Latest News
-
Venezuela is a great opportunity for BBVA's chairman, says
BBVA is the only major bank in the world with a significant 'presence' in Venezuela. Its chairperson said that BBVA was well positioned to 'take advantage of the new business opportunities created by the U.S. intervening in the country which has the largest oil reserves in the world. Venezuela has an interim government since the United States captured Nicolas Maduro in early?this?month. The situation presents potential business opportunities for international banks. However, analysts have warned that there will still be many challenges. Carlos Torres, BBVA's Carlos Torres, told Expansion that if greater stability is achieved in the future, they will be able to seize the opportunities. They are the only private foreign bank in the country and have a good understanding of the culture due to their long-term presence. In an interview published Wednesday, Torres stated: "Venezuela is a great opportunity with its stability." BBVA Provincial is BBVA's 55%-owned subsidiary. It has 1,900 employees and 160 branches, serving more than 3 million customers.
-
EDF Energy: Sizewell B nuclear reactor extension possible, but requires investment
EDF's British arm has said that a life extension of its?Sizewell B plant is technically feasible, but negotiations are ongoing with the UK Government to allow the necessary investment. Sizewell B, located on the North Sea Coast in Suffolk, is the UK's only pressurised water reactor. It supplies more than 1.2 gigawatts to the grid. Other nuclear power plants in the UK are advanced gas-cooled (AGR) reactors, many of which have reached their end of life or been retired. Four of the reactors are still in operation. Several of the AGRs had their lives extended 'for a few years more amid fears that Britain faces a looming?supply?gap because of the age of its nucleo-electric facilities. Around 12% of Britain’s electricity is generated by nuclear power stations. EDF and Centrica - which owns a 20 percent stake in nuclear plants - want to keep their remaining AGRs operating until at least 2030. EDF stated that the investment to support this would cost 1,61 billion pounds over the next 3 years. EDF Energy stated in a statement that "work continues to agree a commercial model required to support a Sizewell 'B life extension of 20 years (2035-2055), and unlock 800 millions pounds in investment into the station." The UK's Energy Department was not immediately available to comment. EDF started construction of Hinkley C in southwest England, in 2017. This was its first new plant built in Britain for more than 20 Years. Sizewell C is also being built.
-
Western Australia extends coal mining subsidy, citing Energy Security
The Western Australian state government committed to a five year extension of the subsidy provided to the 'private Griffin Coal Company, which supplies Bluewaters private power station. The state said that the extension would secure power supplies during the?transition?to cleaner sources of energy. However, it planned to close the state-owned Muja Coal Station by 2030. Since 2022, it has contributed A$308 millions ($206 million) to Griffin's Ewington Mine in order to keep it running. The contract, which was due to expire in July, has been extended until 2031. However, state Premier Roger Cook stated that the subsidy will be "significantly reduced". Later in the year, the government will provide a more detailed report to the State Parliament on?costs. The Chamber of Minerals and Energy of the State called the decision?pragmatic and stated that coal was still important for the grid of the state, which isn't connected to the national network. In its latest analysis for mid-2025, the 'Australian Energy Market Operator' (AEMO), has predicted a power shortage of 50 megawatts in the period 2025-2026. However, the longer-term picture is more complicated due to the uncertainty surrounding the closure of large-scale gas and coal-fired generators. The AEMO report made it clear that more capacity was needed before the end decade. Origin Energy also announced on Tuesday that it would extend the life of its 2.8 gigawatt Eraring Coal Power Station in New South Wales for almost two years, to maintain energy security. WA has never been part of Australia's main National Electricity Market, which spans both the eastern and southern states. It also uses less coal than the east coast of Australia with its thermal coal mines. The roll-out of renewable energy on both coasts is slower than expected. Gas-fired generation is still expensive and the gas market is tight. The newly elected conservative Queensland government pledged to keep coal as a source of energy indefinitely. Australia's target is to reach 82% renewable energy in 2030. Western Australia has no renewable energy targets, unlike other states. (Reporting by Helen Clark; Editor Neil Fullick)
-
Rio Tinto's quarterly shipment increase results in a loss of iron ore futures
