Qaasid News

Download Our App

Category: 3. Business

  • Oil gains 2% as market weighs Iran, Russia supply risks; dealmaking for Venezuela in focus

    NEW YORK: Oil prices rose 2% on Friday on growing supply worries linked to intensifying protests in oil-producing Iran and an escalation of attacks in Russia’s war in Ukraine.

    Brent futures settled $1.35, or 2.18%, higher to $63.34 per barrel, while U.S. West Texas Intermediate (WTI) crude was up $1.36, or 2.35%, to $59.12.

    Both benchmarks climbed more than 3% on Thursday, following two straight days of declines. For the week, Brent rose about 4%, while WTI gained about 3%.

    “The uprising in Iran is keeping the market on edge,” said Phil Flynn, senior analyst with the Price Futures Group.

    Worries over potential disruption of Iran’s oil output grew as the civil unrest in the Middle Eastern country intensified.

    “Iran protests seem to be gathering momentum, leading the market to worry about disruptions,” said Ole Hansen, head of commodity analysis at Saxo Bank.

    A nationwide internet blackout was reported in Iran on Thursday as protests over economic hardships continued in the capital Tehran, the major cities of Mashhad and Isfahan as well as other areas around the country.

    The Organization of the Petroleum Exporting Countries pumped 28.40 million barrels per day last month, down 100,000 bpd from November’s revised total, a survey showed, with Iran and Venezuela posting the largest declines.

    Concerns about the spread of the Russia-Ukraine war also added to supply worries.

    The Russian military said on Friday it had fired its hypersonic Oreshnik missile at targets in Ukraine. The targets included energy infrastructure supporting Ukraine’s military-industrial complex, the Russian defense ministry said in a statement.

    Still, global oil inventories are rising, and oversupply remains the main driver that could cap gains, Haitong Futures said. Unless risks around Iran escalate, the rebound is likely limited and hard to sustain.

    Meanwhile, the White House was set to meet with oil companies and trading houses Friday afternoon to discuss Venezuelan export deals.

    U.S. President Donald Trump has demanded that Venezuela give the U.S. full access to its oil sector following Washington’s capture of the country’s leader Nicolas Maduro on Saturday. Trump administration officials have said the U.S. will control Venezuelan oil sales and revenue indefinitely.

    Oil major Chevron Corp, global trading houses Vitol and Trafigura, and other firms are competing for U.S. government deals to market up to 50 million barrels of oil that state-run oil company PDVSA has accumulated in inventories amid a severe oil embargo.

    “The market will focus on the outcome in the coming days for how the Venezuelan oil in storage will be sold and delivered,” said Tina Teng, market strategist at Moomoo ANZ.

    U.S. oil and gas rig count, an early indicator of future output, fell by two to 544 this week, the lowest since mid-December, energy services firm Baker Hughes said in its closely followed report on Friday.


    Continue Reading

  • Leveraging automated machine learning to benchmark, deconstruct, and compare frailty indices for predicting adverse spinal surgery outcomes

  • Harrop, J. S. et al. Congress of neurological surgeons systematic review and evidence-based guidelines for perioperative spine: preoperative surgical risk assessment. Neurosurgery 89, S9–S18 (2021).

    Google Scholar 

  • Ton, A. et al. The evolution of risk assessment in spine surgery: a narrative review. World Neurosurg. 188, 1–14 (2024).

    Google Scholar 

  • Bakhsheshian, J. et al. The performance of frailty in predictive modeling of short-term outcomes in the surgical management of metastatic tumors to the spine. Spine J. 22, 605–615 (2022).

    Google Scholar 

  • Ton, A. et al. The impact of frailty on postoperative complications in geriatric patients undergoing multi-level lumbar fusion surgery. Eur. Spine J. 31, 1745–1753 (2022).

    Google Scholar 

  • Shahrestani, S. et al. Inclusion of frailty improves predictive modeling for postoperative outcomes in surgical management of primary and secondary lumbar spine tumors. World Neurosurg. 153, e454–e463 (2021).

    Google Scholar 

  • Thommen, R., Bowers, C. A., Segura, A. C., Roy, J. M. & Schmidt, M. H. baseline frailty measured by the risk analysis index and 30-day mortality after surgery for spinal malignancy: analysis of a prospective registry (2011–2020). Neurospine 21, 404–413 (2024).

    Google Scholar 

  • Chan, V. et al. Frailty adversely affects outcomes of patients undergoing spine surgery: a systematic review. Spine J. 21, 988–1000 (2021).

    Google Scholar 

  • Shahrestani, S. et al. Integration of chronological age does not improve the performance of a mixed-effect model using comorbidity burden and frailty to predict 90-day readmission after surgery for degenerative scoliosis. World Neurosurg. 187, e560–e567 (2024).

    Google Scholar 

  • Miller, E. K. et al. External validation of the adult spinal deformity (ASD) frailty index (ASD-FI). Eur. Spine J. 27, 2331–2338 (2018).

    Google Scholar 

  • Miller, E. K. et al. External validation of the Adult Spinal Deformity (ASD) Frailty Index (ASD-FI) in the scoli-RISK-1 patient database. Spine (Phila Pa 1976) 43, 1426–1431 (2018).

    Google Scholar 

  • Adida, S. et al. Machine learning in spine surgery: a narrative review. Neurosurgery 94, 53–64 (2024).

    Google Scholar 

  • Karandikar, P. et al. Machine learning applications of surgical imaging for the diagnosis and treatment of spine disorders: current state of the art. Neurosurgery 90, 372–382 (2022).

    Google Scholar 

  • Ghosh, A. et al. Preoperative anemia is an unsuspecting driver of machine learning prediction of adverse outcomes after lumbar spinal fusion. Spine J. https://doi.org/10.1016/j.spinee.2025.01.031 (2025).

    Google Scholar 

  • Yahanda, A. T. et al. Current applications and future implications of artificial intelligence in spine surgery and research: a narrative review and commentary. Global Spine J. 15, 1445–1454 (2025).

    Google Scholar 

  • Shahrestani, S. et al. Optimizing predictive model performance in adult spinal deformity surgery: a comparative head-to-head analysis of learning models for perioperative complications. Neurosurg. Focus 58, E12 (2025).

    Google Scholar 

  • van Buuren, S. & Groothuis-Oudshoorn, K. Mice: multivariate imputation by chained equations in R. J. Stat. Soft. 45, 1–67 (2011).

    Google Scholar 

  • Pedregosa, F. et al. Scikit-learn: machine learning in python. J. Mach. Learn. Res. 12, 2825–2830 (2011).

    Google Scholar 

  • Azur, M. J., Stuart, E. A., Frangakis, C. & Leaf, P. J. Multiple imputation by chained equations: what is it and how does it work?. Int. J. Methods Psychiatr. Res. 20, 40–49 (2011).

