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Maas Group falls on AI pivot after $1.2 billion materials outflow spooks investor
Maas Group, an Australian company, announced on Thursday that it would be selling its building materials division up to A$1.70billion ($1.19billion) in order to pivot to artificial intelligence infrastructure. This caused its shares to drop by more than 26%. Maas Group is selling its Construction Materials (CM), a?unit, to Heidelberg Materials' local subsidiary, HMA. It will also invest A$100m in Nvidia AI infrastructure?firm Firmus Group, for a 1.7% share. The conglomerate was founded by former rugby player Wes Maas over 20 years ago. It is now selling an unit that generated approximately half of the A$219 millions in core operating profits?in fiscal year 2025. The firm's shares plunged by as much as 26,1%, the steepest drop in a single day ever. Meanwhile, the benchmark index dropped 0.4%. Ron Shamgar is the head of Australian equity at TAMIM Asset management. He said that the market was surprised by the fact that the company will be exiting its construction business in Queensland. The population growth and Brisbane Olympics are driving the expansion. The money will be spent on the AI/Datacenter sector, which is a capex-intensive industry. The divestment was part of a broader shift by the Australian construction materials and equipment provider towards data center construction. This sector has been attracting investor interest, as the demand for AI-supporting facilities is growing. Goodman Group, a data center owner in Australia, has already begun a shift towards data center development. Maas Group has invested A$100m in Firmus, following earlier deals with the company. Firmus Technologies signed a A$200m electrical infrastructure contract in mid-December. It said that after the?completion of the transaction?, approximately 1,140 employees would transfer to HMA with the construction material business and ensure the?continuity? of operations. The transaction will be completed by the end of 2026. It is still subject to shareholder and regulatory approvals. ($1 = 1,4292 Australian Dollars) (Reporting from Sherin Sunny, Bengaluru; additional reporting by Roshan Thomsen; editing by Alan Barona, Rashmi aich and Rashmi Aich).
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Sources: Nippon Steel is considering a convertible bond issue of $3.2 billion, according to sources
According to two sources familiar with the matter, Nippon Steel Japan is looking at selling as much as 500 billion dollars ($3.2 billion) in convertible bonds. This would be a major transaction in Japan. Sources said that the steelmaker was considering making a decision this month. They declined to be named because the information isn't public. Is reporting the potential issue for the first time. Nippon Steel didn't immediately respond to our request for a comment. According to LSEG data, at 500?billion yen the convertible bond issuance would be largest of its type in Japan. One of the sources stated that the issuance amount might be reduced, or even reconsidered. Sources said that Nippon Steel prefers to issue the convertible bonds in order to avoid a capital raise which would result in immediate share dilution. Also, as domestic interest rates are rising, they can be issued as zero-coupon bond. At a set price, convertible bonds can be turned into shares. The steelmaker needs capital to expand its overseas operations, including in India and the U.S. Sources said that the?company needs long-term financing to replace a loan taken out last year for its acquisition of U.S. Steel, which was worth around 2 trillion yen. Business performance of the?steelmaker has declined due to tariffs imposed by President Donald Trump on imports of steel and increased competition from China. Sources also claim that the Japan?Bank of International Cooperation (JBIC) is looking at lending Nippon Steel funds totaling approximately 1 trillion yen (6.37 billion dollars). JBIC didn't immediately respond to an inquiry for comment.
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Oil drops 2% after US and Iran agree to talks
The?U.S. The?U.S. Brent crude futures dropped $1.44 or 2.07% to $68.02 per barrel at 0335 GMT. U.S. West Texas Intermediate Crude prices also fell by $1.34 cents or 2.06% to $63.80 per barrel. After a report in the media that suggested planned talks between Iran and the United States on Friday might collapse, oil prices rose by about 3%. Later in the day, officials from both countries said that talks will take place on Friday even though topics of discussion are not yet settled. Mukesh Sahdev is the CEO of XAnalysts, an energy consultancy. He said that the oil price had erased a part of the geopolitical premium following the US-Iran meeting in Oman last Friday. The two sides are still far apart in their views on what should be included in the discussions. Iran is willing to discuss?its nuclear program, including uranium enrichment, with Western nations, while the U.S. wants to also include Iran's missiles, support for armed proxy group in the Middle East, and treatment of its people. Sahdev stated that it is possible for these discussions to reveal new differences, and that the risk premium would rise again in the near future. There are fears that despite the upcoming talks U.S. president Donald Trump will still follow through on his threats to attack Iran, the Organization of the Petroleum Exporting Countries' fourth-largest oil producer, potentially risking an even wider conflict in the oil rich region. Exports from other Gulf producers could also be affected, in addition to the disruption of Iranian production. Around a fifth of all oil consumed in the world passes through the Strait of Hormuz, which is located between Oman and Iran. Saudi Arabia, Kuwait, Iraq, United Arab Emirates and other OPEC countries export the majority of their crude oil via the strait. Analysts said that the strength of the U.S. Dollar and volatility in precious-metals also weighed down on commodities?and risk sentiment in general on Thursday. Data from the Energy Information Administration showed that oil inventories in the U.S. fell last week, after the winter storm gripped large parts of the country.
