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US investigation finds no evidence of spyware on Chinese power inverters
U.S. officials have found no evidence that malicious communication equipment is embedded in Chinese inverters used in the nation's power grid, according to an Energy Department?report. Inverters are devices that convert the electricity produced by solar panels and batteries into electrical power for use in appliances. The inverters are designed to be remotely accessible for maintenance and updates. The majority of power inverters in the world are manufactured in China. In part, this is due to the tense relationship between Beijing and Washington and concerns about national security. The DOE analysis was done in response to media reports stating that unexplained communications equipment was found in some inverters manufactured in China. Last year, we reported the existence of these devices. The report, dated January 20, stated that "DOE assessments did not find any definitive evidence of malicious wireless functionality being intentionally introduced in the inverters tested." DOE officials didn't immediately respond to a comment request on the report. According to the analysis, the agency examined about?30 of inverters. It found two that were different from official documentation. The differences were "non-malicious" and "non-intentional." Inverters, as well as any device with communication capabilities, are at risk of remote access. The report?added that it was unlikely for a single compromised inverter to have an impact on the grid. It is recommended that purchasers of components are familiar with all the capabilities of the products. Reporting by Nichola Grroom, Editing by Chizu Nomiayama
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Uber introduces Baidu's self driving taxis in Dubai
Uber and Baidu announced on Tuesday that they will launch autonomous ride hailing services in Dubai 'in the coming month. This is the latest step of a global expansion push by a Chinese tech company. Uber said that the 'fully autonomous vehicles' will be available in select locations around the Jumeirah area. They added that they would continue to expand based on progress made and regulatory approvals across the city. The companies announced a partnership last year that aims to deploy thousands of Baidu Apollo Go autonomous cars on the Uber platform in several international markets, outside the U.S. Uber has also taken a big step in its?ambitions of competing in the 'robotaxi market, as tech companies compete to increase commercial adoptions of autonomous vehicles. Baidu has run its Apollo Go robotaxi service commercially in a number of Chinese cities since 2022. The company now has a global footprint of 22 cities. As of October, the service had completed more than 17,000,000 rides. Also, the company has a partnership with Lyft for robotaxis to be deployed?across Europe. Baidu and Uber teamed up in December to test driverless taxis in the UK. Baidu announced on Tuesday that passengers would have the option to be matched up with an Apollo Go car when booking an Uber Comfort taxi or UberX, or selecting the "Autonomous option" in the Uber app.
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Williams predicts higher profit in 2026 as pipeline projects drive the growth
Williams Companies, a U.S.-based pipeline operator, forecasted Tuesday that its 2026 profits would be above analyst expectations due to the growth of new 'pipeline and off-shore projects and the continued rise in natural gas demand. Williams shares rose 2.8% during morning trading after it increased its dividends by 5%, to $2.10 for each share in 2026. The demand for natural gas is expected to increase this year due to the increasing electricity consumption of households, businesses, and data centers, fueled by AI. This will reinforce pipeline operators' expectations that long-term needs for a?gas infrastructure?will continue. Williams completed 1.1 billion cubic feet per day (bcfpd), of pipeline transmission projects by 2025. Another 7.1 bcfpd pipeline projects are in progress. Under a 10-year agreement, the pipeline operator has added to its pipeline a power-innovation project called "Socrates the Younger", which will have 340 Megawatts (MW), of behind-the meter capacity. The project has a capital expenditure of $1.3 billion. The company announced on a conference phone that the project represents a capital cost of about $1.3? Williams said it has increased the size of its Aquila project and Apollo project, adding an additional $900 million and extending both contracts to 12.5 year. Elvira Scotto, RBC Capital's?Markets Analyst said: "We believe that?Williams continues to be among the best-positioned companies in our coverage for growing demand for natural gas and electricity with its large backlog of attractive growth project anchored by Transco and Power Innovation." According to LSEG, the Tulsa-based Oklahoma company anticipates that its adjusted earnings in 2026 will be between $2.20 to $2.38 per share. This compares to an average analyst estimate of $2.28. The company also anticipates growth capital expenditures of between $6.1 and $6.7 billion in 2026, reflecting "continued investments" in pipeline expansions as well as power innovation projects. The company's adjusted profit per share of 55 cents for the quarter ending December 31 fell short of analysts' expectations of 57 cents. (Reporting and editing by Leroy Leo in Bengaluru, Vijay Kishore, and Katha Kalia)