    Google Scholar 

  • Hancock, J. T. & Khoshgoftaar, T. M. Survey on categorical data for neural networks. J. Big Data 7, 28 (2020).

    Google Scholar 

  • Poslavskaya, E. & Korolev, A. Encoding categorical data: is there yet anything ‘hotter’ than one-hot encoding? Preprint at https://doi.org/10.48550/arXiv.2312.16930 (2023).

  • Gilbert, T. et al. Development and validation of a hospital frailty risk score focusing on older people in acute care settings using electronic hospital records: an observational study. The Lancet 391, 1775–1782 (2018).

    Google Scholar 

  • Clegg, A. et al. Development and validation of an electronic frailty index using routine primary care electronic health record data. Age Ageing 45, 353–360 (2016).

    Google Scholar 

  • Chin, M. et al. Comparing the hospital frailty risk score and the clinical frailty scale among older adults with chronic obstructive pulmonary disease exacerbation. JAMA Netw. Open 6, e2253692 (2023).

    Google Scholar 

  • Pajewski, N. M., Lenoir, K., Wells, B. J., Williamson, J. D. & Callahan, K. E. Frailty screening using the electronic health record within a medicare accountable care organization. J. Gerontol. A Biol. Sci. Med. Sci. 74, 1771–1777 (2019).

    Google Scholar 

  • Krell, R. W., Girotti, M. E. & Dimick, J. B. Extended length of stay after surgery: complications, inefficient practice, or sick patients?. JAMA Surg. 149, 815–820 (2014).

    Google Scholar 

  • Olson, R. S. & Moore, J. H. TPOT: A tree-based pipeline optimization tool for automating machine learning. In Proc. of the Workshop on Automatic Machine Learning 66–74 (PMLR 2016).

  • Olson, R. S. et al. automating biomedical data science through tree-based pipeline optimization. In applications of evolutionary computation (eds. Squillero, G. & Burelli, P.) 123–137 (Springer International Publishing, Cham). https://doi.org/10.1007/978-3-319-31204-0_9 (2016)

  • Koza, J. R. Genetic programming as a means for programming computers by natural selection. Stat. Comput. 4, 87–112 (1994).

    Google Scholar 

  • Shanthi, D. L. & Chethan, N. Genetic algorithm based hyper-parameter tuning to improve the performance of machine learning models. SN Comput. Sci. 4, 119 (2022).

    Google Scholar 

  • Alibrahim, H. & Ludwig, S. A. Hyperparameter optimization: comparing genetic algorithm against grid search and bayesian optimization. In 2021 IEEE Congress on Evolutionary Computation (CEC) 1551–1559 https://doi.org/10.1109/CEC45853.2021.9504761 (2021)

  • Vincent, A. M. & Jidesh, P. An improved hyperparameter optimization framework for AutoML systems using evolutionary algorithms. Sci. Rep. 13, 4737 (2023).

    Google Scholar 

  • Salehi, F., Abbasi, E. & Hassibi, B. The impact of regularization on high-dimensional logistic regression. In advances in neural information processing systems 32 (Curran Associates, Inc., 2019).

  • Winter, E. Chapter 53 The shapley value. In handbook of game theory with economic applications 3 2025–2054 (Elsevier 2002).

  • Lundberg, S. M. & Lee, S.-I. A Unified approach to interpreting model predictions. In Advances in Neural Information Processing Systems 30 (Curran Associates, Inc., 2017).

  • Band, S. S. et al. Application of explainable artificial intelligence in medical health: A systematic review of interpretability methods. Inform. Med. Unlocked 40, 101286 (2023).

    Google Scholar 

  • Yang, C. C. Explainable artificial intelligence for predictive modeling in healthcare. J. Healthc. Inform Res. 6, 228–239 (2022).

    Google Scholar 

  • Youden, W. J. Index for rating diagnostic tests. Cancer 3, 32–35 (1950).

    Google Scholar 

  • Urbanowicz, R. J., Olson, R. S., Schmitt, P., Meeker, M. & Moore, J. H. Benchmarking relief-based feature selection methods for bioinformatics data mining. J. Biomed. Inform. 85, 168–188 (2018).

    Google Scholar 

  • Ritchie, M. D. et al. Multifactor-dimensionality reduction reveals high-order interactions among estrogen-metabolism genes in sporadic breast cancer. Am. J. Hum. Genetics 69, 138–147 (2001).

    Google Scholar 

  • Granizo-Mackenzie, D. & Moore, J. H. Multiple threshold spatially uniform relieff for the genetic analysis of complex human diseases. In Evolutionary Computation Machine Learning and Data Mining in Bioinformatics (eds. Vanneschi, L., Bush, W. S. & Giacobini, M.) 1–10 (Springer, Berlin, Heidelberg). https://doi.org/10.1007/978-3-642-37189-9_1 (2013)

  • Freda, P. J., Ye, S., Zhang, R., Moore, J. H. & Urbanowicz, R. J. Assessing the limitations of relief-based algorithms in detecting higher-order interactions. BioData Mining 17, 37 (2024).

    Google Scholar 

  • World Health Organization. Haemoglobin concentrations for the diagnosis of anaemia and assessment of severity. https://www.who.int/publications/i/item/WHO-NMH-NHD-MNM-11.1.

  • Shahrestani, S., Brown, N. J., Yue, J. K. & Tan, L. A. Developing mixed-effects models to optimize prediction of postoperative outcomes in a modern sample of over 450,000 patients undergoing elective cervical spine fusion surgery. Clin. Spine Surg. 36, E536–E544 (2023).

    Google Scholar 

  • Kim, D. U. et al. Central sarcopenia, frailty and comorbidity as predictor of surgical outcome in elderly patients with degenerative spine disease. J. Korean Neurosurg. Soc. 64, 995–1003 (2021).

    Google Scholar 

  • Han, D. et al. Comparison of three frailty evaluation tools in predicting postoperative adverse events in older patients undergoing lumbar fusion surgery: a prospective cohort study of 240 patients. Eur. Spine J. 34, 1741–1749 (2025).

    Google Scholar 

  • Hersh, A. M. et al. Comparison of frailty metrics and the charlson comorbidity Index for predicting adverse outcomes in patients undergoing surgery for spine metastases. J. Neurosurg. Spine 36, 849–857 (2022).

    Google Scholar 

  • Song, X., Mitnitski, A., Cox, J. & Rockwood, K. Comparison of machine learning techniques with classical statistical models in predicting health outcomes. Stud. Health Technol. Inform 107, 736–740 (2004).

    Google Scholar 

  • Huang, Y., Li, W., Macheret, F., Gabriel, R. A. & Ohno-Machado, L. A tutorial on calibration measurements and calibration models for clinical prediction models. J. Am. Med. Inform. Assoc. 27, 621–633 (2020).

