Latest News
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Constellation Energy extends licenses for two nuclear reactors by 20 years
Constellation Energy announced on Tuesday that the U.S. nuclear regulator had approved a?20-year renewal of licenses for its Clinton clean energy center and?Dresden?clean energy center. The U.S. power company will invest over $370 million in relicensing the nuclear plants, to increase efficiency and reliability. The company stated that the approvals would allow Clinton to "operate until 2047" and Dresden reactors through 2049 and 2051. After decades of stagnation in the U.S., nuclear power has experienced a surge. This is due to data centers that are used for artificial intelligence and electrification. In May, President Donald Trump signed executive orders directing U.S. Nuclear Regulatory Commission (NRC) to reduce regulations and expedite new licenses for power plants?and reactors. Constellation Energy's Chief Generation Officer Bryan Hanson said, "These license extension will allow Clinton and Dresden stay online for another two decades. This will preserve more than 2,200 jobs that support families and $8.1 billion in federal, local and state tax dollars." The Big Tech company struck its first nuclear power plant deal in June, when it signed a contract with Meta that would keep one of the utility's Illinois reactors operational for 20 years. (Reporting from Katha Kalia, Bengaluru).
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Gold prices rise as US unemployment rates increase in November
The dollar index fell on Tuesday after the U.S. jobs data showed that the unemployment rate rose from September to October. This boosted bets for rate cuts by the U.S. Federal Reserve. As of 01:48 pm, spot gold rose 0.2%, to $4,310.21 an ounce. ET (18:48 GMT). U.S. Gold futures ended the day 0.1% lower, at $4332.3. The U.S. Dollar fell to a two-month low. This made greenback-priced gold more affordable for buyers overseas. Benchmark yields on 10-year U.S. Treasury notes also?edged down. "The data give the Fed more reasons to cut rates. If they do, it's 'bullish' for gold... That's how the market is interpreting the situation right now," explained RJO Futures Senior Market Strategist Bob?Haberkorn. The U.S. unemployment rate reached 4.6% in November. This was despite the fact that job growth had rebounded. An economist survey estimated that the unemployment rate was 4.4%. The Federal Open Market Committee announced a quarter point rate cut last week. Chair Jerome Powell’s comments accompanying the announcement were perceived to be less hawkish that expected. U.S. Rate Futures still 'expect?two cuts of 25 basis point each in 2026. Pricing in 59bps of easing in 2019 Gold that does not yield tends to do well in a low interest rate environment. Investors are awaiting the Consumer Price Index for November, which is due Thursday, and the Personal Consumption Expenditures Index, due Friday. Alex?Ebkarian said that if gold finishes 2025 over $4,400 then it could reach $4,859 to $5,590 in 2026. Alex?Ebkarian also added that silver may retest $50/oz next year. Silver spot fell by 0.3%, to $63.75 per ounce. This is a retreat from the record high of $64.65 reached on Friday. Palladium rose 2.5% to $1.606.41, a new two-month record. Platinum rose 4% to $1.854.95, the highest level since September 2011. Ebkarian said that "Platinum Group Metals are breaking out due to tightening supply and expanding demand."
