Latest News
-
Four people killed and 17 injured in a truck explosion in the capital of Chile
Authorities said that at least four people were killed in the explosion of a truck transporting liquid gas, which flipped over and exploded on Thursday. A police chief said at a news conference that 17 more people were injured. The driver of the truck lost control and crashed, he explained. The authorities said that the truck driver was one of the victims. The prosecutor’s office is investigating the circumstances of the accident. The truck belonged to a local gas company Gasco. Gasco didn't immediately respond to a request from for a?comment. Social media videos showed the flames descending at the explosion site. The accident occurred in the northern Santiago community of Renca. It was near a highway and industrial area. According to firefighters, the?explosion? was felt in a radius between 150 and 200 meters. It also damaged at least 50 vehicles. Gabriel Boric, the President of Croatia, said that some debris had landed in three businesses but there have been no further reports about widespread damage. Claudio Orrego is the Governor of the Metropolitan Region of Santiago. He reported that five people were in serious condition. Orrego stated that "one person has burns on their entire body and is at imminent risk of death."
-
Some US investors are turning to infrastructure amid the AI sell-off
Wall Street's love for artificial intelligence giants is cooling, and some investors are shifting their focus to infrastructure companies, which they believe will benefit from AI spending. This shift has spawned a number of new products. Shares of AI tech giants like Alphabet and Amazon have seen sharp drops after huge gains over the past few years. Investors are worried that returns on their "massive investments" in developing smarter AI system won't justify these lofty valuations. Asset managers say that investors should focus on companies receiving the checks, such as chipmakers, data centers, and utility firms, which provide the nuts and bolts of the AI revolution. Asset managers say that many of these stocks have seen double-digit growth this year. These include Caterpillar and Lumentum, a provider of optical communications, and Western Digital, a data storage company. The S&P 500 returned 0.52%, and the Roundhill Magical 7 ETF has dropped 7.3%. NEW INFRASTRUCTURE AI PRODUCTS This performance has prompted exchange-traded funds providers like BlackRock, VistaShares, and Impax Asset Management, to revamp their offerings and launch brand new products. Some are betting on an increasingly diverse and niche list of AI infrastructure investments. "Our goal is to have our portfolio ring with cash every time Meta or Amazon invests into a datacenter," said Adam Patti. VistaShares launched its Artificial Intelligence Supercycle Fund in December 2024. It gained 58.4% by 2025, and 16.87% so far this year. The ETF does include the AI giant Nvidia. However, its weighting is only half of that of South Korea’s SK Hynix whose chips are used by data centers. Other top holdings of the ETF include Micron and Intel. Patti said, "When Meta says it will spend $100 billion on these companies, that money is going to them." BlackRock's iShares A.I. Innovation and Tech Active ETF has now invested 74% of its $8.8 Billion?in assets in AI infrastructure, from chipmakers who?train AI to power companies. This is up from 59% one year ago. This is "where the revenue is right now", said Jay Jacobs. BlackRock's U.S. director of equity ETFs. The fund has seen its returns increase to 3.2% in this year due to the positive returns on investments like Fabrinet, Monolithic Power Systems and others. VettaFi data shows that the BlackRock fund received $7.9 billion of new capital in the past 12 months. This month, two infrastructure ETFs were launched. Impax Asset Management transformed one of its mutual fund into the Impax Global Infrastructure ETF. Harrison Street Asset Management, a manager of alternatives, launched an AI related ETF focused on electrification. Robert Becker is the chief investment strategist of Harrison Street. He said that securing reliable power supplies was one of the major obstacles to moving forward in building all the AI data centers required. Ed Farrington said that infrastructure is a great way to diversify equity portfolios and what was for many years a highly concentrated business. "STEALTH AI PLAYS" The Magnificent Seven Hyperscalers may have delivered consistently high revenues, but investors claim that this is largely due to their core business, which funds AI capital expenditures. This year, the spending on AI will amount to around $630 billion. Some investors are searching for underpriced infrastructure companies that will benefit from the investment. Ari Sass is the president and portfolio manager at M.D. Sass Investor Services said that companies which he previously thought were "stealth AI plays" are now coming into the spotlight. Quanta Services (which provides construction and maintenance for?electric utilities) has seen a 24.17% increase in the first half of this year. Tortoise AI Infrastructure ETF, launched in October, invests in companies such as Wisconsin's Modine Manufacturing, which began manufacturing radiators for farm machinery and has since shifted to data center cooling systems. The company's shares have risen 19.25% this year. Some are warning investors to be cautious as they pile more money into the AI infrastructure business. They point out that fiber optic companies in the 1990s collapsed due to over-investment to support Internet firms. Michael Reynolds, Glenmede's vice president of investment strategies, said: "It appears that the companies spending the most on AI are the ones with the strongest financial standing, but valuations have gotten a little high for any product or service with AI exposure." Everyone needs to be cautious.
