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Canadian National asks US regulator to provide more information on Union Pacific's Norfolk deal
Canadian National announced on Monday that it had filed a petition with the U.S. Surface?Transportation?Board that asks for the agency to order Union Pacific and Norfolk Southern to reveal more details on?their merged proposal. Union Pacific and Norfolk Southern filed a nearly 7,500-page merger request to the board of directors in December. This triggered a regulatory review for what would be the largest rail transaction in decades. The $85 billion agreement, announced in July, aims to speed up shipments by reducing delays and handoffs. It would also create the United States' first coast-to-coast railroad. The proposal has attracted Critics of rival railroads and labor unions CN stated that the applicants failed to fully detail their assessment on the merger's impact. They cited incomplete market analyses, a lack of required market share projections, and other gaps. Canadian National stated that "given the size and stakes of this proposed combination, applicants must meet and maintain the highest standards of transparency and compliance." The report added that applicants should focus on meeting the stricter and higher?standards required by the new merger regulations, rather than try to convince others that there is "nothing here". Union Pacific and Norfolk Southern didn't immediately respond to our request for a comment. Surface Transportation Board is expected to conduct a thorough review of the application, which could take up to 18 months. Companies are aiming to complete the process by early 2027. Fadi Chamoun, an analyst at BMO Capital Markets wrote last week that "while the application outlines compelling earning and free cash flows under favorable outcomes but regulatory uncertainty is elevated." (Reporting from Abhinav Paramar in Bengaluru, Editing by Tasim Zaid)
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India extends time for solar projects affected by bird conservation
The Indian clean energy ministry granted renewable energy developers an extra month to complete?projects that were delayed by a Supreme Court ruling on?power lines near habitats of?the endangered Great Indian Bustard. According to an order from the ministry issued on Monday, delays in securing permissions for overhead transmission in bird habitat areas of Rajasthan and Gujarat would qualify as "force majeure", which will allow developers to request extensions to their scheduled commissioning dates. The Supreme Court's December 2025 verdict ended the long-running legal case and backed the proposal of an expert panel to protect the bird. The panel suggested tighter restrictions on "new wind and solar large projects" within the "bird habitat zones". The panel also called for the undergrounding of key power distribution lines as well as rerouting corridors with high voltage. The court had curtailed overhead lines in habitats for bustards earlier, prompting the developers to delay projects as they awaited clearances. The ministry's Monday order instructed the renewable energy agencies of the country to extend delays from March 21, 2024 until December 19,?2025. The order does not specify how long the extensions will last. The risk to developers has been high. Disconnection The Indian transmission authority imposed penalties on projects that missed deadlines. India's goal is to achieve 500 gigawatts in?nonfossil fuel power capacity by 2030. However, the country's transmission system, which stretches over 495,000 circuit kilometers, has lagged behind the growth of generation capacity. The ministry has also requested that the grid operators and power ministry provide relief for connectivity and transmission fees on affected projects. Sethuraman N.R., Tasim Z.A.D. (Reporting)
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Sweden spends $440 Million on Unmanned Military Drone Systems
Pal Jonson, Sweden's defence minister, said that the country will spend $437 million on unmanned drone systems over the next two years. The NATO member is buying unmanned systems, including electronic warfare systems, surveillance drones and marine?surveillance drones and minesweeping robots. Jonson, at Sweden's annual defence conference in Salen, north Sweden, said: "Nobody knows what the future?war looks like, but one thing is certain,?the battle field of tomorrow will be characterized by unmanned systems, and long-range capability." Anyone who does not understand this will either be dead or defeated. We all know that war is a harsh teacher. Jonson added that the government would also?invest 1.3 million crowns into new military satellites. Since the Russian invasion of Ukraine in 2022,?Sweden has increased its permanent military expenditures. The Swedish government is also borrowing 300 billion crowns in order to accelerate the acquisition of new equipment, such as air defense systems, submarines and ships. $1 = 9.1525 Swedish Crowns (reporting by Johan Ahlander; writing by Simon Johnson; editing by Alexander Smith).
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In December, the share of copper from China in LME stock fell.
