Latest News
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Source: India's Tata sons delays chairman's decision following clash with charity arm
A'source' with knowledge of the situation said that India's Tata Sons postponed its decision to reappoint N Chandrasekaran chairman, after the head of their powerful charity arm opposed the move in a closed-door meeting held on Tuesday. The delay highlights new tensions in the Tata Group's leadership transition. It has also revived fears of a repetition of the 2016 public conflict between Tata Trusts, and Tata Sons which tarnished the reputation of India’s most storied conglomerate. Tata Trusts is the owner of approximately 66% of Tata Sons. This holding company houses 30 companies, including Tata Consultancy Services (TCS), Tata Motors (Tata Motors), and Air India. Noel Tata, the half-brother of family patriarch Ratan Tata, became chairman of Tata Trusts in 2024. This put him at a position of leadership within?the ownership structure of the group, even though operational control was still held by Tata Sons. Tata Sons, and Tata Trusts, clashed last year over board representation, strategies, and how to deal with the planned exit by minority shareholder Shapoorji Palalonji. This dispute led to the removal of a Tata Sons Director. Source: At the Tuesday board meeting, Chandrasekaran was reappointed by four of the six directors, while Noel Tata voted against it and demanded several conditions. Among them, Noel Tata wanted a guarantee that Tata Sons wouldn't be listed. The source said that Chandrasekaran's term expires in February 2027. He could not give an assurance of this nature and would accept deferral on his appointment if Tata Trusts preferred. Tata Sons has not responded to an email asking for comment. Chandrasekaran (62), joined the Tata group in 1987, rose to TCS CEO in 2009, and then became Tata Sons chairman in 2017. In the last year, he faced many challenges, including intense regulatory scrutiny after a fatal Air -India crash, price?pressures at crown jewel TCS and a cyberattack on Jaguar Land Rover which disrupted production, and hit Britain's economy.
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NRG Energy beats quarterly profit estimates on strong power demand
NRG Energy's?fourth quarter profit surpassed Wall Street expectations on Tuesday as the utility was aided by rising?demand for power. This sent?its shares up 1.7% in premarket trading. The U.S. demand for power reached record levels in 2025, and it is expected to continue growing as major tech companies expand their data centers. Some of these use as much energy as an entire city. NRG will 'benefit from the surge of power demand in Texas. It is one of the largest data center markets across the country. CEO Larry 'Coben stated that the company has doubled its footprint in terms of generation and added three Texas projects with a total 1.5 gigawatts. gigawatts. He said that the utility expects to increase capacity in data centers. NRG provides power to more than 8 million customers, including homes and businesses, across the U.S. and Canada, through its portfolio of?natural?gas and smart energy solutions. On Tuesday, the utility said it had completed its 12 billion dollar?acquisition of assets for power generation?from LS Power. According to LSEG, the Houston-based company posted a?profit adjusted of $1.04 per?share?in?the quarter, compared with analysts' expectations of 96c per share. Reporting by Pranav mathur in Bengaluru, editing by Sahal muhammed
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AES Corp signs a 20-year power supply agreement with Google
AES Corp. announced on Tuesday that it had signed a?20-year agreement with Google to?supply energy to the U.S. technology giant's Wilbarger County data center. AES has said that it also signed deals with energy generators which will be located?co-located to the new data centers and allow?Google?to expand its operations in order to meet the demand for 'its core services. The shares of the utility rose by 1.2% during premarket trading. U.S. ?utilities are racing to sign supply ?deals with data-center operators ?as the artificial-intelligence boom sparks a surge in power demand. However, the demand has stoked fears about rising power bills for customers. Amanda Peterson Corio is Google's global director of Data Center Energy. She said that the deal will bring clean energy online along with the facility. This would?reduce strain on the local power grid and help?keep?energy costs under control. AES has already signed agreements for a total of?12 Gigawatts of energy. Of these, 9 GW are directly with hyperscalers. AES has said that it will build the necessary shared electricity infrastructure to power the facility. (Reporting and editing by Leroy Leo, Shakesh Kuber, and Katha Kalia from Bengaluru)
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Investors uneasy over AI disruption, but stocks steady
