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After Russian attacks, Ukraine's nuclear power plants are still operating at a limited capacity
The first deputy Ukrainian Energy Minister said that despite the Russian attacks of last week, Ukrainian nuclear power plants are still not able to operate at full capacity. The Russians attacked Ukraine's electricity system again last week. They struck both thermal?power stations and key electrical substations. This forced nuclear?plants into a reduction in power production. Artem Nekrasov said in a televised?statement that "restoration" is?under?way both at power stations and substations high-voltage, which supply?power?from nuclear plants. He stated that energy restrictions continue to exist across the country, both for the people and the businesses. Ukraine has three nuclear power plants, with a combined capacity of 8 gigawatts. The country needs 18 gigawatts. The war has destroyed or seriously damaged almost all of the?thermal? power plants that provided over a third? of consumption before. The shortfall is covered by maximum imports of?EU energy, a small amount from alternative sources and massive blackouts. (Reporting and editing by William Maclean, with Pavel Polityuk)
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Trump's repealing of climate regulation opens a "new front" for litigation
The Trump administration's impending repeal of an Obama-era finding that greenhouse gasses pose a threat to public health could lead to a new avenue for filing suits against power-plant operators, among other companies. Legal experts warned that the policy reversal could lead to an increase in "public nuisance" lawsuits, which were previously blocked by the Supreme Court's 2011 ruling that the Environmental Protection Agency should regulate greenhouse gas emissions instead of courts. Legal experts say that now that the EPA has abandoned this regulatory effort, it is likely that the legal shield created in 2011 will unravel. Robert Percival is a University of Maryland professor of environmental law. He said, "This could be another case of overreach on the part of the Trump administration that comes back to bite them." This week, the Environmental Protection Agency will repeal the 2009 scientific determination known as the endangerment findings that was the basis for federal climate regulations. The endangerment determination is what led the EPA under the 1963 Clean Air Act to take action to curb emissions from cars, power plants, and other industries. EPA Administrator Lee Zeldin called the revocation of the endangerment -finding "the biggest act of deregulation" in the history the United States. The power companies generally support President Donald Trump's deregulation agenda. However, they are concerned that the repeal of endangerment findings will trigger a slew of lawsuits. In September, the Edison Electric Institute (which represents publicly traded utilities) said that the revocation of the endangerment determination could lead to "an increase in litigation alleging common-law claims regardless of their merits." 'NEW ?FRONT' OPENING The U.S. courts recognize a legal concept known as "public nuisance," that prohibits actions that interfere unreasonably with the safety and health of a group. State and local governments typically bring public nuisance lawsuits to force the person responsible to pay for abating or fixing the nuisance. These cases are difficult to win in part due to the difficulty in proving a direct causal link between an individual defendant's emission and a particular climate harm. Legal experts say they could be a tool that environmental activists can use to hold greenhouse gas producers responsible for climate harms. California and five other state alleged in a lawsuit filed in 2004 that the big power companies were responsible for creating a public nuisance through their contribution to climate change. American Electric Power, Xcel Energy and other defendants were named. In 2011, the U.S. Supreme Court unanimously ruled that the six states were wronged. Justice Ruth Bader Ginsburg wrote for the court that regulating greenhouse gases should be left to EPA under the Clean Air Act. Ginsburg wrote that the law and subsequent EPA action, such as the endangerment findings, "displaces the claims the Plaintiffs wish to pursue." The 2011 ruling allowed power companies to avoid public nuisance lawsuits brought in federal court, although some cases brought in state courts have survived. Legal experts say that the policy change could give cases of public nuisance a "new lease on live", Sarah Light, a law professor at the University of Pennsylvania, said that this could change the stakes of a game. If the Clean Air Act does not apply to greenhouse gas emissions, there is no comprehensive statutory system in which Congress intended to displace nuisance cases, so they could likely?proceed? in court. Meghan Greenfield, an environmental lawyer at Jenner & Block, agreed that a new front for lawsuits could be opening. Greenfield stated that "this is a space where things have been settled over the last 15 years and you can imagine other wanting to push these fronts even harder" as the EPA leaves this area for regulation.