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Europe searches for alternatives to Mozal aluminium in the face of its shutdown
Analysts say that a smelter closure in Mozambique will have a negative impact on global aluminum supplies next year. The plant's "core European Union" customers may be forced to look for alternative suppliers. South32 confirmed Tuesday that it would place the Mozal smelter, which has a capacity of 560,000 metric tons per year, on care and maintenance from mid-March. This was after discussions with Mozambique’s government and utilities failed to produce a new deal. Trade Data Monitor figures show that the plant exported almost 430,000 tonnes of aluminium to Europe in the first ten months of 2025. This makes Mozambique a top primary metal supplier to the EU, with nearly a fifth of the region's imports. Ewa Mannthey, a?ING analyst, said via email that "we are expecting a shortfall of about 600,000." ING saw a 200,000 ton deficit on the global aluminum market in 2025, after a half-size deficit. Manthey said that Europe is likely to fill in the Mozal Gap primarily by increasing imports from Canada, and?the Middle East. According to estimates by the Brussels-based European Aluminium industry group, Europe's primary aluminium demand is approximately 9 million tonnes per year. The impending closure of Mozal coincides with a power failure at Century Aluminum's Icelandic smelter, which has reduced output by two thirds. Iceland was the EU's 2nd-largest aluminium supplier in 2018. Prices have also been pushed higher by the EU's Carbon Border Adjustment mechanism, which will impose a carbon-based tax on aluminum imports starting in January. The amount of Russian metal that can enter the EU from February 26 until December 31 will be reduced to 50,000 tonnes. At 1602 GMT the benchmark three-month aluminum on the London Metal Exchange traded up 0.5% to around $2,880, which is not far from the three-year-high of $2,920 that was reached on November 3 and December 5. The European Aluminium Duty-paid Premium, which buyers add to the LME price of physical metal in order to cover taxes, shipping costs and handling, reached a 10-month peak of $340 per ton, at the beginning of December. It was previously at $326. Ross Strachan is the head of raw materials for aluminium at CRU. He believes that the Mideast Gulf will make up the volume lost if Mozal were to close. Strachan stated that "there are certain exporters from the region who are more likely to increase their shipments to Europe due the higher premiums." (Reporting and editing by Alexander Smith; Pratima Dasai, Tom Daly)
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Morocco provides emergency assistance during the harsh winter weather
Authorities announced on Tuesday that Morocco has provided emergency assistance to tens of thousands of families who have been affected by the freezing temperatures, heavy rains and snow this winter. The flash floods that followed torrential rainfall in Safi, on the coast, killed 37 people. They also damaged 70 homes and shops, washed away cars and cut roads. Authorities said that the relief operation would target '28 provinces which have been affected by freezing temperatures and snow, and distribute food supplies and blankets?to 73,000 households. The High Atlas Mountains were issued a red alert on Tuesday, for snowfall up to 80cm (31 inches). An orange?alert for rain up to 50mm was also issued across the majority of central and northern regions. Snow has fallen to a depth of 50 cm in the mountains of Ouarzazate (about 500 km southeast of Rabat), and the temperatures at night have been below zero. After seven years of drought, which emptied many of the country's reservoirs, Morocco is experiencing heavy rainfall and snowfall. (Reporting and editing by Timothy Heritage, Ahmed Eljechtimi)
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Reactions to the European Commission's proposal to reverse the 2035 ban on combustion engines
On Tuesday, the European Commission made public proposals to reverse an effective prohibition on sales of new cars with internal combustion engines from?2035. This was in response to pressures from Germany, Italy, and major automakers. The revised package reduces the 2035 target to a 90% reduction in tailpipe emissions as compared to 2021. It also introduces measures that will accelerate the transition to electric vehicles, while giving manufacturers more flexibility. The reactions to this decision are: STEFFEN KAWOHL IS A POLICY ADVISOR FOR THE GERMAN MITTELSTAND (DMB). The automotive industry will still undergo a transformation, even if the combustion engine ban is lifted. This would only be justified if the German economy used the extra time to accelerate the transition to fossil free mobility. DOMINIC PHINN HEAD OF TRANSPORTATION AT CLIMATE GROUP "Today is a tragic victory for an industry that clings to the past, over a sector competitive and forward-looking ready to 'drive Europe into a prosper future. The watering down the phase-out of petrol and diesel engines is a slap in the face to leading companies in Europe who have invested billions of dollars in electric fleets?and need the stability they provide. CHRIS HERON SECRETARY GENERAL OF E-MOBILITY EUROPE It's not the right time for Europe take the wind out its own sails. Europe's electric cars markets are growing rapidly, but by reopening to plug-ins and unscalable fuels, we will slow down our global race. The future of transportation is electric. But the question is, will Europe build it or import it? FRIEDRICH MERZ - GERMAN CHANCELLOR It is good that after a clear signal from the German government, the Commission has now opened up the regulation in the