2026-01-17 23:30

SYDNEY, Jan 18 (Reuters) - Australian authorities on Sunday downgraded a flood alert for a suburb of the country's largest city Sydney, after residents were evacuated due to rising waters sparked by torrential rains. Flooding was "receding and no further significant rise in flood levels is expected," State Emergency Services said on Sunday afternoon, referring to the suburb of Narrabeen, a beachside area with a population of around 8,000. Sign up here. Residents and holidaymakers in the low-lying area of New South Wales capital Sydney had been told late on Saturday to evacuate to higher ground due to dangerous flash flooding, according to state authorities. Climate change is causing heavy short-term rainfall events to become more intense in Australia, the country's science agency said last year. Emergency crews responded to more than 1,700 incidents in New South Wales since the heavy rain hit on Saturday, the state authorities said. A woman died on Saturday amid the wild weather after being hit by a falling tree branch near Wollongong, about 66 km (41 miles) south of Sydney, the Australian Broadcasting Corporation reported. https://www.reuters.com/business/environment/heavy-rains-eastern-australia-spark-flash-floods-20-rescued-2026-01-17/

2026-01-17 18:04

ASUNCION, Jan 17 (Reuters) - Top officials from the EU and the South American bloc Mercosur signed a free trade agreement on Saturday in Paraguay, paving the way for the European Union's largest-ever trade accord after 25 years of negotiations. The agreement, designed to lower tariffs and boost trade between the two regions, must now gain the consent of the European Parliament and be ratified by the legislatures of Mercosur members Argentina, Brazil, Paraguay and Uruguay. Sign up here. European Commission President Ursula von der Leyen and European Council President Antonio Costa joined the presidents of Mercosur countries at Saturday's ceremony, with the exception of Brazilian President Luiz Inacio Lula da Silva, who sent his foreign minister. EUROPEAN WORRIES ABOUT CHEAP IMPORTS The deal received the green light from most European nations last week, despite concerns from farmers and environmental groups, who fear a surge of inexpensive South American imports and increased deforestation. Von der Leyen, who met with Lula before heading to Asuncion for the signing, said the deal would create the largest free trade zone in the world. "This agreement sends a very strong message to the world. It reflects a clear and deliberate choice. We choose fair trade over tariffs. We choose a productive, long-term partnership over isolation," she said on Saturday. Just before the ceremony on Saturday morning, U.S. President Donald Trump vowed to impose increasing tariffs on eight European nations if the United States is not permitted to purchase Greenland. "This agreement will help both our blocs navigate an increasingly turbulent political environment without abandoning our values, marking a true milestone in shoring up our economic security," Costa said. While Mercosur officials have expressed reservations about certain regulations within the pact, Lula affirmed on Friday in Rio de Janeiro that it will unlock greater opportunities and stimulate more trade and investment for both parties. Brazil's government said in a statement that the deal is "emblematic of Lula’s efforts to expand and diversify markets," adding that South America's largest economy is also negotiating agreements with the United Arab Emirates, Canada and Vietnam, besides the expansion of a tariff‑preference pact with India. Trade between the EU and Mercosur, which encompasses a market of 700 million people, reached a value of 111 billion euros in 2024. European Union exports mainly consist of machinery, chemical products, and transport equipment, whereas Mercosur's exports are concentrated in agricultural goods, minerals, wood pulp, and paper. https://www.reuters.com/world/americas/eu-mercosur-sign-trade-deal-after-25-years-negotiations-2026-01-17/

2026-01-17 12:43

KYIV, Jan 17 (Reuters) - President Volodymyr Zelenskiy said on Saturday that he had ordered imports of electricity and additional power equipment to be accelerated as much as possible as Ukraine confronts its worst wartime energy crisis. The government has declared an energy emergency as the system, damaged by relentless Russian strikes, is meeting only 60% of electricity needs. The situation is exacerbated by exceptionally cold temperatures. Sign up here. "All decisions for this are already in place, and the increase in imports must proceed without delay," Zelenskiy said in a post on X after a meeting with top government and military officials. The energy ministry said scheduled power cuts were in effect in most regions. The situation was most challenging in and around the capital Kyiv, where residents faced long blackouts and dozens of apartment buildings were without heating as temperatures plunged to 16 Celsius (3 Fahrenheit). Prime Minister Yulia Svyrydenko said the government and the state energy company Naftogaz had discussed additional gas imports this year, but she gave no details on volumes. Last year, Naftogaz imported 5.7 billion cubic metres of gas using state financing and funds provided by international partners, she said. Ukraine was forced to start importing gas back in the spring of 2025, due to attacks by hundreds of Russian drones and missiles on gas production facilities. Naftogaz said that Russia had struck its gas production facilities six times this week alone. https://www.reuters.com/world/ukraines-zelenskiy-orders-faster-imports-electricity-power-equipment-2026-01-17/

