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Kremlin calls energy revenues drop and budget deficit fixable 'routine difficulties'
MOSCOW, February 26 - The Kremlin said on Thursday that a sharp drop in revenue from energy sales and a growing budget deficit were "routine problems" which could be resolved thanks to macroeconomic stability. Dmitry Peskov, Kremlin spokesperson, commented on the meeting that President Vladimir Putin had with top government officials to discuss budget this week. Peskov stated that Putin closely followed 'economic developments' during the meeting that Prime Minister Mikhail Mishustin claimed took place on Tuesday night late at night. "There is a real decline in oil and gas revenues. The growth of non-oil revenue partially offsets this decline. Peskov assured reporters that the Russian economy was stable in general. After the budget meeting, Finance Minister Anton Siluanov announced that Russia would divert more oil revenues into its reserve funds and announce changes to this year's budget in two weeks. Russian oil sales, the country's main export commodity, are down because Moscow has been forced to offer it at a higher discount on global markets as a result of?Western sanctions? and U.S. pressure?on major buyers. The stronger rouble also has a negative impact on revenues. (Reporting and writing by Dmitry Antonov, Editing by Andrew Osborn.
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Sources warn that India is bracing for an unusually warm March. Wheat and rapeseed are at risk.
Two weather bureau sources said that India will likely record its warmest March ever, with temperatures above average forecast for 'key wheat and rapeseed growing states, which could reduce yields. India, the world's?second-largest producer of wheat? and?biggest consumer?of edible oil, is counting upon bumper crops in 2026 to export excess wheat and reduce costly imports such as palm, sunflower, and soy oils. The higher temperatures at the critical stages of grain filling and maturation could reduce yields. This would lower overall production, which was expected to hit a record. The demand for electricity is expected to increase in March due to the higher temperatures. "The maximum and minimum temperatures in the northern and north-western state are likely to be above average for March," said an official at the India Meteorological Department. The official did not want to be named before the official announcement by the weather office. IMD will release its March temperature forecast?later in the week. It did not respond immediately to a question about the forecast for March temperatures. The official stated that maximum temperatures are expected to be up to 7 degrees Celsius higher than normal in Punjab and Haryana as well as Rajasthan, Uttar Pradesh and some parts of Madhya Pradesh in March. Over 80% of India's total wheat production and rapeseed is produced in these states. Winter crops such as chickpeas and rapeseed are planted between October and December. They require cold weather conditions to grow optimally. India had to ban wheat exports in 2022 due to the shrivelling of wheat crops during a warm March and February. Heat stress could be exacerbated by persistent temperatures above normal in the first half of March, according to Ashwini Bansod. She is vice president for commodities at Phillip Capital India. Indian farmers planted wheat and rapeseed in record numbers this year. The second official from the IMD said that the day temperatures will?start to rise in the next few weeks and by the end March, maximum temperatures may exceed 40 degrees Celsius. (Reporting by Rajendra Jadhav; Editing by Alexandra Hudson)
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EU asks G7 for coordination on ban on Russian oil seaborne services
The EU's sanctions representative said that before implementing the measure, it is important to coordinate with other G7 nations. On February 6, the European Commission proposed an 'all-encompassing' ban on services that support Russia’s seaborne crude exports. This proposal went far beyond previous EU sanctions, which were piecemeal in nature. It was part of a larger effort to stifle Moscow's main source of revenue for its war against Ukraine. "I believe the European Union made it clear that we will be applying the oil price cap for the time being, which was recently reduced to $44 per barrel. David O'Sullivan, a representative of the European Union at a Bishkek news conference, said that Russia's revenues from oil and gas have dropped dramatically in recent years. He said that the EU supports a ban on maritime services, but must coordinate with G7 colleagues to make a decision. Talks will take place in the coming days and weeks. Diplomats said that the EU was most concerned by the