    Google Scholar 

  • Stevens, R. J. & Poppe, K. K. Validation of clinical prediction models: what does the “calibration slope” really measure?. J. Clin. Epidemiol. 118, 93–99 (2020).

    Google Scholar 

  • Van Calster, B. et al. Calibration: the Achilles heel of predictive analytics. BMC Med. 17, 230 (2019).

    Google Scholar 

  • Fluss, R., Faraggi, D. & Reiser, B. Estimation of the youden index and its associated cutoff point. Biom. J. 47, 458–472 (2005).

    Google Scholar 

  • Raj, R., Kannath, S. K., Mathew, J. & Sylaja, P. N. AutoML accurately predicts endovascular mechanical thrombectomy in acute large vessel ischemic stroke. Front. Neurol. 14, 1259958 (2023).

    Google Scholar 

  • Wang, J., Xue, Q., Zhang, C. W. J., Wong, K. K. L. & Liu, Z. Explainable coronary artery disease prediction model based on AutoGluon from AutoML framework. Front. Cardiovasc. Med. 11, 1360548 (2024).

    Google Scholar 

  • Zhu, Z. et al. Integrating machine learning and the SHapley Additive exPlanations (SHAP) framework to predict lymph node metastasis in gastric cancer patients based on inflammation indices and peripheral lymphocyte subpopulations. J. Inflamm. Res. 17, 9551–9566 (2024).

    Google Scholar 

  • Wang, L. et al. Identification of testicular cancer with T2-weighted MRI-based radiomics and automatic machine learning. BMC Cancer 25, 563 (2025).

    Google Scholar 

Continue Reading

  • Metro Board to consider advancing C Line Extension to Torrance and Sepulveda Transit Corridor at January meeting

    Metro Board to consider advancing C Line Extension to Torrance and Sepulveda Transit Corridor at January meeting

    Continuing to fulfill its commitment to voters when Measure M passed in 2016, Metro has reached significant milestones for two pillar projects that would transform the way Angelenos move around the County. At the January Board meeting, the Metro Board will consider certification of the Final Environmental Impact Report (FEIR) for the C Line Extension to Torrance and selection of the Locally Preferred Alternative (LPA) for the Sepulveda Transit Corridor Project.  

    “Connecting the San Fernando Valley and West Los Angeles and extending rail in the South Bay means opening doors to better jobs, classrooms, entertainment centers and more. It means cleaner air and less time stuck in traffic. This is the kind of bold, future-driven investment that carries a region and its people into the future,” said Metro Board Chair and Whittier City Councilmember Fernando Dutra. “These projects represent an important step in the right direction for Los Angeles County’s public transportation system.” 

    C Line Extension to Torrance 

    The Board will consider certifying the Final Environmental Impact Report (FEIR) for the voter-approved C Line Extension to Torrance, which will operate as part of the K Line. This critical 4.5-mile project would launch a new age of mobility in the South Bay, promising commuters, travelers and families a fast, convenient 19-minute trip from Torrance directly to Los Angeles International Airport (LAX), while seamlessly connecting Torrance and Redondo Beach to Los Angeles County’s expanding transit network. The project will also create easy transfers to the C and E lines for people connecting to Santa Monica, downtown Los Angeles, Norwalk and other locations throughout the county. 

    Metro studied three light rail and a high frequency bus alternative for this project. The Board selected LPA was chosen for its efficient use of the existing Metro-owned historic freight rail corridor, which significantly reduces the need for costly private land acquisition and minimizes construction-related disruptions to neighborhoods.  And provides new walking paths in neighborhoods to serve as active green spaces, as well as upgrades to existing freight to enhance safety and reduce freight horn noise from nearby homes. This project is also designed to support economic growth in the South Bay. By linking directly to the Redondo Beach Transit Center and Torrance Transit Center, the LPA ensures superior local and regional connectivity. And the project will generate roughly 15,000 jobs and is estimated to deliver $16.47 billion in regional economic benefits over 20 years.   

    Sepulveda Transit Corridor 

    Also, during its January meeting, the Board will consider the staff recommendation for a Locally Preferred Alternative (LPA) for the voter-approved Sepulveda Transit Corridor Project, marking another step forward for this major project that is planned to connect the San Fernando Valley and West Los Angeles. 

    The selection of the LPA follows the release this past summer of the Draft Environmental Impact Report (EIR), which analyzed five alternatives for a fast, reliable rail transit option for those traveling through the Sepulveda Pass. Community members and stakeholders submitted more than 8,000 comments — a historic number of comments — on the future of the Sepulveda Transit Corridor during the Draft Environmental Impact Report (DEIR) public comment period, during which Metro held 10 public meetings in both virtual and in-person formats to educate stakeholders. 

    Based on technical evaluation and community and stakeholder input, Metro staff proposed Modified Alternative 5 as the LPA. Modified Alternative 5 is heavy rail transit underground between the Van Nuys Metrolink Station and E Line Expo/Sepulveda Station modified to connect to the Van Nuys G Line Station and future East San Fernando Valley Light Rail station at the G Line at Van Nuys Boulevard.  

    Modified Alternative 5 incorporates key elements of Alternative 5, including automated vehicles in a single-bore tunnel, a terminus at the E Line Expo/Sepulveda Station and 2.5-minute frequencies during peak travel times. It leverages the strengths of Alternative 5 – high ridership, high frequencies, and shorter station construction sites, while avoiding construction of a ventilation shaft in the Santa Monica Mountains. It also offers the connectivity benefits of Alternative 6 along Van Nuys Boulevard instead of Sepulveda Boulevard, which reduces the project’s overall length and is anticipated to reduce cost. 

    The staff recommendation also includes project phasing to allow for mobility benefits to be realized as funds become available. Nearly all Metro rail projects have been phased. Specifically, the recommendation includes focusing on an initial operating segment (IOS) between the San Fernando Valley (at the Metro G Line) and Westside (at the Metro D Line). The modifications to Alternative 5 facilitate direct connections to the transit network, avoiding the need to transfer twice to access the project. Direct connections enhance the time competitiveness of transit and anticipated ridership. 

    After carefully reviewing comments received during the Draft EIR public comment period, Modified Alternative 5 addresses many of the key themes voiced by the community and stakeholders:  

    • Fast travel times: May even be less than the current fastest end-to-end travel time of 18 minutes from the Van Nuys Metrolink to the E Line or approximately 10 minutes from the G Line in Van Nuys to the D Line in Westwood 
    • Seamless connection to other transit lines: Direct connections to Metrolink, Metro G Line, D Line, E Line and East San Fernando Light Rail. Direct connections to Metro G Line, D Line and East San Fernando Light Rail as part of an IOS.  
    • Station locations that connect to key destinations, including UCLA 
    • Cost effectiveness. Alternative 5 was the 2nd most cost-effective alternative evaluated in the Draft EIR and Modified Alternative 5 presents opportunities to further reduce costs and increase cost effectiveness 
    • No ventilation shaft in the Santa Monica Mountains 
    • No aerial alignment along Sepulveda Boulevard in the Valley 
    • Concerns about property acquisitions/displacements 
    • Interest in an on-campus UCLA Station 
    • Compatible with LADWP Mid-Valley Water facility and Stone Canyon Reservoir and Dam 

    The preliminary capital cost for Alternative 5 is $24.2 billion (in 2023). This would be updated to reflect Modified Alternative 5. Beyond funds provided under Measure M and other local sources, Metro anticipates the need for additional funding and financing for the project, including from federal, state and local sources, as well as private investment through a potential public-private partnership (P3). 