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Ardea Resources, Australia's nickel producer, is eyeing a $700 million government grant for its nickel project
Australia's Ardea Resource said that on Thursday, its Kalgoorlie Nickel Project received separate letters from Export Finance Australia (A$1 billion) and the U.S. Export-Import Bank to support a possible funding of up A$1 Billion ($699.90 Million). The funding will be used to support Kalgoorlie Nickel’s Goongarrie hub?project in Western Australia. This project is expected to supply nickel and cobalt which are both critical minerals in lithium batteries. Ardea shares jumped 9.6% by 0058 GMT to A$0.745, their highest level for nearly two weeks. They also snapped out of three sessions in losses. The 'Trump administration' has increased efforts to secure U.S. supply of 'critical minerals. They have proposed measures such as a price floor mechanism and announced new funding to miners in order to compete with Chinese dominance on supply chains. Washington convened dozens allied nations this week to form a critical-minerals-trading bloc, and the EU proposed a U.S. EU partnership as part of moves aimed at sourcing and securing mineral outside China. Investor confidence has been boosted by the promise of government support, which has brought fresh capital to the?sector, and pushed several projects towards construction. This is laying the groundwork for a?new?wave? of domestic supply that will be online around 2028. Ardea CEO Andrew Penkethman said that the strong interest from government-backed institutes underscores the strategic importance of the Goongarrie Hub in supplying both nickel for stainless?steel, and the rapidly growing EV and energy-storage battery markets. Export Finance Australia?has indicated an interest in providing a total of A$500m, while U.S. Export-Import Bank has indicated that it could provide up to $350m under its Supply Chain Resiliency initiative.
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Berkshire Utility urges Oregon's appeals court limit wildfire damage
PacifiCorp urged the Oregon court of appeal on Wednesday to reverse rulings that exposed the Berkshire Hathaway owned utility to potential wildfire liabilities worth $52 billion. The Portland, Oregon utility denied claims by thousands of Oregonians that it caused wildfires in 2020 because it 'negligently failed to shut down power lines during the Labor Day Weekend windstorm. PacifiCorp says a judge made a mistake by allowing victims of four separate wildfires, separated by more than 100 miles (161 kilometers), to sue together in a class action. This included damages caused by a lightning-sparked fifth wildfire. Utility also claimed that the judge should not have allowed jurors to award damages for "non-economic" losses such as emotional distress as well as property losses. Theodore Boutrous told a panel of three judges of the Oregon Court of Appeals that the wildfires were a tragedy. The question is, how can we efficiently resolve these cases? This was not how to do it." Nicholas Rosinia is an attorney for victims of fires. He countered by saying that PacifiCorp’s wrongdoing affected all members of the?class, and that "the common issue" was negligence in continuing to let electricity flow. He also said that Oregon law "supported" the award of noneconomic damages. Rosinia stated that victims "fled from fires and flames, not knowing whether they would survive or die." "These are the types of harms and damages that are sufficiently grave." Trials to continue into 2028 So far, 119 claimants have received wildfire awards with an average of $5 million per person. In a series "mini-trials", which began in January of 2024, jurors found PacifiCorp to be liable. A shortened schedule could see 1,400 more fire victims go to court by the beginning of 2028. PacifiCorp?said that it might have to curtail its operations if wildfire losses become too high. The appeals court panel of three judges questioned whether or not the trial judge was correct in telling jurors that they could assume evidence "regarding" class representatives would apply to all members. Judge Kristina hellman explained to Rosinia that there were four distinct groups. "Don't you as the plaintiffs have to prove causation and responsibility for each of these fires?" The Salem, Oregon panel has not stated when it will make a decision. PACIFICORP FACES OTHER?WILDFIRE LITIGATION Berkshire purchased PacifiCorp in 2006 for $5.1 billion. Berkshire Hathaway Energy is the utility's parent company. Greg Abel, former CEO of Berkshire, succeeded Warren Buffett in January as Berkshire chief executive. Buffett is still chairman of Omaha-based conglomerate. PacifiCorp has agreed to pay $1.7 billion through November to settle close to 4,200 claims for wildfires, including those from wineries and vineyards. PacifiCorp has set aside 2,85 billion dollars for wildfire litigation. These fires have burned over 2,000 buildings and 500,000 acres of land in Oregon and Northern California. The U.S. Government and Oregon have also sued PacifiCorp over wildfire damages to natural resources. (Reporting and editing by Cynthia Osterman in New York, Jonathan Stempel is based in New York)