automobile sector. To better align climate goals, market realities and businesses, we need to be more open to technology. JAN DORNOFF RESEARCH LEADER AT THE INTERNATIONAL CONSULTANCIL ON CLEAN TRANSPORTATION The Automotive Package shows that the European Commission is committed to the electrification of cars, as shown by the small and affordable electric car initiatives. "But the proposed changes to CO2 standards will delay the necessary transformations." BEN NELMES, CEO OF NGO NEW AUTOMOTIVE "What Europe needs to do is be consistent and clear in its approach towards the battery industry." By rewriting the rules, the European Commission undermines trust in their 'own regulations' and gambles with Europe’s economic future. JULIEN THOMAS TP ICAP MIDCAP ANALYST "We believe that these measures are generally beneficial to European manufacturers. Especially those who produce high volumes of light commercial vehicles, where regulatory uncertainty caused sales to drop this year, such as Renault and Volkswagen. VOLKSWAGEN The Volkswagen Group considers the European Commission's draft proposal on new CO2 emissions targets to be economically sound. "It is very positive that the future will see small electric vehicles receive special support. It is vital that CO2 targets are adjusted to light commercial vehicles and made more flexible. It is pragmatic to allow vehicles with combustion engines on the market while compensating emissions. This is in line with current market conditions. VOLVO CAR "Weakening commitments to short-term gains risks undermining Europe's competitiveness in the years ahead." "Investing in public infrastructure and a consistent, ambitious policy framework will bring real benefits to customers, the climate and Europe's industrial strength." "Volvo cars has built a complete EV range in less than ten year and is ready to go fully electric with a long-range bridge hybrid. "If we can do this, so can others." THOMAS PECKRUHN PRESIDENT ZDK, GERMANY ASSOCIATION OF MOTOR VEHICLE TRADE "Our businesses are faced with the same problems that European regulations fail to address: high costs of charging, a lack of infrastructure, and a suitability for consumers' everyday use. Climate-neutral transportation only works when it's affordable, reliable and practical for the people. "Anything else is just a theory." (Written by Mathias de Rozario, Gdansk. Edited by Matt Scuffham.
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What's in the European Commission proposals to reverse the 2035 combustion engine prohibition?
The European Commission made public on Tuesday proposals to reverse the effective ban on new sales of internal combustion engines cars starting in 2035. This was done as a result of pressure from Germany and Italy, along with major automakers. The 'delayed package' follows intense lobbying for transitional technologies like plug-in hybrids or CO2-neutral gasoline, while EV-focused businesses and climate campaigners pushed to maintain the original target. The revised package reduces the 2035 target to 90% of what was originally planned, while also introducing measures to speed up the transition to electric vehicles and give manufacturers more flexibility. The main changes are: CO2 REVISIONS According to the plan, automakers can still sell plug-in hybrids as well as range extenders after 2035. The shortfall must be made up by those who do not meet the CO2 reduction target of 100%. CO2-neutral fuels such as advanced biofuels made from waste (such as used cooking oils) and low-carbon Steel will be included in emissions calculations. This means automakers that produce cars using this "green steel" with a lower carbon content can reduce emissions even further. These 'flexibilities" do not allow automakers to pool their emissions together with those of EV only brands like Tesla and Polestar in order to meet the targets. CORPORATE FLEET Small and medium sized businesses with less than 250 workers and below 50 millions euros in turnover will be exempted from the electrification target. The member states will only give 'financial assistance for clean vehicles produced in the EU. This is a victory for France who pushed for incentives for local production. The electrification of fleets can help create a market for second-hand electric vehicles, since rental companies keep their cars on average for one year and leasing firms for three years. The national market share target is set at 32% for Bulgaria in 2035 and 100% for other richer countries. SUPER CREDITS FOR THE NEW SMALL EV CATEGORY The Commission will create an entirely new category of?small electric vehicles under 4.2 meters in length, similar to Japan’s "kei" cars. Each sale counts 1.3 times. This means that 10 small EVs will be credited as 13. This category can also be used to simplify other measures at the state level as well as the EU. Renault?and Stellantis are lobbying for a new category of small cars in the EU, arguing it will reduce costs and make EVs affordable. Commercial vehicles, such as vans, will have to reduce their emissions by 40%, down from 50%. The automakers can also average the compliance rate over a period of three years, from 2030 to 2032. This will give them more flexibility. BATTERY BOOSTER PACK Package also includes a battery booster pack that will receive financial support in Europe's race to scale up gigafactories, and compete with China. The Commission will invest 1.8 billion euro to accelerate Europe's value chain for batteries, including 1.5 billion euro in interest-free loan to battery cell producers. Battery boosters will be able to benefit from the upcoming Industrial Accelerator Act due in January. It will contain details about prioritizing local content.