-
United revamps its loyalty program to increase co-branded card adoption
United Airlines has redesigned its frequent-flyer loyalty program to reward those who carry a United-branded card and reduce the mileage earned by members who don't. The airline stated that the changes were designed to increase adoption and usage of their card products. Loyalty programs are now major profit generators for the airline industry. Carriers earn billions of dollars each year from selling frequent-flyer mile to banks tied to their credit card portfolios. United Airlines said that primary MileagePlus cardholders of the airline will be able to earn up to two times as many miles per dollar spent on United flights, compared with those who do not have a card. Tickets purchased after April 2 will be eligible for this benefit. Cardholders also get a minimum 10% discount on tickets booked using miles or points. Andrew Nocella is United's chief Commercial officer. He said: "MileagePlus rewards loyalty to United and our best customers deserve the best benefits in the industry." The new rules tighten the rules for those who do not have a card. United said that MileagePlus cardholders without the co-branded card would earn less miles on flights. General members will not be able to earn'miles' for basic economy tickets, unless they have a card.
-
Data shows that Russia's Urals crude oil is just below the new EU price cap.
Since its introduction on February 1, the European Union has introduced a new floating price cap of $44.10 per barrel for Russia's Urals crude. The cap allows European firms to continue providing services such as shipping, insurance and other related services for Russian cargoes so long as the oil is sold below this price cap. LSEG data reveals that the Urals FOB prices at Primorsk Port have been?above $47.60 since February 1. Data shows that before the cap was changed this month, the price of Russian oil was below the previous limit of $47.50 since November. Winter weather and increased sanctions against Russian oil exporters have driven up the freight rate for oil deliveries. This could cause prices to fall below the new cap. The cost of transporting Urals to India via Aframax tankers increased to $9 million in February from $8 million last November and December. The latest data available showed that the Urals oil price for cargoes destined to Primorsk on Wednesday was $44.14 per barrel. This is only slightly higher than the new price cap.
-
India's Maharashtra power farms are off the main grid in order to overcome transmission obstacles, an executive says
The chairman of India's largest power distributor said that Maharashtra is using local energy sources to power farms, despite the fact that transmission projects are delayed, and it is also racing to boost clean-energy production. As transmission lines are delayed, utilities are reluctant to sign long-term agreements. This is causing a huge backlog in the renewable energy sector of Asia. In order to avoid the bottleneck, Maharashtra State Electricity Distribution Co Ltd (which supplies electricity in one of India’s richest states) is moving?about 30 percent of farm consumption from 2 megawatts to 20 megawatts solar plants, located near rural power stations. This allows energy to be produced and consumed locally. Power distributors can also store?surplus power for evening use, further reducing the stress on the grid. Lokesh?Chandra, the Chairman and Managing Director of its?company, said in an interview with?a Wednesday? that these measures would "avoid pushing power through already congested lines and reduce variability throughout the grid". The transmission lines that evacuate electricity are experiencing delays and the connectivity is poor. Chandra says that agriculture accounts for 30% of Maharashtra's electricity demand, which is one of the largest daytime electricity demands in the state. Officials said that the grid must be 'upgraded with AI-based predictions and digital controls in order to manage intermittent supplies and integrate solar, amid increasing consumption from data centres and EVs as well as?green-hydrogen? facilities which have increased overall power demand. Maharashtra is planning to add 45 gigawatts of generation capacity to its mix by 2030. This includes 38 GW from renewable sources, bringing the share of green power to 52%, up from 15%. Chandra stated that "we have already entered into power purchase agreements...?more than 60 percent of our capacity (by 2030) will be from non-fossil sources." IPO AFOOT Chandra stated that the utility's plans for launching a?IPO by the end of this year are still on track. The state government will 'divest a portion of its stakes in the company at the IPO. Chandra refused to comment on either the estimated valuation or the size of the stake. Reporting by Yagnoseni das in Bengaluru, editing by Mrigank dhaniwala
-
DB Cargo, Germany's DB Cargo, plans to cut 6,000 jobs in order to turn the company profitable
