Latest News
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India's Torrent Power will buy L&T Coal-plant Operator for $760 million
Torrent Power, an Indian company, announced on Monday that it would 'buy a coal-fired plant operator in northern India from Larsen & Toubro at 68.89 billion rupees (US$759.48m) including debt. Larsen & Toubro's unit L&T Power Development, which will execute the transaction, will receive 36.61 bn rupees - for the sale of Nabha Power - it announced in a separate press release. Nabha operates 1,400 megawatts of coal-fired power plant in India's Punjab state, and supplies its entire electricity to the Indian state power corporation under a contract lasting 25 years. Torrent expects that the deal will increase its operating capacity from 5 GW to 6.4 GW. This deal is part of Torrent's ongoing efforts to increase its thermal portfolio, as more power producers turn to coal-based capacity to meet the rising demand for electricity in India. Torrent announced a $2.5 Billion coal power project in central India last year and evaluated plans to build 5-7 GW in the next decade. In a press release, Torrent Power Chairman Samir Mehta stated that the acquisition marked Torrent's entry 'into the high growth power market of Northern 'India'. He added that the deal would "deliver a meaningful increase in?the total revenues and profitability."
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Iran's Foreign Minister says he will be meeting IAEA Director on Monday
Abbas Araqchi, Iran's Foreign Minister, said he would meet the director?of UN nuclear watchdog the day before a second round?of U.S. and Iran nuclear talks in Geneva. Iran and the U.S. resumed negotiations earlier this month in order to resolve their 'decades-long' dispute over Tehran’s nuclear program and avoid a new conflict as U.S. aircraft carriers, including a 2nd aircraft carrier, were deploying into the region. "I'm in Geneva with some real ideas on how to get a fair deal. Araqchi said on X that submission is the only thing on the table. Tehran is unwilling to accept zero uranium enrichment and will only discuss its nuclear program in exchange for sanctions relief. Before the U.S. joined Israel in attacking Iranian nuclear sites?in June, Iran and U.S. nuclear negotiations had stalled due to Washington's demands that Tehran?give up enrichment on their soil?which?the U.S. views?as a path to an Iranian nuke weapon? Iran claims that its nuclear program is only for civil purposes. It is prepared to allay concerns about nuclear weapons by "building confidence that enrichment will be and stay for peaceful purposes." Araqchi has said that he will be meeting with the head of the International Atomic Energy Agency, Rafael?Grossi, on Monday along with nuclear experts for "deep technical discussions." The IAEA has called on Iran to explain what happened to its stockpile containing 440 kg highly enriched Uranium after Israeli-U.S. attacks and to allow inspections to resume in all three sites bombed by Israel and the United States in June, Natanz, Fordow, and Isfahan. Iran has allowed the UN nuclear watchdog to inspect declared facilities that weren't targeted in June. However, the IAEA needs to clarify its position regarding U.S. or Israeli strikes. In September, the?IAEA announced an agreement with Iran in Cairo. The agreement was meant to pave way for full inspections and verifying. However, Tehran canceled the agreement when Western powers reinstated UN Sanctions on Iran. Reporting by Dubai Newsroom, Editing by Toby Chopra
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MOVES - Repsol, a Spanish company, appoints a new global head for trading
Robert Harvey and Pietro Lombardi MADRID/LONDON - Spanish energy major Repsol appointed Juan 'Romero' as its global head for trading on Friday, according to a company spokesperson. The company announced that Juan Romero would replace Jose Antonio Correa who retired. The news was not previously reported. Repsol wants to expand its trading division in order to achieve its broader strategy, which is to transition from an oil and gas company into a multi-energy provider. This shift comes at the same time as it considers a reverse merge for its upstream business. Romero, who has a LinkedIn profile, worked for Repsol in Madrid and Houston, where he traded crude oil and fuels. Repsol announced that several other oil traders will be given new roles following the change. Inaki Mateo will assume the role currently held by Fernando Gomis as global head for heavy products and bunkers. Carolina Franco will take over the global 'head of middle distillates' role that Mateo is leaving. (Reporting from Robert Harvey in London, and Pietro Lombardi at Madrid; editing by Lisa Shumaker).