Data from the London Metal Exchange showed that the share of China-made Copper among the available London Metal Exchange stock fell in December. This was due to the outflows?of the inventory in the LME registered?warehouses?in Asia. The percentage of copper stocks that are available - or those on warrant The data revealed that 79% of the - in LME's warehouses were of Chinese origin at the end last month. This was down from 85%?in November. A LME warrant is an ownership document. The absolute number of Chinese copper stock on the LME dropped to 87,475 tons by the end last month, from 130,225 tonnes in November. The available copper stocks were made up of 13% Russian-made copper, or 13,850 tons. China-made nickel accounted for 69% available LME Nickel stocks, down one percentage point compared to the previous month. The percentage of aluminium stock available The data showed that the percentage of aluminium of Indian origin dropped by one percentage point from 39% to 38%. Absolute terms, Russian metal stocks increased by only 550 tonnes to 257 425 tons while Indian aluminum stocks declined by 37 850 tons?to 176 675 tons. The LME has prohibited?metal produced by Russia since April 13,2024 from its warehouse system in order to comply with?U.S. and British sanction imposed due to Russia's invasion of Ukraine 2022. Metals made before this date are still available for trading, but most traders avoid them. (Reporting and editing by Jan Harvey; Polina Devlin)
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Sweden calls on the EU to ban support for Russian gas and oil-shipping fleet
According to the Swedish Foreign Minister, sanctions should be introduced against Russian fertilisers, and companies should not provide any support for Moscow's oil-and-gas-shipping fleet. The bloc of 27 nations is currently preparing their 20th package of sanctions to punish Russia for its conflict in Ukraine. Prior sanctions focused on crippling the oil and gas sector, which is the Kremlin’s main source of revenue. At a yearly security conference held in Salen in western Sweden, Foreign Minister Maria Malmer Stenergard stated that "the pressure on Russia?has to increase". Stenergard stated that the EU's "next package of sanctions" should include a ban on all European companies who provide?services? to Russian vessels carrying coal, oil and gas. She said: "No port repairs, no insurance, no transport, and no reloading between ships of goods." The EU should also impose restrictions on the export of Russian fertilisers, which is Russia's third-largest export to the EU. In July of last year, the EU imposed tariffs against fertiliser imports coming from Russia. Russia is responsible for more than 20 percent of all fertiliser produced in the world and supplies around 25 percent of EU fertiliser imports. She said, "We want to stop the export of luxury goods from Europe to Russia." "It frustrates me that wealthy Russian consumers can buy expensive?Italian clothes and drink fine French wine." Since the invasion of Ukraine by Russia in 2022, the EU has imposed a total of 19 sanctions packages against Russia. (Reporting and editing by Bernadette Bavier and Joe Bavier; Reporting by Simon Johnson)
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French farmers are targeting food imports amid Mercosur protests
Farmers in France stopped lorries on France's main motorway north from Paris and at France's biggest container port on Monday to conduct?symbolic inspections of imported food as a protest against an EU-Mercosur trade deal, which they claim will lead unfair competition. Since weeks, farmers in?France have protested over a number of grievances, including the proposed Mercosur trade deal. Farmers and opposition parties have increased pressure on the French government following Friday's deal approval. The Young Farmers Union, which had assembled with tractors at the weekend in the northern port Le?Havre to inspect food trucks leaving the port. FARMERS DENOUNCE "UNFAIR COMPETITION" Justin Lemaitre is the secretary general of a local union branch. He said that it was difficult to accept unfair competition when products produced in Europe were imported from other parts of the world. Protesters at Le Havre also observed sheep offal and mushrooms from China. Patrick Legras said that farmers from the Coordination Rurale Union were performing'similar checks' on lorries headed towards Paris at a toll gate near Lille in the north. Unions and French media also reported that farmers were blocking fuel depots in the Atlantic port La Rochelle, in the Savoie area?of the French Alps as well as a grain port?in Bayonne, in the southwest. Farmers will bring tractors to the capital on Tuesday for a demonstration, after a surprise protest there on Thursday. This is ahead of an upcoming gathering at the European Parliament in Strasbourg on the 20th January. French farmers are hoping that the parliament will stop the Mercosur agreement. (Reporting and editing by Barbara Lewis; Gumpiz Trompiz)
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First Venezuelan oil deals signed by US companies are with trading houses, not US majors
