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Pakistan increases fuel prices by more than 50% amid escalating Mideast conflict
Pakistan raised consumer prices for petrol and diesel by more than 50% on Thursday, its second price hike in less than one month. This was due to the rising global oil prices, which were sparked by the conflict in the Middle East. Diesel prices will rise by more than 55%, to 520.35 Rupees ($1.88) a litre. Petrol prices are expected to increase by 55% or so to 458.40 Rupees a litre. The price increase was inevitable due to the international markets prices spiraling out of control following the US-Iran War, Pakistan's Petroleum Minister, Ali Pervaiz?Malik said at a press conference broadcast on state television. He also spoke with the country's Finance Minister. Last month, the South Asian country raised the prices of diesel and petrol for consumers by around?20%. They cited higher oil prices caused by the U.S./Israeli war against?Iran. This decision will likely lead to a rise in inflation, which will hit Pakistan's poor population. Pakistan imports most of its oil from Saudi Arabia and UAE via the Strait of Hormuz. In a separate news conference, the country's Finance Minister Muhammad Aurangzeb announced subsides aimed at providing relief to?small farmers and motorcyclists as well as intercity transportation goods and passengers. Malik stated that the government has given a subsidy worth 129 billion rupees over the past three weeks. However, it is no longer affordable because of the increase in international oil prices. He said that, "Since resources are limited and no end to the war is in sight," there was no way to continue with blanket subsidies. U.S. crude oil prices rose more than 11% on Thursday. Brent prices also soared in volatile trading, a day after Donald Trump announced that military operations will be intensified.
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Bloomberg News reports that SpaceX aims to raise more than $2 trillion in its IPO.
Bloomberg News reported that Elon Musk's SpaceX boosted?its IPO target valuation above $2 trillion. Citing people familiar with the issue, the report set the stage for the biggest stock market listing ever. Bloomberg News reported that SpaceX's advisers and SpaceX are circulating the figure?to potential investors for its initial public offering. They added that the details of the IPO may still change. The startup recently submitted confidential IPO paperwork to the U.S. Securities and Exchange Commission and plans to launch its market later this year. According to the report, Starbase, Texas, a firm headquartered in Texas, could raise up to $75?billion. This would surpass the 2019 IPO by Saudi Aramco which is the largest ever. A previous expectation of $1.75 trillion valuation already sparked debate about how much value was driven SpaceX's cash generating Starlink business, and how much premium could be added to its dominance of space launches and unproven ventures like Starship and space based AI. SpaceX didn't immediately respond to an inquiry for comment. The IPO 'comes a few months after Musk merged SpaceX and his artificial intelligence startup xAI in a deal valued at $1 trillion for the rocket company, and $250 billion for Grok, its chatbot developer. Rocket maker is lining up investors for its IPO well in advance. ?It had discussed?with Saudi Arabia’s Public Investment Fund taking an anchor stake in the IPO of about $5 billion, reported on Thursday.