The chief of DB Cargo, the struggling freight 'business' of German railroad operator Deutsche Bahn, said that the company plans to eliminate 6,000 jobs by 2030, or nearly half the 'workforce', as part of a reorganization aimed at bringing the business back to profitability. Bernhard Osburg confirmed a report that the unit will eliminate 6,000 out of DB Cargo’s 14,000 employees to reduce costs. Osburg added that although the business in the steel, chemicals, and automotive sectors had declined, there had not been any job cuts as a result. He said that as far as was possible, the affected staff would be offered positions in other?parts' of Deutsche Bahn. The company employs 220,000 people. DB CARGO IS MARKET LEADER BUT HAS COMPETITION In Germany, about one million metric tonnes of goods are transported daily by rail. DB Cargo leads the market, but its 'competitors' are catching up and have a combined market of about 60%. The European Commission has also put pressure on the company to reduce excessive government support. DB Cargo must post a profit before the end of 2026 as the state-owned parent company is no longer permitted to cover losses in the freight subsidiary. Osburg acknowledged that this would be a challenge, but he said DB Cargo aimed at a net income in the millions by 2026. He said that the unit had generated an operating profit in the second half after a 96 million-euro ($113 millions) operating loss during the first six-months. He stated that the group was looking to "build up its international business" and was exploring the opportunities in the automobile industry of southeastern Europe, as well as steel imports from China. This is especially true around major ports such as Rotterdam. Cosima Igenschay is the deputy leader of 'the EVG rail trade union. Both sides agree that DB Cargo needs to become more efficient, but disagree on how to do it. Ingenschay said, "We will fight for every job." In order to implement the restructuring plan, the group will close some smaller maintenance centers and overhaul its single wagon transportation service, especially in the steel industry.
-
Documents show that Epstein attempted to create a web of powerful connections across the Middle East.
The U.S. Department of Justice's documents reveal that embattled financier Jeffrey Epstein attempted to create a powerful network of political figures and regional business leaders. DP World announced that Sultan Ahmed Bin Sulayem resigned from his position as chairman and chief executive. Two sources who have direct knowledge of the situation said that the decision was made after Bin Sulayem’s name appeared on the Epstein files and his relationship with the deceased convicted sex offender came under increased scrutiny. Bin Sulayem and Epstein exchanged emails in which they discussed sexual relationships between Bin Sulayem and women Epstein had helped him meet. Bin Sulayem wrote Epstein in an email of November 9, 2007 that he met a woman named "Joanne" who he didn't name, and with whom he claimed he hadn't had sex. He wrote: "Yes, after many attempts over several months, we were able to meet in NY," adding that it was a miscommunication because "she only wanted some BUSINESS!" I only wanted PUSSYNESS!" Dubai's ruler also issued on Friday a decree that appointed a new chairman of Dubai's Ports, Customs and Free Zone Corporation, which was one of the many roles Bin Sulayem had held. I was able review independently only some Epstein files relating Bin Sulayem but was unable determine what exactly led to Bin Sulayem's departure from DP World, although sources stated, without giving further details, that the documents were the reason. Bin Sulayem has not responded to any requests for comments on his departure. DP World declined comment. COOKING TOGETHER Epstein described Bin Sulayem in an email exchange as funny, trustworthy, and a foodie. Epstein continued to state that Bin Sulayem is a Muslim who does not drink alcohol and prays 5 times per day. A photograph that was included in an email, but is not dated and has been made public, shows Epstein and Bin Sulayem cooking together and looking relaxed. Epstein did not provide the full name of who he sent it to. Bin Sulayem did not comment publicly on Epstein’s description of his relationship or the emails he sent about it. The mere fact that a file contains a name does not prove criminal activity. Bin Sulayem was questioned by DP World financial backers about his past after some members of Congress pointed out that Bin Sulayem’s name appeared on files released by the U.S. Department of Justice. Bin Sulayem didn't respond to these concerns publicly. British International Investment and Canada's second largest pension fund, the UK's development finance agency said they would suspend 'all new investments' with DP World due to Bin Sulayem's alleged ties' to Epstein. We are horrified by the allegations that have emerged in the Epstein case A spokesperson for BII