Oil trading companies have a clear advantage over U.S. energy giants who are wary of legal and credit risks. They also get to take advantage of a lucrative business opportunity with Venezuela, the country that has the largest crude reserves in the world. Donald Trump, the U.S. president, said that U.S. oil majors will invest billions in Venezuela in order to rebuild its deteriorated oil sector after the capture by America of President Nicolas Maduro in early January. Trump met with top oil executives at the White House Friday, as his administration outlines its long-term plan for raising $100 billion to increase Venezuelan oil production. The first companies to secure any business in the wake ?of the U.S. military ?action in Caracas, however, were Dutch-based trader Vitol and Singapore-headquartered peer Trafigura, rather than U.S. majors. Four industry sources who were familiar with the talks said that the U.S. Government chose the merchant houses as they are better equipped to get Venezuelan oil flowing again. Washington must first do this before it can start reconstruction, in order to ensure that the revenue generated by oil exports under U.S. oversight can be used to fund the interim government of Delcy Rodriquez in Caracas. White House official: "Securing and marketing initial barrels Venezuelan crude oil at record speeds was done to the benefit of both the American people and Venezuelans." Venezuela's revenue is derived from oil exports. It has been deprived of these proceeds for a little over a month as Trump increased pressure on Maduro. Washington and Caracas have finalized a $2 billion agreement to sell up 50 million barrels to U.S. refining companies and other buyers - oil which had been stuck in storage tanks and on ships in Venezuelan water due to the blockade. The White House official stated that it was important to facilitate the initial oil sales to ensure that funds would flow back to Venezuela to pay for daily services. A process has been put in place to maintain a steady flow of production and sales as well as refining?of Venezuelan crude oils. Richard Holtum, the chief executive of Trafigura, said that the company is preparing to load its first shipment this week. GLOBAL NETWORK ADDED APPEAL TO TRADERS Trading houses were in competition with Chevron to secure supply deals. Chevron, the only U.S. major oil company that operates in Venezuela as a joint venture partner with Venezuelan PDVSA state oil firm, is the sole U.S. oil giant. Chevron holds a license issued by U.S. authorities that exempts the company from sanctions imposed by the United States to cut off Maduro's oil revenue. Trafigura, a global shipping fleet, and logistics network are among the few companies capable of executing a deal this large and complex, Trafigura stated. Vitol has worked on complex transactions that require agile operations, logistics and finance for a long time. Three participants in the White House meetings said that the traders won the Venezuelan oil deals as well because they have a 'higher risk tolerance and more agility than the major publicly traded oil companies. One source said that legal teams and advisors had discouraged some of the biggest U.S. producers of oil from participating in the first oil shipments because Venezuelan creditors could seize the revenues. How can we guarantee that creditors won't resort to legal action, whether in the U.S. Three sources with knowledge of the situation said that the U.S. Government told trading companies they would protect them by controlling bank accounts tied to sales and shielding the proceeds from creditors. Trump acted quickly to accomplish this on Friday. The White House announced on Saturday that Trump issued an executive ordering blocking courts and creditors impounding the revenue from the sale Venezuelan oil in accounts controlled by the U.S. Treasury. Venezuela is in debt to foreign creditors for more than 150 billion dollars. Trump has asked the oil companies to rebuild Venezuela's industrial sector. ConocoPhillips, Exxon Mobil and others are still trying recover nearly $14 billion in relation to asset expropriations that occurred 20 years ago. INVEST AND REBUILD Trump and his team told oil companies that they must invest in the sector and rebuild it first before repaying any debt. Three shipping sources have said that U.S. companies selling oil would be less willing to accept the risk of compliance involved when they sell oil from tankers blacklisted by Washington because of their involvement in sanctioned trade. The shadow fleet of vessels that transport sanctioned oil is a large number of vessels with 'old' and 'outdated or unknown insurance arrangements and safety certificates, which are required to enter many ports. Two sources claim that they do not meet the strict chartering requirements set by the big U.S. Oil companies. One source stated that the U.S. oil majors may be reluctant to get more involved in short-term crude oil trading because of their investments in China. Majors have invested tens and tens billions in China. Beijing has condemned U.S. actions in Venezuela. China is one of Venezuela's biggest creditors. PDVSA has paid its debts with oil shipments. The majority of the $2 billion in oil that was to be finalized for shipment to Chinese refiners had been originally planned. Since the U.S. sanctions