U.S.'s support of the measure. With the assistance of Western shipping, Russia exports more than a third its oil on Western tankers. These are mainly from Greece. Cyprus and Malta. The proposed ban would stop this practice of buying Russian crude oil, which mainly supplies India and China. It also renders obsolete the price cap that G7 tried to enforce on Russian crude oil purchases with mixed results. The Commission proposal didn't specify how the ban would be implemented or if it would include later?refined product - whose?price?cap differs - as well as other energy exports like liquefied gas. Last year, the EU, along with a coalition that included?G7 member Britain and Japan, lowered the price cap in order to reflect the fall in market prices. The price of Russian crude oil is now $44.10 per barrel. This compares to the current Basra Medium blend from Iraq, which costs $64 per barrel. The U.S. did not join this coalition. However, it added Russia's two largest oil companies, Rosneft, and Lukoil to its list sanctioned entities, subject to asset freezes. Reporting by Aigerim Turgunbaeva; writing by Jan Strupczewski, editing by Sharon Singleton
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Asia LPG and naphtha prices jump after Saudi terminal failure
According to trade sources, and LSEG data, the prices of liquefied petrol gas and?naphtha jumped on Thursday in Asia after Saudi Aramco halted the exports from a major terminal. This disrupted supplies to the area, and India is likely to be the worst hit. On Wednesday, Saudi?Aramco announced that it had halted LPG deliveries this week at its eastern terminal in Juaymah. This terminal is one of the largest exporters of butane and propane. It suffered structural damage to its delivery system on February 23, which was a result of a component being damaged. Fuel from the terminal near Aramco’s Ras Tanura refinery and the Jafurah Gas Field is used to heat the building during the winter. It can also be used as cooking gas or petrochemicals as feedstocks for the steam crackers. Aramco has announced that it will not be delivering?propane or butane to Juaymah in the coming weeks, as it assesses the potential impact. 5% SURGE IN LPG INDEX FAR EAST In Asia, the disruption caused a?jump in prices for propane, butane, and naphtha. LSEG data shows that March butane and propane futures have risen more than 5% since Wednesday, to $612 a metric ton and $598 per metric tonne respectively. The cost and freight basis for March Japan naphtha was up about 2%, at $619 per tonne. The prompt monthly spreads were more than $2 a tonne in reverse from the Asian close on Wednesday. The market structure is backwardation when the prices of immediate supplies are higher than those for future months. This indicates a tighter supply. Three TANKERS to Load LPG for India India, the largest LPG exporter from Juaymah is expected to suffer the most, traders said. Shipping data from Kpler and LSEG revealed that two tankers, Symi, and Bw Elm have arrived at the terminal, while Jag Viraat will be loading LPG cargoes on behalf of Indian Oil Corp. and Hindustan Petroleum Corp. IOC didn't immediately respond to an inquiry for comment. A source familiar with the situation said that up to 10 cargoes were cut in March, some of which were bought directly from Aramco. The size of each cargo is typically between 44,000 and 46,000 tons. A second source in the refinery industry said that Indian refiners would have to find alternatives to Saudi LPG cargoes because of the delays. Three regional sources said that buyers may be looking to the U.S. as a source of supply. This could cause prices to rise further, since there has been a backlog on U.S. imports in recent weeks. Kpler's shiptracking data revealed that Juaymah exported LPG in average monthly quantities of 450,000 tonnes between 2025 and 2024. The data shows that at least 60% (or more) of the LPG exported by India last year was destined for China, and only 15% went to India. CHINA IS FEELING LESS HEAT NOW Chinese traders anticipate less impact on China during low-demand seasons. A Chinese LPG importer executive said that many units of propane dehydrogenation will not resume operations until after the Lantern Festival on March 3. Two other sources said that China's PDH plants are running a little above 60% capacity on average. This is a bit lower than normal due to turnarounds. Three trade sources confirmed that loading of the first Jafurah Condensate Cargoes is not affected for the moment. One source added that the problem is only affecting one pipeline and one berth, specifically for the Juaymah NGL Facility. Reporting by Trixie YAP, Florence Tan, and Chen Aizhu from Singapore, Shariq KHan in New York, and Maha El Dhan in Dubai. Editing by Clarence Fernandez, Thomas Derpinghaus.