2026-01-16 23:57

PJM outlines plans to integrate large loads reliably PJM to file proposals with FERC PJM to fast-track interconnections for state-sponsored power projects Jan 16 (Reuters) - Grid operator PJM Interconnection on Friday unveiled a plan to manage surging power demand from data centers that Big Tech needs for its artificial intelligence expansion, hours after the White House urged emergency action to prevent potential blackouts. PJM Interconnection said it plans to require new large power users to either bring their own power generation or enter into a connect and manage framework subject to early curtailment. Sign up here. Earlier in the day, the White House urged the largest U.S. electric grid to conduct an emergency power auction to protect against rolling blackouts as energy demand from data centers grows faster than the country can build new generation plants. PJM controls the power flow across 13 states largely in the Mid-Atlantic, which includes the world's largest concentration of data centers in Virginia, with other states also becoming burgeoning hubs for server warehouses. Data centers are making up the vast majority of the tens of gigawatts of demand waiting to connect to PJM, forcing the grid operator to design a framework to specifically handle the giant energy-consuming projects. PJM’s board said its plan would focus on bringing new power generation online quickly and would be coupled with options for new load customers whose electricity demand can be curtailed if needed. PJM's measures include improving load forecasting and expanding the role for states, fast-tracking interconnections for state-sponsored generation projects, launching a backstop procurement process to address near-term reliability needs and reviewing PJM’s markets to better support investment. The PJM board said the plan includes proposals to be filed directly with the Federal Energy Regulatory Commission, changes to PJM’s policies and procedures that can be implemented immediately, and proposed stakeholder processes to inform the board about complex but equally urgent issues. "This is not a yes/no to data centers. This is ‘How can we do this while keeping the lights on and recognizing the impact on consumers at the same time?’" said CEO David Mills, PJM Board chair and interim president. https://www.reuters.com/legal/litigation/pjm-unveils-plan-tackle-ai-driven-power-demand-surge-2026-01-16/

2026-01-16 23:53

Chevron's export capacity from Venezuela could increase with new license terms US aims to sell Venezuelan oil at higher prices post-Maduro Funds from oil sales may eventually move to US banks, Energy Secretary Wright suggests WASHINGTON, Jan 16 (Reuters) - The U.S. is moving as fast as it can to grant Chevron an expanded license for its oil production in Venezuela, U.S. Energy Secretary Chris Wright told Reuters on Friday. The U.S. plans to let Chevron compensate the Venezuelan government with cash instead of crude, which will let the company sell all the oil it produces in the country, Wright said. Sign up here. "So they become immediately, another marketer of crude as well," he said in a brief interview at the U.S. Energy Department headquarters. Chevron, to comply with its current license, has been paying Venezuela's government royalties and taxes with oil in kind instead of cash, effectively reducing what it can export to about 50% of the crude it produces in the country. The administration of President Donald Trump has been working to re-activate the Venezuelan oil industry after Nicolas Maduro was removed from power earlier this month. Reuters reported this week that the Houston-based company is expected to soon get an expanded Venezuela license that would allow for increased production and exports from the country. Chevron did not immediately respond to a request for comment. U.S. CONTROLS VENEZUELA'S OIL SALES After Trump said the U.S. would run Venezuela's oil industry and take charge of oil sales for the country, Washington announced plans to market up to 50 million barrels of stranded Venezuelan oil. Wright said the U.S. is now getting a far higher price for the oil. Before Maduro's capture, Venezuela was getting roughly $31 a barrel, Wright said, explaining that the price reflected the average price of Brent crude of $60/bl minus $29. "Now we can sell that crude today...at about a $15 discount. So they're going to get $45 for the crude," he said. Brent futures settled at $64.13 a barrel on Friday, up 37 cents. Wright confirmed that the U.S. has put proceeds from the oil sales in Qatari bank accounts controlled by the U.S. government. "It's just a pragmatism thing," Wright said, referencing U.S. banking regulations, Venezuela sanctions and the U.S.'s desire to move quickly. He said that ultimately the U.S. would love to run the funds through U.S. banks. "I suspect that's where we'll get but in all cases, even now, the funds are in accounts controlled by the U.S. government," he said. https://www.reuters.com/business/energy/us-moving-fast-expand-chevrons-venezuela-license-energy-secretary-wright-tells-2026-01-16/

