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Ananym says BWX Technologies shares could double if they commercialize the reactor design.
Ananym Capital Management, an activist investor, believes that BWX Technologies stock could double over the next few years if it commercializes a nuclear reactor design that was mothballed to meet soaring energy demands. Alex Silver, co-founder of the two-year old investment firm, spoke publicly about BWX Technology at the Sohn Investment Conference on Tuesday in New York. Ananym believes that BWX Technologies, which archived the design of a small modular pressurized reactor nearly a decade ago, could now be competitive as the 'demand for clean energy by data center operators has exploded. BWX Technologies of Lynchburg in Virginia, with a market cap of $19 billion?supplies nuclear units to the U.S. Navy and produces and maintains commercial nuclear components, as well as radioisotopes used for diagnostic and therapeutic treatments. The shares of the company, which closed Tuesday at $206,83 on the New York Stock Exchange have increased by 93% in the last 12 months. Gains have been driven by the growing demand for energy, increased defense spending, and government and commercial investments in nuclear power. MULTIPLE WAYS TO VALUE FOR SHAREHOLDER Ananym says the company can create more value for its shareholders in several ways. Ananym said that BWX Technologies stock could increase by 45% if the company continues to be a supplier of so-called "picks and shovels" for large reactors and small modular reactors with boiling water. BWX Technologies, however, has the opportunity to develop mPower alone, or through a joint-venture, which would push the share prices even higher. Ananym stated that this would not be a cannibalization of existing sales, as there are many buyers for small modular reactors with boiling and pressurized water. The Trump administration already has a goal of increasing nuclear energy capacity by four times by 2050. Silver and Charlie Penner are two of Ananym?s founding partners. Both have impressive resumes as activists. Penner was successful in challenging Exxon Mobil’s board of directors in 2021, while working at Engine No. Prior to that, he was a 'partner' at Jana Partners. Silver was the founding?partner of P2 Capital Partners. They have urged Baker Hughes to separate its Oilfield Services & Equipment division. Reporting by Svea Autumn-Bayliss, New York; editing by Matthew Lewis
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As Middle East peace hopes fade, stocks fall and oil rallies
Wall Street's major equity indexes fell on Tuesday, and the dollar rose as U.S. inflation increased and oil gained for the third consecutive day. Hopes for a Middle East Peace Deal to allow ships through?the Strait of Hormuz faded. In April, U.S. Consumer Prices (CPI), rose sharply for the second consecutive month. This resulted in the largest increase in annual?inflation? in nearly three years. It boosted expectations that the Federal Reserve will keep interest rates the same for some time. Oil prices have risen due to the U.S. War on Iran. This has led to higher gasoline, jet fuel and diesel. Economists predict that there will be a second round of effects in coming months. The data came after U.S. president Donald Trump announced on Monday that the ceasefire agreement with Iran, which had been in place for a month, was "on life-support" because of Tehran's response when the U.S. proposed an end to the war. Brent crude closed at $107.77 a barrel, an increase of 3.42%. There have been rumors that the conflict in Iran could flare up again. Emily Roland, Manulife John Hancock Investments' co-chief investment strategy, said that the rising oil prices were a result of this. She also noted that rising Treasury yields put pressure on stocks. Some of this was on the back of the CPI report that came out this morning, which was actually pretty tame beneath the surface. Investors had hoped for progress in the Iran conflict following a meeting between Trump, and Chinese President Xi Jinping. But Trump has said he doesn't think he needs China's assistance to end the war. "China is unlikely to change its stance in the future, as it has avoided any involvement." Jack Janasiewicz is the lead portfolio strategist for Natixis Investment Management Solutions. The MSCI index of global stocks fell by 4.97 points or 0.45% to 1,103.32. The STOXX 600 pan-European index had earlier finished lower by 1.01%. Wall Street saw the Dow Jones Industrial Average rise 56.09 points, or 0.1%, at 49,760.56. The S&P 500 dropped 11.88 points, or 0.1%, at 7,400.96, and the Nasdaq Composite declined 185.92, or 0.71% to 26,088.20. The PHLX semiconductors index dropped 3% on Wednesday after reaching a record-high on Tuesday. Manulife's Roland stated that the fall in semiconductor stocks affected sentiment. He also pointed out a decline in South Korean technology