Latest News
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Officials say that the US has handed over a seized tanker vessel to Venezuela
Two U.S. officials have confirmed that the United States is returning a tanker it seized in Venezuela this month. Two U.S. officials told?that the United States is returning a tanker to Venezuela that it seized this month. Since late last year, the United States has made seven arrests in an effort to seize oil tanks linked to Venezuela. Officials who spoke on condition of anonymity said that the supertanker M/T Sophia, which is being handed over to Venezuelan authorities, was the Panama flagged tanker. The officials did not specify why the tanker had been returned. The U.S. Coast Guard - which leads interdiction operations and seizures - did not respond immediately to a comment request. The Coast Guard and U.S. Military forces intercepted the Sophia on 7 January. The administration claimed that the Sophia was a "stateless dark fleet motor-tanker" and under sanctions. Trump's foreign policy in Latin America has been focused on Venezuela. He initially aimed to remove Venezuelan President Nicolas Maduro. Trump, after?failing diplomatically to find a solution? ordered U.S. troops to fly into Venezuela to capture him and his wife in a daring night raid on January 3, 2019. Trump has since said that the U.S. intends to control Venezuela's crude oil resources indefinitely, as part of a $100 billion plan to rebuild Venezuela's deteriorating oil industry. Reporting by Idrees Al and Phil Stewart, Editing by Chris Reese and Rod Nickel
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Storm Kristin kills three in Portugal and barrels into Spain
Storm Kristin, which swept through central and northern Portugal on Wednesday and knocked down trees, damaged houses, and disrupted rail and road traffic, killed three people. According to emergency services, a person was killed when a fallen tree hit their vehicle in Vila Franca De Xira on the outskirts Lisbon. According to the local council, two more people were killed in central district of?Leiria – one of the worst affected areas. In a country with nearly 11 million inhabitants, civil protection authorities reported more than 3,000 weather related incidents. These were triggered by gusts of wind up to 150 km/hr (93 mph), heavy rainfall and snowfall. Grid operator E-Redes reported that technical teams were working to restore power to about half a million customers by the afternoon, while as many as 855 000 had been without electricity earlier. After passing through Portugal, it moved eastward into Spain. The country is still recovering after a previous storm, Storm Joseph. On Tuesday, strong winds brought down a palm in Torremolinos. A woman was killed. Snowfall in Spain affected more than 160 roads early Wednesday morning. This included 27 of the main highways, including the A-6 connecting Madrid to the northwest. In central Madrid, snow also covered the rooftops but did not cause any major disruptions. AEMET, Spain's weather agency, warned of very strong winds in large parts of the country, some reaching hurricane-force gusts. The authorities issued a "red alert" in certain parts of the southern Almeria Province due to the intensity and speed of the wind. In some places, local authorities have closed parks and suspended outdoor sports and educational programs.
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As attacks hit cities throughout Ukraine, a Russian strike kills a couple near Kyiv
Overnight, Russia bombarded cities in Ukraine with drones, a missile and other weapons, killing two people near Kyiv, a day after a train attack that killed five people. This was ahead of the weekend's new round of peace negotiations. Local media reported that the woman's daughter, aged four, survived the attack. Four people, including two young children, were treated by medical personnel after the attack, according to officials. Radio Free Europe reported that "when I carried her out the girl began crying very loudly, and she then started shaking violently," Marian Kushnir a journalist, who was the neighbour of the couple deceased, said. "I was in a great deal of pain because I'd never felt such emotions before in all my 10 years in war. When, holding a four-year old crying child in my arms?I realized that her mother had died." Volodymyr Zelenskiy, the president of Ukraine, condemned the attack against the apartment building as well as the second short-range missile strike on what he called a?residential area in Zaporizhzhia without military targets. He wrote on Twitter: "We will be fair to Russia in response to this and similar attacks." Ukraine and Russia met for peace talks in Abu Dhabi, mediated by the United States, last week. Further meetings are expected to take place on Sunday. However, Russia continues to bombard Ukrainian cities, and both countries continue attacking each other's infrastructure. Zelenskiy referred to the latest attack as "terrorism" while Ukraine was still reeling after Tuesday's drone attack on a passenger rail in the northeast, which killed five people. Russia has not commented on the attacks. Both Moscow and Kyiv have denied that they are targeting civilians during the war. The four-year anniversary of the conflict is February 24. Ukraine's Air Force said that Russia launched a ballistic missile Iskander M and 146 drones over night, of which 103 were shot down. Emergency services reported that a 17-storey residential block in Kyiv was struck, causing minor roof damage and shattered windows on upper floors. ODESA AGAIN ATTACKED, PORT INFRASTRUCTURE DAMAGED Other locations in the country were also affected, including Odesa (a southern port city), as well as Zaporizhzhia (a Zaporizhzhia-based city) and Kryvyi Rh. Serhiylysak, head of Odesa's military administration said that three more people have been injured in the city, which declared a day of mourning following a drone attack overnight on Tuesday. Ukraine's Sea Ports Authority stated that the Black Sea Port of Pivdennyi was attacked but "continued to operate normally". Oleksiy Kuleba, deputy prime minister, said that the strike caused damage to manufacturing facilities, hangars and a locomotive. It also sparked an fire, which was currently being put out. In recent months, Moscow has repeatedly attacked Ukraine's ports as a retaliation to Kyiv's attacks on unregulated oil tanks sailing towards Russia. The emergency services reported that the attack caused a fire and damaged a monastery. Ivan Fedorov, the Governor of Telegram, reported that Russia attacked Zaporizhzhia at dawn. He said that six people were injured in the attack. The attackers also damaged 14 apartment blocks, knocking out some of the electricity. Oleksandr Vikul, head of the military administration, said that two people were injured by a missile attack overnight in the central city Kryvyi Rh. He added that the attack "significantly damaged" an infrastructure facility. Zelenskiy stated that 243?buildings were left without heating in Kryvyi RIH as a consequence. Russia has wreaked havoc on Ukraine's electricity grid this winter. Many Ukrainians have been left without heat or power for long periods of time. Zelenskiy confirmed that repairs are still being carried out to bring the heating back online for 700 apartment blocks in Kyiv, following a strike on Saturday which knocked out the system for about 6,000 structures. (Reporting from Anna Pruchnicka and Max Hunder, both in Gdansk; Editing done by Andrew Heavens and Ros Russel)
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As technology advances, Ryanair will offer free Wi-Fi within 3-5 years.
