Latest News
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New York files suit against the Trump administration for a halt on two offshore wind project
New York's Attorney General sued the Trump Administration on Friday over the suspension of construction on two offshore?wind farms that it says are needed to power a million homes and reduce the state's reliance on fossil-fuels. Letitia J., New York's Attorney General, has filed two separate lawsuits asking the federal court in Washington not to allow President Donald Trump's freeze of federal offshore leases owned by Equinor from Norway and Orsted from Denmark on December 22, 2018. The Interior Department said that it had halted the project due to complaints from?the Pentagon, that wind turbines can cause radar interference which makes it difficult to identify security threats. James stated in a press release that "New Yorkers deserve reliable, clean energy, well-paying employment, and a government which follows the law." The federal government halted the construction of these projects, which had been carefully reviewed. My office is taking steps to stop this'reckless' decision, which puts workers, families and our climate goals in danger. James, a Democrat elected to the House, is one of President Trump's most ardent political opponents. Orsted and Equinor have had their offshore wind projects stalled by Trump who says wind turbines are ugly and inefficient. Both offshore wind developers, Empire Wind and Sunrise Wind, have sued Interior for their multi-billion dollar?New York project. Equinor's Empire Wind warned in court documents that it would likely be terminated if it could not?restart the construction by January 16, and asked a Washington federal judge for a preliminary injunction. Next week, a hearing will be held on this request. Orsted sued for Sunrise Wind as well as a?another project called Revolution Wind that is being built?off the coast of Rhode Island. In September, the company was successful in getting a federal court to block an order from the Trump administration that would have stopped work on Revolution Wind. The Interior Department's pause over offshore wind leases affects Avangrid Vineyard Wind off the coasts of Massachusetts and Dominion Energy Coastal Virginia Offshore Wind Facility. (Reporting from Nichola Groom and Nate Raymond, Los Angeles; Additional reporting by Jack Queen. Editing by Matthew Lewis.)
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US EPA rejects Colorado haze plans to retire coal plants earlier
The U.S. Environmental Protection Agency rejected Colorado's plan on Friday to comply with regional haze regulations by closing its coal plants. It said the state "needs" the plants to continue running to maintain reliable power. The agency stated that Colorado's plan to reduce pollution from sulfur dioxide and nitrogen oxidation, which causes haze and smog in national parks and wilderness regions, violated the Clean Air Act since the state failed to?get the consent of one of the coal plant targeted for an early retirement. Why it's important The Trump administration is extending the life of coal-fired plants in order to meet the increasing demand for electricity due to the construction of data centers to power artificial intelligence. KEY QUOTE In a recent statement, EPA Administrator Lee Zeldin stated that "reliable baseload sources are essential for Powering the Great American Comeback" and ensuring families with cost-effective energy. CONTEXT Last year, the administration issued five emergency orders in order to keep retiring coal plants operating. The most recent was on December 30, when Energy Secretary Chris Wright gave an order to "keep a Craig, Colorado coal plant operational even though it is set to retire by 2025." BACKGROUND Colorado ordered that three coal plants, which were due to be retired in 2030, would have to close two years sooner to comply with the state's regional haze control plan. The EPA'said that it would either help Colorado rewrite their plan or impose a new one to the state. Colorado has also set a goal of reducing greenhouse gas emissions from 2050 to zero.