The global stock market stabilised on Monday, following a fall?caused by a variety of factors. These ranged from the uncertainty surrounding President Donald Trump's policy regarding tariffs and geopolitical tensions, to the renewed?concerns about the economic upheaval caused by artificial intelligence. The Supreme Court ruled that Trump's emergency tariffs are illegal?on?Friday. Following this ruling, the President announced a 10% levy across the board, which went into effect on?Tuesday. Trump said that the tariff was 15% but it wasn't clear when or if this would be applied. Trade partners and investors are unaware of the status of many tariff agreements, which could result in billions in refunds for importers. The MSCI All-World Index was unchanged. In Europe, the STOXX 600 climbed 0.2% in order to reach record highs. U.S. Stock Futures rose 0.4%. BEARISH ANALYSIS OF?EFFECTS of AI GETS ATTENTION The Nasdaq Composite fell 1.1% on Monday as concerns about the effects of AI in software and other industries caused the S&P 500 to fall 1%. Citrini Research's bearish analysis of the possible risks for the global economy has further weakened investor sentiment. Tony Sycamore said that the?report "got a lot airplay" according to Tony Sycamore. Tony Sycamore is IG's market analyst in Sydney. It does match up with a lot of fears that are already out there. This article circulated over the weekend and is just one of many recent "think pieces" that discuss the long-term effects of artificial intelligence on employment, growth, and even the existence of humans. In a note he wrote about a similar article, Deutsche Bank Strategist?Jim Reid stated: "The argument relies heavily on narrative and emotions rather than hard facts." It doesn't necessarily mean that it will be wrong in the end, but...the vibes-to substance ratio is undeniably large." Wall Street saw a range of software stocks and payment companies drop on Monday. International Business Machines shares plunged more than 13% in one day, their largest drop since the late 2000s. This was after AI startup Anthropic announced that its Claude Code could be used to update a programming system run by the company. IBM stock rose 0.5% during premarket trading. Many are nervous about the sheer size of corporate borrowings and AI spending, especially given the market weight of the companies that have been at the center of this boom. Despite recent volatility, S&P is still only 2.5% below its record highs. Chris Turner, ING's strategist, said that "none of...this has yet delivered the knockout blow to equity market, where S&P 500 has gyrated within a small 6,775-7000 range since the beginning of the _year". "Tomorrow night's Nvidia announcement might be the next big thing, however." Nvidia is an AI chipmaker that will report earnings on Wednesday after the bell. It accounts for about 8% of S&P 500. FEDEX SUES FOR REFUNDS AFTER U.S. TARIFF RULING Trump warned on Monday that countries should not back out of trade agreements recently negotiated with the U.S. following the Supreme Court's tariffs ruling. He said he would impose higher duties under different trade laws. The new tariffs were based on Section 122 from the Trade Act 'of 1974. This has caused further confusion among markets that are trying to 'come to terms with U.S. protectionism policies. FedEx, a global transportation company, sued on Monday for a refund. The dollar is steady at $1.178 and up 0.8% against the yen. Brent crude was little changed in the commodities market, trading at $71.43 a barrel. Meanwhile, tensions between the U.S.A. and Iran continued to simmer. Gold, the safe-haven, remained volatile and fell 1.25% to $5,166 per ounce. (Additional reporting from Gregor Stuart Hunter, Singapore; Editing and production by Kevin Liffey, Alex Richardson).
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Nippon Steel raises $3.9 billion through Japan's largest convertible bond issue
Nippon Steel decided to increase its convertible bond offering to 600 billion yen, the largest in Japan's corporate histories. The company is seeking to refinance their $15 billion acquisition of U.S. Steel as well as fund business expansion. The company announced on Tuesday it would increase the offering by 50 billion yen in total, in two equal tranches. This was based on the investor demand and the market conditions. It aims to invest 6 trillion dollars yen over the next five-year period, including an investment of $11 billion into U.S. Steel to fund growth. Nippon Steel increased the size of its offer after announcing plans to raise 275 billion each in 2029 and 2030, with zero coupons and stock acquisition rights. The report cited sources to discuss Nippon Steel’s plans to sell convertible bonds, in order to replace the bridge loan that it had taken out to purchase U.S. Steel. Jefferies analysts said in a report that the company chose convertible bonds instead of an equity offering to limit immediate shareholder dilution. They described the bond operation planned as the largest by any Japanese firm. The funding plan is a turning point for Nippon Steel, allowing it to concentrate on growth overseas while maintaining financial discipline. Nippon Steel has increased its forecast of its net loss for the year ending March to 70 billion yen, due to an explosion at a blast furnace and charges related to U.S. Steel's acquisition. The company plans to increase the annual global crude steel production capacity from 82 millions metric tons to 100 million by mid-2030s. $1 = 155.8700 Japanese yen (Reporting and editing by Tom Hogue; Andrei Khalip, Anil D'Silva, and Anil Hogue)
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Study says that the Congo lakes release ancient carbon and raise climate concerns.