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Canada's Carney claims that the issue of the bridge Trump threatened will be resolved
Mark Carney, Canadian Prime Minister, told reporters on Tuesday that Canada and the United States would resolve the issue of the $4.7 billion bridge between Detroit and Windsor in Ontario, which is a source of discontent for U.S. President Donald Trump. Carney told reporters that he had a discussion with Trump on Tuesday morning, covering a wide range of topics including the bridge. Carney did not provide any details, but said that the situation would be resolved. In his latest salvo, Trump threatened to block the opening of the new bridge, a move that sparked alarm among Michigan elected officials over issues of trade. Trump cited Canada’s tariffs on dairy and trade talks with China, as well as its?financing? of the Gordie-Howe International Bridge. Canada financed the bridge because the United States refused to pay for it. The bridge is due to be opened in the upcoming months. Tolls will be used to finance the costs over a period of 30 years. Trump claimed incorrectly that the bridge was owned by Canada, even though it is owned jointly. "I explained that Canada paid over $4 billion for the construction of this bridge," Carney said. Carney explained that ownership of the bridge is shared by the Michigan state government and the Canadian government. The White House has not yet commented. Detroit Regional Chamber is a Michigan-based business group. They said that the bridge was the "most significant infrastructure project" in Michigan and the region for this generation. The group stated that "any attempt to block this project would have enormous consequences for the area, state and country." In 2012, Michigan’s then-Governor Rick Snyder accepted a Canadian Government offer to pay for most of the costs of the new bridge. He took the unusual move of bypassing the legislature by using his executive authority. Construction started in 2018. The Department of Homeland Security in the United States published a rule on January 30 declaring the bridge an official port of entry. The Department of Homeland Security published on January 30, a rule declaring that the bridge is an official port of entrance. The bridge is expected to save travelers $12.7 million per year by reducing traffic congestion and time spent traveling, while also easing traffic flow.
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Microsoft is exploring the use of advanced power lines in data centers to reduce energy consumption.
Microsoft said that it is looking into using superconducting electricity lines in its data centres, as they could make them more energy efficient and accelerate the massive U.S. expansion of its server warehouses. Big Tech's?effort?to?quickly build?and?electrify?giant data centers?across?the?U.S. The aging power grid and limited electricity supply in the United States have slowed down efforts to expand technologies such as artificial intelligence. Microsoft says that recent tests on high-temperature, superconductor cable have shown the cables can deliver the equivalent amount of power as traditional cables with less space. Husam Alissa leads the Systems Technology Team at Microsoft's CO+I CTO Office. It can also reduce the size and impact of our power transmission infrastructure. Superconductor cables for high temperatures use a ceramic material to transport electricity more efficiently. Copper and aluminum conductors are widely used in power infrastructure. The deployment of cables that are currently not used in data centres could reduce the time required to power large server warehouses. Microsoft claimed that the technology would allow it to increase electric density within facilities without having to expand infrastructure such as substations. Microsoft did not reveal its investment in superconducting technologies or when they would be deployed in their data centers. The U.S. Government's research indicates that the electricity consumption of?data centres may consume 12 percent of U.S. electricity supplies by 2028. This is a tripled amount from just four years ago, and would require additional infrastructure to generate and transport electricity. One data center campus will need more than one gigawatt of power at a single site, which is enough to power 750,000 homes. Cable technology has been in development for decades. However, it is stymied due to high manufacturing costs and cost. Microsoft invests in'superconducting' companies. This includes Massachusetts-based cable maker and cooling system provider, VEIR. VEIR closed a $75 series B funding round last year. VEIR recently tested its three megawatt cable in a simulated server rack, and said that the advanced cables could be up to 10 times smaller than traditional cables.