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In 2026, the Southern Hemisphere will experience record heat and wildfires.
Scientists predict that extreme heat and wildfires will rage through the Southern Hemisphere in 2026. After three years of record-breaking temperatures, scientists expect even more extreme weather conditions and perhaps another global annual record. In January, Australia was engulfed in a heat dome that set a new record, with temperatures reaching 50 degrees C. (122 degrees F). Meanwhile, heat and wildfires ravaged parts of South America. Remote parts of Argentina's Patagonia were set ablaze, and 21 people died?in coastal communities in Chile. South Africa is also experiencing the worst wildfires it has seen in years. Extremes continue to occur even though the world is still under the cooling influence a weak "La Nina", a climate cycle marked with cooler waters in the eastern and central Pacific which began in December 2024. Temperatures are still reaching new records in many places despite this moderating effect. Theodore Keeping, a climate scientist at Imperial College London who specializes on research into wildfires and extreme temperatures and is part of the international research collaboration World Weather Attribution and the Imperial College London research team. "As the transition from a neutral phase to an El Nino phase occurs, we can expect extreme heat events in the world will be amplified," Keeping said. El Nino has the opposite of La Nina. It warms the eastern and central Pacific, and increases global temperatures. Adam Scaife is the head of long-range predictions at the United Kingdom's National Weather and Climate Service. This would be the fourth year in a row that the temperature will be more than 1.4° C (2.5° F) higher than pre-industrial. The Paris Agreement, a 2015 international climate treaty, aims to limit warming to 1.5 degrees C (2.7 degree F) above preindustrial levels. Scaife stated that a record could still be set in 2026 if a large El Nino develops quickly. Last month, the World Meteorological Organization (WMO) said that the last three years had been the warmest ever recorded. FIRE RAGE FROM WOODS AND WATER Wildfires can be caused by humans, but they also occur naturally in many ecosystems. Heat, drought, and extreme temperatures are causing fires to become uncontrollable. Keeping stated that many ecosystems have not adapted themselves to the?hot and dry conditions', causing fires to become more intense and larger, causing damage to be permanent. According to Carolina Vera, a meteorologist at the Center for Ocean and Atmospheric Research of the University of Buenos Aires, the fires that ravaged Argentina's Los Alerces National Park demonstrate the shift. The park is a UNESCO World Heritage Site and contains trees that are more than 3,000-years-old. Local officials determined that lightning struck caused the fire. Initially, the fire was contained. Vera, however, said that a heatwave and strong winds had caused the fire to spread 20 km (12 miles), making it the most destructive wildfire in two decades. Since 2008, the region has been?drought-stricken. The temperatures during the first two week of January were?6 C (11 F) higher than normal. Vera explained that "these fires used burn themselves out as part of the forest dynamics." Vera stated that "this is an example of climate change altering a natural fire because it appears to have been caused by lightning." This remote area is devoid of any towns. In January, fires broke out in southern Chile, and spread to the Concepcion region, the third largest metropolitan area in the country. They destroyed hundreds of homes, and killed 21 people. Keeping said that the fires resembled recent disasters such as Los Angeles and Athens, or the Hawaiian island Maui. "In the areas where there have been the most deaths, it's almost always because evacuation is difficult or impossible," Keeping explained. This is especially true in areas affected by strong winds blowing downslope toward the coast. WHIRLWINDS of FIRE Around 80% of Punta de Parra was destroyed. This small coastal town, located in southern Chile, is surrounded by mountains and forests. Residents of Punta de Parra said that they only had a short time to evacuate. Doralisa Silva (34), said that she heard of a fire in another community near the town the night before the blaze hit. Silva said, "The forest caught fire out of nowhere and the entire house was on fire." The fire came at us in a blink of an eye. "There was nothing we could have done." Silva claimed that her family fled the scene last because they did not have a vehicle. Silva and