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BlueScope Steel, Australia, beats profit expectations and lifts outlook. Shares fall
BlueScope Steel, the Australian target for a takeover bid, forecasted on Monday higher second-half earnings. It also reported a first-half profit that was above expectations. Spreads, increased volumes in key markets and cost-effectiveness are the main factors that helped BlueScope Steel, a target for takeover, to forecast higher second-half earnings on Monday. The steelmaker anticipates that the second-half earnings before interest and tax (EBIT) will be between A$620 and A$700 ($437.72 and $494.20 millions). BlueScope's six-month period ended December 31 saw underlying EBIT at A$557.5m and underlying Net Profit after Tax (NPAT) at A$382m, which is more than double the A$176.4m of last year and well above Visible Alpha's estimate of A$349.2m. The?stock closed the session at A$28.37 down 2.7%, after swung to a loss of 3.3%, from a gain?of 3.2%. Marc Jocum is a senior product and investment analyst at?Global X. Markets had been pricing in anticipation of a rival bid of A$35-A$40, compared to the original A$30. Jocum said that, with no new corporate developments, the focus has returned to fundamentals and earnings risks in the near term. The group stated that it is'strongly positioned' to generate additional cash flows in the form of A$3 per share for shareholders by 2026. This includes a special dividend announced earlier of A$1 per share. It announced an interim dividend of 65 Australian Cents per share, up from 30 cents one year earlier. In addition, it announced a A$310 Million on-market purchase, in accordance with its distribution goal to return at least 75 percent of free cash flow to shareholders. Tania Archibald, CEO and Managing Director of BlueScope, said: "All major projects are nearing completion in the first half. This includes the EAF at New Zealand Steel ...,. These projects support BlueScope’s operational resilience, growth, and success." Archibald added that the company had also simplified its portfolio by selling a 50% stake in Tata BlueScope Steel, and sold a part of the West Dapto plant, paving the way for increased shareholder returns. $1 = 1.4164 Australian Dollars (Reporting and editing by Sneha Thomas and Roshan Kumar in Bengaluru. Editing and reporting by Alistair Bell and Diane Craft.
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The Japanese economy could use some Fire Horse energy
Wayne Cole gives us a look at what the markets will be like in Europe and around the world today. The week has started off quiet in the United States and Asia. The Nikkei was stung by Japanese data as the GDP missed expectations. The economy only grew 0.2% annually in the fourth quarter of 2012, while analysts expected a rebound to 1.6% following a contraction in Q3. The GDP also increased by just 0.1% on a year-on-year basis, which is a dramatic drop from the 2% growth rate of mid-2025. The nominal GDP was slightly better, at 3.4% for the year. However, all of that was due to rising prices. The biggest drags on the growth were government spending and imports, which should support PM Takaichi in his call for aggressive fiscal stimuli. The talk now is about a supplementary budget that will be released sooner rather than later in the year. The Nikkei, however, could use a break after gaining 5% in the last week. Taiwan's stock price rose 5.7%, while South Korea's was up more than 8%. This is because chipmakers were able to benefit from the massive amounts of money that AI hyperscalers spent. Analysts worry that tech giants have entered a race to be the first to use AI (whatever it looks like)?without considering returns. This week there were no major tech companies reporting, so Walmart was the star of the show. Walmart's?sales are expected to increase between 4.8% and 5,1% annually, and the company needs to be at the top of that range in order to justify its P/E ratio of 47. The first trillion-dollar retailer in the world also uses a lot of 'AI, especially in areas like logistics, robotics and digital advertising. They hope AI will be able to better predict what customers want to purchase, and not purchase, which would be a boon for efficient inventory management. Market developments on Monday that may have a significant impact - Euro zone industrial output ECB President Christine Lagarde, Board Member Piero Cipollone attend Eurogroup Meeting Michelle Bowman, Fed Vice Chairperson for Supervision, speaks
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Japan data and holidays dampen shares in Asia