    The project is an investment in the local and regional economy. During construction alone, the project would  result in 12,000 to 17,000 jobs per year, increasing economic output in the Los Angeles region by $25.5 billion to $42.9 billion, and generating $7.3 billion to $12.1 billion in additional wages due to construction. 

    Following Board approval of the LPA, Metro would initiate design refinement efforts consistent with the LPA, which includes evaluating phasing, identifying opportunities for value engineering, evaluating the P3 delivery model, and making refinements to Alternative 5 to allow for connection to the G Line at Van Nuys Boulevard. Following design refinements, the environmental process would continue, including corresponding community outreach and opportunities for public comment.   

    Continuing to Build Connectivity 

    Metro has the most ambitious capital program in the country. Over the past 40 years, Metro has built 118 miles of rail and more than 20 additional miles are currently in the planning or construction phase. Metro recognizes what is possible when people have a real alternative to driving. These two projects offer the promise of a more connected, accessible and hopeful future for Angelenos. 

    Both of these projects will also help California achieve its climate goals through the significant reduction of vehicle miles travelled and greenhouse gases. By providing high-capacity transit alternatives, these new lines will remove tens of millions of vehicle miles from our roads annually, reduce greenhouse gas emissions, reduce smog and ease congestion to ensure a cleaner, more mobile Los Angeles County for generations to come. 

    “In 2016, LA County voters told us, loud and clear, that they want a robust Metro system to transform their commutes and improve their quality of life,” said Stephanie Wiggins, CEO of Metro, “By advancing these two projects, Metro is making good on this promise. These two projects will transform transportation for people from the South Bay to the San Fernando Valley and beyond, improving access to jobs, education, health care, and all the things that make living in LA great. We look forward to continuing to work with the Board and project stakeholders as we take the next steps on these two transformative projects.” 

    The Metro Planning & Programming Committee will consider these projects at its meeting on January 14, 2026 at 11:00am. More information can be found at: https://boardagendas.metro.net/  

    Discover more from The Source

    Subscribe to get the latest posts sent to your email.

    Continue Reading

  • Workshop on Proposed Title 20 Data Collection Regulations

    The California Energy Commission (CEC) will host a workshop on proposed changes to the Energy Data Collection – Phase 3 for Natural Gas and Renewable Natural Gas Data Collection in the California Code of Regulations (CCR), Title 20, Division 2, Chapter 3, Articles 1, 2, and 4. 

     

    The purpose of the proposed regulations is to enable the CEC to meet its statutory l requirements to support the reliable operation of the state’s energy systems and assess progress of energy transitions to develop recommendations for meeting state energy goals. 

     

    This rulemaking will expand the CEC’s analysis and forecasting capabilities by requiring reporting of key information related to:  
     

    • Natural Gas System and Metered Consumer Usage
    • Renewable Natural Gas
    • Metered Electricity Use

     

    The public can participate in the workshop consistent with the attendance instructions below. The CEC aims to begin promptly at the start time posted and the end time is an estimate based on the proposed agenda. The workshop may end sooner or later than the posted end time.

    Notice and Agenda

    Remote Attendance

    Participants may join via Zoom by internet or phone
     

    • Attend Workshop via Zoom, or log in at the Zoom Website, enter the Webinar ID 821 4796 6371 and passcode 359026, and follow all prompts.
    • To join by telephone. Call toll-free at (888) 475-4499 or toll at (669) 219-2599. When prompted, enter the Webinar ID 821 4796 6371 and passcode 359026.

    Zoom Closed Captioning Service. At the bottom of the screen, click the Live Transcript CC icon and choose “Show Subtitle” or “View Full Transcript” from the pop-up menu. To stop closed captioning, close the “Live Transcript”, or select “Hide Subtitle” from the pop-up menu. If joining by phone, closed captioning is automatic and cannot be turned off. While closed captioning is available in real-time, it can include errors. A more accurate transcript of the workshop will be docketed and posted as soon as possible after the meeting concludes.
     

    Zoom Difficulty. Contact Zoom at (888) 799-9666 ext. 2, or the CEC Public Advisor at publicadvisor@energy.ca.gov, or by phone at (916) 269-9595

    Continue Reading

  • Derivatives, Legislative and Regulatory Weekly Update (January 9, 2026)

    Derivatives, Legislative and Regulatory Weekly Update (January 9, 2026)

    Client Alert  |  January 9, 2026

    From the Derivatives Practice Group: This week, the CFTC announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations for certain binary and bounded swap contracts.

    New Developments

    CFTC Staff Issues No-Action Letter Regarding Event Contracts. On January 8, the CFTC’s Division of Market Oversight and the Division of Clearing and Risk announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations for certain binary and bounded swap contracts in response to a request from Bitnomial Exchange, LLC, a designated contract market, and Bitnomial Clearinghouse, LLC, a registered derivatives clearing organization. The no-action letter applies only in narrow circumstances and is comparable to no-action letters issued for other similarly situated designated contract markets and derivatives clearing organizations. [NEW]

    CFTC Chairman Selig Announces Amir Zaidi as Chief of Staff. On December 31, CFTC Chairman Michael S. Selig announced Amir Zaidi will serve as the CFTC’s Chief of Staff. Zaidi returns to the CFTC after having previously served in several roles at the agency from 2010 to 2019, including as director of the Division of Market Oversight, where he oversaw the certification and deployment of the bitcoin futures contact – the first federally-regulated crypto product. [NEW]

    Michael Selig Sworn In as 16th CFTC Chairman. On December 22, Michael S. Selig was sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Chairman Selig was nominated by President Donald J. Trump to the post on October 27, 2025, and confirmed by the U.S. Senate on December 18, 2025. Chairman Selig most recently served as chief counsel of the Securities and Exchange Commission’s Crypto Task Force and senior advisor to SEC Chairman Paul S. Atkins. He also participated in the President’s Working Group on Digital Asset Markets and contributed to its report on “Strengthening American Leadership in Digital Financial Technology.” Chairman Selig earned his law degree from The George Washington University Law School and received his undergraduate degree from Florida State University.

