Latest News
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Iranian media reports three dead in fire at a shopping centre west from Tehran
Iranian media reported that at least?three people were killed and 26 injured after a fire broke out in a shopping center west of Tehran. IRIB, Iran's national broadcaster, cited the?fire departments as saying that the?fire had been "largely contained". Fars, a semi-official news agency, reported that the cause of the incident is still unknown. Iranian media, including Fars showed a video of a plume of heavy smoke rising out of the site. The location of buildings, utility poles and trees, and the road layout matched the satellite and archive imagery. Fire broke out after a renewed 'fire exchange' between Iran and the United States on Monday.
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Utility WEC Energy’s first-quarter profits rise on higher power demand
WEC Energy, a utility firm, reported an increase in its 'first quarter profit' on Tuesday. This was largely due to higher sales to residential and industrial customers. It also said that it worked with large hyperscale clients for a potential growth of load of up to four gigawatts. The U.S. is expecting its power consumption to increase further this year after reaching its second consecutive annual record in 2025. This will be driven by Big Techs race to build energy-intensive, data centers that support AI initiatives and homes and business increasingly using electricity for heating and transportation. WEC announced on a call after earnings that it received regulatory approval to purchase three additional solar projects, as well as a battery-storage project. The company plans to invest $730 millions. The company reported that the consumption of electricity by large commercial and industrial clients increased 2.7% in the last quarter, while the consumption by small commercial and industrial consumers increased 0.7%. The residential electricity consumption increased by 0.2% compared to a year ago, and total retail deliveries of electricity rose by 1.3%. WEC, a company that serves 4.7 million customers in Wisconsin, Illinois, Michigan, and Minnesota, reported that natural gas deliveries to Wisconsin dropped 2.1% during the first quarter. Natural gas is provided by the company through its We Power and Wisconsin Public Service divisions. CEO Scott Lauber said, "The first quarter results were solid due to the continued execution of our capital plan and the focus on operational efficiencies." WEC announced in February that it would increase capital expenditure by $1 billion over the next five year as it increased output to power Microsoft's data centers. The company expects to increase its capital spending in the third quarter. The company's net quarterly income increased to $804.4 millions, or $2.45 a share, up from $724.2millions, or $2.27 a share, one year earlier. (Reporting by Dharna Bafna in Bengaluru; Editing by Shilpi Majumdar and Tasim Zahid)
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After a cancer battle, Jose 'Piculin' Ortiz, the Puerto Rican basketball legend who was known as 'Piculin' Ortiz, died at 62.
The Puerto Rico Basketball Federation announced on Tuesday that the legendary Puerto Rican basketball player Jose "Piculin Ortiz" died aged 62, after fighting colorectal carcinoma for several years. Today, Puerto Rico has lost?more than a sportsman. It?loses an icon. The Puerto Rico Basketball Federation told X, "Thank you for your joy and for proudly representing our flag." Your legacy will continue to live on every court, and in each generation that you inspired. Ortiz was a Puerto Rican born in Aibonito on October 25, 1964. He was 2.08 meters high when he became a dominant player in Puerto Rico's local league. Ortiz, who played college basketball for Oregon State University, was selected 15th by the Utah Jazz in the?NBA draft. He began his professional career in Europe with CAI Zaragoza, in Spain. Later, he briefly played for the Utah Jazz. After his NBA stint, Ortiz returned home to Europe and established a successful career in Spain. He played for prestigious clubs such as Real Madrid, Barcelona, Festina Andorra, and Unicaja Malaga. He played in Greece and finished his career in Spain. Ortiz has been a member of the Puerto Rican national team for more than two decades. He was part of the team that shocked the United States in 2004 at the Athens Olympics. This is one of "the most significant" results in Puerto Rican sport history. In 2019, he was inducted into FIBA Hall of Fame. In his later years, he also had a 'failed run for political office' and legal problems. This included a drug possession conviction after authorities discovered more than 200 marijuana plants in the residence where he lived. Carlos Serrano wrote the article. Translation by Angelica Medina, Mexico City Editing By Toby Davis
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Middle East risk lingers after gold gains after reaching a more than one-month-low
Investors assessed the impact of a fragile?Middle?East ceasefire on inflation and interest rate expectations. Gold spot was up 0.8% at $4,557.56 an ounce as of 1:31 pm EDT (1731 GMT), having touched its lowest level since Monday. U.S. Gold Futures closed 0.8% higher, at $4,568.50. Oil prices are also easing, which is supporting the market. Market analysts at American Gold Exchange Jim Wyckoff said that the market will continue to monitor headlines but could shift its focus to economic data. He added that "gold bulls?need an important fundamental spark to recover their footing." United Arab Emirates claimed that it was being attacked by Iranian missiles and drones. Washington, however, said that a fragile ceasefire remained intact despite a previous exchange of fire between?U.S. Forces attempted to forcefully open the Strait of Hormuz. Since the attacks on February 28, the narrow waterway that carries a significant share of oil, fertiliser, and other commodities around world has been closed, driving prices up all over. The oil prices fell on Tuesday but the losses were not as large. Energy prices are rising, which could lead to inflation and delay central banks' ease cycles. Gold is often seen as a hedge to inflation and uncertainty. However, when interest rates rise, it loses its appeal, because rising yields make other assets less appealing. Fawad Rasaqzada is a market analyst for City Index. He said that the demand for safe-haven assets remains even though its influence has weakened. Gold is increasingly viewed as a risky asset. "However, the need to hedge and central bank purchases have helped limit further downside movements so far," said?Razaqzada. The release of the U.S. Employment Report later this week is a test to see if the 'economy is resilient enough to maintain the Federal Reserve's monetary policies on hold or if a softening of the labor market might revive the argument for rate reductions. Silver spot rose 0.4%, to $73.03; platinum gained 1%, to $1,963.30; and palladium increased 1.5%, to $1,501.41. Ashitha Shivaprasad reported from Bengaluru, and Mark Potter, Shailesh Kumar and Diti pujara edited the article.