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Investors wait for US-Iran developments to ease up on major Gulf markets
Investors adopted a cautious stance in the early hours of trade on Thursday, as they awaited a third round U.S. - Iran nuclear talks scheduled for Geneva later in the day. Saudi Arabia's benchmark index fell 0.5% as its losses grew due to the Kingdom's increased budget deficit. The losses were widespread, with financial stocks leading. These included a 0.6% decline?in Al Rajhi Bank - the largest Islamic lender in the world - and a 1.4% drop in Saudi National Bank - the largest lender of the country by assets. Saudi Aramco's shares fell 0.7% and are on course to continue a two-day decline, after the energy giant confirmed damage at its Juaymah Terminal, resulting in delivery cancellations. Saudi Arabia has reportedly stepped up its oil production and exports to prepare for a possible U.S. attack on Iran. Banking stocks weighed down the main index in Dubai by 0.5%. Emirates NBD Bank dropped by over?3% while Emaar Properties, a blue-chip developer of real estate, lost nearly 1%. The UAE Central Bank announced plans to create a sovereign cloud financial infrastructure on Wednesday in collaboration with G42 subsidiary Core42. Alpha Dhabi Holding and Aldar Properties both fell 0.6% and 0.5% respectively. Bloomberg reported that Shell was in discussions with ADNOC, among others, regarding the sale?of its stake in an Australian LNG project. Qatar's stock market index fell?0.3% due to a broad-based decline. Qatar National Bank, which is the largest lender in the region, fell by 0.3% while Qatar Aluminum Manufacturing Co dropped by 3.1%. (Reporting and editing by Sharon Singleton; Amna Mariyam)
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Iron ore traders weigh up production cuts against the stimulus promises
Iron 'ore futures were unable to find a direction on Thursday as traders weighed the reduced demand for feedstock due to imminent production -cuts against signs that Beijing will implement more 'property stimuli' measures. The daytime trading of the most traded May iron ore contract at China's Dalian Commodity Exchange ended flat at 748.5 Yuan ($109.46). The benchmark March ore at the Singapore Exchange rose 0.13% to $0.13 per ton. Chinese steelmakers in the northern region of the country will have to reduce production by at least 30% from March 4, to maintain clean air during the annual parliament meeting on March 5. The reduction in production will reduce the demand for feedstock. However, the higher steel prices and the anticipation of stimulus policies at the parliamentary'meeting' will encourage mills?restock. Beijing showed its willingness on Wednesday to re-energize the property market after Shanghai lifted restrictions on homebuying and rules that limited property developers' borrowing. There are rumors that other major cities will soon follow suit with property-easing measures. According to data released by the Shanghai Steel Market on February 25, the blast furnace operating rates in 242 mills increased week-on week, and hot metal production was up 7,700 tons from the previous week. SteelHome's data shows that spot prices for seaborne iron ore rose 1.46% in a week to $97.5 on 25 February. Coking coal and coke, two other steelmaking ingredients, also declined on the DCE. The Shanghai Futures Exchange's steel benchmarks were mixed. Rebar gained 0.2%, while hot-rolled coils rose 0.09%. Wire rod also gained 0.35%. Stainless steel, meanwhile, fell 0.27%.