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Ukraine Energy Minister warns of further power cuts and possible Russian attacks
Ukraine's Energy Minister warned Ukrainian households on Wednesday of the possibility that blackouts planned for the coming days could become worse and Russian forces may?launch another air attack in order to further disable power networks and heating systems. Denys Shmyhal reported that more than 200 "emergency" crews were working in the capital to restore heating in apartment buildings following a series mass Russian attacks on January. Vitali Klitschko, the mayor of Kyiv, said that over 1,100 buildings were still without heat on Tuesday. "The energy situation remains very difficult." "There is a danger that the timetables for electricity cuts could worsen," Shmyhal wrote in Telegram following a daily meeting with senior officials dedicated to energy issues. This?is related to the last strike, and the fact the generation shortfalls are still significant in the power system. The Russians are also preparing new 'attacks' on the energy sector in the next week. Shmyhal stated that buildings that may take some time to restore heating will be assured of electricity for 18 hours per day. Yulia vyrydenko also wrote after the daily meetings that 217 Russian attacks?on Ukraine's Energy System had been recorded since January. She listed the assistance provided by European countries, as well as the U.N. Children's Fund, which included hundreds of generators. In his nightly video message, President Volodymyr Zelenskiy said that the situation in Kyiv is worse than other cities. Resources are being redirected towards the capital along with additional help for Ukraine's second largest city, Kharkiv. Zelenskiy said on Tuesday that Russia had used hundreds of drones and a record number ballistic missiles to launch its latest massive attack on Ukraine, focusing on energy sites just before the three-sided talks between Russia and the United States. (Reporting and editing by Ron Popeski, Oleskandr Kozoukhar)
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Traders lock in oil price amid geopolitical risks from Iran, and more Venezuelan supply
Investors were rushing to lock in record oil prices in January, amid fears about Iranian crude supplies and Venezuelan barrels headed to the U.S. Gulf Coast. By locking in an oil price, hedging can reduce the risk for producers and protect their production from sudden changes in the market. It also gives traders the opportunity to profit during times of market volatility. Investors traded an unprecedented number of WTI contracts at Houston, which is a benchmark price for?exported U.S. Crude, on the Intercontinental Exchange, according to?exchange statistics. 1.9 million WTI contracts were traded last month. On January 30, 2026 traders also set a record for WTI Midland in Houston on the ICE. They traded 257,569 contract when U.S. Crude Futures hovered around a six month?high due to tensions between Washington, D.C. and Tehran. U.S. crude oil futures closed around $65 per barrel on the 30th of January, up about 14% since the first trading day. Jeff Barbuto is the senior vice president for global oil markets at ICE. He says that geopolitical tensions in Iran have influenced the risk premiums on the oil market, while the severe winter weather conditions in the U.S. affected production and refinery dynamics. Analysts estimate that the winter storm reduced crude production by as much as two million bpd at its peak in late December. Traders also moved a record number of 188,000 contracts in ICE Houston Western - Canadian Select futures. Barbuto said that the return of Venezuelan oil has brought new competition to Canadian oil in the U.S. Gulf Coast and other export markets including China. On January 6, the WCS benchmark price set a record for volume in a single day of 19,965 tons. This was the same day that Washington and Caracas signed a deal allowing Venezuelan crude oil to be exported to the United States up to $2 billion. (Reporting and editing by Sonali Paul in Houston, Georgina McCartney from Houston)
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US and Mexico develop coordinated trade policies for critical minerals