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Boeing starts the year with a busy January of deliveries and orders
Boeing?said?on Tuesday it delivered 46 jets, the third-highest number in company history for that month, including 38 of the best-selling 737 MAX and five 787 Dreamliners. The total deliveries for December were?63, a drop from the?63 delivered in January. This is usually the busiest delivery month. Boeing beat Airbus in Europe, which delivered only 19 aircrafts last month. This included 15 of its A320neo jets, 3 A220s, and 1 A350. Wall Street is closely watching the delivery of jets to customers because they receive most of their payments when they do. Boeing had 107 net new orders for January and Airbus only received 49. Lessor Aviation Capital Group has ordered 50 737 MAX aircraft from the U.S. manufacturer, evenly split between the 737-8 737-10 versions, in order to maintain its position as one of the largest leasing companies in the world. Last month, Air India?finalized a 20-737-8 order. Air India also revealed a previous order for 10 Boeing 737-10s. Boeing received 34 787 orders from other companies, including 30 from Delta Air Lines (Delta) and four from Taiwanese EVA Airways. Air Europa and BOC Aviation, both lessors in Spain, cancelled two 737s. Air Niugini in Papua New Guinea canceled two orders for 787s. Boeing has received more orders in the last seven years than Airbus. (Reporting and editing by Jamie Freed in Seattle, Dan Catchpole)
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As anti-migration sentiment grows, EU lawmakers have approved tougher asylum laws
On Tuesday, European legislators approved changes to the European Union's asylum?system?. This will allow for faster asylum rejections, and possible transfers of asylum seekers into countries where they have no or little connection. It also highlights the rise of anti-immigration policies over the last decade. The text is subject to final approval by the 27 EU member countries. It marks a sharp 'hardening' of EU migration policy, which has been taking shape ever since a massive influx of refugees and migrants in 2015-16. Humanitarian groups have criticized the move, saying it could lead human rights violations and a reduction of asylum rights. A 1951 convention prohibits returning asylum seekers to countries in which they may be at risk. The European Parliament has approved changes to Asylum Procedures Regulation that will introduce a?list of countries deemed'safe' to which asylum seekers who fail to be granted asylum can be sent. List includes Egypt and Tunisia, whose human-rights records have been scrutinized. According to the new rules the EU can reject an asylum request if the individual could have been protected in a safe country. The Risk of Prison Terms The new rules also allow EU countries to establish "return hubs" in other EU member states, such as those established by Italy. The Migration Pact is a set of EU rules and processes that govern migration. It was approved in 2023, but will not be fully implemented until June 2026. Since 2015, when more than one million migrants, mostly from Syria, crossed the Mediterranean, anti-immigration rhetoric is gaining momentum in the EU. This?sentiment? has increased public support for right wing nationalist parties and pushed governments to adopt increasingly restrictive migration policies focusing on returns. Melissa Camara, a French Green legislator, said: "These texts are a further step towards dehumanising the?migration policies of the European Union. They violate fundamental rights and individuals' dignity." The text regarding safe countries of origin puts hundreds of thousands in grave danger. Third countries are deemed safe, despite a very worrying human rights situation. (Reporting and editing by Mark Heinrich; Amina ismail, Amina)
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In January, the share of copper from China in LME stock fell.
Data from the London Metal Exchange showed that in January, the share of China-made metal in available London Metal Exchange stock fell as metals from other Asian nations, South America, and?Africa flooded in. Available copper inventories The?LME?is at its highest level since late February 2025, as it has become the preferred place for traders to store metals in the U.S.A. and Asia. Data showed that the percentage of copper stocks of Chinese origin in LME's warehouses - those on warrant or available - was 70% at the end last month. This is down from 79% in December. A LME warrant is an ownership document. The absolute amount of Chinese copper on the LME rose to 95,150 tons from 87 475 tons in December. The Chinese share was diluted by a total of 18,400 tonnes of metal that came from Chile, Peru. India, South Korea, and the Democratic Republic of Congo. The available copper stocks in Russia were 12,600 tonnes, which is 9%. China-made Nickel, on the other hand, made up 72% available LME nickel stock, an increase of?3 percentage points from the previous months. The percentage of aluminium stock available In January, the percentage of aluminium of Indian origin was 3 % lower than that of Russian origin. The amount of Russian metal fell by 2,350 tonnes to 255.075 tons while the Indian aluminium stock dropped by 19,950 to 156.725 tons. The LME has prohibited metal produced in Russia from its warehouse system since April 13, 2020, to comply with U.S. sanctions and British sanctions over 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 Bernadette B. Baum; Additional reporting by Tom Daly)
Shell could gain from BP's short-term buyback cut: Bousso
BP's decision not to buy back shares may hurt in the short term, but it can start to improve its financial standing by prioritising growth of production over payouts to shareholders.
BP has made the biggest financial shift since halving its dividends in August 2020, following a pandemic-driven drop in oil prices.
This move, as well as other cost-cutting plans and divestment, would go a long ways towards boosting BP's weakened financials and better positioning the company to?take full advantage of its positive production outlook.