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Cubans protest US sanctions by riding electric tricycles and bikes
Cuban activists rode electric tricycles and bikes along Havana’s Malecon boulevard on Thursday, accompanied by Cuban President Miguel Diaz-Canel. The demonstration was a defiance against U.S. attempts to starve Cuba of fuel. Participants in a government-organized car caravan rode by the U.S. embassy in Cuba's capital with their pedal and electric-powered vehicles, displaying banners and flags criticizing the sanctions imposed by the Trump administration. The rally was held a day after Cuba’s top diplomat in Washington invited the U.S. to help rebuild Cuba’s crippled economic system as part of ongoing negotiations that are yet to produce results. Participants at the rally stated that they "favored" talks with Cuba but demanded respect from the United States. Sheila Ibatao is a Havana student of law who participated in the event. She said: "I think that a genuine dialogue between two governments is possible. But international law and our nation's autonomy must both be respected." Diaz-Canel did not speak at the event. Cuban officials often hold large rallies in front of the U.S. embassy. This caravan was more discrete and smaller, and hampered by fuel shortages that have crippled mobility. This week, a Russian-flagged ship arrived in Cuba and unloaded?700,000. barrels of crude, promising relief in the coming months. The Trump administration has said that it allowed the Russian flagged tanker to dock at Cuba's Matanzas Port for humanitarian reasons. (Reporting and editing by Dave Sherwood, Will Dunham and Ayose Naranjo)
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California's final nuclear power plant to operate until at least 2030
The governor of California, the largest state in the United States, announced on Thursday that federal regulators had approved an operating license extension for the last nuclear power plant still standing in the state. Under'state law, it can run until at least '2030. PG&E Diablo Canyon Nuclear Power Plant, located on California's Central Coast, was originally scheduled to close in?2025. However the plant which contributes 10% of 'the state's overall electricity has remained operational despite 'rising demand and rising power bills' California Governor Gavin Newsom stated that the renewed federal licenses will allow Diablo Canyon to continue providing a 24/7 carbon-free power supply as California faces increasing electricity demand, hotter summers and continues investments in grid reliability. Nuclear?power plant owners in the U.S. are asking the Nuclear Regulatory Commission (NRC) to extend the life of their reactors. These reactors were mostly built in the '70s and ’80s. Electricity consumption is at record levels due to the proliferation of a?energy intensive data center and the electrification of _buildings and _transportation. Diablo Canyon is only allowed to operate until the end of this decade by California law. Reporting by Laila KEARNEY in New York, Editing by David Gregorio
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US agencies monitor drinking water for microplastics and pharmaceuticals
On Thursday, the U.S. Environmental Protection Agency (EPA) and the Department of Health and Human Services (HHS) announced that they would monitor the impact of microplastics and pharmaceuticals on water. This is the first step in assessing the health risks associated with these substances and forming new policies. The announcement was hailed as a victory for President Donald Trump’s "Make America Health Again" agenda by EPA Administrator Lee Zeldin, and Health Secretary Robert F. Kennedy, Jr., whose priorities included reducing childhood vaccinations and promoting healthy foods in the new dietary guidelines. The EPA has now included microplastics, pharmaceuticals, and other contaminants on its sixth Contaminant Candidates List. This means that they will be tested and monitored in accordance with the 'Safe Drinking Water Act, and they will receive funding for their research. "We cannot treat what we can't measure." Kennedy told a press event at the EPA's headquarters that we cannot regulate something we do not understand. Zeldin, the EPA, and MAHA activists have been criticized for not addressing their concerns. This includes microplastics and failing to apply more stringent pesticide rules. "For too long, Americans were ignored as they raised the alarm regarding plastics in drinking water. Zeldin stated at the press event that this will no longer be an issue. Supporters of RFK Jr. and MAHA helped elect Donald Trump as President in 2024. MOVE FOLLOWS PERIOD OF PETITION Seven U.S. Governors, including those from New Jersey and Michigan, as well as more than 175 environmental and public health groups filed a petition late last year asking the EPA to include microplastics on its list of contaminants that should be monitored. The list is updated five times a year. Microplastics, or