Scientists say that two large lakes in the Democratic Republic of Congo are releasing carbon which has been 'locked away' for thousands of yeas in peatlands around them. This could pose a threat to climatic stability. Researchers from the ETH Zurich published their findings in Nature Geoscience. Tropical peatlands play a vital role in climate regulation. Researchers from ETH Zurich have found that the ancient peat deposits in Lakes 'Mai Ndombe' and 'Tumba, which are some 3,000 years old, account for up to 40% of the carbon dioxide emissions. In a press release, Travis Drake, the lead author of the study, said: "We were surprised that ancient carbon was being released through the lake." Matti Barthel, co-author, said that the carbon?reservoir had a leak from which old carbon was escaping. There is no clear way to determine how carbon gets from peatlands to lakes. Researchers believe the phenomenon may worsen due to climate change and changes in land usage, like the conversion of forestland into cropland. This increases the drought conditions. The peat that is formed by the accumulation of dead plants does not decompose when it's flooded with water. However, as soon as the peat dries out, the organisms which 'break down? plant material revive, and the carbon returns to the atmosphere. The Congo Basin's swamps and tropical peatlands cover just 0.3% of Earth's surface but store one-third the world’s carbon. This makes the area a global carbon reservoir. Researchers say that it is 'one of the least studied major forest regions in the world,' and they need to do more research on its changing ecosystems. Clement Bonnerot (reporting, writing, and editing) Alexandra Hudson
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Weisfisch to sell Glencore almost $115 Million of cobalt, according to sources
Glencore agreed to buy nearly 2,000 tons of cobalt from Rami Weisfisch, an industry veteran. The deal is a historic one. Two sources confirmed that the material, which is essential for defense and military gear, will be shipped to the United States to be included in its planned stockpile. The U.S. administration of President Donald Trump is actively seeking out critical materials, including cobalt, to reduce its dependence on China. China is the world's dominant supplier and processor for metals and minerals required by strategic industries. China has used its power to impose quotas, new regulations and ban the export of certain minerals. The sources say that the London-listed miner Glencore had agreed to purchase cobalt over a period of 12 months from Weisfisch in 2026, using a formula based on the prices reported by the price reporting agency "Fastmarkets". Weisfisch & Glencore declined comment. Weissfisch acquires COBALT in 2015 Sources said that the deal marked the end of Weisfisch’s involvement in the cobalt market for the past half century. Weisfisch's cobalt from 2015 is being stored in Europe and?the United States. Sources expect Glencore to'sell cobalt to U.S. as part of Project Vault. This initiative is to stockpile essential minerals backed up by $10 billion seed funding from U.S. Export-Import Bank, and $2 billion private funding. At a briefing held last week, CEO Gary Nagle announced that Glencore would be participating in the project. Weisfisch reached an agreement with Glencore, a Swiss company, after the U.S. Defense Logistics Agency canceled a cobalt tender in October of last year. The original August 19 announcement was amended several times before it was withdrawn. Last year, the DLA said it would still purchase cobalt to be used in the National Defense Stockpile. However, it was reevaluating its strategy and did not have a target date for issuing a new tender. The company was originally looking for?offers only from three companies –?Vale’s Port Colborne, and Long Harbour plants located in Canada; Japan’s Sumitomo metal mining and Glencore’s Nikkelverk operations in Norway. CONGO QUOTAS Prices have risen due to expectations of a stronger cobalt market, as well as?tight supply created by the top producer Democratic Republic of Congo, which suspended exports between mid-February and end-February when it implemented quotas. They are 160% higher than levels in February 2025. Congo's cobalt? is a by-product of copper production and comes as hydroxide, which can be easily converted into cobaltsulphate to produce lithium-ion battery for electric vehicles and portable devices. China, which is the world's largest cobalt processor and has been scrambling for supplies, was most affected by Congo’s export bans and quotas. (Reporting and editing by Pratima Deai, Louise Heavens, Jan Harvey and Veronica Brown)