shares, "which had been on a tear in recent months." The idea was floated by Kim Yong Beom, the presidential policy advisor. He argued on social media that the excess earnings of the AI era should be distributed to all citizens. South Korea would be the first to do this. The KOSPI in Seoul retreated after hitting a record low just below 8,000 point, and finished 2.3% lower. This pulled down other regional markets. RISE IN GLOBAL BOND Yields On the bond market U.S. Treasury rates rose due to concerns over continued disruptions of energy supplies in the Middle East, and data that showed rising U.S. Consumer Prices. The yield on the benchmark U.S. 10 year notes increased 4.9 basis points from 4.412%, late Monday. Meanwhile, the 30-year bond rate rose 3.8 basis to 5.0253%. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve, increased 4.2 basis points, to 3.989%. The rise in global bond yields was largely due to a selloff of gilts as a result of the increasing pressure on British Prime Minister Keir starmer who, on Tuesday, refused to resign. He said he'd "get on with the governing" in spite of a "destabilising 48 hours" where calls to set out a timeline for his departure grew after he suffered heavy losses at local elections. The UK 10-year gilt rate rose by 0.4 basis points to 5.107%, while the 2-year gilt rate fell by 0.1 basis point to 4.551%. Sterling fell 0.54%, to $1.3533. It was one of the worst performing major currencies for the day. The U.S. Dollar advanced for the second consecutive session, after economic data and amid uncertainty about the durability of the U.S. - Iran ceasefire. The dollar index, which measures greenbacks against a basket including yens and euros, rose by 0.35%, to 98.31. However, the euro fell 0.38%, to $1.1737. The dollar gained 0.31% against the Japanese yen to reach 157.64. Gold prices are under pressure due to a combination of inflation fears and fading hope for a peace agreement. Spot gold dropped 0.43% to $4.713.93 per ounce. U.S. Gold Futures dropped 0.4% to $4700.00 per ounce. Reporting by Sinead carew in New York; Amanda Cooper in London; Tom Westbrook, in Singapore; Jihoon lee, in Seoul. Editing by Alison Williams and Deepa Babington.
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Cuba sets new variable fuel prices in response to the US blockade that is squeezing supply
The Ministry of Finance and Prices announced on Tuesday that Cuba would introduce variable fuel prices at the pump starting May 15, to reflect "actual" import costs of gas and diesel in the face of an ongoing U.S. blockade. Fuel has been scarce for two weeks straight in state-run stations in Havana due to the U.S. fuel blockade, which has led to strict rationing. Cubans are forced to park their few gas-powered cars after the shortages. This comes four months after U.S. president Donald Trump threatened to impose tariffs on nations exporting fuel to Cuba. Cuba's government stated that some avenues for importing fuel are still available despite Trump's measures. However, new prices will vary depending on factors such as the supplier, shipping cost, route, insurance, risks, and fluctuations in the international markets. The statement stated that prices will be displayed publicly and may vary from one gas station to another. "The gradual process of?social and economic transforma-tions that Cuba has been implementing... has enabled multiple actors to have the ability to import and sell fuels in foreign currencies." Cuban government announced in February measures that allow private actors to import independent fuel. The Ministry of Finance and Prices didn't specify who imported the fuel or how it arrived in Cuba. Since Trump's executive order of January 2026 imposing the oil blockade, neither Mexico nor Venezuela have shipped fuel to Cuba. U.S. suppliers had, by late March, shipped over 30,000 barrels in container ships of fuel to private businesses on the island, according to exclusive reports. This was done under an "exception" carved out by the U.S. that aimed to give private enterprise an edge over Cuba's state-run communist sector. According to the U.S. State Department, this fuel is only for private businesses. A liter premium gasoline was previously sold for $1.30 and a diesel liter at $1.10. Since January, both have only been available in limited quantities and under strict rationing. The black market prices for gasoline have also risen to $8-10 a liter, which is far above the global market price and out of reach for most Cubans. Last week, the United Nations called Trump's blockade of fuel illegal, saying that it had undermined "the rights of Cuban people to development, as well as their right to water, sanitation, health and education." (Reporting and editing by Nia Miglani and Sanjeev miglani; Dave Sherwood)
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Officials say that six people were killed in Dnipropetrovsk after the ceasefire expired.