    Acting Chairman Caroline D. Pham Departs CFTC. On December 22, CFTC Acting Chairman Caroline D. Pham announced her departure from public service. Her last day at the CFTC was December 22, 2025.

    Acting Chairman Pham Announced New Member of Global Markets Advisory Committee’s Digital Asset Markets Subcommittee. On December 22, CFTC Acting Chairman Pham announced Rob Hadick of Dragonfly Capital Partners joined the CFTC’s Global Markets Advisory Committee’s Digital Asset Markets Subcommittee. According to the CFTC, Hadick is a General Partner at Dragonfly Capital Partners, where he focuses on digital asset investment strategy, market structure innovation, and expanding global market opportunities across blockchain-based financial systems.

    Acting Chairman Pham Announced Pilot Program to “Unleash American Energy Dominance.” On December 19, CFTC Acting Chairman Pham announced that the Market Participants Division (MPD) established a pilot program designed to increase liquidity and hedging of risks in connection with Energy Commodity End User Swaps. Specifically, MPD staff issued a no-action letter that provides for a pilot program that will exclude certain Energy Commodity End User Swaps from the swap dealer de minimis calculation. Participants in the pilot program are required to submit monthly reports on energy commodity sub-category, aggregate notional value and number of counterparties for CFTC market oversight.

    CFTC Staff Issues No-Action Letter Regarding CPO Registration for Certain SEC-Registered Investment Advisers. On December 19, MPD announced it had issued a no-action letter in response to a request submitted by the Managed Funds Association on behalf of its members. The letter states MPD will not recommend the CFTC initiate an enforcement action against firms registered as investment advisers with the Securities and Exchange Commission that operate commodity pools privately offered solely to sophisticated investors known as qualified eligible persons for failing to register with the CFTC as a commodity pool operator, subject to certain conditions.

    CFTC Approves Final Rule to Revise Swap Dealer Business Conduct and Swap Documentation Requirements. On December 18, the CFTC announced it has approved a final rule that codifies existing staff no-action positions for certain of the CFTC’s business conduct and documentation requirements applicable to swap dealers and major swap participants. The final rule amendments further harmonize the CFTC’s rules with those of the Securities and Exchange Commission and the Municipal Securities Rulemaking Board.

    CFTC Staff Seek Public Comment on Direct Clearing by Retail Participants. On December 18, the CFTC issued a Request for Comment to better inform the staff’s understanding of the issues related to derivatives clearing organizations that provide direct clearing services to retail traders. These clearing services may be provided either through a fully-collateralized clearing model that has direct access for retail participants, or a hybrid model that includes both fully-collateralized direct clearing to retail participants and intermediated clearing by futures commission merchants to retail customers.

    New Developments Outside the U.S.

    ESMA Publishes Principles for Risk-based Supervision. On January 9, ESMA published its principles for risk-based supervision. These principles support a common and effective EU-wide supervisory culture and strengthen the EU single market. The principles on risk-based supervision outline key concepts and foundational elements for use by ESMA and National Competent Authorities, and provide a structured framework for identifying, assessing, prioritizing and addressing risks. [NEW]

    ESAs Publish Joint Guidelines on ESG Stress Testing. On January 8, the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published their Joint Guidelines on environmental, social, and governance (ESG) stress testing. These Guidelines provide national insurance and banking supervisors with clear guidance on how to integrate ESG risks into supervisory stress tests, both when using established frameworks and when conducting complementary assessments of ESG risk impacts. [NEW]

    ESMA Publishes Report on Cross-border Marking of Funds Including Statistics on Notifications. On January 6, ESMA published its third report on marketing requirements and marketing communications under the regulation on cross-border distribution of funds. For the first time, the report includes statistics on notifications of cross-border marketing of funds. Drawing on input from National Competent Authorities, the report finds that national rules governing the marketing of funds have not undergone any significant changes since the publication of the second report in 2023. [NEW]

    ESAs’ Joint Board of Appeal Rules on Reimbursement of Costs. On January 5, the Joint Board of Appeal of the ESAs issued its decision on costs arising in the appeal brought by NOVIS Insurance Company, NOVIS Versicherungsgesellschaft, NOVIS Compagnia di Assicurazioni, and NOVIS Poisťovňa a.s. (NOVIS) against the European Insurance and Occupational Pensions Authority (EIOPA). In its decision on July 30, 2024, the Board ordered EIOPA to reimburse NOVIS’ costs for the appeal. In its decision on December 3, 2025, the Board confirmed its competence to decide on the allocation and taxation of costs. [NEW]

    ESMA Launches Selection of Consolidated Tape Provider for OTC Derivatives. On January 5, ESMA announced that it is launching the first selection procedure for the Consolidated Tape Provider (CTP) for over the counter (OTC) derivatives. Entities interested to apply are encouraged to register and submit their requests to participate in the selection procedure by February 11, 2026. ​The CTP aims to enhance market transparency and efficiency by consolidating post-trade data from data contributors, such as trading venues, into a single and continuous electronic stream. [NEW]

    ESMA Publishes Latest Spotlight on Markets Newsletter Featuring Updates on Market Integration and Transparency. On December 23, ESMA published the latest edition of its Spotlight on Markets newsletter. This edition opens with ESMA welcoming the European Commission’s ambitious proposal on market integration, underlining the importance of deeper, more integrated and efficient EU capital markets and the role of robust governance and market infrastructure in supporting these objectives. [NEW]

    ESMA Selects EuroCTP to Become the First Consolidated Tape Provider for Shares and ETFs. On December 19, ESMA selected EuroCTP as the first Consolidated Tape Provider for shares and exchange-traded funds in the EU, in a step forward for the transparency of equity markets in the EU. ESMA has decided to select EuroCTP following an in-depth assessment of its offer against the criteria listed in the Markets in Financial Instruments Regulation. EuroCTP has met all the selection criteria and has demonstrated a solid approach towards ESMA’s overall expectations for the award criteria.

    ESMA Reviews Impact of Guidelines on ESG or Sustainability Related Terms in Fund Names. On December 17, ESMA released research assessing the impact of its fund naming guidelines on ESG and sustainability-related terms. The study found that ESMA’s Guidelines have: (1) improved consistency in the use of ESG terms by increasing alignment of fund names and their actual investment strategies, and (2) enhanced investor protection by reducing greenwashing risks.

    ESMA Maintains Recognition of Two UK Central Counterparties under EMIR. On December 16, ESMA confirmed it will maintain the recognition of LCH Limited and LME Clear Limited, two central counterparties established in the United Kingdom. This decision is taken under Article 25(5)(b) of the European Market Infrastructure Regulation (EMIR), that requires ESMA to assess if the conditions under which LCH Limited and LME Clear Limited were originally recognized continue to be met, considering recent regulatory, market, and business developments.