It could have wider implications for the industry if a financially stronger BP attracts interest from rivals who are looking to acquire reserves, such as Shell.
The timing of this announcement indicates that Chairman Albert Manifold, the board and Meg O'Neill are eager to "clear out the decks" before the arrival of Meg O'Neill as the new chief executive in April following the abrupt departure last December of Murray Auchincloss.
BP's shares fell by up to 5% on Tuesday after the announcement of this decision. However, the move is a necessary one, given the poor state of the British company's financials.
BP will be able to reduce its net debt from $22 billion to $14 to $18 Billion by suspending buybacks that totaled $4.5 billion between 2025 and 2027.
Back to Petrol
BP's financial struggles are in stark contrast with the impressive rebuilding that has taken place of its oil & gas operations since 2024. This was when Auchincloss started reversing Bernard Looney’s failed attempts to transform BP to a renewables leader.
BP's average oil and gas production in 2025 was 2.3 million barrels of equivalent oil per day (boed), a relatively flat rate year-over-year. This was supported by the launch of seven new projects in the Gulf of Mexico. It wants to increase production to 2.5 million barrels of oil equivalent per day (boed) by 2030.
The company also has several large projects under development that will support production for the next decade. These include the Tiber-Guadalupe project in the Gulf of Mexico, the Kaskida project in Iraq's Kirkuk Oilfield and the redevelopment of Iraqi Kirkuk oilfield. The company also made 12 discoveries of oil and gas last year.
BP announced on Tuesday that the Bumerangue discovery, located offshore Brazil, contains 8 billion barrels estimated oil. This is one of the largest discoveries of recent years. Later this year, BP plans to conduct further appraisal drilling.
Wood Mackenzie, a consultancy, estimates that BP could keep its production largely flat from 2025 to 2035 at 2.35 million boed based upon current discoveries and development projects. This is a huge achievement, given the need to offset the natural field decline which typically averages around 5 percent globally.
BP didn't disclose its reserves at year-end 2025, but it said that it replaced 90% the oil and natural gas it produced. This implies a modest decrease from the 6.2 million barrels of oil reported at the end 2024. This does not include Bumerangue.
SHELL'S PRODUCTION GIAP
Shell, BP's larger British rival, is a mirror image in many ways.
Shell, under the leadership of Wael Sawan who assumed office in 2023 has become leaner, more efficient and cost-effective. Its annual costs have been reduced by more than $5 billion. This was achieved by thousands of job losses and prioritising the most profitable activities, principally oil and natural gas. The result has been the closure of fossil fuel assets and low-carbon businesses.
Shell also reduced its capital expenditures target from $22-$25 to $20-$22. This discipline, however, has cost Shell. UBS estimates that only 7% of Shell’s capex goes to growth. This is the lowest percentage among European majors.
Shell's production of oil and gas fell by 1% to 2.8 millions boed in 2025.
The decline in reserves is more worrying. Shell's oil reserves and gas reserves fell to a new record low of 8.1 billion barils in 2025 from 8.9 million barrels in the year 2024.
The "reserves life" and the ratio of reserves to production, also known as the "reserve ratio", is a key indicator for the long-term sustainability of the energy industry. Investors paid less attention to the reserves in the early part of this decade, as they were enthused by the energy transition. But now that the outlook on fossil fuel demand is improving, the focus has returned.
Shell's reserve lifetime fell from nine years to eight years by 2025, according to calculations.
Wood Mackenzie's estimates suggest that Shell could see its production drop by up to 800,000 boed in the next decade. Sawan acknowledged that in an analyst call held last week, the company will face a production gap beyond 2030.
Shell has two levers that it can use to reverse its decline. Shell can increase its exploration expenditures, which is a high-risk and high-reward business that can take many years to produce results. It could also acquire new resources.
This brings back a question which has been tantalising markets for many years: Will Shell try to buy BP?
BP has a market cap of $100 billion, while Shell is worth $220 billion. Combining these two highly diversified firms would be incredibly complex. Any?deal? would also face significant regulatory obstacles.
Shell's improved production outlook and resource base, however, could help Shell close the gap between itself and its U.S. competitors Exxon Mobil & Chevron after 2030.
Investors may not be happy with BP's suspension of buybacks, but considering the options available to the company, it was inevitable. In addition, its growth strategy makes this move more shrewd than the market gives credit.
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(source: Reuters)