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Nigeria will start exporting a new crude grade by March and boost output
Cawthorne crude is similar to Bonny Light and valued for its gasoline and diesel yields Cawthorne export via vessel with a capacity of 2.2 million barrels, increasing production Kpler claims that Nigeria's crude oil and condensate production could reach 1.7 million barrels per day. Seher Dareen and Isaac Anyaogu LONDON, FEB 24 - Nigerian state oil firm NNPC plans to export a new sweet, light crude grade named Cawthorne in March. This will add to the recent increase in production from Africa's largest exporter. This launch is part a broader effort by Nigeria to increase production. It has been hampered for years?by unrest, theft of crude oil, and other factors. Two new grades have also been introduced since 2024. Nigeria is one of the countries that are seeking a higher target in the producer group, despite already pumping near its OPEC quota. Cawthorne Crude, which will be exported by the third week of March, according to a reliable source, has an API gravity of 36.4. This makes it comparable to Nigeria's Bonny Light oil, valued for the high yields of both gasoline and diesel. A trader reported that NNPC issued a tender last week for the grade of March 24-25. Analysts at Kpler stated in a report that the grade will be exported via the Floating storage and offloading vessel 'Cawthorne'. This vessel has a capacity to 2.2 million barrels, and aims to increase crude oil -transportation and -production from Oil Mining Lease 18, and the surrounding assets,in the Eastern Niger Delta. Kpler stated that, based on the storage limitations of the vessel, Cawthorne's supply could increase from the current?1.65m barrels per day to 1.7m bpd by the end of the year. Nigeria's OPEC+ oil production quota for crude is 1.5 million?bpd. The country produced 1.48?million bpd during January, according to OPEC data. Obodo 2025, and Utapate 2024 are other grades that Nigeria has introduced in the last few years. Reporting by Seher dareen in London, Issac anyaogu and editing by Alex Lawler & Louise Heavens
Constellation Energy exceeds profit expectations on strong demand for power
Constellation Energy, a major U.S. energy company, beat Wall Street expectations for its fourth-quarter adjusted profit on Tuesday. This was due to the rising demand for electricity from data centers.
In premarket trading, shares of the company increased by 1.4%.
The Energy Information Administration's Short-Term Energy Outlook said that the U.S. is likely to increase its power consumption this year and next after setting a new record in 2025.
The rapid expansion of data centers to support artificial intelligence services and cryptocurrency is a major factor in the surge of demand. Other factors include a move by businesses and homes towards electric heating and transportation.
Joe Dominguez, CEO of?CEO Joe Dominguez Corporation said: "We are combining the most reliable energy on the grid with flexible resources in order to meet the demand that is driven by the electrification economy and data economy."
Constellation and Dallas-based CyrusOne signed an agreement last month to connect to and?serve the Freestone Energy Center, a new Texas data center.
The utility has also signed agreements with Meta for the operation of one of its nuclear reactors in Illinois for 20 years and with Microsoft, to restart a reactor at an old Pennsylvania plant known as Three Mile Island.
The company's fleet of nuclear reactors produced 45,459 Gigawatt-hours, down from 45.494 GWh a yea ago. This is due to?higher planned refueling days and non-refueling day compared to last year.
Constellation completed its $16.4 billion acquisition of the natural gas and geothermal firm Calpine Corporation.
The total quarterly operating revenue reported was $6.07 billion compared to $5.38 billion in the previous year.
Constellation's operating costs rose by?22.3% in the quarter October-December, and interest charges grew by 25.6% to $113 million.
LSEG data shows that the Baltimore, Maryland based?company reported an adjusted profit per share of $2.30 for the three months ended December 31. This compares to the $2.23 average analyst estimate, which was compiled by LSEG. Reporting by Vallari Shrivastava in Bengaluru and Pooja menon; editing by Leroy Leo
(source: Reuters)