Hermes Barrientos, who fled with their 2-year-old child, said that flames blocked the exit while embers fell. Barrientos stated that winds as high as 70 km/h (43.5 mph), whipped the area and created whirlwinds, which spread fire to the beach. Residents were trapped. The family and other residents eventually took refuge in a large field of dirt?in the middle of town and spent the evening watching their community burn. The Future is Filled with Fire The record-breaking heat in southeast Australia is also fueling the worst fires the country has seen since the 2019-2020 deadly season when 33 people died. According to officials, the fire season of 2025-2026 was the worst in South Africa for a decade. It killed wildlife and affected tourist destinations like Mossel Bay and Franschhoek. "The conditions that cause the most extreme fires to occur?--hot, dry, and windy -- are intensifying and becoming more common," Keeping stated. "And this is happening around the globe." Since the 1970s, the Southern Hemisphere's temperature has increased by 0.15 to 0.1 degrees C (0.27 - 0.30 degrees F). This is largely due to its vast oceans absorbing heat more slowly as well as melting ice in Antarctica. Even though southern land masses continue to warm at the same rate as northern land masses, contrasts between melting snow and warming land can intensify weather patterns and lead to heat waves, droughts, or flooding. Keep said that?adaptation was critical. This included authorities managing vegetation around cities, developing effective evacuation plans and?builders utilizing fire-resistant material. Wildfires cause increasing economic damage. A report from the insurance broker Aon in 2026 estimated that global insured wildfire loss would be $42 billion by 2025. This is up from $4 billion on average per year between 2000 and 2024. Los Angeles' fires in last year's record-breaking heat were the most expensive ever. Swiss Re, second largest reinsurer in the world, has found that before 2015 wildfires represented 1% of insured global losses due to natural disasters, but they now account for 7%. Economic losses related to fires have increased by $170 million per year since 1970. "You can't stop many of these large, intense wildfires." "They're just too big," Keeping stated. Keeping stated that the most important thing to do is "have a real conversation about limiting climate change in the future to prevent this problem from getting worse."
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Honeywell spin-off Solstice's profit in 2026 is below the estimate due to margin pressure
Solstice Advanced Materials' forecast for full-year earnings in 2026 was below market expectations on Wednesday. This overshadowed the solid growth of sales during the fourth quarter and the continued strength of nuclear?and electronics materials. LSEG data shows that the'specialty materials maker', which spun off from Honeywell last October, expects to earn adjusted earnings per share in 2026 between $2.45 and $2.75. This is below the analysts’ average estimate of 2.93 per share. Solstice estimates annual sales between $3.9 billion and $4.1 billion compared to an estimated $3.96 billion. The revenue forecast ?signals modest growth from 2025, but continued pressure on profitability as the ?company absorbs higher operating costs and navigates the transition to low-global-warming-potential refrigerants. The shift in product, as well as plant downtime, and other operational challenges, have impacted?on margins, even though demand for nuclear energy, data centres, and artificial intelligence is still strong. David Sewell, Chief Executive of the company, said that the company can now see the impact of the strategy it has adopted as a stand-alone business focused on secular trends. The rapid growth of?AI-driven, data centers has boosted demand for thermal management products and refrigerants. Advanced computing is also driving growth in semiconductor electronics materials. He said that the expansion of?AI? and?data centers also supports its nuclear energy business. The fourth-quarter net sales increased 8% to $987 millions, driven by double digit growth in Nuclear Energy Services (Alternative Energy Services), Electronic Materials, and refrigerant products. This also exceeded estimates of $923.3million. The adjusted standalone EBITDA for the October-December period fell by nearly 20%, to $189 millions, and margins narrowed 662 basis points, to 19.1%. (Reporting by Arunima Kumar in Bengaluru; Editing by Tasim Zahid)
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Artist behind the war dead helmet claims that Olympics from Ukraine 'look surreal.