    New Industry-Led Developments

    ISDA Responds to EC Targeted Consultation on Market Risk Prudential Framework. On January 6, ISDA, the Association for Financial Markets in Europe and the Institute of International Finance submitted a joint response to the European Commission’s (EC) targeted consultation on the application of the market risk prudential framework. The response also includes detailed recommendations on the 10 targeted adjustments proposed for the standardized and internal models-based approaches. [NEW]

    ISDA Responds to ESMA on CCP Participation Requirements. On December 24, ISDA responded to a consultation from ESMA on central counterparty (CCP) participation requirements. According to ISDA, participation requirements for CCPs are vital for safe and efficient clearing markets, and ISDA broadly supports ESMA’s consultation and proposed regulatory technical standards, which promote fair access and clear membership criteria. [NEW]

    ISDA Publishes Report on Interest Rate Derivatives Trading Activity Reported in EU, UK and US Markets. On December 16, ISDA published a report that analyzes interest rate derivatives (IRD) trading activity reported in Europe. The analysis is based on transactions publicly reported by 30 European approved publication arrangements (APAs) and trading venues (TVs). Key highlights for the third quarter of 2025 include: (1) European IRD traded notional reported by APAs and TVs in the EU and UK rose by 29.1% to $83.9 trillion in the third quarter of 2025 versus $65.0 trillion in the third quarter of 2024, and (2) Euro-denominated IRD traded notional fell by 5.9% to $33.1 trillion from $35.2 trillion, representing 39.5% of total European IRD traded notional.

    ISDA Responds to ASIC Consultation on Derivatives Transaction Rules. On December 16,  ISDA submitted a response to the Australian Securities and Investments Commission (ASIC) consultation on the remake of the ASIC Derivative Transaction Rules 2015, which are due to sunset on April 1, 2026. ASIC proposed to remake the rules in substantially the same form to continue the operation of Australia’s over-the-counter derivatives central clearing regime. Besides limited, minor and administrative amendments, ASIC proposed a policy update in the Draft ASIC Derivative Transaction Rules 2026 to extend exemptive relief to clearing derivatives transactions resulting from post-trade risk reduction exercises.

    Global Standard-Setting Bodies Publish Assessment of Margin Requirements for Non-Centrally Cleared Derivatives. On December 12, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) published a report that reviews the implementation of margin requirements for non-centrally cleared derivatives. IOSCO said the report concluded that the framework has been effectively implemented and finds no evidence of material issues. The BCBS-IOSCO Working Group on Margining Requirements recommended ongoing monitoring through supervisory information exchange and the sharing of experiences among member authorities.

    The following Gibson Dunn attorneys assisted in preparing this update: Jeffrey Steiner, Adam Lapidus, Marc Aaron Takagaki, Karin Thrasher, and Alice Wang*.

    Gibson Dunn’s lawyers are available to assist in addressing any questions you may have regarding these developments. Please contact the Gibson Dunn lawyer with whom you usually work, any member of the firm’s Derivatives practice group, or the following practice leaders and authors:

    Jeffrey L. Steiner, Washington, D.C. (202.887.3632, jsteiner@gibsondunn.com)

    Michael D. Bopp, Washington, D.C. (202.955.8256, mbopp@gibsondunn.com)

    Michelle M. Kirschner, London (+44 (0)20 7071.4212, mkirschner@gibsondunn.com)

    Darius Mehraban, New York (212.351.2428, dmehraban@gibsondunn.com)

    Jason J. Cabral, New York (212.351.6267, jcabral@gibsondunn.com)

    Adam Lapidus, New York (212.351.3869,  alapidus@gibsondunn.com )

    Stephanie L. Brooker, Washington, D.C. (202.887.3502, sbrooker@gibsondunn.com)

    William R. Hallatt, Hong Kong (+852 2214 3836, whallatt@gibsondunn.com )

    David P. Burns, Washington, D.C. (202.887.3786, dburns@gibsondunn.com)

    Marc Aaron Takagaki, New York (212.351.4028, mtakagaki@gibsondunn.com )

    Karin Thrasher, Washington, D.C. (202.887.3712, kthrasher@gibsondunn.com)

    Alice Yiqian Wang, Washington, D.C. (202.777.9587, awang@gibsondunn.com)

    *Alice Wang, a law clerk in the firm’s Washington, D.C. office, is not admitted to practice law.

    © 2026 Gibson, Dunn & Crutcher LLP.  All rights reserved.  For contact and other information, please visit us at www.gibsondunn.com.

    Attorney Advertising: These materials were prepared for general informational purposes only based on information available at the time of publication and are not intended as, do not constitute, and should not be relied upon as, legal advice or a legal opinion on any specific facts or circumstances. Gibson Dunn (and its affiliates, attorneys, and employees) shall not have any liability in connection with any use of these materials.  The sharing of these materials does not establish an attorney-client relationship with the recipient and should not be relied upon as an alternative for advice from qualified counsel.  Please note that facts and circumstances may vary, and prior results do not guarantee a similar outcome.

    Continue Reading

  • New U.S. Executive Order Targets Stock Buybacks, Dividends, and Executive Compensation for Underperforming Defense Contractors | Insights

    On January 7, 2026, President Donald Trump issued an executive order titled “Prioritizing the Warfighter in Defense Contracting” (the Order). The Order directs a performance-based approach to capital returns and executive compensation in the defense industrial base. The Order instructs the Secretary of War (the Secretary) to identify defense contractors for critical weapons, supplies, and equipment that are underperforming or insufficiently prioritizing, investing in, or producing for U.S. government needs and that have engaged in stock buybacks or other corporate distributions during the period of alleged underperformance. For contractors identified under the Order, the Secretary may pursue remedies “to the maximum extent permitted by law,” including actions under the Defense Production Act (DPA) and contract enforcement mechanisms under the Federal Acquisition Regulation (FAR) and Defense FAR Supplement (DFARS). The Order also directs the Secretary, within 60 days, to ensure that future defense contracts, including renewals, have provisions restricting stock buybacks and corporate distributions during periods of underperformance and aligning executive incentive compensation to delivery and production metrics.

    In light of the Order, defense contractors should consider proactively assessing their current performance metrics, delivery schedules, and investment levels against contractual requirements and stated Department of War (Department) priorities. Contractors may also wish to review recent and planned stock buybacks, dividends, and other corporate distributions, as well as the structure of executive incentive compensation, to evaluate potential exposure under the Order’s performance-based framework. Contractors should also be prepared to engage with the Department on potential remediation plans if they are identified by the Secretary as underperforming, including demonstrating corrective actions, increased investment, or production adjustments aimed at meeting warfighter needs. In addition, contractors should anticipate heightened scrutiny in future contract awards and renewals.