Michael O'Leary, the CEO of Ryanair, said on Wednesday that the company expects to provide free Wi-Fi throughout its fleet within three to five years, as technology advances. This follows a public spat between Elon Musk and O'Leary over Starlink's internet service. Musk and O'Leary traded barbs after O'Leary, the head of the airline, ruled out Starlink for the 600 plus jets. Ryanair "is still in discussions" (with Starlink, Amazon Web Services, and Vodafone), but the current system requires a Wi-Fi?antenna on top of the aircraft, which creates "a fuel drag that will cost us around $200 million per year," O'Leary stated. He said that Wi-Fi providers think Ryanair customers will "pay for it" and we don't believe they will. O'Leary stated that the technology is constantly evolving, and that eventually antennas can be installed in the nose cone or baggage hold to eliminate the additional fuel costs. In an interview, he stated that "then we will be able offer free Wi-Fi on all Ryanair flight... We think this will happen?in the next 3 to 5 years." He joked Musk and he could continue their banter to "generate more free publicity". O'Leary also said that European governments, not airlines, should pay for efforts to stop drone incursions which have disrupted flights in the region. European officials have blamed Russian hybrid warfare. Moscow has denied this claim. Why should airlines?pay for something? O'Leary stated that the responsibility for securing the skies lies with the government. It is a defense strategy and therefore the responsibility of the governments. "Europe must have much greater defence capabilities because, you'll know, when (Russian president Vladimir) Putin respects Europe’s defence capability, you won't be seeing any more drone incursions." Reporting by Sergio Goncalves, Miguel Pereira. (Editing by Mark Potter and Andrei Khalip)
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RWE CEO sees energy sector entering new era as geopolitics shift
RWE's CEO said that the resulting?geopolitical tensions? have led to a heightened expectation from governments regarding long-term security and resilience in energy supply. Markus Krebber, a Handelsblatt Energy Summit reporter, said that "we are entering a new age in energy supply". He added that the focus of economics was shifting towards a "long-term strategy for energy supply without new dependences". Germany, Europe's largest economy, is among Western nations looking for new alliances. This is because trusted relationships have been damaged, most notably those with the United States, as a result trade tensions caused by Donald Trump's policies. Berlin has severed energy ties to Russia, its former principal supplier. This is hurting the German industry and reducing growth. Germany, which has no fossil fuel reserves, has tried to diversify the supply of these fuels, driving prices up. Krebber sounded like he was putting a damper on the hopes of more RWE share buybacks, as activist investor Elliott had called for. He said the group has "outstanding" opportunities for investment in new power plants in Germany, in offshore wind in Britain, and in solar and batteries in America. RWE announced in late 2024 a 1,5 billion euro ($1.8 'billion) share purchase program that Krebber stated runs until May 2026. Since the announcement, Krebber noted that RWE's shares have risen by more than 50% and are now worth over 50 euros. Krebber stated that "we?have always said whether or not we do a share purchase depends on the price of the shares and our investment opportunities." It?will not surprise you to hear that a buyback of shares at 28 euros is a completely different issue than a buyback of shares at 52 euros." $1 = 0.8356 Euros (Reporting and editing by Miranda Murray, Alexander Smith and Christoph Steitz)
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Morocco to open Nador West Med port in Q4 2026
The royal palace announced on Wednesday that Morocco would begin operating Nador West 'Med, its second Mediterranean deepwater port in the fourth quarter of this year. It aims to duplicate the success of Tanger Med - the Mediterranean and Africa’s largest port. The palace announced after a meeting presided over by King Mohammed VI that the $5.6 billion facility would open with a?annual capacity? of 5 million containers. This could be expanded to 12 million, according to the palace. It said that the new facility included 5.4 km breakwaters, four km of quays, and four power plants. The terminal was built to house Morocco's first liquefied natural gas terminal with a capacity of 5 billion cubic meters per year, as well as a hydrocarbons terminal. It said that the project also provides 700 hectares of industrial and logistic activity. This has already attracted private investment worth 20 billion dirhams.
