Latest News
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Cyclone closes ports in Australia's Pilbara region, which is rich in iron ore
The operator of the ports in Western Australia said that the port, which is the world's largest iron-ore hub, was closed Saturday due to a tropical cyclone developing off the coast from the?Pilbara region. In an online alert, Ports stated that Tropical Cyclone Mitchell, a Category 2 storm, caused the closure of Port Hedland as well as Ashburton and the ports of Cape Preston West, Dampier, and Varanus Island in the Pilbara. The operator stated that the cyclone will "most likely start?to turn gradually to the southwest, then south, from tonight, and move closer to the coast." This is referring to Pilbara, an area rich in resources twice as large as the United Kingdom. Mitchell intensified on Saturday and was predicted to become a Category 3 cyclone over night. It could bring wind gusts up to 170 km/h (105mph) in the Pilbara. Port Hedland is the world's largest exporter of iron ore. It is used by BHP Group, Fortescue, and Gina Rinehart’s Hancock Prospecting. Pilbara Ports announced on Friday that its ports had been cleared because of the emerging cyclone threat. (Reporting and editing by William Mallard in Sydney, Sam McKeith from Sydney)
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Bloomberg News reports that PJM is expecting a major power shortage amid the data center boom.
Bloomberg News, citing executives from PJM Interconnection who spoke at a meeting, reported that the U.S. grid operators warned of a 'potential shortfall in power supply of up to 60 gigawatts if demand for data centers continues to rise. They said that unless unprecedented action is taken to help support the construction of new power plants, a shortfall will occur. The tens and tens of Gigawatts that PJM is waiting to connect are largely data centers needed by Big Tech for its artificial intelligence expansion. The grid operator announced last month a framework for handling the massive energy-consuming projects just hours after the White House called for emergency action to prevent potential blackouts. PJM controls power across 13?states largely located in?the Mid-Atlantic. This includes the largest concentration of data -centers in the world in Virginia. Other states are also becoming burgeoning hubs to store server storage. Reporting by Varun Sahay, Bengaluru. Editing by Sahal Muhammad
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Sources say that Williams is considering buying gas-producing assets in order to increase AI energy supply for hyperscalers.
Williams Companies has been exploring the possibility of buying natural gas production in the United States. This is a rare move for an energy infrastructure provider, but it's a way to ensure natural gas supplies to support the one-stop shop offering that the company offers to data center and hyperscaler clients. Three people familiar with the matter said that Williams Companies, based in Oklahoma, has been positioning itself to be a leader when it comes to providing energy for companies developing artificial intelligence infrastructure. Williams is looking for upstream assets to allow it to position itself as an energy partner that can be pitched to hyperscalers. This would give it a competitive edge in courting digital operators of infrastructure that otherwise would need to negotiate with several parties. Sources cautioned that there is no guarantee the company will move forward with its plan and spoke under condition of anonymity in order to discuss confidential discussions. Williams stated that it "continuously evaluates" opportunities to align with and advance its natural gas-focused strategic approach, but declined further comment. Tuesday, the company will report its earnings for the fourth quarter and host its 2026 Analyst Day. AI POWER NEEDS The challenge of securing enough power to run data centers is one of the most important challenges facing hyperscalers, as well as other developers of AI-based infrastructure. Data centers, in addition to requiring huge amounts of electricity on a consistent basis, are also putting stress on the grid which is experiencing demand growth for a first time in 20 years. The power providers are struggling to meet the demand. Existing?generation is affected by extreme weather conditions, and new projects are stymied due to local opposition and long wait times for critical components. Williams' strategic planning has placed power generation at its core. Meta Platforms has agreed to buy the 440 Megawatts of electricity that the $2 billion Socrates Project in Ohio is expected to generate in the second half this year. Williams announced plans on October 1 for two additional power projects, Apollo and Aquila. These are backed by 10-year agreements to purchase power from an unnamed third party. Williams expects to spend around $3.1 billion for these two projects. Both are due online in the first half of 2027. In the coming years, Williams' earnings are expected to be boosted by adding power projects to existing infrastructure. This includes approximately 33,000 miles (mostly natural gas) of pipelines and storage assets. Williams' current goal is to increase earnings (EBITDA, before interest, taxes and depreciation) by 5%-7% per year. In a note published on February 4, analysts at UBS stated that they would be watching closely to see if Williams will raise this target to 7% or more compounded growth annually through 2030 during the analyst day next week. INTEGRATED ENERGIA A U.S. oil company owned a combination of production, storage and transportation assets. In the early part of the 21st Century, however, the industry shifted to a more specialized model. Most companies - with the exception of Exxon Mobil or Chevron – divested non-preferred assets. Williams spun off the majority of its upstream businesses into WPX Energy in 2012. WPX was independent until 2021 when it completed its $12 billion merger. Williams also owned other small production assets that were often linked to joint ventures, or part of the midstream footprint. These have been sold over time. For example, its stake in GEP Haynesville II's Haynesville Shale Basin joint venture was sold in October for $1.5 billion to Japan's JERA.