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Gold prices rise as US unemployment rates increase in November
Gold rose on Tuesday, after a U.S. employment report showed that?the?unemployment rate increased last month compared to September. This reinforced bets for rate cuts by the U.S. Federal Reserve. The dollar index also fell. As of 11:17 am, spot gold rose 0.2% to $4.308,31 per ounce. ET (1617 GMT). U.S. Gold futures rose 0.1% to $4,340.20. The U.S. Dollar?fell to its lowest level in two months, making the price of greenback bullion more accessible for overseas buyers. Benchmark 10-year U.S. Treasury yields have also dipped. Bob Haberkorn, senior market strategist at RJO Futures, said: "The data give the Fed more reasons to cut rates. If they do so, it's good for gold." The U.S. employment rate rose in November but was still 4.6%. This is due to the economic uncertainty caused by President Donald Trump's aggressive trading policy. An economist survey estimated that the unemployment rate was 4.4%. The Federal Open Market Committee announced a quarter point rate cut last week. Chair Jerome Powell’s comments accompanying the announcement were perceived to be less hawkish that expected. U.S. Rate Futures still expect two 25-basis-point cuts each in 2026. They are pricing in 59 basis points of easing in 2019. Gold that does not yield tends to thrive in an environment of low interest rates. Investors are awaiting the Consumer Price Index for November, which is due Thursday, and Personal Consumption Expenditures Index, which is due Friday. Alex Ebkarian said that if gold ends 2025 above $4400, it could reach $4,859 to $5,590 by 2026. Silver, he added, 'could test the $50/oz mark next year. Spot silver dropped 0.9% to $63.39 per ounce after a record high was reached on Friday of $64.65. Platinum rose 3.8% to its highest level in September 2011 at $1,850.68. Palladium also gained 2.8%, reaching a new two-month high of $1,611 an ounce. Ebkarian said that the platinum group metals have been bursting out due to tighter supply and increased demand.