On Wednesday, iron ore futures declined for the fifth consecutive?session as Rio Tinto reported strong shipments of iron ore in its fourth quarter, and concerns about safety inspections weighed heavily on the Chinese market. The May contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 0.32% lower, at 784 Yuan ($112.58) per metric ton. The benchmark February 'iron ore' on the Singapore Exchange fell 0.74%, to $103.2 per ton as of 0708 GMT. It had previously fallen to its lowest level since December 17, at $103. Rio?Tinto announced a 7% increase in fourth-quarter iron-ore shipments, aided largely by a record quarterly?production at its Pilbara operations as well as a strong performance on rail and ports. A rise in iron ore shipments to China from Australia would put downward pressure on Chinese prices. Concerns about tighter safety regulations following an explosion in a steel-plate factory in Inner Mongolia, a region located in northern China, stoked concerns?over the demand for feedstocks. Mysteel data released on?January 21, showed that despite a rise in hot metal production of 22,800 million tonnes week-on-week the transaction volumes for iron ore have been slow at China's major ports. Shanghai Metals Market reported that overall sentiment remained risk-averse and bearish, with iron ore pricing facing resistance in the short term. Coking coal and coke, which are both used to make steel, have declined by 1.83% and 0.599% respectively. The benchmark steel prices on the Shanghai Futures Exchange are mixed. Hot-rolled coils and rebar both lost 0.06%. Meanwhile, stainless steel increased by 2.4% and wire rod rose 0.03%. ($1 = 6.9638 Yuan) (Reporting and editing by Sumana Nady; Ruth Chai)
-
Raptors win by a landslide, as they light up the sky with lights
Immanuel quickley scored a career high of 40 points. Scottie barnes added 26. The Toronto Raptors overpowered the Golden State Warriors by 145-127 on Tuesday in San Francisco. Butler suffered a torn ACL during Monday's win at home over the Miami Heat. The after-effects were evident in a 4128 Toronto blitz, which led to a 30-point lead in the first quarter. Golden State's offense was able to score the most points of the entire season, but Toronto's high efficiency offense won out in the end. Quickley made 11 of 13 shots, Barnes 12, and Toronto connected on 59.3% in the game. They also hit 61.8% from 3-point range. Quickley was 7-for-8 in 3-point shooting, Sandro mamukelashvili went 4-for-4, and Brandon Ingram went 4-for-6 as the team shot 21-for 34 from outside. Ingram scored 22 points for Toronto. Mamukelashvili had 14, Jamal Shead, Gradey Dick and Jamal Shead each scored 10 points. This was the second of five games in a western swing. Barnes (11 assists, a game-high), Quickley (ten assists) and Mamukelashvili (12 rebounds, a game-high) also managed double-doubles. Kuminga scored 20 points in 21 minutes, five less than Hield who had a 6-for-6 accuracy rate from beyond the arc. Stephen Curry was just 2-for-7 from beyond the arc on a 16 point?night. This ended an eight game homestand, and snapped a 4-game winning streak. Quinten Post scored 12 points for Golden State and added seven rebounds, Brandin Podziemski had 11 points while Moses Moody chipped in 10. The Raptors blew away the Warriors in the first half, scoring 70 points, and taking a 20 point lead at the half. Two days earlier, they had made only seven 3-pointers in a rout against the Los Angeles Lakers. Quickley (4 of 4) Mamukelashvili ( 3 of 3) Shead (2 of 2) went 9-for-9 in the first half from beyond the arc, helping the Raptors to outscore Warriors 30-18 despite having taken five fewer shots. Quickley scored 18 of his total 40 points during the first half. Barnes, who had his first three shots in less than seven minutes when Toronto exploded out of the gates to a 28-10 advantage, scored 14. - Field Level media
-
After a selloff, Japanese bonds rebound after a stock market shaken by geopolitical concerns
Asian stocks continued to lose ground on Wednesday. This was largely due to the heightened tensions surrounding U.S. threats of acquiring Greenland in advance of President Donald Trump’s Davos address, while Japanese bonds bounced back sharply after a recent meltdown. The fear of the "Sell America" trade, which emerged in the wake of last year's "Liberation Day tariff announcements" in April, gripped the markets overnight as Wall Street fell over 2% and the U.S. Dollar suffered its largest fall in more than a month. This sent investors running to gold. It soared by 2.1%, reaching a record high of $4,865 per ounce. Mantas vanagas, senior economist at Westpac, said that the'sell America trade' was driving the major market movements overnight. Investors were looking to reduce their exposure to the U.S. as they viewed it as an unreliable ally pursuing self-defeating policies. Trump has however, redoubled his rhetoric on Greenland. He said that there was "no turning back" from his goal of controlling the island and refused to rule out a forceful takeover. Trump's threat to impose tariffs on Europe also reignited fears of a trade