Officials in the region said that Russian forces attacked Ukraine's Dnipropetrovsk Region on Tuesday. At least six people were killed, they added, after a ceasefire brokered by the United States. Ukrainian officials confirmed that Russia had launched over 200 drones in the night, ending hopes of a possible extension of the three-day truce that ended on Monday. Volodymyr Zelenskiy, the Ukrainian president, announced that his forces had attacked gas facilities in central Orenburg, Russia, which is more than 1,500 kilometers (900 miles), from Ukraine's borders. Oleksandr Hazha, regional governor, and Oleksandr Vikul, head of military administration, both confirmed on Telegram that a drone attack was carried out?on a building in Zelenskiy’s hometown of Kryvyi Rih located in central Ukraine. The attack killed two people and injured four others, including?a nine month-old child whose leg had been severed. Hanzha reported that a bombing raid northeast of Kryvyi Rih resulted in the deaths of four people and three injuries. Ukraine and Russia agreed to a ceasefire tied?to an anniversary of the Soviet victory against Nazi Germany in World War Two. This was part of the 'U.S. led push for peace, under President Donald Trump, after more than four year of war. Trump said that he was hopeful the truce will be extended on Friday. Both sides claimed that fighting on the front lines continued, despite the fact that neither reported any large-scale airstrikes. They both accused each other of artillery and drone attacks. In his video nightly address, Zelenskiy said that Kyiv worked with its European allies to develop technologies that would defend against ballistic missiles. He added that representatives from 13 countries, including NATO, had taken part in Tuesday's talks. Andrii Sybiha, Ukrainian Foreign Minister, said that Kyiv proposed to extend the truce. However, Moscow escalated instead by targeting civilian infrastructure using more than 200 drones. Overnight Attacks Zelenskiy stated that 'drones have been intercepted?over a number of regions, but they reported damage to energy installations, apartment buildings and a locomotive. Vitali Klitschko, the mayor of Kyiv said that debris from a drone crashed on to a 16-storey building in Obolon, causing a fire. Cherkasy, in central Ukraine, was the scene of two injuries. Damage was also reported in Zhytomyr to the west and in Chernihiv on the Russian border. Two people were hurt in the strikes on the cities of Dnipro, located in the south-east of Ukraine, and Kherson, which is located to the south. Vitaliy KIM, the regional governor, said that Russian drones hit energy infrastructure in Mykolaiv, causing blackouts. (Reporting and editing by Anna Pruchnicka, Mark Potter; Ron Popeski, Cynthia Osterman, and Cynthia Flynn)
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Gold prices fall as oil gains increase rate uncertainty
Gold prices were under pressure Tuesday, as the oil price rose due to falling hopes of an Iran peace agreement. This added to concerns about inflation and the prospect of higher interest rates globally. By 1757 GMT, spot gold had fallen 1.2% to $4678.49 an ounce. U.S. Gold Futures closed 0.9% lower, at $4686.70. "Higher oil costs raise the risk that U.S. central banks and others may have to increase interest rate to combat what would certainly emerge as stagflation. Gold is reacting to that," Bart Melek said, global head for commodity strategy at TD Securities. As?hopes of a peace agreement with Iran faded, U.S. president Donald Trump said that a ceasefire is "on life support", as Tehran rejected an U.S. proposal for ending the conflict. The data showed that U.S. Consumer Prices rose for the second consecutive month in April, resulting in a largest annual inflation increase in nearly three-years and further boosting expectations the Federal Reserve would keep interest rates the same for some time. Gold is often considered to be a hedge against rising inflation rates, but higher rates can put pressure on this non-yielding investment. Joni Teves is a precious metals analyst at UBS Investment Bank. She said that the outlook for gold remains bullish as long as its underlying drivers are intact. She added, "We think that prices will continue to rise this year and recover from their current levels." The Producer Price Index, which is scheduled to be released on Wednesday, and a scheduled meeting between Trump and Chinese president?Xi Jinping scheduled for Thursday and Friday in Beijing are also of interest. Spot silver dropped 1.1% to $85.12 after reaching a two-month high. Analysts at SP Angel said in a report that silver prices rose on the expectation of a growing deficit due to a rise in demand for physical metal. The analysts added that the higher oil prices were driving an increase in?EV sales. This, in turn, is likely to boost silver demand in solar and renewable energy technologies. Sources say that Indian banks have resumed imports of gold and silver after a pause that lasted more than a month. They did this by paying a customs tax of 3%, which had previously prompted them to stop shipments. Palladium fell 2% to $1,479.27, while platinum dropped 1.5% to $ 2,099.05 (Reporting and editing by Keith Weir, Alison Williams, and Ashitha Shivaprasad from Bengaluru)