The Asian share market quietly consolidated recent gains on Monday, as the Lunar?Year holiday led to thin trading. Meanwhile, dismal economic reports from Japan drained some of the air from that booming stock market. China, South Korea and?Taiwan are among the markets closed. This leaves?currencies, bonds, and precious metals becalmed. Japan's economy only grew by a meager 0.2% annually in the quarter ending December, far less than the 1.6% forecast. Government spending was a drag on the activity. The figures are disappointing and highlight the difficult task that Prime Minister Takaichi faces. They should encourage her to push for more aggressive fiscal stimuli. Nikkei, the Japanese stock market index, rose 0.2% after gaining 5% in one week. MSCI's broadest Asia-Pacific share index outside Japan rose 0.4%. Last week, South Korea's technology-heavy stock market grew by 8.2%. Taiwan's stock market grew by almost 6%. Nick Ferres is chief investment officer of Vantage Point. He said, "We are concerned that the mega-cap tech companies in Asia may announce a pause on capital expenditures. This could lead to a sharp correction for memory stocks, which have surged in markets such as Korea this year." After their outstanding performance and revaluation, we are more cautious about memory stocks in Korea. In Europe, EUROSTOXX Futures increased by 0.1%. DAX Futures and FTSE Futures also rose by 0.2%. S&P futures increased by 0.2% while Nasdaq futures grew by 0.1%. The most important data for this week will not be released until Friday, when global surveys of manufacturing and the U.S. Gross Domestic Product for the fourth quarter are released. The median forecasts indicate a growth rate of 3.0% annually, down from the?4.4% in the previous quarter. CAPEX IS KEY TO FEWER BUYBACKS The Earnings Season continues in the U.S. Walmart will be the main attraction, as it will give a good indication of consumer spending patterns after a disappointing retail sales month. Stocks of the retailer have risen 20% in value this year. Its market capitalisation is now over $1 trillion, making it the largest company in the consumer staples industry. This sector will grow 15% by 2026. The rotation of defensive stocks out of the tech sector has been a boon for the defensive stocks. This is due to concerns over the high cost of AI capex, and the disruption caused by AI competition in sectors like software. Hyperscaler capital expenditure plans are now $660 billion. This is $120 billion more than they were at the beginning of earnings season. Goldman Sachs analysts noted that while capex is on the rise, S&P buybacks have dropped by 7% compared to a year earlier. In a note, they said that this was the third quarter in a row of stagnation. We expect that the scarcity of cash and the buybacks, which are increasing, will increase the premium paid by companies who return cash to their shareholders. The Federal Reserve is reducing interest rates and there's no shortage of money flowing into the bond market as investors exit stocks. The yields on two-year Treasuries dropped to 3.408% last Friday, the lowest since mid-2022. Futures indicate that 68% of the Fed's cuts will occur in June, and 62 basis point of easing is priced into the year. The dollar index fell 0.8% to 96.890 last week, with the majority of the losses coming from a recovering Japanese yen. The dollar rose 0.2% on Monday to 153.05 Japanese yen, after falling 2.9% the previous week. Meanwhile, the euro remained flat at $1.186. Last week, the dollar lost 1% against the Swiss Franc. The euro also fell below 0.9100 Swiss Francs for first time since 2015. The constant rise in the Swiss franc is causing a flurry of activity on the markets, as the Swiss National Bank could intervene. Inflation has already reached 0.1% and is close to the bottom end of the target range of?0% - 2%. Gold fell 1.3% on the commodity market to $4,973 per ounce, after swinging wildly over recent weeks, as investors were forced out of leveraged position. Silver fell 3%, to $75.05 per ounce. Oil prices remained steady as investors digested a recent report that OPEC was leaning toward a resumption in oil production increases. Brent remained at $67.77 per barrel while U.S. crude barely moved at $62.91 a barrel. (Reporting and editing by Sonali Mayberry and Kate Mayberry; Reporting by Wayne Cole)
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CORRECTED - Asia shares becalmed due to holidays, dire Japan data
