Asfura, 67, will serve a four-year term until January 2030

International News via Reuters:

Conservative politician and businessman Nasry Asfura will be sworn in as president of Honduras on Tuesday after a closely fought election marred by allegations of fraud and political tension fueled by U.S. interference. 

Asfura, 67, will serve a four-year term until January 2030. He has pledged to fight poverty, corruption and crime, and to revive the economy in one of the poorest countries in the Western Hemisphere. 

He also pledged to restore diplomatic relations with Taiwan, which were severed by outgoing President Xiomara Castro in 2023. Such a move would be a major diplomatic setback for China in Central America.

A former mayor of Tegucigalpa from 2014 to 2022, Asfura will be inaugurated after months of electoral chaos in Honduras, fueled by a last-minute endorsement from U.S. President Donald Trump, a deeply troubled vote-counting process and a razor-thin victory of 26,000 votes over centrist candidate Salvador Nasralla. 

Washington said in recent days it aimed to begin negotiations “as soon as possible” on a bilateral trade agreement with Honduras.

Still, Asfura enters office facing a delicate balancing act. While his party holds a simple majority, he will need the support of rival parties – including those that alleged voter fraud – in order to ratify international treaties or amend the constitution. 

Asfura campaigned on a message of “work and more work,” promising to attract investment, create jobs and impose austerity in government spending. He is expected to emphasize that agenda in his inaugural address on Tuesday.

“In Honduras, everything is urgent,” said political analyst Luis Leon in Tegucigalpa. “But two issues will determine whether people feel the government is responding: public health and investment to generate jobs.”

Last year, government health workers went on strike for nearly a month to protest overdue pay as well as shortages of medicines and supplies. 

A recent report by the World Bank, the Pan American Health Organization and journal the Lancet said Honduras’ public health system has deep structural weaknesses that leave it highly vulnerable to health crises.

Outgoing leftist Castro leaves office after expanding public investment and social spending. Her administration oversaw moderate economic growth and declines in poverty and inequality, though both remain high.

The homicide rate fell to its lowest level in recent history, but human-rights groups criticized Castro for maintaining a prolonged state of emergency in parts of the country to combat gang violence and for expanding the role of the military.

Reporting by Laura Garcia in Tegucigalpa and Diego Ore in Mexico City; Writing by Kylie Madry; Editing by Emily Green and Matthew Lewis

Brent crude futures were down 6 cents, or 0.1%, at $65.53 a barrel at 1146 GMT

International News via Reuters:

Oil prices were little changed on Tuesday as a massive winter storm hit crude production and affected refineries on the U.S. Gulf Coast, with price rises offset by a resumption in supply from Kazakhstan.

Brent crude futures were down 6 cents, or 0.1%, at $65.53 a barrel at 1146 GMT. U.S. West Texas Intermediate crude declined 1 cent, or 0%, to $60.62 a barrel.     

The U.S. faced a loss of production as a severe winter storm swept across the country, straining energy infrastructure and power grids.

U.S. oil producers lost up to 2 million barrels per day or roughly 15% of national production over the weekend, analysts and traders estimated. 

At the same time, several refineries along the U.S. Gulf Coast reported issues related to the freezing weather, which Daniel Hynes, an analyst at ANZ, said raised concerns about fuel supply disruption.

COLD WEATHER TO SPUR DRAWDOWN IN STOCKS, ANALYST SAYS

“The cold weather in the U.S. will likely cause quite significant drawdowns in oil stocks over the next few weeks, particularly if this weather persists,” said Tamas Varga, an oil analyst at brokerage PVM. This could boost prices in the coming days, he said.

The oil price rise was tempered by Kazakhstan, which is poised to resume production from its biggest oilfield, according to its energy ministry. Industry sources said volume was still low.

The CPC, which operates Kazakhstan’s main exporting pipeline, also said it returned to full loading capacity at its terminal on the Russian Black Sea coast after maintenance was completed at one of its three mooring points. 

Some traders are also likely to be taking profit on heating oil, which has risen sharply in recent days due to the cold weather in the U.S., PVM’s Varga said. 

SUPPLY RISKS PERSIST AMID MIDEAST TENSIONS

On the geopolitical front, a U.S. aircraft carrier and supporting warships have arrived in the Middle East, two U.S. officials told Reuters on Monday, expanding President Donald Trump’s capabilities to defend U.S. forces, or potentially take military action against Iran.

“Supply risks haven’t totally evaporated… Tension in the Middle East persists after President Trump dispatched naval assets to the region,” Hynes said. 

Further on the supply front, the OPEC+ grouping is set to keep its pause on oil output increases for March at a meeting on February 1, three OPEC+ delegates told Reuters. 

Reporting by Anna Hirtenstein in London. Additional reporting by Jeslyn Lerh in Singapore; Additional reporting by Anushree Mukherjee in Bengaluru; Editing by Bernadette Baum

The country’s jobless rate, at 9.93% last quarter, is the lowest since the 2008 financial crisis that hit Spain particularly hard, but remains among the highest in the European Union

International News via Reuters:

Spain’s unemployment rate fell to its lowest in 18 years in the fourth quarter of 2025, according to data released on Tuesday, as growth in services jobs and permanent contracts showed early signs of stabilising one of Europe’s weakest labour markets.