2026-01-16 23:39

Chip stocks rise Financials down for the week Russell 2000 up 2% for the week Indexes: Dow down 0.17%; S&P 500 down 0.06%; Nasdaq down 0.06% NEW YORK, Jan 16 (Reuters) - U.S. stocks ended nearly flat on Friday in a choppy session ahead of the long weekend, and all three major indexes posted losses for the week as fourth-quarter earnings season kicked off. Healthcare (.SPXHC) , opens new tab fell 0.8% and led declines for the day among S&P ‌500 sectors. Shares of chipmakers rose, with an index of semiconductors (.SOX) , opens new tab gaining 1.2% and extending gains from Thursday. Sign up here. Big U.S. banks posted mostly solid results this week as the S&P 500 reporting period got under way. Still, shares of banks and other financial institutions have been pressured by worries over U.S. President Donald Trump's proposed one-year cap on credit card interest rates at 10%. The S&P 500 financial sector (.SPSY) , opens new tab ended up 0.1% on Friday but posted its biggest weekly percentage decline since October. Investors also ‌digested news that Trump said he may want to keep economic adviser Kevin Hassett in his current role, lowering market bets that Hassett would succeed Federal Reserve Chair Jerome Powell. "To finish the week around flat with the S&P 500 still within spitting distance of 7,000 - most investors will take that as a win two weeks into the year," said Anthony Saglimbene, chief market strategist at Ameriprise Financial. "One of ‍the other reasons markets have been flat-lining is we're at the start of the earnings season," he said. "Bank earnings are showing a generally favorable economic and business backdrop. Now we're going to start seeing other companies tied to other sectors, and that's going to give us a better take on fundamental conditions." The Dow Jones Industrial Average (.DJI) , opens new tab fell 83.11 points, ⁠or 0.17%, to 49,359.33, the S&P 500 (.SPX) , opens new tab lost 4.46 points, or 0.06%, to 6,940.01 and the Nasdaq Composite (.IXIC) , opens new tab lost 14.63 points, or 0.06%, to ‍23,515.39. For the week, the S&P 500 was down 0.38%, the Nasdaq declined 0.66% and the Dow fell 0.29%. The earnings season ramps up next week with reports from heavyweights ‌including Netflix (NFLX.O) , opens new tab, ‌Johnson & Johnson (JNJ.N) , opens new tab and Intel (INTC.O) , opens new tab. Investors were also cautious of making big bets ahead of the long weekend, with the stock market shut on Monday for the Martin Luther King Jr. holiday. While stocks have largely traded in a relatively tight range in recent sessions, some options market participants expect more choppy price action in coming days following Friday's monthly options expiration. "Historically the middle part of January tends to be pretty choppy," said Bruce Zaro, managing director at Granite Wealth ⁠Management in Plymouth, Massachusetts. "Once we work our ⁠way through that, then we are likely to see a little bit better performance out to the end of the month. Hopefully, we'll find the month positive," which could suggest positive performance for the year, Zaro said. The week also saw money shifting out of some heavyweight tech names into more undervalued areas, with mid- and small-cap stocks outperforming the benchmark S&P 500. The small-cap ‍Russell 2000 (.RUT) , opens new tab reached another record closing high on Friday and gained 2.04% for the week. Most of the major S&P 500 sector also ended with gains for the week, with real estate (.SPLRCR) , opens new tab, consumer staples (.SPLRCS) , opens new tab and industrials (.SPLRCI) , opens new tab leading in weekly increases. Declining issues outnumbered advancers by a 1.19-to-1 ratio on the NYSE. There were 423 new highs and 64 new lows on the NYSE. On the Nasdaq, 2,034 stocks rose and 2,719 fell as declining issues outnumbered ‍advancers by a 1.34-to-1 ratio. Volume on U.S. exchanges was 18.77 billion shares, compared with the 16.85 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/wall-st-futures-rise-chipmakers-advance-end-choppy-week-2026-01-16/