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Schneider exceeds expectations in profit as demand for data centers offsets the weak dollar
French industrial group ?Schneider Electric on Thursday reported stronger-than-expected core earnings, driven by robust ?data centre demand, supporting its 2026 outlook despite pressure from a weakening ?dollar. In its data center segment, the group saw a triple-digit growth year-on-year. Quarterly revenues increased organically by 10.7%, to 11,10 billion euros ($13.12billion). The adjusted full-year earnings before interest taxes and amortization (EBITA), totaled 7,52 billion euros. The company polled analysts who expected an average revenue of 10.90 billions for the fourth quarter and a full-year adjusted EBITDA of 7.48 billions. Hilary Maxson, CFO of the company, told the media that while the United States drives data centre growth, there is also a growing demand for the technology in France and Northern Europe. Maxson stated that "we are starting to see data centers being unlocked in Europe where the governments have pushed for permits and electrical connections." Schneider, once known for its industrial components such as fuses and circuit breaker, is now the backbone of data centers. They supply everything from cooling units, server racks, and critical power distribution equipment. About 30% of the company's total orders are for data centers and networks. The company is the latest to make a positive prediction about AI demand in 2019. This follows comments from Nvidia, a chipmaker, and Legrand, a French electrical and digital infrastructure group. DATA CENTERS SUPPORT BUSINESS GROWTH Schneider expects its organic revenue to grow between 7% and 9% this year, and that the adjusted EBITA will increase between 50bps and 80% bps. This is in line its long-term goals, which it set out in December. It aimed for an average annual organic growth rate of 7% to 10% and organic adjusted EBITA growth of approximately 250 basis points between 2026 and '2030. Currency fluctuations caused the group's fourth-quarter revenue to drop by 701 millions euros, due to a falling dollar, Indian Rupee, and Chinese Yuan. Maxson stated that the company expects to see "a little less than double" of the 160 million euro increase reported for 2025 due to import tariffs. This includes the U.S. Schneider announced that Nathan Fast will replace Maxson as investor relations director on April 5. ($1 = 0.8462 euros)
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Schneider exceeds expectations in profit as demand for data centers offsets the weak dollar
French industrial group Schneider Electric on Thursday reported stronger-than-expected core earnings, ?driven by robust data centre demand, supporting its ?2026 outlook despite pressure from a weakening dollar. The group saw a triple-digit growth year-on-year in demand for the 'pure' data centre segment, leading to a 10.7% organic increase in total quarterly revenues of 11.10 billion euro ($13.12billion) and adjusted full-year earnings before interest taxes and amortization (EBITA) at 7.52 billion. The company polled analysts who expected an average revenue for the fourth quarter of?10.90 Billions and a full-year adjusted EBITDA of 7.48 Billions. Schneider, once known for its 'industrial components, like circuit breakers and fuses,' now forms the backbone of most data centers. They supply everything from cooling units, server racks, and critical power distribution equipment. Legrand, a French electrical and digital building equipment group and chipmaker Nvidia have also made positive comments about AI demand. DATA CENTERS SUPPORT GROWTH Schneider expects its organic revenue to grow between 7% and 9% and that the adjusted EBITA will increase between 50bps and 80%bps this year. This is in line the long-term goals it set out in December. It aimed for an average organic revenue growth between 7% and 10% per year and a EBITA adjusted organic margin?growth of approximately 250 basis points from 2026 to 2030. Currency fluctuations caused the?group's fourth-quarter revenue to drop by 701 millions euros, due to a weakening dollar, Indian rupee, and Chinese Yuan. Nathan Fast, the investor relations director at Schneider, will replace Hilary Maxson on April 5. (1 euro = 0.8462 dollars) (Reporting and editing by Alessandro Parodi)
Wall Street Journal, February 26,
These are the most popular?stories from the Wall Street Journal. The Wall Street Journal has not?verified?these stories or?guarantee their accuracy.
The Washington Post has lost more than $100 million in the last year due to financial problems that led to the decision to reduce staff by 30% at an earlier date this month.
BlueScope Steel, a company based in Australia, said that the revised 'A$15 billion (10.69 billion dollars) proposal by the U.S. Steel Dynamics consortium and 'SGH' does not address the valuation concerns of the firm. It added that there are other ways to increase shareholder value.
Wayve, a self-driving startup, has announced that it has raised $1.2billion from investors such as Mercedes-Benz Stellantis, Nissan, and Uber. The money will be used to scale up robotaxi deployments?and work with global automakers regarding driver assistance technology.
Larry Summers, former Harvard University president, will resign from his leadership and teaching positions at the University at the end?of the academic year.
The Trump administration is withholding more than $250,000 of Medicaid funding from Minnesota. They claim that the state allowed federal funds to be stolen for social welfare programs.
(source: Reuters)