment
Costs of base metals mainly fell on Monday, as caution prevailed in the middle of conflicting signals as needed and ahead of a key conference in China and the U.S. election.
Three-month copper on the London Metal Exchange fell 0.2% to $9,582.50 per metric lot by 0657 GMT, while the most-traded December copper agreement on the Shanghai Futures Exchange increased 0.4% to 76,790 yuan ($ 10,771.19) a load.
China's top legislative body will meet from Nov. 4 to Nov. 8. Nevertheless, there is no reference of the highly prepared for financial obligation and other fiscal steps on the conference program.
Financiers are cutting their exposure amidst the lots of rumours and dissatisfaction on economic assistance measures from China so far, said a metals trader.
The Nov. 5 U.S. presidential election will choose what policy instructions the world's most significant economy will follow in the next four years.
An absence of aggressive Chinese stimulus so far has actually dented copper's demand outlook, however its price has been supported by supply issues in the middle of mine disturbances and calls for more discipline in China's quick rate of smelting expansion, analysts and traders stated.
China's commercial profits plunged in September, recording the steepest regular monthly decline of 2024 and reflecting poor need.
The nation's central bank released a new lending tool previously in the day to inject more liquidity into the marketplace and support credit circulation in its banking system.
LME aluminium fell 0.5% to $2,663.50 a ton, zinc dropped 0.6% to $3,083, lead decreased 0.5% to $ 2,035.50, while tin increased 0.3% to $31,425 and nickel added 0.1% at $16,185.
SHFE aluminium edged up 0.3% at 20,890 yuan a load, tin climbed up 1.3% to 257,620 yuan, while nickel fell 0.2% to 126,430 yuan, zinc dropped 1.2% to 24,975 yuan and lead relieved 0.3% to 16,755 yuan.
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(source: Reuters)