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Sources say that CSN Brazil has received offers to buy its cement unit
Two 'people who are familiar with the matter' said this week that Brazilian steelmaker CSN had received non-binding offers for its cement division by Friday. The deadline was set to pursue divestment. CSN appointed Morgan Stanley to be its financial advisor for the sale. The?divestment' is part of a larger strategy to reduce debt. In April, it was reported that the cement unit could be worth more than 10 billion reais (2 billion dollars). The identity of the bidders was not known. The article in April found that both local and foreign players were interested, including Brazil's Votorantim?and J&F which controls JBS. The article also reported that Chinese groups Anhui Conch Cement and Sinoma, as well as Huaxin Cement, were interested. CSN, Votorantim J&F, Morgan Stanley and Morgan have declined to comment. Conch, Huaxin and?Sinoma did not respond to comments immediately. Votorantim, Conch and other bidders were expected to make a bid on Friday, but the source and the person who was familiar with the situation could not confirm this. Huaxin is still active, according to a fourth person. Huaxin acquired a Brazilian firm of building materials in 2024. Five sources said that J&F?did not plan to?submit an offer on Friday. One source familiar with the bids submitted said that the group's interest had waned since CSN rejected an early offer by J&F. Marco Rabello, CSN's Chief Financial Officer, said last month that the 'binding phase' would begin shortly after receiving the?nonbinding offers? and selecting the groups to move on to the next stage. (Reporting and editing by Cynthia Osterman; Additional reporting in Hong Kong by Kane Wu; Reporting by Luciana Magnhaes)
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EIA: US power consumption will surpass previous records in 2026 and '27, as AI usage surges.
The Energy Information Administration's Short-Term Energy Outlook released on Tuesday predicted that U.S. electricity consumption would continue to rise in 2026 & 2027. The EIA projects that the power demand in 2027 will increase from 4,195 billion Kilowatt-hours in 2025, to 4,248 in 2026, and 4,379 in 2027. The demand for electricity is increasing as more homes and businesses are using less fossil fuels to heat and transport their vehicles and use more electricity. The agency stated that the increase in electricity demand is being led by the commercial sector. This is expected to surpass residential demand for the first time in history in 2027. According to the EIA, power sales for residential customers will reach 1,524 billion kWh in 2026. Commercial customers will see 1,527 billion for commercial customers. Industrial customers are expected to get 1,053 billion for industrial consumers. These forecasts are compared to all-time records of 1,515 billion kWh in 2025 for residential customers, 1,493 billion for commercial customers and 1,000 billion for industrial customers. EIA estimates that residential electricity prices will increase by 5% between 2026 and 2027. However, the rate of growth in 2027 is expected to be slower. The price of electricity is rising in all parts of the United States, but it will be most noticeable along the East Coast. The EIA stated that as renewable output increases, coal's share in power generation will decline from 17% in 2020 to 16% by 2026. The share of natural gas in power generation would fall from 40% to 39% by 2026, before returning to?40% by 2027. According to the outlook, renewable energy's share will increase from 24% to 25% by 2026 and to 27% by 2027. Nuclear power's portion?will remain at 18% through 2025, 2026 and 2027. The 'EIA' projected that gas sales for residential customers would fall to 12.4 billion cubic feet per a day (bcfd), and commercial customers to 9.4 bcfd, but industrial customers to 23.9 bcfd and power generation to 36.0 bcfd. These figures are compared to all-time records of 14,3 bcfd for residential customers in 1996, 9.9 bcfd for commercial customers in 2025, 23.8bcfd for industrial customers in 1973, and 36,8bcfd for power generation in 2024. Reporting by Scott DiSavino, Editing by Alistair Bell
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As the E15 ethanol legislation nears US voting, lobbying intensifies