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Sources say that Chevron will increase its Venezuelan oil exports to the US in March.
Two sources familiar with the plans on Wednesday said that oil producer Chevron will increase exports of Venezuelan crude from the U.S. up to 300,000 barrels per day (bpd). This is up from 100,000 bpd last December and 230,000 bpd this month. The U.S. firm, which is the principal partner of Venezuelan state-run energy company PDVSA has chartered a dozen oil tankers in order to increase shipments at its projects and drain inventories accumulated since December when a U.S. ban on Venezuelan exports left millions of barrels in tanks and vessels onshore. Four Chevron - PDVSA joint ventures produce between 240,000 and 250.000 bpd in heavy crude grades, which are popular with U.S. Gulf Coast refiners. Separate sources confirmed that the PDVSA output cuts implemented on some oilfields in early January didn't affect Chevron projects. Chevron was for many months the only company that Washington allowed to export Venezuelan crude oil to the U.S. in order to avoid sanctions. Now, it is competing with Vitol, Trafigura and other trading houses. Chevron stated that it is "committed to both its present and its future while strengthening U.S. Energy and regional security." PDVSA didn't immediately respond to a comment request. Mark Nelson, Chevron Vice Chairman at a meeting with U.S. president Donald Trump in early this month, said that the company could increase crude loading by 100% instantly and?increase?production within the next two year. When asked about Chevron's plans, Trump was told that the company is looking to fix and build new infrastructure. Nelson explained that the majority of investments were made to bring the equipment to the standard we have come to expect. Trump has proposed a $100 billion plan to rebuild Venezuela's oil industry after U.S. troops captured Nicolas Maduro earlier this month. The country is now ruled by a government headed by interim president Delcy Rodriquez, which is working to pass sweeping reforms to the main oil law of Venezuela in record time. This will allow for the investment to be made. Reporting by Marianna Paraga and Sheila Dang, Editing by Julia Symmes Cobb and Nathan Crooks; Paul Simao and Julia Symmes Simao
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Adani Airports calls on India to relax the seat cap for foreign airlines
Adani Airports urged India on Wednesday to relax limits on how many seats foreign carriers can sell?on flights into and out of?the country, saying that the curbs were holding back its ambitions to become a world aviation hub. These limits are part of bilateral agreements to protect domestic carriers, but they have long frustrated overseas carriers. Dubai's Emirates has, for instance, said that demand is much higher than the weekly seat limits under the India-UAE agreement. Arun Bansal, Chief Executive of Adani Airports, said that "in the short-term" bilateral agreements are limiting growth in Indian aviation. He made this statement during a discussion panel at an Indian airshow in Hyderabad. For India to become a hub we need a open skies approach. A spokesperson for the Indian government?didn't immediately respond to an inquiry for comment. India has the fastest growing aviation market in the world. Adani Airports is part of Gautam Adani’s billionaire group and operates eight airports. It plans to bid on 11 more in its $11 billion expansion plan. IndiGo and other Indian airlines have supported the government's decision on seat caps. They argue that a rapid liberalisation could harm domestic carriers who are still expanding fleets. (Reporting and editing by Aditya K. Kalra, Mark Potter and Abhijith G. Ganapavaram from Hyderabad)
TSX futures rise ahead of Fed and BoC rate decisions; gold rallies
The futures for Canada's main index of stocks rose on Wednesday, as gold prices reached a new high. Investors awaited the interest rate decisions that would be made by the U.S. Federal Reserve later in the day.
As of 5:41 a.m., March futures for Toronto's S&P/TSX composite index were up 0.16%. ET. Spot gold rose 1.6% and briefly surpassed $5,300 an ounce as the U.S. Dollar sank to four-year lows before stabilizing after President Donald Trump dismissed January's decline.
At its next policy meeting, the Fed is expected to?keep rates unchanged. However, the decision will likely be overshadowed due to concerns about the central bank's independence amid Trump's efforts to gain more?control over monetary policy. The Bank of Canada is scheduled to announce its decision at 9:45 am. It is widely expected that the Bank of Canada will also keep its rates unchanged. According to a poll conducted on Friday, a majority believe that the Canadian central banks will maintain rates through 2026 based on the expectation of?economic growth? and inflation that is largely controlled.
Investors remained cautious ahead of rate decisions, as the Toronto benchmark stock index did not change much on Tuesday.
In light of concerns about a 'AI bubble,' the market will also be looking at earnings from Microsoft and Meta due after the bell for clues on profitability in the tech sector.
Canadian railway operator Canadian Pacific Kansas City, Celestica, a firm that provides electronic manufacturing services, and CGI, a tech consulting firm, are all scheduled to report earnings in Canada later today.
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(source: Reuters)