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On Friday, work will be suspended on the $16 billion New York City Tunnel project
Work on the $16 Billion New York City Hudson Tunnel Project is suspended at 5 pm. The Gateway Development Commission announced that the federal funding freeze imposed by President Donald Trump’s administration four months ago will remain in place until Friday at 2200 GMT. The project involves the repair of an existing rail tunnel as well as the construction of a new one beneath the Hudson River. This will expand a route which is a key part in rail travel between New York City and New Jersey. The Hudson Tunnel, built in 1910, and heavily damaged by hurricane Sandy in 2012, is the main transportation link in a metropolis that accounts for 10% of U.S. GDP and has over 200,000 daily travelers, and 425 trains. Transportation Department withheld reimbursements of $205 million for the project from October 1. Trump demanded that Washington Dulles Airport in Washington and New York Penn Station in New York be renamed after him in exchange of unfreezing billions in funding for the Project. This move was condemned by Democrats. Gateway said that the suspension would result in 1,000 construction workers being idle and that Trump’s decision put passengers at risk who were forced to rely upon "decaying century-old rail infrastructure." Gateway earlier stated that the work had been suspended. On Friday, a U.S. Judge will hear an urgent request from New York and New Jersey for the restoration of funding. Democrates condemn Trump for withholding funds Sources say that Trump asked Democratic Senator Chuck Schumer last month to support the renaming Washington Dulles Airport as well as Penn Station. However, the New York lawmaker informed the White House that he didn't have the authority to do so. The White House declined to respond to a comment request, and Schumer’s office also declined to make a comment. Cory Booker, a New Jersey senator, said at a press event near the tunnel project on Friday that Trump held it hostage "because he seems to want his name on everything." Since assuming office in January, President Trump has added his name to several prominent Washington buildings. He also created a program to grant visas to wealthy foreigners. Kirsten Gillibrand of New York, a Democrat Senator, called Trump’s suggestion absurd. "These naming right are not tradable in any negotiation, nor is the dignity and honor of New Yorkers. The president continues to place his own narcissism above the well-paying union jobs that this project will provide?and the incredible economic impact that the Gateway tunnel is expected to bring." Under former president Joe Biden, the project received federal funding of about $15 billion. The project aims to repair and build a new tunnel for Amtrak passenger trains and commuter lines from New Jersey to Manhattan. The project has cost nearly $2 billion so far.
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Renault appeals German decision in patent dispute with Broadcom
Renault announced on 'Friday that it would appeal the decision of a German court which ruled in favour of the United States. In a dispute over patent rights, Broadcom has requested that Renault stop selling two of its best-selling cars. A regional court in Munich ruled that Renault did not have the right to use certain Ethernet network cable connections on its Clio and Megane models. Renault said in a press release that it would file an appeal without delay. Broadcom?added the fact that the?injunction against sales in Germany would only be effective after certain conditions are met. Renault also filed two lawsuits to invalidate the patent in question, saying that they had good grounds for doing so. A request for comment was not immediately answered by either Broadcom or the court in Munich. The business magazine 'WirtschaftsWoche' reported earlier that the ruling would not be enforced until a deposit of "several million"?euros is paid by?Broadcom. Renault can also suspend enforcement through an appeal or settlement. (Reporting from Ludwig Burger in Frankfurt, Kirsti Knolle and Dominique Patton at Paris. Inti Landauro editing by Miranda Murray and Louise Heavens.