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US SEC dismisses lawsuit against Rio Tinto ex-CFO
The U.S. Securities and Exchange Commission dismissed on Friday its lawsuit against an ex-Rio?Tinto Chief Financial Officer, ending a longstanding fraud case over a "bad investment" in a Mozambique Coal Project by one of the world's biggest mining companies. The SEC announced in a Manhattan federal filing that it dismissed its civil case against Guy Elliott, "in the exercise its discretion," and without addressing its remaining claims. The SEC dismissed its civil case against Guy Elliott on Friday, without addressing the merits of any remaining claims. Elliott denied wrongdoing. His lawyers called it "a complete victory for the defense" in a joint statement. The SEC didn't immediately respond to requests made for comment. In its complaint of October 2017, the SEC accused Rio Tinto?of misleading investors about the value?of Rio Tinto Coal Mozambique. The Anglo-Australian firm bought the former Riversdale Mining in 2011 for $3.7billion through a takeover. The SEC reported that Rio Tinto raised over $5.5 billion in fixed-income investments from unwitting investors, by overvaluing coal assets. This was despite an assessment conducted internally which showed the assets to be?worth a negative $680 millions, according to the SEC. The internal calculation assessed the assets negatively when Mozambique rejected Rio Tinto’s proposal to use barges as a way of transporting coal. Rio Tinto wrote down more than $3 billion?for Mozambique?in 2013, then sold the assets for $50 million the following year. U.S. district judge?Analisa?Torres denied Elliott's request to dismiss SEC claims that he had misled Rio Tinto Coal Mozambique about its finances, and violated books & records. The judge ruled that open factual questions should be left to a jury. Rio Tinto, a rival company of Glencore, announced on Thursday that they are in merger discussions to create the largest mining company in the world.
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Citgo auction left in limbo by Trump's Venezuela oil strategy
Citgo Petroleum is the crown jewel in the foreign assets of Venezuela. Sources close to the situation said that the U.S. president Donald Trump has been moving quickly to put together $100 billion to revive Venezuela's petroleum industry. Citgo, based in Houston, has been involved in the auction organized by a Delaware Court to settle debts and expropriations of Venezuelan assets. The court approved the $5.9 billion offer in November and ordered that the shares of Citgo Parent be sold to Amber Energy. This is an affiliate of the U.S. hedge-fund Elliott Investment Management. However, its execution needs regulatory approvals from various agencies, including the U.S. Treasury Department. The Treasury Department's Office of Foreign Assets Control has until May 31 to approve or reject the winning bidder. This temporarily puts the auction process on hold. Citgo's strategy has become "sticky", according to the sources, after the U.S. captured President Nicolas Maduro. Since then, the U.S. has said that it will take over Venezuela's oil reserves indefinitely. The many parties to the auction, including those who want the process frozen and those who want the auction executed, are increasing their lobbying efforts in Washington in order to influence the course of action taken by Washington regarding Citgo. Two sources claim that since January 1, boards controlled by Venezuela’s political opposition, which oversees the refinery, have tried to meet with U.S. officials but without success. The message that Washington has sent to these boards through indirect channels, is that Trump's administration does not consider the fate of the company a top priority. One source said that some U.S. officials had said, "Washington would prefer to have the refinery run by an American firm." Eight-year-old dispute between creditors, including expropriated mining and oil companies and defaulted noteholders, and the government has been fraught with appeals and injunctions. It remains to be seen how much influence each side will have when Trump pushes his agenda while supporting Maduro's close ally Delcy Rodrguez as interim president. Sources said that his relationship with the opposition and in particular with Maria Corina Machado seems fragile at the moment. Citgo severed its ties in 2019 with Venezuela's state-owned energy company PDVSA and hasn't had access to Venezuelan oil since. Citgo's Board approved on Thursday the company's participation to tenders that the U.S. will be putting together for the sale of Venezuelan crude as part an initial 50 million barrel deal to sell Venezuelan petroleum, according to sources. Sources said that no buyers have been approved. Citgo and Amber declined to comment. Requests for comments from the U.S. Treasury and refiners' supervisory boards were not immediately answered. Citgo is the seventh-largest refiner in America. Its logo, which overlooks Kenmore Square, Boston, has become a household name in the U.S. The company has a network of refineries that can process heavy crudes like Venezuelan oil. Its 829,000-barrel-per-day capacity is one of the largest in the U.S. OFAC HAS NOT SAID A THING OFICIALLY OFAC was supposed to give an official opinion on the Citgo auction on Thursday, as requested by a U.S. Court of Appeals that is hearing from parties who are challenging the process. This includes Venezuela and rival bidders headed by Gold Reserve. The opinion is still pending. Venezuela's legal team asked the same court on Thursday to cancel the auction, claiming that the process was "legally unjust and deeply indefensible." Venezuelan parties, rival bidders, and creditors also claimed conflicts of interest with court advisors. Amber and the court officer who was overseeing the auction denied any wrongdoing. The US and Venezuelan officials, the opposition and board members of Citgo are urging that the sale order from a judge be frozen until a decision is made. Sources added that other participants, notably the chosen winner Amber, have been pressing the sale to proceed. Sources say that many creditors are unhappy with the length of the process and high legal fees. Citgo is a source of Venezuelan pride. Both the Venezuelan Government and the Opposition have pushed the OPEC nation to retain at least a portion of it. Machado wants Citgo to be a tool to rebuild Venezuela's oil sector. He is scheduled to meet Trump next week. Her team has suggested that creditors at the court-ordered sale join a larger foreign debt restructuring.