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EU drops 2035 combustion engine ban after automaker pressure
The European Commission has proposed that the EU will drop its effective ban on combustion engine cars by 2035, allowing some non-electric vehicle sales to continue. This is in response to intense pressure from Germany and Italy as well as Europe's auto sector. The EU executive has reportedly bowed down to carmakers who want to continue selling plug-ins and range extenders which burn fuel, as they are struggling to compete with Tesla and Chinese electric vehicles makers. All new cars and vans must have zero emissions by 2035, according to current EU regulations. In the proposal of Tuesday, instead, the goal would be to reduce CO2 emissions by 90% from levels in 2021. The remaining emissions would have to be offset by the use of lower carbon steel produced in the EU, synthetic efuels or other non-food biofuels like agricultural wastes and used cooking oil. Plan also gives automakers three years from 2030 to 2020 to reduce CO2 emissions from cars by 55% compared to levels in 2021, and the vans'?2030 targets would be lowered to 40% instead of 50%. EU CLIMATE CLIMBDOWN AS FORD CRAPS EVS These moves, which need approval from EU government and European Parliament,'mark the biggest retreat by the EU from its green policies enacted in the last five years. Ford Motor announced a $19.5 billion writedown on Monday as it "axed" several EVs in response to Trump's policies, and the weakening demand for EVs. Volkswagen and Fiat's owner Stellantis, among others, have also cited a softening EV demand. They've also called for looser targets and lowered fines if they aren't met. The automotive lobby ACEA dubbed the current moment as "high noon" in the sector. German manufacturers are particularly stressed as they are losing ground to their local competitors in China and face increasing competition from Chinese EV imports at home. The EU tariffs on Chinese-built EVs?have only provided limited relief. EU LAGGING CHINA In EV Race The EV Industry warned that easing emission targets could undermine investments and cause Europe to fall further behind China when it comes to the switch to cleaner driving. "We may think that reducing the clear target of?100% emissions to 90% is a small step, but it will have a big impact on our climate. Michael Lohscheller is the CEO of Swedish EV maker Polestar. William Todts said that the EU is playing with time, while China is?racing forward'. He said that clinging to combustion engine won't make European carmakers great again. The Commission has also outlined 'plans to increase EV adoption in corporate fleets which accounts for 60% of all new car sales in Europe. The national targets for 2030-2035 will be set "based on GDP per capita", leaving it up to the countries to determine how they want to achieve them. Belgia's tax incentives for EV company vehicles have been cited as a good example by industry groups. The Commission also proposed creating a category of small EVs that would be subject to less restrictive rules and qualify for additional credits towards the CO2 target if they were made in Europe. Reporting by Philip Blenkinsop. Charlotte Van Campenhout, Nick Carey and Charlotte Van Campenhout contributed additional reporting. Joe Bavier, Mark Potter and Joe Bavier edited the article.
Sources say that Midad, a Saudi company, is among the frontrunners for Lukoil to sell its global assets.
Three people with knowledge of the matter claim that Saudi Arabia's?Midad Energy?is one of the top contenders for the international assets of Russian?oil giant?Lukoil, taking advantage deep political ties between Moscow and Washington.
Sources have confirmed that the assets, which are valued at around $22 billion, include oilfields, refineries, and thousands of fuel station worldwide. About a dozen investors have made bids for these assets, including U.S. major oil companies Exxon Mobil, Chevron, and private equity firm Carlyle.
Lukoil wants to sell off its foreign operations, which were crippled by the U.S. sanctions that were imposed on October to pressure Russia to end its conflict in Ukraine.
Lukoil and Midad Energy declined to comment. The U.S. Treasury didn't immediately respond to comments.
Abdulelah Al-Aiban is the CEO of Midad Energy and brother to Musaed Al-Aiban. Musaed Al-Aiban was a powerful Saudi national security advisor who participated in U.S.-Russian peace talks in Saudi Arabia in February. Their father, Mohamed Al-Aiban was the first intelligence chief of Saudi Arabia.
Midad Energy's bid is in line with the booming economic co-operation between the U.S., Saudi Arabia and Donald Trump. This builds on decades of security and energy ties. Riyadh signed deals with Washington in 2025 that covered defence, energy, and technology. Saudi Arabia pledged investments up to $1 trillion.
Midad Energy is part of Midad Holding - a subsidiary of Al Khobar's Al Fozan Holding. It has a bold expansion strategy. This was highlighted by the $5.4 billion Algerian deal in October.
Sources said that Midad Energy is planning to make an all-cash bid for Lukoil’s assets, and the funds will be held in escrow till sanctions against the Russian company have been lifted. One source said that the deal may involve U.S. firms.
Geopolitical obstacles have already prevented Gunvor and U.S. Bank Xtellus Partners from purchasing Lukoil's assets.
Washington's sanctions on Rosneft and other Russian oil companies bar U.S. residents from doing business with them, freeze their U.S. interests, and cut off major sources of financing.
Lukoil must sell its assets by January 17, according to the Treasury's latest deadline. Reporting by Jarrett Renshaw, Dmitry Zhdannikov. Mark Potter edited the article.
(source: Reuters)