microscopic plastic pieces, have been found everywhere. From inside the human body to drinking water and even in the depths of oceans. Several studies have linked microplastics to cancer or reproductive harm. Plastic industry groups dismissed these'studies' and claimed that the science is still not settled regarding the harms caused to microplastics. Judith Enck of Beyond Plastics, a former regional administrator at the EPA, called this "an important step." Kimberly 'Wise White', vice president for regulatory and scientific affairs of the American Chemistry Council (which represents?plastic manufacturers), said that the group supports scientifically-driven monitoring of water drinking for microplastics. Kennedy pledged that he would tackle plastic pollution, including its manufacture, when he ran for the Democratic nomination in 2024. Later, Kennedy endorsed Republican candidate Trump, whose government warned last year that countries should oppose any attempts to cap plastic production as part of a potential UN agreement to limit plastic pollution. Human waste and improper disposal of pharmaceuticals can cause them to enter the water system. The EPA also plans to release benchmarks on human health for 374 pharmaceuticals that will be monitored. Reporting by Valerie Volcovici, Washington; Additional reporting and editing by Leah Douglas
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Oil prices rise as stocks fall on Iran War Worries
Oil prices surged Thursday, and equity markets around the world fell after U.S. president Donald Trump's remarks dashed expectations of a "quick resolution" to the Iran War. Still, European'shares' trimmed their losses and U.S. bonds clawed back any gains on rekindled hopes of a reopening of Strait of Hormuz. Iran's foreign ministry announced that it was working on a protocol to monitor the traffic through the Strait of Hormuz, which is used by a fifth or global oil and LNG. Brent crude jumped more than 7% per barrel after Trump stated in a prime time address on Wednesday, that the United States will hit Iran "extremely" in the next few weeks and "bring [them] back to the Stone Ages." Stocks on Wall Street were lower at the end of the trading week due to the Good Friday holiday. Gold prices dropped as the U.S. Dollar gained. The yields on government bonds jumped as central banks raised interest rates or held them at the same level in anticipation of a spike in inflation. The dollar index (which measures the greenback versus a basket of currencies, including the yen, the euro and others) rose by 0.48%. Felix-Antoine VezinaPoirier, BCA Research, said: "During the past 48-hours, Tehran and Washington exchanged a cacophony, with some statements suggesting a rising likelihood of de-escalation." GeoMacro strategists provide a simple guideline for weighing headlines that are volatile: stick to the facts. Shipping through Hormuz increased over the past few days. Second, Iran has deliberately shifted its focus "away from GCC targets (Gulf Cooperation Council), toward Israeli ones." WALL STREET POINTS WERE LOWER The MSCI index of global stocks fell by 0.59%, to 990.80. Wall Street saw the Dow Jones Industrial Average fall 0.39% to 46383.81, S&P 500 decline 0.23% at 6,560.04 while the Nasdaq Composite fell 0.28% at 21,780.3. In an address that was closely watched on Wednesday, Trump stated that U.S. attack on Iran will be intensified in the next two-three weeks. This came just one day after Trump said the United States was "out of Iran fairly quickly." Both the pan-European STOXX 600?and Europe’s broad FTSEurofirst 300 indices lost 0.2%. The Kospi Index in South Korea fell 4.7%. Prashant Nnewnaha, senior rate strategist at TD Securities said: "The only thing really important is whether or not the Strait of Hormuz opens soon." Trump said earlier on Wednesday that the United States does not need the main oil gateway. Spot gold fell 2.15%, to $4,654.89 per ounce, and U.S. futures gold settled down at $4,679.70, a 2.8% decline. India's central bank banned the trading of non-deliverable futures to stop rupees from falling to record lows. The currency rose 2% after the move, but analysts were unsure how long this rebound would last. Brent futures rose 7.59% to $100.84 per barrel while U.S. West Texas Intermediate closed up 11.41% at $111.54. Jon Withaar, Pictet Asset Management, said that the fact that "boots on the ground" were not ruled-out (during Trump’s TV address), and that the threats to strike infrastructure were reiterated will put the markets back on "the defensive." The yield on benchmark U.S. 10 year notes dropped 1.4 basis points, to 4.307%. The yield on the two-year notes, which moves typically in line with expectations of interest rates for the Federal Reserve fell 0.9 basis point to 3.794%. The yields on the benchmark Bunds in the euro zone ended a three-day slide and traders increased their bets that interest rates will rise. The yield of the benchmark German 10-year increased by 0.7 basis points, to 3.002%.