said, "Files regarding Sultan Ahmed Bin Sulayem", without mentioning which allegations he meant. We will not make any new investments in DP World until they have taken the necessary actions. La Caisse, a Canadian pension fund, said that it would "pause additional capital?deployment along with the company" until DP World clarified and took the "necessary actions". In a press release issued after the Friday leadership change at DP World BII expressed its appreciation for DP World’s decision, and that it was looking forward to "continuing our partnership to advance development of key African Trading Ports". La Caisse stated that "the company took appropriate measures" and would "move swiftly to work with DP World’s new leadership in order to continue our partnership for port?projects throughout the world". Bin Sulayem didn't immediately respond to a question from La Caisse asking him about the actions taken by BII. DP World declined to comment. Contacts Network The DOJ's large collection of documents, including emails and text messages, shows that Epstein used his wealth to establish relationships with influential people in finance, politics, academia, and business all over the world. The report was unable determine whether Epstein's advice was taken and if it was effective. Epstein attempted to give advice to Qatari political and business figures, according to the DOJ documents examined by. This was during the blockade imposed on Qatar in 2017-21 by Saudi Arabia and the United Arab Emirates. Bahrain and Egypt also accused Doha of supporting terrorism and failing to cut ties with Iran. Qatar denied these accusations. Epstein, in an exchange with Sheikh Jabor Jasim Al Thani of the ruling family and Qatari businessman Jabor Yousuf Jassim al Thani, urged Qatar "to stop kicking and arguing...let's let the heat go down a little". He stated that "the current Qatari team is weak" and that "FM's lack of experience is evident." Qatar's Foreign Minister at the time was Sheikh Mohammed bin Abdulrahman Al Thani. He is now both the?foreign and prime minister. Sheikh Mohammed is yet to comment publicly on Epstein’s portrayal. Qatar's International Media Office (which handles media requests from the Prime Minister) declined to comment when asked about the exchange. According to documents released by DOJ, an individual working in Sheikh Jabor’s office did not respond to a message asking for comments. Epstein encouraged Doha to establish ties with Israel in order to remain in the good graces Donald Trump who was in his first term of office as U.S. President. Epstein suggested that the Gulf State either recognize Israel or pledge $1billion to a fund in aid of victims of terrorism. Qatar stayed true to its independence. In 2021 the countries that had been blocking Doha reestablished ties, and the relationship between Qatar and the Trump administration is now very strong. Discussion on SAUDI ARAMCO's IPO Epstein addressed Saudi Aramco’s initial public offering through dozens of emails. Epstein warned in an email exchange on September 10, 2016 with Aziza Alahmadi and former Norwegian diplomat Terje Rod-Larson that Aramco's IPO could expose Saudi Arabian assets to seizure and lawsuits. Saudi Aramco refused to comment on the emails. Alahmadi was not available for comment. She also could not?establish her role in Epstein's activity. Epstein, in an email dated 16 October 2017 and sent to Alahmadi as well, suggested that China sell an option to purchase a $100 billion stake in Aramco, rather than pursuing a conventional IPO. Epstein said this would provide liquidity, while limiting the exposure to public markets. Saudi Aramco refused to comment on the emails. Roed Larsen didn't immediately reply to an email sent via his attorney asking for comment. The DOJ documents show that Epstein's influence extended to Egypt. In some emails, a family member Hosni's son Gamal Mubarak asked Epstein for assistance in 2011 after the ouster of the former president and the subsequent legal problems. The emails did not specify what type of assistance had been?sought, and it was impossible to determine whether Epstein tried to intervene on behalf of the family. Lionel Halperin is an attorney for Gamal Mubarak. He told?email by no means that any member of Mubarak's family knew Epstein, nor did they ever seek or receive assistance from anyone, directly or indirectly. He claimed that Roed Larsen and other people had tried to contact Gamal Mubarak in 2011 in order to better understand Egypt's situation and the Mubaraks. Gamal Mubarak, who was then in prison pending an investigation at the time, asked his wife Khadiga El Gammal to send "messages" of appreciation to those who reached him and his family. Halperin stated that "a few" emails were sent in this context to Roed Larsen. Halperin stated that "Gamal Mubarak does not have an explanation and is unaware of the context" as to why certain emails were sent to Mr. Epstein's email account at the time.