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WiWo reports that a German court has ordered Renault to stop selling two of its models over a patent dispute.
The German business magazine WirtschaftsWoche reported that a German court ordered French 'carmaker Renault to stop the sale of its 'Megane and Clio models due to a dispute with U.S. tech group Broadcom over patent rights. According to the magazine, the regional court of Munich found that Renault did not have a 'license' for certain ethernet cable connections on 'the two models. The court in Munich did not respond immediately to a comment request. Renault was not available for a comment immediately. The WirtschaftsWoche?also stated that the ruling would not be enforced until a deposit of "several millions" of Euros is paid by Broadcom and that Renault can also suspend enforcement through an appeal or settlement. (Reporting from Ludwig?Burger and Kirsti Knolle, in Berlin; additional reporting from Dominique Patton, in Paris. Editing by Miranda Murray.)
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Acciona, ACS, and others win $4 Billion Rail Contract in Australia
Acciona announced on Friday that a consortium including the Australian units from?Spanish companies Acciona and ACS had won a?contract worth?5.75 billion Australian 'dollars ($4 billion) - for rail construction work on a major railroad connecting Logan to the Gold Coast, Australia. The contract was awarded 'to the ActivUs Consortium, which includes Acciona and ACS CPB Contractors, UGL as well as SMEC and WSP. Acciona stated in a statement that the project is aimed at meeting the high demand for travel between Brisbane, Australia and the Gold Coast, ahead of the Brisbane Olympic and Paralympic Games of 2032. The company added that construction would begin 'in the first half 2026. A spokesperson for Acciona refused to specify the size of its stake in the consortium. ACS, WSP, and SMEC didn't immediately respond to a request for comment.
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At least 10 people killed when bus plunges into ravine, Bolivia
Police said that at least 10 people died and several others were seriously injured when a bus fell 'about 100 metres (330 feet) into a ravine in Bolivia's mountains on Thursday night. Residents and authorities in the Camacho Province, north of La Paz's capital, worked long hours to rescue those trapped by the crash. Images shown on local television and social media showed the extent of the tragedy, including the bodies of victims, as well as injured passengers, some of whom were minors. Local media reported that emergency teams evacuated survivors from the crash and transported them to hospitals. Local media reported that the cause of the crash is still being investigated. These?accidents occur frequently in Bolivia where the conditions on the rugged Andean terrain and dirt roads connecting cities to rural communities are often worsened during rainy season. Reporting from Daniel Ramos, La Paz. Writing by Lucinda Elliot; Editing by Cassandra Garrison & Mark Heinrich.
Hong Kong summons Panama envoy over CK Hutchison ports ruling
Hong Kong's chief of commerce summoned on Friday the Panamanian Consul in 'city to condemn a recent court decision that nullified CK Hutchison, based in Hong 'Kong's contract for the operation of two 'ports 'at the Panama Canal.
China's Hong Kong & Macau Affairs Office had warned Panama that it would pay "heavy penalties" for its decision made earlier in the week.
According to a Friday post from the bureau, Algernon Ying Wah, Hong Kong's Secretary of Commerce and Economic Development expressed "strong opposition and dissatisfaction" with the Panama Supreme Court decision during a meeting.
Yau stated that the company had?made large investments and created employment in Panama over many years. He criticised Panama for "destroying" its national credibility, a move he said could have a far-reaching impact on the business environment of the country and its economic development.
He called on the Panamanian government?to respect the spirit of contract and to provide a fair, just and equitable business environment for businesses operating legally locally.
Yau stated that "Hong Kong firms operating in Panama and investing there should be treated fairly and protected."
CK Hutchison's Panama Ports Company has launched international arbitration proceedings to challenge the ruling.
On Thursday, Panamanian President Jose Raul Mulino called the court decision definitive and said he did not expect the situation would escalate.
He said, "Panama will not be threatened by any nation on Earth."
(source: Reuters)