Iryna Prots, a Ukrainian artist who created the banned helmet of skeleton racer Vladyslav Heraskevych that depicts Ukraine's war-dead, feels detached from the?Games. The 52-year old woman said in her apartment in Kyiv, "Honestly, I find the Olympics surreal." Because the Olympics have always been about peace... when the world was united. Russian airstrikes have ravaged the Ukrainian capital’s electricity grid, causing its residents to be in darkness and cold for months. Russian forces are making slow progress in an attritional conflict that is now entering its fifth year along the 1,200 km frontline. The Prots helmet, featuring portraits from two dozen Ukrainians killed in Russia's War, is at the heart of the standoff between Heraskevych & the International Olympic Committee. They pleaded to him on Wednesday not to wear it. The IOC banned the helmet on February 2, citing that it violated the rules for political statements during the Games. This ruling sparked widespread anger among Ukrainians. Heraskevych's friends were among the dead. He refused to comply and could be disqualified when the competition begins on Thursday. The 27-year-old finished fourth at the World Championships in 2017. On Wednesday, when asked if the helmet was there or not, he replied: "Yes." Artist: DESIGN SHOWS REALITY OF WAR Prots claimed that Heraskevych had asked her, who she knew since he was young, to decorate his helmet. She called her design "a challenge", meant to confront the world with war's reality. The Russian invasion has left behind tens and thousands of psychological scars and ravaged large areas of Ukraine. Kyiv is also under pressure by the Trump administration in Washington to quickly agree on a peace agreement. Prots said, "The world doesn't want the truth to be known." They don't know why we didn't give in, why we weren't willing to surrender. HERASKEVYCH SUPPORTED BY UKRAINIANS Prots' birthday is on the '24th anniversary' of Moscow's invasion on February 24, and he describes each athlete on Heraskevych helmet as an asset lost for the war torn country. She said: "Each pair... of eyes could be seeing the world right now, and they could be competing for their own medals or standing on their pedestals." Moscow says that sport and international conflict should be kept separate. Heraskevych has received a flood of support, including from President Volodymyr Zelenskiy. Svitlana Shevchenko, 37 years old, is a Kyiv resident who described Heraskevych, as a symbol for how Ukrainians strive to achieve in spite of suffering. We want to live and reach new heights. And we want the world to know it. (Additional reporting and writing by Yurii and Karolos, Alison Williams and Daniel Flynn.
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Five police officers killed in an attack in Northwest Pakistan
Police reported that five police officers were killed by militants in northwest Pakistan on Wednesday as the nation grapples with an increasing wave of Islamist violence. The police said that they were attacked upon their return after an operation against militants?on the outer outskirts?of the city?of?Dera Ismail Khan. A police statement said that the militants were hiding in a forest and opened fire on police patrols. The statement said that the police killed four militants as a result of a retaliatory strike. The attack was not claimed by anyone. The city is located on the edge of Waziristan, an area that has been ruled by lawlessness along the Afghan border. This area has long been a haven for jihadists, including local Taliban and Tehreek-e-Taliban Pakistan. Since the TTP revoked the ceasefire agreement with Islamabad in late 2022, militant?violence is on the rise. On?Friday, a suicide bomber killed more than 30 people at a mosque in Islamabad.