The Asian stock market quietly consolidated recent gains as the holidays led to thin trading and disappointing economic data from Japan cooled down that booming sector. China, South Korea, Taiwan, and the United States are among the centers that were off, leaving?currencies and commodities, as well as bonds, all in a state of calm. The most important data for this week will not be released until Friday, when the U.S. releases its Gross Domestic Product (GDP) for the fourth quarter and surveys of global manufacturing are released. Median predictions are for an annualised growth rate of 3.0%. This is down from the 4.4% in the previous quarter, but still solid. Japan reported on Monday that its economy grew by a meager 0.2% annually in the quarter ending December, well below the 1.6% forecast. Government spending was a drag on the activity. The figures are disappointing and highlight the difficult task that Prime Minister Takaichi faces. They should encourage her to push for fiscal stimulus. Investors may have been thinking of this when they pushed Japan's Nikkei index up by 0.2% after a 5% increase last week. MSCI's broadest Asia-Pacific share index outside Japan rose 0.1%. The South Korean tech-heavy stock market grew 8.2% in the past week. Meanwhile,?Taiwan's market climbed nearly 6%. Nick Ferres is chief investment officer of Vantage Point. He said, "Our concern in Asia is if mega-cap tech companies announce a pause on capital expenditure that could lead to a sharp correctio in memory stocks which have surged sharply this year in markets such as Korea." After their outstanding performance and re-rating, we have become more cautious about memory stocks in Korea. CAPEX - MORE CAPEX = Fewer Buybacks In Europe, EUROSTOXX Futures were flat while DAX Futures gained 0.2%. S&P futures increased by 0.2% while Nasdaq's futures gained 0.1%. Walmart will be the main attraction in this week's earnings season, as it offers a 'colourful view of consumer spending after a disappointing retail sales performance for December. Stocks of the retailer have risen 20% in value this year. Its market capitalization is now over $1 trillion, making it the largest company in the consumer staples industry. This sector will grow 15% by 2026. The rotation of defensive stocks out of the tech sector has been a boon for the defensive stocks. This is due to concerns over the high cost of AI capex, and the disruption caused by AI competition in sectors like software. Hyperscaler capital expenditure plans are now $660 billion, an increase of $120 billion from the beginning of the earnings season. Goldman Sachs analysts noted that while capex increased, S&P buybacks dropped by 7% compared to a year earlier. In a note, they said that this was the third quarter in a row of stagnation. We expect that the scarcity of free money and the buybacks, will increase the premium paid by companies that are focused on returning cash flows to shareholders. The Federal Reserve is reducing interest rates and there are no shortages of money flowing into the bond market as investors exited the stock markets. The yields on 2-year Treasuries dropped to 3.408%, the lowest since mid-2022. Futures indicate that 68% of the time the Fed will reduce rates in June, and 62 basis point of easing is priced into the futures for the entire year. The fall in yields last week?pulled down the dollar index by 0.8% to 96.890. Most of the losses were against a recovering Japanese yen. The dollar was slightly?firmer, at 152.94yen after slipping 2.9% the previous week. Meanwhile, the euro was unchanged at $1.1870. Last week, the dollar lost 1% against the Swiss Franc while the euro fell below 0.9100 Swiss Francs for first time since 2015. Markets are on high alert for possible Swiss National Bank intervention given that inflation is at 0.1%, which is near the bottom of the target range of 0% to 2 %. Gold prices on the commodity market fell 0.5%, to $5,014 per ounce, after swinging wildly over recent weeks, as investors were forced out of leveraged position. Investors digested a news report that OPEC was leaning toward a resumption of oil production increases in April. Brent was unchanged at $67.74 per barrel while U.S. crude barely moved at $62.87. (Reporting and editing by SonaliPaul)
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US conducts the first air transport of a nuclear microreactor to demonstrate technology's viability
U.S. Military flies small reactor from California to Utah Microreactors are seen as an alternative to diesel generators for remote areas Talks are ongoing with several countries about the disposal of nuclear waste. By Valerie Volcovici HILL AIR FORMATION BASE, Utah. Feb. 15 - On Sunday, the U.S. Departments of Energy and Defense transported a small reactor from California to Utah on a 'cargo plane. This was to 'demonstrate that nuclear power can be quickly deployed for military and civilian purposes. The agencies worked with California-based Valar Atomics, to fly a Ward microreactor on a C-17 plane -- without nuclear fuel -- from California to Hill Air Force Base. Energy Secretary Chris Wright, Under Secretary of Defense Michael Duffey and the C-17 aircraft with the reactor were aboard. They hailed this event as a major breakthrough in nuclear energy