war. On Thursday, the European Union will convene an emergency summit to discuss this issue. The long-standing U.S./EU alliance is clearly in danger. The World Economic Forum is in Davos, where Trump will deliver a much-anticipated speech in the evening. This could either calm or exacerbate tensions between Europe and the United States. The MSCI index for Asia-Pacific stocks outside Japan dropped 0.5%. Japan's Nikkei fell 0.5% for the fifth consecutive day. The blue-chip index gained 0.5%, while Chinese shares performed better than the rest of the world. Wall Street futures are up after the overnight shock. Nasdaq and S&P futures both rose 0.3%. The EURO STOXX Futures and DAX Futures both fell 0.1%, indicating a muted opening for European bourses. JAPAN BONDS ATTEMPT RECONSTRUCTION The global bond markets were still reeling after a brutal selloff. They had been caught in a perfect hurricane of concerns over U.S. exposure and an increase in Japanese government borrowing rates. The opposition criticized the bond yields in Japan after fears over increased government spending by Prime Minister Sanae Takayichi caused them to reach record highs. The price of Japan government bonds fell on Wednesday as buyers returned to the market with lower prices. The yields on the 40-year Japanese government bonds?fell by 11 basis points, to 4.1%. They had risen 26 basis points a day before. Treasury yields in the United States also fell. The benchmark 10-year rate fell 2 bps to 4.2767% after jumping 7 bps to a 5-month high of 4.3133% overnight amid a deterioration in sentiment towards U.S. assets. Danish pension fund AkademikerPension announced on Tuesday that it will sell its holdings of U.S.?Treasuries worth around $100 million by the end this month. It blamed weak U.S. Government finances. The U.S. dollar held steady at 98.57 versus its major counterparts, after dropping 0.5% overnight, the largest daily drop since early December. The yen held steady at 158.13 dollars, but the Swiss Franc hit a record of 200.19. Bank of Japan will meet on Friday. Though no rate hikes are expected, policymakers may signal a tightening of monetary policy as early as April. The oil prices dropped as geopolitical tensions, and the expected increase in U.S. crude stocks outweighed the temporary suspension of production at two large Kazakh fields. West Texas Intermediate crude prices fell by 0.9% in March to $59.82 per barrel.
-
TEPCO restarts nuclear reactor for the first time since Fukushima
Tokyo Electric Power (TEPCO), after completing inspections, will restart a reactor on Wednesday at the?Kashiwazaki - Kariwa?nuclear plant. This is its first move of this kind since the Fukushima nuclear disaster in 2011. TEPCO announced that it would bring online the 1,36 gigawatt reactor (GW) No. 6 after 7 pm (1000 GMT). The reactor No. 6, which is one of seven in Kashiwazaki-Kariwa's nuclear power plant, can produce 8.2 GW at full capacity. TEPCO investigated an alarm malfunction. TEPCO reported that the equipment was working normally as of early Wednesday morning. Reactor No. Reactor No. Reactor No. Reactor No. 7 is expected to be brought on line around 2030, and others could be decommissioned. After the 2011 meltdown of TEPCO’s Fukushima Daiichi nuclear reactor, Japan's fleet of 54 reactors was shut down. The Prime Minister Sanae Takaichi has been pushing for new reactors to be built, particularly small modular reactors and new-generation reactors. Recently the government announced a new funding scheme in order to speed up the nuclear power revival. After a setback in the offshore wind rollout, and the inflation pressure caused by fossil fuel imports to Japan, it is turning its attention back to nuclear energy to boost its energy security and to reduce its gas and coal purchases. The restart of Kashiwazaki Kariwa, the first by TEPCO after the Fukushima catastrophe, is a test for the entire Japanese Nuclear Power Industry, since six other utilities including Chubu Electric Power Co are waiting for a decision on the potential restarts of their reactors. Japan is also focusing on the developments as it seeks to increase cooperation with its closest ally the U.S. regarding new-generation reactors and SMRs. The global atomic industry, however, is dominated by China, and Russia. The Japanese nuclear watchdog announced this month that it would order Chubu Electric?to provide a detailed, unbiased report on the falsified seismic data, and to pause?a review?of its application to restart Hamaoka - the utility's only atomic power plant - as public opinion remains divided about nuclear energy. Commodity analysts from?Kpler predict that liquefied gas imports to Japan, which is one of the top two buyers in the world, will drop by 4,000,000 metric tons to 62,000,000 tons by 2026, compared to an earlier year, due to increased nuclear power availability. The commercial operation of Unit 6 is expected to begin early in the year. (Reporting and editing by Jamie Freed and Muralikumar Anantharaman; Thomas Derpinghaus and Thomas Derpinghaus).