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Von der Leyen: EU needs to simplify regulations in order to compete with US and China
Ursula von der Leyen, President of the European Commission, said that the EU must simplify its regulations to be more competitive with the United States and China. Over the last two decades, EU growth has consistently been lower than that of?the United States, with EU innovation and productivity, especially in fields such as AI, falling behind. "Let's take the U.S. as an example again." Von der Leyen stated on Wednesday that there is only one financial system and capital. "In Europe, we don't only have 27 different systems of financial supervision, each with their own supervisor. More than 300 trading platforms are spread across the European Union. This is a fragmentation of the highest order. "We need a large, deep and liquid market for capital." Demands of Business Leaders Before EU leaders meet in a Belgian Castle on?Thursday, to discuss how to compete economically with China and America as the rules-based order is thrown into disarray, some leaders will gather?on Wednesday for an industry summit with company heads to listen to the demands of European businesses. The European steel giant ArcelorMittal will be joined by Heidelberg Materials, a building materials company, and Solvay, a chemicals group. They all want the EU to take stronger action against industrial decline. Business leaders have asked the EU to address Europe's high prices for energy and take action to stimulate demand for low carbon products. "The great thing about European issues is that Europe can fix them if they want to. Siemens Energy CEO Christian Bruch said that a lot of it is about flexibility, less paperwork, and more flexible labor laws. EU TENDING DOWNWARDS? Industry-commissioned research, published ?on Wednesday, suggested Europe's economic vital signs are trending downward. Deloitte's report found that the EU was clearly ahead of its international counterparts in only three out of 22 criteria assessed for competitiveness. This included use of recycled material. In terms of energy prices and costs to businesses, Europe lags behind the U.S. The EU is currently drafting a new law that will require "Made in Europe", or European-made, goods to be purchased through public procurements. This will reduce the EU's heavy dependence on China in terms of key technologies. Brussels is also planning to revamp its main climate policy - the EU carbon markets - which have become "increasingly political sensitive" as industries battle high energy prices and cheaper imported goods. Divergence in Strategy The EU has to contend with Donald Trump’s trade war, as well as Chinese export restrictions of minerals that are vital for the 27-nation group. It requires more wealth to fund decarbonisation?and digitalisation, and to strengthen its defense against a belligerent Russia. While all EU nations want to create a more competitive union, they differ?on the best way to achieve it. Emmanuel Macron, the French President, has reiterated his call to the EU for more common borrowing in order to invest in large scales and to challenge the hegemony the dollar. He also pushed the "Made in Europe' strategy. The EU's approach has caused a split in the EU and alarm among automakers who import many parts for their cars from outside of the EU. Germany stresses the importance of trade agreements and says that the key to boosting productivity is not building new debt but rather boosting productivity. Mario Draghi, former Italian Prime Minister, and Enrico Letta will be attending the summit on Thursday. They are authors of two influential 2024 reports about the EU's challenges in competitiveness and its "single market". Letta's key message was to set a date for the completion of the EU "single market" by 2028. He said: "I believe that's the only way you can respond to Trump, and to the external pressures the European Union faces from China and Russia in addition to the U.S.," he explained.
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Sources say Jacobs' QXO will buy Kodiak at $2.25 billion to take on Lowe's and Home Depot.
QXO Building Products, headed by billionaire Brad Jacobs and his team, has agreed with Kodiak Building Partners to purchase the smaller private distributor for $2.25 million. According to two people who have direct knowledge of the deal, QXO is led by billionaire Brad Jacobs and has agreed to buy smaller private distributor Kodiak Building Partners for about $2.25? Jacobs, chairman and CEO at QXO has been trying to compete with retail giants Home Depot, Lowe's and Lowe's for building product distribution. QXO has acquired Beacon Roofing Supply for $11 billion last year. Beacon Roofing Supply was purchased for $11?billion by QXO. This comes after Jacobs' hostile takeover bid against Atlanta-based Home Depot last June. Jacobs' efforts to increase QXO's $5? The loss slowed Jacobs' push to expand QXO's roughly $5? His next moves will be under increased pressure as he faces a