against Venezuela's main traders were imposed in 2020, Chinese independent refiners are the largest buyers of Venezuelan oil. The big U.S. Oil companies are hoping that the U.S. will lift its sanctions on the oil trade and Venezuela will adopt the legal framework which would encourage them to invest and work with Venezuelan entities. EXXON CEO CALLS VENEZUELA "UNINVESTABLE" Exxon CEO Darren Woods said Venezuela was "uninvestable" at the White House. He also stated that security guarantees were required and a hydrocarbon reform would be needed before Exxon returned to the country. Woods stated that Venezuela had twice taken Exxon assets. Trump said on Sunday that he could block Exxon's investment in Venezuela. He said, "I didn’t like Exxon’s response." Conoco CEO Ryan Lance stated at the same event that his company is the largest non-sovereign creditors, with approximately $12 billion in compensation pending for expropriation. Trump told Lance that the U.S. wouldn't look back on what was lost in the past. Two sources confirmed that under the new agreement, trading houses will also provide lighter oil to Venezuela to dilute heavy oil before export, as Venezuela needs it. On Saturday, sources in the oil industry said that Vitol was set to load its first cargo. Reporting by Dmitry Zhdannikov in London and Jonathan Saul, Marianna Pararaga and Arathy Sommesekhar, Sharaq Khan in New York, Jarrett Renshaw, Washington DC, and Sharaq Khan, New York; writing and editing by Liz Hampton, Diane Craft, Jason Neely, and Simon Webb.
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Uber's safety record is put under scrutiny by a sexual assault trial that took place in Arizona
Uber will be on trial in Phoenix, Arizona this week, for a sexual assault lawsuit filed by a woman who claims she was sexually abused by a driver that she booked through the Uber app. Uber will face its first trial to test their efforts to shield themselves from liability for alleged assaults by their drivers. Thousands of cases are pending before U.S. Federal Court. Jaylynn Dean, a resident of Oklahoma, sued Uber in 2023. This was one month after the alleged attack in Arizona. She claimed Uber was aware that a number of sexual assaults were being committed by their drivers, but failed to do anything to improve safety for its riders. These claims have plagued the company for years, attracting headlines and Congressional attention. Uber faces more than 3,000 lawsuits involving similar claims, which have been consolidated before a federal court. The outcome of Dean's case, which is viewed as a "bellwether", or test case, for the litigation could be used to estimate the value of all the lawsuits in the event of a mass settlement or resolution. Uber's safety record is closely monitored by regulators, and the outcome of this litigation could have a negative impact on its balance sheet. Uber has claimed that it shouldn't be held responsible for criminal behavior by drivers using its platform. It says its background checks are sufficient, as is its disclosure of assaults. Uber maintains that drivers are independent contractors and not employees. However, it can't be held responsible for any actions outside of their scope of duties. Dean's representatives declined to comment. Uber's spokesperson said in a statement released before the trial that the company takes all reports of sexual assaults very seriously, and continues to invest in technology to prevent harm. The spokesperson stated that safety is fundamental to Uber and the company's commitment to protect users on the platform would never cease. LIABILITY TEST CASE Dean's lawsuit claimed that she was drunk when she hired Uber to drive her from her boyfriend’s house to her hotel. Dean claims in his lawsuit that the driver harassed her during the drive before stopping the vehicle and raping Dean. The company faces more than 500 cases in California state courts in addition to those in federal court. In September, Uber won the first trial in California state courts over the lawsuits. A jury found Uber negligent for the safety measures it took to protect the woman but did not find that negligence to be a significant factor. Uber has been involved in numerous safety issues, including accusations of lax driver screening and a culture that critics say prioritizes growth over passenger safety. Safety has been a major focus for the company in recent years. It published U.S. Safety Reports detailing reported sexual assaults. Features such as video and audio recording, anomaly detection and in-app 'ride verification' have also been introduced. Uber's rival Lyft faces similar lawsuits both in state and federal courts, but there is not a coordinated federal litigation. Uber tried to delay the case of Dean after her lawyers accused Uber of tainting a jury pool by running an advertisement that claimed Uber was notified about a sexual crime every eight minutes. Uber claimed that the claims made in the campaign were false. The motion was denied by U.S. district judge Charles Breyer who oversees the mass litigation, and will hear Dean’s case. This allows the trial to proceed. (Reporting from Diana Novak Jones and Akash Sriram, in Bangalore; Editing by Alexia Garamfalvi & Rosalba o'Brien).