-
Targa Resources beats quarterly core profit estimates on boost in gas volumes
On Thursday, Targa Resources, a pipeline operator, beat Wall Street expectations for its fourth-quarter core profit. This was due to increased demand as well as higher volumes of transporting natural?gases and natural gas liquids through their systems. U.S. Natural?Gas?Futures increased more than 11% sequentially during the fourth quarter. This was due to higher demand and an increase in pipeline volumes. Targa, Kinder Morgan and other midstream companies are benefiting from the strong oil and natural gas production of the Permian basin, the rising demand for?natgas driven by the liquefied gas exports, and the soaring electricity generation linked to AI operations, cryptocurrency mining, and data centers. Targa anticipates that it will continue to benefit from the growth in its Permian footprint, which is expected to lead to record NGL export volumes, NGL pipeline transport, and liquefied petrochemical?gas?fractionation, by 2026. Targa also expects to start up the Falcon II plant, located in the Permian-Delaware region, in the first quarter. The total quarterly natural gas sales increased 6.2% from the previous year to 2,96 billion British Thermal Units per Day (BBtu/d), while?NGL pipe transportation volumes increased about 20.3%, to 1,048.7 Thousand Barrels per Day (MBbl/d). NGL sales in the quarter reported were 1,26 billion Bbl/d, compared to 1.23 billion Bbl/d one year earlier. NGLs, or?hydrocarbon fluids, such as propane, butane and ethane?, are liquid hydrocarbons that are used for heating, cooling, and gasoline blending. Targa's forecast for current-year adjusted core?"earnings" is between $5.4 billion and $5.6 billion. This midpoint is in line the analysts' average??estimate of $5.5 milliards according to data compiled by LSEG. Houston-based?company reported an adjusted core income of $1.34billion for the quarter ending December 31 compared to analysts' expectations of $1.27billion. (Reporting and editing by Krishna Chandra Eluri in Bengaluru)
Kumba Iron Ore profits rise 18% due to higher prices and sales volume
Kumba Iron Ore in South Africa posted a 18% increase in its annual 'profits on Thursday, thanks to higher mineral prices as well as stronger sales volumes due to improved logistics at the port and rail.
Kumba,?a?unit of Anglo American?, reported that its headline earnings per shares increased from 38.94 rand to 45.97 rand (2.86 dollars) in the year ending December 2025, up from 38.94.
Africa's largest iron ore producer said that the increase in earnings was due to an?increased average realized free-onboard export iron ore prices of $95 per metric ton wet in?2025 compared to $92 one year earlier. Sales volumes increased by 2% to 37 million tons.
The iron?ore prices are supported by the resilient Chinese pig-iron production and strong export demand.
SALES ARE HIGHER WITH AN IMPROVED RAIL PERFORMANCE
Kumba's CEO Mpumi Zikalala stated that the company's performance had been improved?by improving logistic, thanks to ongoing cooperation between South Africa's State-owned Freight Rail and Port Operator Transnet.
Private firms provide technical assistance to Transnet to maintain its ore-export tracks. This includes the 861 km (535 miles) track that runs from mines located in the Northern Cape to Saldanha Port in the Western Cape.
Zikalala stated during a results call that "ore railed into the port increased by 6% despite the derailments?that occurred during the year."
She added that "rail performance improved to 84% of contracted volume, which together with improved availability of equipment at the Saldanha Bay Port resulted in?the 2% growth in our sales".
Kumba reduced its on-mine iron ore inventory to 5.7 millions tons by the end of 2025, down from 6.9million?tons as of the previous year. This was due to improvements in the performance of?freight railway logistics.
The company declared an annual dividend of 15,43 rands per share, as opposed to 19,90 rands per share in the year 2024.
(source: Reuters)