On Wednesday, the United States and Mexico unveiled a plan of 60 days to develop coordinated trade policies that would mitigate vulnerabilities in vital mineral supply chains. The plan does not mention China or its chokehold over the processing of many minerals. Instead, it calls on both nations to consult about including price floors into a binding multilateral agreement on trade. Separately, U.S. vice president JD Vance announced plans on Wednesday to rally allies to a preferential trading bloc for critical mineral?as Washington intensifies efforts to shore-up supply chains vital to advanced manufacturing. U.S. Aims to fix vulnerable supply chains U.S. Trade representative?Jamieson greer said that the U.S. Mexico plan highlighted the countries' shared commitment in addressing global market distortions which have left North American supply chain vulnerable to disruptions. The plan stated that "correcting these vulnerabilities was imperative as critical minerals were strategic assets integral to innovative and modern industrial economies and diverse, resilient and market-based supply chain are essential for our national and economic security." This comes just months before the mandatory review of?the U.S., Mexico and Canada?trade agreements. The USTR press release and the joint action plan did not mention Canada. Unnamed sources in the Canadian government said Ottawa is more concerned with reviewing the USMCA than striking individual deals. Source: The initial assessment of the U.S. Mexico deal was that Canada would not necessarily be favored by the terms. When asked why Canada was not included in the agreement, Natural Resources Minister Tim Hodgson responded that Ottawa had worked closely with allies to develop critical minerals and the supply chain. Ottawa also played a leading role as it held the presidency of the Group of Seven Advanced Economies (G7AE) for 2025. The USTR said that the agreement with Mexico is the first of its type, but it also stated that they are working on developing coordinated trade policies for critical minerals as well as binding plurilateral deals with other likeminded trading partners. The U.S., Mexico and other countries agreed to identify specific mining and processing projects in order to meet the critical mineral needs of both countries as well as certain third-country countries. However, no specifics were given. According to the plan, U.S. and Mexican officials will consult about price floors and ways they can be incorporated into an agreement plurilateral on trade of critical minerals. These could include trade actions, standards of regulation for mining and processing; technical and regulatory co-operation; investment promotion, screening and coordination. The plan also suggested that other possible tools include coordinated responses for preventing disruptions in supply chain, research and development of innovative technologies and coordinated stockpiling. Reporting by Andrea Shalal, with additional reporting from Divyarajagopal at Toronto; editing by Alistair Bell and Rod Nickel
Dong Fang Offshore Orders Another CSOV from Vard
Vard has secured a new contract with Taiwanese-based Dong Fang Offshore (DFO) for the design and construction of one Commissioning Service Operation Vessel (CSOV), a sister vessel to the two CSOVs ordered in May 2024.
After sealing the contract for two CSOVs in May 2024, Taiwanese DFO is adding a third vessel of the same design, the VARD 4 39.The design is the result of collaboration between DFO and Vard.
The design gives a highly versatile all-round platform for sustainable wind farm support operations both as a service vessel for the wind farms and for the building and installation phase.
Upon delivery, the CSOV will start a minimum 15-year service contract for an undisclosed wind farm customer in Taiwan.
The CSOV has been developed with large design flexibility to accommodate future operational demands.
The design has focus on low environmental footprint with efficient machinery and propulsion set-up for high station keeping capabilities, improved workability, and operational reliability, and a hull shape that supports the fuel efficient CSOV operation.
The 102.7-meter-long vessel, with a beam of 19.5 meters, is further prepared with a large external deck for future integration of a modular power and fiber optic cable lay and repair spread.
The design includes a full electrical equipment package as part of a forward-leaning strategy in environmentally friendly design, allowing for the delivery of enhanced reliable operations onboard the ship.
This includes a battery package, crane and W2W gangway system. The CSOV is also prepared for future fuels. The vessel has an aggregated hotel capacity of 120 people, whereof 90 is allocated in large single cabins. Operational centers such as offices, briefing rooms, conference room and dayrooms have been designed to meet a high standard in the market.
“We are delighted to return to Vard for the construction of the third CSOV is in our series of high performing CSOVs for the Taiwanese market, continuing the strong teamwork and momentum together with the team in Vard Vung Tau.
“The vessel design has been developed to specifically address the many unique challenges operating offshore Taiwan, and it is humbling to see another customer place their trust in DFO to deliver long term O&M services, on a solution that we have developed together with Vard.
“This order marks the third O&M service contract for an CSOV that DFO has been awarded in Taiwan, continuing the DFO strategy of building ships against high quality contracts with long-term, forward-thinking customers, and cementing DFO’s place as the O&M service provider of choice within Taiwan”, said Polin Chen, CEO of DFO.