The refining industry is trying to sabotage the biofuels initiative. The industry is now closer to reaching a goal that they've been pursuing for years. However, they are still facing opposition from legislators in the refining states as well as uncertainty within a deeply divided Senate. In 2024, a similar provision was removed after Elon Musk and conservative lawmakers opposed it. Musk was the Trump administration's efficiency head at the time. In January 2026, a renewed effort failed as well. Instead, lawmakers formed a taskforce to study the possibility of allowing E15 to be sold year-round. Elon Musk's representatives did not respond immediately to a comment request. Representatives from both sides lobby Congress. On Monday and Tuesday, representatives of the American Petroleum Institute and Small Refineries of America met with lawmakers at Capitol Hill. The H.R. The H.R. This blend is usually prohibited during summer due to concerns about smog. However, the Trump administration has temporarily lifted this restriction from May 1 for 20 days to help reduce gasoline prices which have risen since the Iran War. Trump, who visited Iowa in the spring and said he would approve any E15 bills sent to him, has shown his support for biofuels. The White House, however, has not applied any political pressure since then to encourage lawmakers to act on the bill. This highlights the complicated and divisive nature ethanol politics in Washington. The bill's opponents say it will increase fuel prices for consumers, at a time where gasoline and diesel are already reaching record levels. Green Scissors, an environmental group, is also against the bill. They sent a letter to Congress Monday stating that E15 could worsen air quality, soil and water, and cost taxpayers'single-digit millions. Brecheen, a commentator on X, said that if exemptions were tightened, it would result in refineries being closed - including those located in Oklahoma, a state with a large refining industry. Small Refineries of America (which represents 12 refineries) said that stricter rules regarding exemptions would also remove important relief included by Congress in the program for small refineries to deal with compliance costs of blending Biofuels into the Nation's Fuel Supply. If this bill passes, you will likely see a substantial impact. This could include closures or layoffs. "For some of these refiners, the exemptions are absolutely crucial," said Peter Whitfield. A lawyer from Sidley Austin LLP, which represents the group. He added that fewer refineries will reduce fuel availability and increase costs for consumers. Renewable Fuels Association, which represents biofuel producers and sells E15, says it can lower costs at the pump. It notes that E15 typically sells 15-40 cents less per gallon than standard E10 gasoline (also known as regular unleaded) and is $1 or more cheaper than ethanol-free gas. Geoff Cooper, RFA's Chief executive officer, wrote a blog on Wednesday last week saying that you should "believe your eyes" when it comes to E15. Reporting by Siddharth Cavale in New York, and Jarrett Renshaw from Washington. Editing by Chizu Nomiyama.
India increases gold and silver duties to 15% in order to curb imports and support the rupee
India raised its import tariffs for gold and silver to 15%, up from 6%. This is part of a move to reduce overseas purchases and to ease pressure on the country's reserves.
The higher duties may dampen the demand for precious metals in India, the second largest consumer. However, they could help India narrow its trade deficit and strengthen the rupee, which is one of Asia's most volatile currencies.
Industry officials warn that higher import taxes may revive smuggling after India cut tariffs mid-2024.
The government has increased the import tax from 6% to 15% by imposing a basic duty of 10% and an Agriculture Infrastructure and Development Cess (AIDC).
As expected, the government has raised duties in order to reduce the current account deficit. This could have an impact on demand as the gold and silver price were already high.
On Sunday, Prime Minister Narendra Modi urged the public to 'avoid gold purchases for one year in order to protect their foreign exchange reserves. India imports almost all its gold.
India's gold demand has increased, especially for investment, amid recent price increases and poor returns on equity over the last year.
The World Gold Council reported last month that inflows to India's gold ETFs (exchange-traded funds) increased 186% on an annual basis during the March quarter, reaching a record of 20 metric tonnes.
India has tried to reduce gold imports over the past few weeks. It imposed a 3% integrated good and services tax on imports of gold and silver, which prompted banks to halt imports.
Imports in April fell to their lowest level in nearly 30 years. Since then, banks have resumed importing after paying the 3% IGST. However, imports will likely fall again due to the increased import duties.
Grey markets will likely become active as the 'incentives for bringing in gold illegally is high. Smugglers can make significant profits at the current prices, said a Mumbai-based dealer of gold bullion for a private bank. He declined to give his name as he wasn't authorised to talk to the media. Reporting by Rajendra Jadhav; Editing by Mark Porter & Jamie Freed
(source: Reuters)