    Background

    The Order asserts that in recent years, traditional defense contractors have been incentivized to prioritize investor returns over warfighter needs and that the United States does not produce sufficient quantities of defense items quickly enough to meet current demands. It cites examples of large contractors pursuing newer, more lucrative work while underperforming on existing contracts and using cash for stock buybacks and excessive dividends rather than building production capacity, innovating, and delivering on time.

    Against that backdrop, the Order declares a policy that major defense contractors should not engage in stock buybacks or dividend payments at the expense of Department of War procurement requirements or necessary increases in defense production capacity. It further states that “effective immediately,” major defense contractors are “not permitted” to pay dividends or buy back stock until they can provide superior products on time and on budget, framing the forthcoming actions as a reprioritization of performance, investment, and production speed for U.S. defense needs.

    Key Terms and Scope

    Purpose and Overall Structure

    The executive order directs the Department to address perceived underperformance and insufficient prioritization by major defense contractors supporting “critical weapons, supplies, and equipment.” It is structured around two core steps: (i) identification and engagement with contractors whose performance is deemed deficient (Section 3) and (ii) implementation of substantive requirements primarily through future defense contracts, including renewals (Section 4).

    Secretary’s Review of Contractors

    Section 3 of the Order authorizes the Secretary, within 30 days of the date of the Order and on a continuing basis thereafter, to identify contractors for “critical weapons, supplies, and equipment” that have “engaged in any stock buyback or corporate distribution” during an alleged “period of underperformance or insufficient prioritization, investment, or production speed.” The Order does not define any of these terms, leaving the Secretary broad discretion to identify contractors for enforcement.

    Once a contractor is identified, the Secretary must provide notice to the contractor, and shall, “as needed,” engage with the contractor to resolve the issues identified in the notice. Where permissible under existing law, the contractor will be given the opportunity to submit a remediation plan within 15 days of notification. Any remediation plan must be approved by the contractor’s board of directors. The Order does not specify the required contents of such plans, leaving uncertainty as to the standards the Department will apply in evaluating adequacy.

    Per Section 4 of the Order, if the Secretary determines that a remediation plan is insufficient or if the parties are otherwise unable to resolve the matter within the 15-day engagement period, the Secretary may, to the extent permitted by law, “initiate immediate actions to secure remedies” “that will expedite production, prioritize the United States military, and return the contractor to sufficient performance, investment, prioritization, and production.”

    It is unclear how the Secretary will use this broad enforcement discretion. However, it is worth noting that the Order directs the Secretary to consider the following factors when determining whether to pursue an enforcement action: (1) the financial condition of the contractor; (2) the economic viability of relevant programs; and (3) “the potential mutual benefits offered by robust and sustained growth opportunities from the United States Government coupled with capital investments by the contractor.”

    Requirements for Future Contracts

    The most concrete mandates in the Order relate to Section 4’s requirements for future contracts and renewals for new and existing contractors. The Order directs the Secretary, within 60 days, to structure future contracts to prohibit stock buybacks and corporate distributions during any period of underperformance, noncompliance, insufficient prioritization, insufficient investment, or insufficient production speed, as determined by the Secretary.

    Future contracts must also address executive compensation. Specifically, contracts must prevent executive incentive compensation from being tied to short-term financial metrics — such as free cash flow or earnings per share driven by buybacks — and instead require incentives to be linked to on-time delivery and increased production. In addition, upon a finding by the Secretary that the contractor is underperforming or noncompliant, future contracts must permit the Secretary to cap executive base salaries at current levels (subject to inflation adjustments) and to scrutinize incentive compensation to ensure it is directly tied to delivery and production metrics.

    Finally, Section 4 instructs the Chair of the SEC to consider whether to adopt amended regulations governing stock buybacks under Rule 10b-18 that would prohibit the use of the relevant safe harbor for defense contractors that the Secretary identifies as underperforming, underinvesting, or otherwise noncompliant.

    Practical Implications for Defense Contractors

    The Order affects contractors’ governance and capital‑allocation decisions by tying stock buybacks, dividends, and executive pay structures to government assessments of performance, prioritization, investment, and production speed. Public companies may face particular scrutiny in light of the Order’s stock buyback focus and its direction that the SEC Chair consider changes to Rule 10b‑18 safe harbor availability for identified contractors.

    Contractors should consider (i) mapping current programs supporting critical weapons/supplies/equipment and documenting production‑rate investments and prioritization decisions; (ii) reviewing governance processes for authorizing buybacks and dividends and ensuring the board can rapidly develop, approve, and implement a remediation plan if required by the Secretary; (iii) stress‑testing executive compensation metrics against the Order’s expectations (delivery/production‑linked incentives and potential salary caps); (iv) reviewing financing, liquidity, and covenant implications if distributions could be restricted during periods of asserted underperformance; and (v) monitoring Department acquisition guidance and any FAR/DFARS clauses that may be issued for new awards, options, renewals, or other contract actions.

    Continue Reading

  • Spectrum auction set for Feb 26 – Dawn

    1. Spectrum auction set for Feb 26  Dawn
    2. Govt fixes dollar rate, shifts to KIBOR for 5G  The Express Tribune
    3. 5G Auction Moves Closer in Pakistan as Government Issues Policy Directive  8171ip.com.pk
    4. PTA Unveils Aggressive 5G Rollout Plan, Issues Information Memorandum for Spectrum Auction  ProPakistani
    5. Pakistan falls behind region in 5G rollout due to spectrum shortage  Minute Mirror

    Continue Reading

  • AI gobbling up chips essential to gadget makers – Dawn

    1. AI gobbling up chips essential to gadget makers  Dawn
    2. Samsung Warns of Price Hikes as Rising Memory Costs Affect All  Bloomberg.com
    3. ‘Ice and Fire Coexistence’ in the Storage Super Cycle: End-user Consumer Electronics Sector Initiates Price Adjustment Mode, Creating Opportunities for Enterprises Across Multiple Links of the Industrial Chain  富途牛牛
    4. How Apple may be the ‘only odd one out’ in a market where all smartphone companies are increasing prices  Times of India
    5. Avg smartphone prices could rise by 6.9% in 2026  The Daily Star

    Continue Reading

  • Chance of privately developed pipeline almost ‘zero’ if no government backstop: former Alberta energy minister

    Chance of privately developed pipeline almost ‘zero’ if no government backstop: former Alberta energy minister

    Listen to this article

    Estimated 4 minutes

    The audio version of this article is generated by AI-based technology. Mispronunciations can occur. We are working with our partners to continually review and improve the results.

    A former Alberta energy minister says a proposed bitumen pipeline to the northwest B.C. coast is unlikely to materialize if Canada relies on the private sector alone to build it.

    “I would say it’s not just diminishing, the likelihood of a private sector proponent … I would almost say it is zero at this point,” Sonya Savage said on CBC’s West of Centre podcast.