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S&P 500 closes at record high, driven by Broadcom and other chipmakers
The S&P 500 ?rallied to a record high close on Friday, lifted by Broadcom and other chipmakers, while a ?weaker-than-expected jobs report did little to alter expectations of interest rate cuts from ?the ?Federal Reserve this year. Wall Street's main three indexes gained in the first week of 2026 trading. This was fueled by gains in industrials, materials and other sectors, which have lagged behind technology stocks in recent times. The Labor Department reported that the U.S. labor market did not rapidly degrade in December. However, the decline in unemployment to 4.4% was more than expected. The PHLX semiconductors index reached a new record high. Mizuho increased its price target for the tool maker of chip manufacturing to $220, up from $200. Broadcom, Alphabet and Tesla boosted the S&P 500 and Nasdaq. Vistra's shares soared after Meta Platforms announced that it would buy electricity from its nuclear plants. Zachary Hill is the head of portfolio management for Horizon Investments, located in Charlotte, North Carolina. "We see that as an improvement." It means we are getting closer to the monetization stage, when people will be able to see and feel the revenue enhancements coming from this revolutionary technology. Intel's stock rose after Trump claimed to have had a "great" meeting with Lip-Bu Tan, the chief executive officer of the chipmaker. Preliminary data shows that the S&P 500 rose 44.32 points or 0.64% to 6,965.78, and the Nasdaq Composite rose 189.73 or 0.81% to 23,669.75. The Dow Jones Industrial Average increased by 234.09 points (or 0.48%) to 49,500.20. Wall Street valuations were high in advance of the fourth-quarter earnings season. According to LSEG, the S&P 500 trades at 22 times expected earnings - down from 23 in Novembre, but still above its five-year median of 19. The S&P 500 Value Index has gained about 3% in 2026 compared to a 1% increase in the S&P 500 Growth index. The U.S. Supreme Court announced that it would not rule on Friday regarding the legality and sweeping tariffs imposed by President Donald Trump. Investors, who had been waiting for a ruling, were left in limbo. If the court rules against the tariffs, traders expect a rise in volatility on the financial markets. Mortgage lenders increased their prices a day after Trump announced that he would order his representatives to purchase $200 billion worth of mortgage bonds in an effort to lower housing costs. LoanDepot, Rocket Companies, and Opendoor Technologies have rallied. General Motors' shares dropped after the automaker announced on Thursday that it would deduct $6 billion to pay for some investments in electric vehicles.