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Portugal prepares draft bill for windfall tax on energy firms
Portugal's Finance Minister Joaquim Mirando Sarmento announced on Tuesday that the government would ask parliament for approval to impose a "windfall tax" on energy companies who benefited from an increase in energy prices due to the Iran War. Portugal, Germany, Italy and Spain, as well as Austria, wrote to the European Commission in April to ask for a similar tax on a "European" level. However, Brussels let individual countries decide. Miranda Sarmento, the Portuguese Minister of Foreign Affairs, said that Portugal would "seek to achieve the highest level of coordination possible" with other countries. Miranda Sarmento, speaking to reporters in Brussels about the energy price shock that occurred after Russia invaded?Ukraine, said: "We will recalibrate, improve and, in the short term, we will present a proposed to parliament." He stated that the current situation is different from '2022 because 'overall inflationary forces are much lower. Core inflation, excluding food and energy, runs at around 2.2%. The Socialist Party introduced the mechanism 2022, and despite the fact that the centre-right government only holds a small minority of seats, it is expected to approve the proposal. (Reporting and editing by Andrei Khalip; Sergio Goncalves)
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Saudi Arabia's quarterly budget deficit balloons to $33.5 Billion, driven by spending boom
Saudi Arabia has reported a first quarter 'fiscal deficit' of 125.7 billion Riyals ($33.5 billion), which is not far off from its projected full-year figure of $44 billion. It also increased?spending in order to support the economy amid disruptions caused by the Iran War. In response to U.S. and Israeli strikes which began on 28 February, Iran has attacked Gulf states. This has damaged major energy infrastructure and disrupted shipping in the Strait of Hormuz. The Strait of Hormuz normally handles about 20% of all global oil and LNG?flows. Saudi Arabia's economic growth will slow down sharply in this year, despite higher oil prices. This is also expected to be the case for non-oil industries such as tourism. The Finance Ministry reported that total government expenditures reached 386.7 billion Riyals in the first quarter of this year, an increase of 20% compared to the same period last year. This was more than the revenues, which were 261.0 billion Riyals. * "Despite a?marked increase in the deficit in 1Q, we still expect a?smaller deficit in 2026 for the full year than in 2025," Monica Malik said, chief economist of Abu Dhabi Commercial Bank. The sharp rise in oil prices since March will offset the loss of output. * Oil revenues fell 3%, to 144.7 billion Riyals from 149.8 in Q1 2025. * Non-oil revenue rose by?2% from 113.8 billion to 116.3 billion Riyals a year ago. * Military expenditures increased by 26%, to 64.7 billion Riyals, compared with 51.4 billion Riyals in Q1 of 2025. The International Monetary Fund reported that the GDP growth rate was 2.8% in the first quarter of this year, down from 3.7% last year. However, the impact on the economy is expected to be'short-lived' and 'limited, according to the IMF. * The kingdom is following its Vision 2030 economic plan, which requires hundreds of billions in government investment to reduce the dependence on hydrocarbon revenue. Saudi Arabia's budget deficit in 2025 was 276 billion riyals, higher than the 245 billion riyals forecast.