revenue base of $50 billion. QXO competes in wholesale building materials distribution with Home Depot, valued at $388?billion, and Lowe's, valued at $160?billion. Lowe's, valued at $160 billion and $388?billion, is the leader in wholesale distribution of building materials. One person said that the Kodiak?deal will be followed in the next few months by other transactions, including private or public companies. Both spoke under condition of anonymity as the information was private. Kodiak declined comment. Jacobs didn't immediately respond to our request for comment. According to previous disclosures, Jacobs's earlier takeover attempts were backed both by?Affinity Partners?, the investment firm founded Jared Kushner?, U.S. president Donald Trump's daughter-in-law?, and Sequoia Heritage. GO BEYOND ROOFING QXO shares many suppliers with Kodiak - 16 out of Kodiak’s top 20 vendors supply QXO. This allows the acquirers to increase their purchasing power and sell more products to the customers they already know. Jacobs said that he plans to use artificial intelligence at QXO to better forecast demand, manage inventory and cut costs. QXO and Kodiak are in the same industry, but they sell different products. QXO now offers a broader range of construction supplies, including lumber, trusses and gypsum, which are important to regional and large contractors and homebuilders. According to its website, Kodiak offers fabrication and installation services in-house. According to the terms of this deal, QXO is paying $2?billion cash and issuing 13.2?million QXO shares to?Kodiak's owners. The person said that the option was retained by QXO for the repurchase of these shares at $40 each. The deal will see QXO issue 13.2?million shares of QXO to the owners of 'Kodiak.' They retain an option to purchase these shares at $40 per share, according to this person. Kodiak generates an annual revenue of $2.4? Kodiak has an annual revenue of $2.4? According to people familiar with the deal, QXO paid an enterprise value that was equivalent to approximately 10.7 times Kodiak’s projected earnings in 2025 before interest, taxes and depreciation, and around?0.95 sales. As high U.S. interest rates continue to put a strain on home building and large renovation and repair projects, distributors are preparing for a recovery as the rate is expected to fall. QXO recently gained a?extra cash and borrowing space to?fund purchases, including a $3?billion convertible preferred funding led by Apollo?and Temasek. In the last two years, consolidation has increased in the building products industry. Home Depot agreed to buy SRS Distribution in 2024 for approximately $18.25 billion and then acquired GMS through SRS. Lowe's responded with its $8.8 billion purchase of Foundation Building Materials and an earlier acquisition of Artisan Design Group. Lowe's countered with its $8.8? Reporting by Sabrina Valle, New York; editing by Dawn Kopecki & Jamie Freed).
Gold prices steady as traders increase December rate-cut bets
The gold price held steady Friday after falling by over 1% in the previous session. Traders increased their bets that interest rates will drop in December following comments from the U.S. Federal Reserve.
As of 1:48 pm, spot gold was unchanged at $4,086.57 an ounce. ET (18:48 GMT), following a fall of more than 1% in the earlier session. Bullion has a 0.1% weekly gain so far.
U.S. Gold Futures for December Delivery settled 0.5% higher, at $4.079.5 an ounce.
John Williams, the New York Fed president, said on Friday that the U.S. Central Bank could still reduce interest rates in near-term without jeopardizing the inflation target.
Jim Wyckoff said that the comments were "certainly supportive" and gave gold bulls some good news early on today.
The traders now expect a rate reduction at the Fed’s next meeting. This is up from 40% earlier that day.
The delayed jobs report revealed a mixed picture of the labor market. Nonfarm payrolls rose by 119,000, far above expectations for a 50,000 increase, while unemployment reached a four-year peak.
In low-interest rate environments, gold, which is a non-yielding investment, does well.
Lorie Logan, the Dallas Federal Reserve president, called for a temporary pause in the policy rate.
The traders are also closely watching the U.S. Stock Markets. "If the stock market rallies today, this will probably put downward pressure on gold due to the increased risk appetite on the marketplace," Wyckoff said.
Wall Street's major indexes rose as traders increased bets that the Fed will cut interest rates next month after policymakers made remarks.
The physical gold market in major Asian markets has remained low this week due to the volatility of rates. This deterred buyers from purchasing.
(Reporting by Pablo Sinha in Bengaluru; Additional reporting by Sarah Qureshi; Editing and production by Shreya Biswas, Alan Barona, Vijay Kishore) (Reporting from Bengaluru by Pablo Sinha; Additional reporting by Sarah Qureshi, Editing by Shreya biswas, Alan Barona, and Vijay Kishore.)
(source: Reuters)