Maguire: Wind energy to be blown off track in 2025 and redirected for 2026.
Wind energy, like any other industry, has seen its ups and downs. But 2025 could be the worst year yet: a toxic mix of policy reversals and corporate upheaval, as well as sub-par production in key markets.
The U-turn by President Donald Trump on renewable energy is likely to be the most damaging. This prompted a freeze in offshore project work on the Atlantic, and was a major blow for both power developers and wind companies.
The disappointing auctions of new wind capacity in Europe, some with no bids at all (in Germany and Denmark), highlight that wind's problems extend far beyond the U.S.
Add mass layoffs and project withdrawals by prominent developers to months of below-normal production in key markets and 2025 will be a year that the industry will never forget.
There are some reasons to believe that wind energy will continue to grow in the coming years, as new auction incentives, changes to supply chains, and a growing demand for all forms of power, including wind, will spur its adoption around the globe.
Here is a list of major factors that affected the wind sector between 2025 and 2026.
Slowest Growth in Decades
The performance of wind farms in the current state did not help to improve the reputation of the wind sector as a reliable source of power.
In fact, the global electricity generated by wind farms is expected to grow at its slowest rate in over 20 years this year, largely due to "sustained periods of sub-par production in Europe and North America".
Data from the think tank Ember revealed that global wind-powered electric production in the first ten months of 2025 was 2,158 terawatts hours (TWh).
This is a record but only 7% more than the same period in 2024. The average annual growth rate from 2015 to 2024 was 14%.
The decline in wind power generation in Europe, the second largest wind producing region in the world after Asia, was a major factor in stifling global wind output growth at the beginning of 2025.
The mid-year drop in wind generation in North America, the world's third largest wind producing region, then added to the global wind output, as the region saw output decreases in April, may, June, august and September compared to the previous year.
Even Asia, which accounts for about 45% of the global wind power production, registered rare drops in generation year-over-year in September and in October. This further stunted global output growth.
POLICY AND COMPANY TUBULENCE
As existing wind farms struggled to meet expectations, future planned projects were being impacted by sudden and major changes to policies. In the U.S., the Trump administration's scrapping of federal support for wind power accelerated the phase-out of tax credits, tightened start-of-construction rules and imposed tougher limits on foreign-made components. These changes are expected to have a long-term impact on the growth of both onshore projects and offshore ones.
The string of disappointing wind auctions in Europe prompted key developers such as Denmark's Orsted, and Vestas to push for quicker permitting and better auction conditions to boost investment.
Some of these proposed changes will likely take effect by 2026 and could spark a greater interest in building out new wind capacity in the region.
Mitsubishi pulled out of three planned offshore projects in Japan due to rising costs estimates. The projects were scheduled to begin operations by 2030.
The Japanese government has made some changes to its wind project policies to give developers more flexibility, to provide greater financial support, and to expand the area that is eligible for offshore wind energy projects.
These changes, like those in Europe, are likely to revive interest in expanding Japan’s wind power footprint beyond 2025, despite its?tough start in 2025.
CHINA-LED
As wind developers suffered setbacks in other countries, China's wind power production - the world's largest deployer and manufacturer of wind power components - continues to grow at a rate greater than 10% for the 25th consecutive year.
China's share in global wind energy output will rise from just below 40% in 2024 to an all-time high of 41% by 2025.
China's massive wind farm expansion will continue to drive global wind production in the future, even if the U.S. economy slows down and Europe remains weak.
According to Ember data, China's constant flow of exports of wind components - up by?more than 20 percent so far in 2020 to more than $4 billion - means that supplies of wind parts in nearly every region are also increasing.
Wind power is expected to continue growing globally in 2026 despite the turbulent 2025. These are the opinions of a columnist at.
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(source: Reuters)