and military logistical capabilities for the United States. Duffey said, "This brings us closer to deploying nuclear power where and when it is needed in order to give our nation’s warfighters tools to win battles." The administration of President Donald Trump sees small reactors as a way to increase U.S. production of energy. Last May, Trump issued four executive order aimed at?boosting domestic nuclear deployment in order to meet the growing demand for energy needed for national security as well as competitive AI advancements. In December, the Energy Department awarded two grants for the development of small modular reactors. Microreactors are also marketed as a source of energy that can be transported to remote and far-flung places. They offer a 'alternative to diesel generators, which require frequent fuel deliveries. Skeptics, however, have claimed that small nuclear reactors cannot generate electricity at a reasonable cost. Edwin Lyman is the director of nuclear energy safety at Union of Concerned Scientists. He said that there was no business case to be made for microreactors. Even if they worked as intended, they would produce electricity at much higher costs than large nuclear reactors. Wright stated that the Energy Department will have three microreactors achieve "criticality", i.e., when a nuclear reaction is able to sustain itself by July 4. According to Valar CEO Isaiah Taylor, the microreactor at Sunday's event is a little bigger than a minivan and can produce up to 5 Megawatts of energy, enough to power 5,000 houses. The microreactor will begin operating at 100 kilowatts in July and reach a peak of?250 kilowatts by the end of this year, before ramping up to its full capacity. Valar hopes that it will be able to sell power in 2027 on a trial basis and then become commercially viable in 2028. The private sector funds its own nuclear technology development, but it needs federal support to "allow fuel fabrication and uranium enlargement here" according to Mr. He said. Wright, a reporter at the San Rafael facility said that fuel for Valar's nuclear reactor would be transported from Nevada National Security to the San Rafael site. Lyman stated that even small 'generators' produce a large amount of radioactive waste. Some experts say that designers are not "compelled" to take into account waste from the start, but only have to plan how it will managed. Wright stated that although the issue of disposal of nuclear waste is still unresolved, the Energy Department has been in discussions with several states, including Utah to host sites for reprocessing fuel or permanent disposal. (Reporting and editing by Sergio Non, Lincoln Feast, and Valerie Volcovici.)
US data and tariff concerns are a focus as gold prices fall.
The gold price dropped by nearly 1% Tuesday, as easing trade tensions between America and its trading partners weakened the metal's appeal as a safe haven. Investors waited for U.S. data on the economy to determine the Federal Reserve policy direction.
As of 0425 GMT, spot gold was down by 0.8%, at $3,314.99 per ounce. U.S. Gold Futures fell 0.7% to $3325.10.
The risk environment has improved in recent months, as market participants are encouraged by the optimism that the worst trade tensions could be behind us due to encouraging rhetoric about trade deals," said IG Market Strategist Yeap JunRong.
U.S. Treasury secretary Scott Bessent stated on Monday that several top trading partners made "very good proposals" to avoid U.S. Tariffs. India is likely to be the first country to reach a final agreement.
Bessent said that China's recent decision to exempt some U.S. products from its retaliatory duties showed a willingness for trade tensions to be de-escalated.
U.S. President Donald Trump's administration will also move to reduce the impact of his automotive tariffs by alleviating some duties imposed on foreign parts in domestically-manufactured cars.
A majority of economists surveyed in a recent poll believe that there is a high risk the global economy could slip into recession. Many also said Trump's tariffs had damaged business confidence.
Due to increased uncertainty, the price of gold, which is traditionally seen as a hedge to political and financial instabilities, reached a record high last week at $3,500.05/oz.
Investors will be watching economic data, such as the U.S. Job Openings Report later that day, the Personal Consumption Spending report on Wednesday, and non-farm payrolls on Friday.
Rong stated that "Longer term structural tailwinds will likely keep the upward trend in place, as long as central banks of emerging markets continue to diversify their reserves."
Spot silver fell by 0.5% to $32.98 per ounce. Platinum dropped 0.2% to $884.56, and palladium was down 0.4% to $945.47.
(source: Reuters)