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Braskem's profits boosted by high petrochemical costs, but a debt problem still looms
Braskem, a Brazilian company, is racing against time to pay looming interest on its debt. A person with knowledge of the company said that the petrochemical manufacturer, which has operations in Brazil and the U.S. as well as Mexico, is considering whether or not to file for an injunction in order to avoid a painful restructuring. The stronger market outlook does not provide enough relief in the short term. Valor, a Brazilian newspaper, was the first to report Braskem's intention to file a petition for protection against its creditors. The company refused to comment. Citibank analysts raised Braskem’s target price this week from 8 to 10 Reais per share citing higher?petrochemical prices due to supply disruptions caused by the Middle East war. Braskem's international bonds are due to be paid $100 million by the middle this year. Braskem will end 2025 with a $9.4 billion debt and only $2.1 billion cash. Braskem is also facing delays in a planned management change. Novonor, a Brazilian conglomerate, agreed to sell Braskem's controlling stake to IG4 Capital in December. Private?equity firms would be able to share control of Braskem with Petrobras (the second largest shareholder). Sources say that the handover, which was originally expected to take place in early 2026 has now been delayed to May. This leaves some of the debt negotiations in the air. IG4 declined comment. Braskem's share price has risen by 15% this year, to 9 reais. Analysts at Citi said Braskem’s improved operational outlook may reduce the need for immediate capital adjustments. This could include a restructuring plan that involves a capital injection, or a possible reduction of its debt via a renegotiation. Reporting by Luciana Magnhaes, Editing by Paul Simao
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Sources say that SpaceX has been in talks with a Saudi fund about a possible investment of $5 billion for an IPO.
According to two sources familiar with the situation, Elon Musk's SpaceX had talks with Saudi Arabia's Public Investment Fund (PIF) about PIF possibly taking an anchor stake in the space company IPO of $5 billion. Sources said that the investment would prevent some dilution in?PIF’s existing stake, which is just under 1% of SpaceX. Three other sources confirmed that the rocket maker had?been lining-up anchor investors long before its stock market debut. The company plans to raise $75 billion in a record IPO, dwarfing previous mega-IPOs like Saudi Aramco and Alibaba. SpaceX wants to gauge investor interest in a deal of this scale. The sources, who requested anonymity due to the confidential nature of the discussions, said that SpaceX was trying measure investor interest. The sources warned that no final decision had been made and that any investment could change. SpaceX has not responded to a comment request. PIF declined comment. Anchor investors are institutional buyers that typically commit to a stake in advance of a roadshow IPO. They do this as a way to show confidence and support the demand for an offering. SpaceX is courting anchor investors with big budgets, but a large portion of the allocation will go to wealthy investors who are served by underwriting banks. Reported?previously. PIF reaffirmed its ties to Musk's empire in November 2025 when its AI firm HUMAIN announced a collaboration with xAI, involving the deployment of 500 megawatts data center capacity - in Saudi Arabia. PIF invested $3 billion through HUMAIN in March 2025, just before xAI merged with social media platform X. SpaceX based in 'Starbase, Texas' recently filed confidential IPO paperwork at the SEC and plans to launch its market later this year.
Oil prices rise after biggest annual decline since 2020
The oil prices rose on the first trading day in 2026, after they had suffered their worst annual decline since 2020 last year. This was due to Ukrainian 'drones' targeting Russian oil installations and a U.S. blockade that impacted Venezuelan exports.
Brent crude futures rose 14 cents to $60.99 per barrel on Friday by 1:46 GMT. U.S. West Texas intermediate crude crude was up 14 cents at $57.56 per barrel.
Russia and Ukraine traded accusations of attacks on civilians New Year's Day, despite intensive talks overseen?by U.S. president?Donald Trump aimed at ending the nearly four-year old?war.
In recent months, Kyiv has intensified its strikes against Russian energy infrastructure to cut off Moscow’s sources of financing for the military campaign in Ukraine.
Washington imposed sanctions Wednesday on four oil tankers and companies that it claimed were involved in Venezuela's oil industry.
The U.S. Blockade is designed to prevent sanctioned oil tankers from entering Venezuela or leaving the country. This has forced PDVSA, Venezuela's state-owned energy company, to take extreme measures to avoid closing down refineries as fuel inventories increase.
Brent and WTI benchmarks experienced annual losses of almost?20% in 2025. This was the largest since 2020 as concerns over supply and tariffs trumped geopolitical risk. Brent lost money for the third consecutive year, which is the longest streak in history.
According to the Energy Information Administration, Wednesday, the United States' oil production reached a record of 13.87 million barrels a day in October. The EIA reported that last week, crude stocks dropped while gasoline and distillate inventory rose due to a robust refining industry. Reporting by Florence Tan, Editing by Tom Hogue
(source: Reuters)