The country’s jobless rate, at 9.93% last quarter, is the lowest since the 2008 financial crisis that hit Spain particularly hard, but remains among the highest in the European Union.

Youth unemployment, though also at its lowest since the crisis, remains stubbornly high at 23%, data showed.

Still, Spain’s strong economic growth and a 2021 labour reform limiting the extent to which companies could hire workers on temporary contracts were beginning to chart a pathway towards consistently higher employment, economists said.

Its openness to immigration was also a factor in plugging holes in key sectors for job creation, they added.

“Immigration sets us apart from other countries,” said Raymond Torres of think tank FUNCAS. “It has dynamised growth in sectors like hospitality and care which otherwise would have encountered labour shortages.”

MORE MIGRANTS, MORE FULL-TIME WORKERS

Spain’s Socialist government has advocated for integrating migrants into the labour market to bolster the welfare state and growth, setting it apart from other European countries tightening their borders.

The government struck a deal on Monday with hard-left party Podemos, set to be passed by the cabinet in coming weeks, to expedite legal status for roughly 500,000 irregular migrant workers who have lived in Spain for five months and have no criminal record.

The country created the largest number of jobs across the euro zone at 605,400 in 2025, 92% of which were in the private sector, according to government figures. It added 574,700 full-time jobs and 30,700 part-time positions.

Sustaining the trend will require creating better job prospects for young people, boosting construction to tackle the housing crisis and attracting further private investment, Torres said.

Reporting by Victoria Waldersee, Mireia Merino, Editing by David Latona, Charlie Devereux and Sharon Singleton

The deal is expected to double EU exports to India by 2032 by eliminating or reducing tariffs in 96.6% of traded goods by value

International News via Reuters:

India and the European Union struck a long‑delayed deal on Tuesday that will slash tariffs on most goods, aiming to boost two‑way trade and reduce reliance on the United States amid growing global trade tensions.

The deal is expected to double EU exports to India by 2032 by eliminating or reducing tariffs in 96.6% of traded goods by value, and will lead to savings of 4 billion euros ($4.75 billion) in duties for European companies, the EU said. 

The EU will cut tariffs on 99.5% of goods imported from India over seven years, with tariffs to be cut to zero on Indian marine goods, leather and textile products, chemicals, rubber, base metals and gems and jewellery, India’s trade ministry said in a statement.

India and the EU said agriculture-related items like soya, beef, sugar, rice and dairy have been kept out of the purview of the trade deal.

“Yesterday, a big agreement was signed between the European Union and India,” Indian Prime Minister Narendra Modi said earlier. 

“People around the world are calling this the mother of all deals. This agreement will bring major opportunities for the 1.4 billion people of India and the millions of people in Europe,” he said.

The two-decade-long EU–India trade talks gained momentum after Washington imposed a 50% tariff on some Indian goods, and as U.S. allies pushed back against President Donald Trump’s tariff threats and his bid to take over Greenland.

Canada’s Prime Minister Mark Carney, in a speech that got a standing ovation in Davos last week, urged middle powers to come together to avoid becoming victimised. He is planning to visit India to sign deals on uranium, energy and minerals, after striking a deal recently with China.

Before signing the deal with New Delhi, the EU agreed a pact with the South American bloc Mercosur, following deals last year with Indonesia, Mexico and Switzerland. During the same period, New Delhi finalised pacts with Britain, New Zealand and Oman.

“Europe and India are making history today,” European Commission President Ursula von der Leyen said. “This is only the beginning.”

Trade between India and the EU stood at $136.5 billion in the fiscal year through March 2025, compared to $132 billion of trade between India and U.S., and $128 billion between India and China.

The formal signing of the India-EU deal would take place after legal vetting expected to last five to six months, an Indian government official aware of the matter has said.

“We expect the deal to be implemented within a year,” the official added.

The vetting process in the EU region could be subject to some setbacks as in the case with Mercosur. EU lawmakers have voted to challenge the EU-Mercosur agreement in the bloc’s top court.

OPENING UP GUARDED SECTORS

The EU accord with India would open up the south Asian nation’s vast and highly guarded market, with New Delhi slashing tariffs on cars to 10% over five years from as high as 110%, according to an EU statement, benefiting European automakers such as Volkswagen, Renault, Mercedes-Benz and BMW.

The reduced tariffs on autos would be granted to 250,000 cars a year valued over 15,000 euros and will be cut to 30%-35% as soon as the deal is implemented, both sides said.

India is also slashing tariffs on alcoholic beverages like wines to 75% immediately from 150%, which would be lowered to 20% gradually. Tariffs on spirits will be lowered to 40%, the EU said.

The deal will also cut tariffs on a slew of EU goods coming to India including machinery, electrical equipment, chemicals and iron and steel, the EU said.

However, there was no immediate relief for Indian companies hit by carbon tax under the EU’s Carbon Border Adjustment Mechanism (CBAM) that started on January 1.

Besides steel, the decarbonisation-oriented levy applies to cement, electricity, fertilisers and other products as well.

India said it has got a commitment from EU that it will get flexibilities on the carbon tax if they are granted to any third countries.

Separately, the EU agreed to provide financial support of 500 million euros over the next two years to help India in cutting greenhouse gas emissions.

($1 = 0.8422 euros)

Reporting by Shivangi Acharya and Manoj Kumar, Additional reporting by Kate Abnett, Editing by Raju Gopalakrishnan