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OpenAI and SoftBank invest $1 Billion in SB Energy to expand Stargate
OpenAI and SoftBank Group are investing $1 billion in SB Energy. SB Energy is a SoftBank owned provider of data-centers and power infrastructure. SB Energy announced that OpenAI and SoftBank each invested $500 million into SB Energy. SB Energy will build and run a 1.2-gigawatt OpenAI data center in Milam County, Texas. SB Energy said it will also be a customer of OpenAI. It will use its application programming APIs and deploy ChatGPT for employees. Stargate is a massive?computing effort and infrastructure? that sits at the heart of the U.S. drive to increase domestic AI capability. When the companies announced their plan in January 2025, President Donald Trump supported the initiative. Oracle and Abu Dhabi-based tech investors MGX are also major investors in the project. OpenAI, Oracle, and SoftBank announced in September 2025 that they were planning five new U.S. computer sites spread across Texas, New Mexico, and Ohio. They said that once the sites are operational, they will add up to approximately seven gigawatts of power capacity. SB Energy is developing several data center campuses. The first facilities are expected to be operational in 2019.
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Venezuela seeks to restore diplomatic relations with the US
Venezuelan officials have 'begun to explore the potential of expanding diplomatic ties with the United States,' with the?U.S. State Department officials are traveling to Caracas, the State Department said in a Friday statement. Separately, the State Department said that?U.S. Officials were evaluating a "potential resumption of operations" in the South American nation. Washington and Caracas have signaled their desire for cooperation following last week's dramatic U.S. military operation which resulted in the capture of President Nicolas Maduro. Delcy Rodriguez, his vice president, took over as interim leader. The Venezuelan government announced in a press release that it had decided to begin an exploratory diplomatic procedure with the U.S. Government, "with the aim of reestablishing diplomatic missions in both nations." It?said that a Venezuelan delegation would?also be sent over to the U.S. for assessments. On Friday morning, U.S. President Donald Trump had said that the release of political prisoner in Venezuela was a "sign of seeking peace" and he canceled an attack plan for a second wave.
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Tusk: Poland is worried about tensions within NATO over Greenland
Poland's Prime Minister is concerned about the strain that the United States' threats to 'take over Greenland' is putting on NATO. He said this on Friday. Warsaw, as a loyal ally, should be honest about its concerns with Washington. Poland sees the United States and NATO in a 'critical role in its security, in light of a 'increasingly assertive Russia. Policymakers in Warsaw are concerned that divisions in the alliance might embolden Moscow. The NATO alliance would be shocked if the U.S. took Greenland away from Denmark, a long-time ally. It would also deepen the divide that exists between Trump and European leaders. Tusk said at a press briefing that he was "very concerned" about the Greenland problem, as well as the events in the United States and all the things that are?building up such ideological and politic tensions within NATO and even the United States themselves. "But we are allies and friends, and Poland is a particularly loyal ally of the United States. I also believe that in such a situation, one should not be on their knees, but rather, express what they think. You should be honest with your friends about what is right and wrong. (Reporting and editing by Alex Richardson, Barbara Erling, Alan Charlish and Pawel Florkiewicz)
Sources say that China has imposed import quotas on crude oil to ex-Sinochem refining plants
Two trading sources familiar with the matter confirmed on Friday that China has granted crude oil import quotas to three'refineries' in Shandong Province, which were sold last year to independent operators by'state-run Sinochem Group.
One source said that the quotas were given to Zhenghe Group, Huaxing Petrochemical and Shandong Changyi Petrochemical. The total annual volume was around 12 million metric tons (240 000 barrels per day).
The quotas were not clear whether they covered the "full" annual amount or only a portion of it.
Changyi, Zhenghe and Huaxing are now controlled by Shandong Qicheng Petrochemical.
The new quotas require that the three independent operators purchase crude oil on their own, instead of purchasing through Sinochem.
The Chinese Ministry of Commerce - responsible for the issuance of quotas - did not respond immediately to a request for comment.
China issued a new batch of crude oil import quotas for 2026 to the majority of its independent refiners at the end of 2025. Volumes?traders estimate to be 70% of their annual allowances, including the first smaller issue. (Reporting and editing by Michael Perry; Additional reporting by Sam Li)
(source: Reuters)