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As Kyiv's ceasefire proposal approaches, 22 Russians are killed in attacks
At least 22 people were killed in Russian attacks on Ukraine on Tuesday, including 12 during one of the most severe strikes this year. The deadline for Kyiv's proposal to start an open-ended truce at midnight was approaching. Russia has announced a ceasefire on May 8-9. This is the date when they will commemorate the Soviet Union's victory over Nazi Germany during World War II and hold a military display. Ukraine announced, as a response, that it would propose an open-ended truce starting at midnight on Wednesday, and urged Russia to reciprocate. Volodymyr Zelenskiy, the president of Ukraine, said that it would be impossible for Russia to stop strikes for a day in order to hold a military parade after having heavily bombarded Ukraine. Emergency services reported on Telegram that at least 12 people had died in the city of Zaporzhzhia. Ivan Fedorov is the regional governor. According to him, there were at least 16 other injuries. He said that the attack damaged residential buildings, a vehicle repair service, and a automobile wash. He added that the attack caused fires to break out at a store and an unidentified business. Images from the scene that he shared show a heavily damaged structure with smoke and flames billowing. First responders are seen burning cars as they help 'bloodied people' leave the site. Zelenskiy reported on Telegram that three aerial bombs dropped over the eastern frontline town of Kramatorsk had killed five more?people. Zelenskiy said on Telegram that five people were injured. He warned that the death toll could rise. Five Ukrainian officials were killed in a Russian attack on gas?production plants in the Poltava area overnight, according to Ukrainian officials. The Russian state-run news agency reported that a drone attack by Ukraine on the Chuvashia area killed two people on Tuesday. (Reporting and editing by Kevin Liffey, Peter Graff, and Yuliia Dyesa)
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Trump: Iran should "wave the white flag of surrender".
On Tuesday, President Donald Trump dismissed Iran's military capability and said that?Tehran should "wave the white flag of surrender", but was too proud to do it. Trump told reporters that Iran has reduced its military to "peashooters", and that Tehran wants to make a deal in private despite public sabre rattling. They play 'games', but I can tell you that they are looking to strike a?deal. Who wouldn't want to make a deal, "when your military is totally gone?" He said. Trump praised the U.S.-led blockade on Iranian ports in the area. "It is like a sheet of steel. No one is going to challenge the blockade. "I think it is working very well", he said. Trump replied: "Well you'll know, because I'll tell you." They know what to avoid. Trump said Iran should "save the 'white flag of surrender. "If this was a fight, then they would stop it," Trump said.
Russian oil company shrugs off sanctions, insurer says dodgy operators will profit
Russian oil manufacturer Gazpromneft brushed off the effect of significant brand-new U.S. sanctions on Friday, while insurance provider Ingosstrakh said they would produce a market vacuum that would benefit less credible rivals.
The outbound administration of President Joe Biden on Friday imposed its broadest bundle of sanctions yet, targeting Russia's oil and gas profits in an attempt to offer Kyiv and the inbound administration of Donald Trump leverage to reach an offer for peace in Ukraine. A U.S. official said the procedures need to expense Russia billions of dollars a month.
Gazpromneft, likewise hit by British sanctions, stated it would continue to run and keep organization resilience in spite of the steps, which it called unjustified, invalid and contrary to the principles of totally free competition.
Gazpromneft has been consistently getting ready for different unfavorable sanctions circumstances over the previous two years. In addition, the business has actually currently been under unilateral foreign sanctions because 2022, many such constraints have already been factored into functional processes, the company stated in a. declaration.
Ingosstrakh, a Russian insurance provider that was also hit. by the U.S. relocation, said it was running generally and satisfying. all its responsibilities to customers.
Coming in the waning days of the outbound U.S. administration, this decision undermines maritime security,. environmental protections, and international shipping stability by. targeting a reputable and well-capitalized insurance company, it stated.
Removing Ingosstrakh from the marketplace produces a vacuum that. will undoubtedly be filled by unprofessional insurance companies lacking the. capability or intent to ensure compliance or pay claims.
Ingosstrakh stated this drastically heightened the threat of. environmental disasters such as oil spills, while shifting the. monetary burden onto taxpayers when uninsured or underinsured. vessels failed to fulfill their commitments.
Russian economic expert Yevgeny Kogan stated the sanctions could. force Gazpromneft to cut its production plans, and impact its. dividend payments.
He stated they would likewise hit the export capacity of oil. major Surgutneftegaz, the other main business to be targeted.
The U.S. move was expected by Moscow. Hours before it was. announced, Kremlin spokesman Dmitry Peskov informed press reporters: We. understand that the (Biden) administration will certainly attempt to. leave the most burdensome tradition in terms of bilateral relations. to the inbound Trump and his partners. Well, in line with. these efforts, it is rather possible that another batch of. sanctions may be introduced.
President Vladimir Putin has actually often possessed Russia's. strength to sanctions enforced versus it over the Ukraine war,. stating they have boomeranged on the Western economies that. applied them.
(source: Reuters)