    The former United Conservative minister’s caution comes as Premier Danielle Smith argued that Ottawa act with new urgency to green-light that pipeline, highlighting the U.S. capture of Venezuela leader Nicolas Maduro and prospect of increased oil development in that country as a new reason.

    On Friday, Smith shared on social media a letter written to Prime Minister Mark Carney after meeting with him to discuss what’s happening in Venezuela, whose heavy oil exports are similar to what the Alberta oilsands produce.

    In it, she says Alberta intends to submit its application for a pipeline to the Major Projects Office by June — and she asked that it gets approved by this fall.

    “Any delay risks ceding market share, losing investment, and undermining Canada’s competitive position in a rapidly changing global energy landscape,” Smith writes in the letter.

    She also asked for regulatory approvals for all nation-building projects to be completed within six months. Carney’s major projects office, established last year, currently aims to complete regulatory reviews within two years.

    Smith’s letter calls that timeline “woefully long.”

    In November, Prime Minister Mark Carney and Alberta Premier Danielle Smith signed a memorandum of understanding (MOU) to collaborate on a new bitumen pipeline. While Alberta intends to apply as the lead proponent, the agreement stresses that the project would be privately constructed and financed.

    two smiling politicians hold up folder showing signed agreement, Alberta and Canada flags behind them
    Prime Minister Mark Carney, right, signed an MOU with Alberta Premier Danielle Smith in Calgary last November. (Jeff McIntosh/The Canadian Press)

    After the MOU was signed, industry watchers told CBC News that pipeline companies might want a financial commitment from Alberta or Ottawa to backstop cost overruns that are outside of a company’s control.

    Savage said that is not a new concept for Canada.

    “The TransCanada mainline gas line in the 1950s would not have been built without federal government intervention. They set up a Crown corporation, they backstopped it. Enbridge’s Line 9 in the 1970s would not have been built without a federal government backstop.”

    Though Alberta and Ottawa have referred to the northwest coast oil pipeline as “nation-building” infrastructure, that sentiment is not uniformly shared amongst Canada’s leaders.

    Earlier this week, B.C. Premier David Eby said if tax dollars are being considered, Canada should instead consider building a new oil refinery rather than a pipeline to the province’s north coast.

    “If we’ve got tens of billions of dollars to spend, I think we should spend it on a refinery and we should develop oil products for Canadians and for export, instead of being reliant on American and Chinese refineries to do it for us,” Eby said at a news conference Tuesday.

    Savage said the economics of it do not make sense. Once refined, there would still need to be a way to get the oil to the coast, and then shipped to other markets.

    “He’s either energy illiterate, or he’s trying to distract,” she said. “At this point, I think he should just back out of the conversation.”

    The Canadian Press reached out to Carney’s office, but no one wasn’t immediately able to comment on Smith’s calls for quicker project approvals.

    Regarding Smith’s concerns about the competitiveness of Canadian oil, the Prime Minister’s Office pointed to comments he made earlier this week in France.

    Carney told reporters in Paris on Tuesday that he thought Canada’s oil would remain competitive because it is low-risk and low-cost.

    Canadian energy stocks tumbled after the Venezuela upheaval. Oil prices have been on a downward trend since the start of last year.

    With files from Jennifer Keiller and the Canadian Press

    Continue Reading

  • Stellantis phasing out plug‑in hybrid auto programs in North America

    Stellantis phasing out plug‑in hybrid auto programs in North America

    Listen to this article

    Estimated 4 minutes

    The audio version of this article is generated by AI-based technology. Mispronunciations can occur. We are working with our partners to continually review and improve the results.

    Stellantis says it will phase out plug‑in hybrid (PHEV) programs in North America beginning with the 2026 model year.

    The decision to end production of the plug-in hybrid Jeep Wrangler, Jeep Grand Cherokee and Chrysler Pacifica is in response to “customer demand shifting,” according to a spokesperson for the automaker.

    Stellantis will “focus on more competitive electrified solutions, including hybrid and range‑extended vehicles where they best meet customer needs,” LouAnn Gosselin said in an emailed statement to CBC Windsor.

    “This approach reinforces the company’s commitment to offering advanced propulsion systems that maximize efficiency and provide options from internal combustion to hybrid, range‑extended, and fully electric solutions.”

    PHEVs feature traditional internal combustion engines, but also have an all-electric range when charged like an electric vehicle.

    The Stellantis announcement comes weeks after the release of its 2025 numbers that show Canadian sales of the Chrysler Pacifica and Grand Caravan rose significantly compared to 2024.

    Sales of the Caravan jumped 30 per cent on a yearly basis, while Pacifica sales soared 95 per cent, driving “impressive” overall growth for the Chrysler brand, the company said.

    The demand for minivans from the Windsor plant is fairly steady.– Sam Fiorani, auto industry expert

    One automotive industry expert believes the change in emissions regulations by the U.S. administration under President Donald Trump played a major role in the decision by Stellantis.

    Trump has proposed slashing fuel economy standards that then President Joe Biden had finalized in 2024, in a push to make it easier for automakers to sell gasoline-powered cars.

    Sam Fiorani, vice-president of global vehicle forecasting at AutoForecast Solutions, said the fact manufacturers no longer have to pay for overages on their carbon output means companies like Stellantis don’t have to build plug-in hybrids.

    No significant impact on Windsor, says expert

    But Fiorani is of the opinion that Stellantis phasing out its plug‑in hybrid programs will have little to no impact on jobs at its Windsor plant.

    “The demand for minivans from the Windsor plant is fairly steady. There are only a couple players in this field. It’s only Honda, Toyota, Kia and Chrysler, so Stellantis is likely to build the same number of vehicles,” he told CBC News. 

    “They only built 8,800 plug-in hybrids last year, and that part of the capacity of that plant will very likely just build a standard Pacifica going forward.

    “I don’t think the elimination of the PHEV version of the Pacifica [will] lower the output of the plant [by] any significant amount,” added Fiorani.

    Delayed payoff on battery plant

    Fiorani said while there is a general push toward electric vehicles, Windsor will likely see a delayed payoff on its NextStar Energy battery plant.

    “We are going to see more EVs, we are going to see more hybrids over the next decade and two, but it’s just not going to happen as quickly as the Biden administration had wanted it to happen,” he said.

    “Countries around the world were looking for fully electric vehicles across their whole fleet by 2035. That was never going to happen, but now whatever the …  target was going to be has now been pushed out, so we’re going to see electrification stretch out into the 2040s.”

    In December, Stellantis said it expects to hire up to 1,500 people for an additional manufacturing shift in Windsor by the time it launches in “early 2026.”

    “Today’s announcement reinforces Canada’s critical role in Stellantis’s global operations,” Trevor Longley, president and CEO of Stellantis Canada, said in a Dec. 15 statement.

    “As we lead the future of advanced automotive production, we’re thrilled to see our new Windsor Assembly Plant team hitting the ground running.”

    Continue Reading