-
MORNING BID EUROPE - Markets hold onto hopes of Davos' de-escalation
Stella Qiu gives us a look at what the future holds for European and global markets. Wall Street has spoken and the verdict is not pretty. The dollar dropped the most in a month, while Treasuries took a beating. The 30-year Treasury yield was heading towards the danger zone of 5%. This brought back memories of "Sell America", though everyone is wondering if Trump will "TACO" like he did last April with his tariffs. According to him, there is no turning back from Greenland. Markets are still holding out hope that this is just bluster from the "Art of the Deal", and he may choose to deescalate his stance during his speech in Davos. The Treasuries also held steady. The sell-off of regional stocks also slowed. This was helped by gains made in Chinese shares, while Japan's Nikkei trimmed its losses to 0.5%. The European stock exchanges will open with a muted opening, as the EURO STOXX futures are down by 0.1%. The global bond market rout has also paused. This provides some relief to investors who have been caught in a perfect hurricane of concerns over U.S. exposure and an increase in Japanese government borrowing costs. After a jump of 26 basis points on Tuesday, the yield for 40-year bonds has fallen by 6 basis point. The opposition criticized the fears of a spending spree by Japanese Prime Minister Sanae Takayichi. Gold, the safe-haven, is still in high demand, with prices up 1.5%, to $4,800 per ounce. Platinum has also crossed $2,500, for the first. The U.S. Supreme Court will hear arguments in the Federal Reserve Governor Lisa Cook Case later today, just in case anyone forgets what Trump tried to do to central bank. Markets could be affected by key developments on Wednesday Trump Delivers Key Address at World Economic Forum Davos CPI in the UK for December Christine Lagarde, President of the ECB, speaks at Davos World Economic Forum The U.S. Supreme Court will hear oral arguments regarding Trump's attempt to remove Fed Governor Lisa Cook
Nigerian troops kill two militants and free 62 hostages in northwest operations
The army announced on Wednesday that Nigerian troops had rescued 62 captives and killed two militants as part of a broader offensive against armed groups in the northwest.
Armed gangs hiding in the forest have been responsible for a spate of mass kidnappings across the northwest. These groups have targeted villages, schools and places of worship. On January 18, more than 160 worshippers were abducted from two churches in Kaduna.
After receiving reports of captives being held, Lieutenant Colonel Olaniyi Osoba, Army spokesperson said that troops stormed an alleged bandit hideout located in Zamfara.
The army reported that all 62 hostages were rescued, and are now in safe custody.
Osoba reported that in a separate operation the troops ambushed Lakurawa terrorists near the border of Kebbi’s Augie District and the neighbouring Sokoto district after receiving intelligence about the group’s movements.
Donald Trump has criticized Nigeria for failing to protect Christians from Islamist militants in the north-west.
On Christmas Day, U.S. forces conducted strikes against Islamic State targets located in the northwest of Nigeria. Nigerian officials deny any systematic persecution of Christians and claim that they are targeting Islamist fighters, as well as other armed groups who attack both Christian civilians and Muslim ones.
The?army said that the operations are part of larger efforts to dismantle the armed networks that are responsible for kidnappings, insecurity and widespread kidnappings across the region.
(source: Reuters)