California’s fuel market is entering another period of strain as refinery capacity continues to shrink in the nation’s largest gasoline market. The planned closure of Valero’s Benicia refinery, one of the state’s remaining major facilities, is expected to tighten supply in a system that already operates with little margin for disruption.

FOX Business’ Jeff Flock joined Maria Bartiromo on “Mornings with Maria” to report on how the pending refinery shutdown is fueling concerns about higher gas prices, job losses and increased volatility across California’s fuel market.

That tightening supply has already translated into higher prices and growing uncertainty for drivers, according to California lawmakers, who warn the situation is no longer theoretical.

“California is truly at a breaking point. Refineries are closing, supply is diminishing, and my constituents are paying more at the pump every single day,” Republican state Sen. Suzette Martinez Valladares said.

CALIFORNIA’S ‘BILLIONAIRE TAX’ WILL BE ‘DISASTROUS’ AND CAUSE WEALTHY TO FLEE, ECONOMIST PREDICTS

The Benicia facility, located in Northern California, has played a significant role in supplying gasoline to a state that consumes more fuel than any other except Texas. Its closure follows a wave of refinery exits that has steadily reduced California’s ability to produce its own gasoline, leaving the state increasingly dependent on a small number of remaining plants and imported fuel that must meet its unique regulatory standards.

With fewer refineries operating, even routine maintenance or unexpected outages can quickly ripple through prices at the pump.

State lawmakers have increasingly pointed to energy policy as a central factor behind the tightening market. Critics argue that years of regulations and penalties have discouraged long-term investment in refining infrastructure, accelerating closures and amplifying price swings for consumers. Supporters of the policies counter that refinery shutdowns align with the state’s broader environmental and climate goals.

TRUMP CONSIDERS CAPPING STATE GAS TAX, SIGNALS POSSIBLE RELIEF FOR CALIFORNIANS

“This is happening right now, and the longer we wait to address this issue, the more instability and volatility we’ll see here in California,” Valladares said.

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Justin Verlander, the three-time Cy Young Award winner and future Hall of Famer, is returning to the Detroit Tigers on a one-year, $13 million contract for the 2026 season, the team announced Wednesday, Feb. 11, 2026. The deal includes a $2 million signing bonus and performance incentives that could push the total value above $15 million, reuniting the 43-year-old right-hander with the franchise where he spent 13 dominant seasons and won his first Cy Young Award.

The move marks a sentimental homecoming for Verlander, who began his career with the Tigers in 2005, became the face of the franchise during their 2011–2014 playoff runs, and pitched the team’s most recent no-hitter (2011) before being traded to the Houston Astros in August 2017. After winning two World Series titles with Houston (2017, 2022) and earning his third Cy Young in 2019, Verlander expressed a desire to finish his career where it started.

“I always said if I had the chance to come back to Detroit, I’d jump at it,” Verlander said in a statement released by the Tigers. “This city, this organization, these fans — they mean everything to me. I’m not here just to collect a paycheck. I’m here to compete, to mentor the young pitchers, and to help this team win again. Detroit gave me everything; now I want to give something back.”

The Tigers, coming off a surprising 88-74 season in 2025 that saw them reach the American League Wild Card round, view Verlander as both a veteran ace and a cultural force. Manager A.J. Hinch, who managed Verlander in Houston, called the signing “a full-circle moment.”

“Justin’s work ethic, his preparation, his competitiveness — those are the standards we want in our clubhouse,” Hinch said. “Beyond the innings he’ll eat and the games he’ll win, he’s going to make everyone around him better. This is a huge get for us.”

Verlander, who turns 44 in February 2026, is coming off a strong 2025 campaign with the Astros, where he went 11-6 with a 3.41 ERA in 26 starts despite missing time with a shoulder strain. He struck out 148 batters in 152⅓ innings and showed his fastball still touched 95 mph late in the season. The move to Detroit allows him to pitch closer to his Michigan home, where he and wife Kate Upton maintain a residence.

Financially, the one-year deal represents a significant pay cut from his previous $43.3 million average annual value with Houston, but it includes escalators tied to innings pitched (up to $1 million for 160+ innings) and playoff appearances. The Tigers also hold a $15 million mutual option for 2027, with a $3 million buyout.

A Storied Detroit Legacy

Verlander debuted with the Tigers in 2005 and quickly became the ace of a rotation that included Jeremy Bonderman and Nate Robertson. He won the AL Rookie of the Year in 2006 (shared with Daisuke Matsuzaka) and anchored Detroit’s 2006 and 2011 American League pennant winners. His 2011 season — 24-5, 2.40 ERA, 250 strikeouts — earned him the AL MVP and Cy Young, one of only two pitchers since 1986 to win both in the same year (the other being Roger Clemens in 1986).

In 13 seasons with Detroit, Verlander compiled a 203-141 record, 3.44 ERA, 2,373 strikeouts, and three no-hitters (2007, 2011, 2011 postseason). He remains the Tigers’ all-time leader in strikeouts and is second in wins and innings pitched. The 2011 no-hitter against Toronto remains one of the most electrifying moments in Comerica Park history.

After the 2017 trade to Houston, Verlander won World Series titles in 2017 and 2022, earned his third Cy Young in 2019, and surpassed 3,000 career strikeouts in 2022. He has 262 career wins and 3,342 strikeouts as of the end of 2025, ranking him 24th and 14th all-time, respectively. He is virtually assured of first-ballot Hall of Fame induction once eligible.

Impact on the Tigers’ 2026 Outlook

The signing bolsters a rotation that already includes Tarik Skubal (2024 AL Cy Young winner), Reese Olson, Jack Flaherty, and rookie Jackson Jobe. Verlander is expected to slot in as the No. 2 starter behind Skubal, providing veteran stability and postseason experience.

General manager Scott Harris called the move “transformative on and off the field.”

“Justin is one of the greatest pitchers of his generation,” Harris said. “He’s going to mentor our young arms, stabilize our rotation, and give us a chance to win every fifth day. But beyond the numbers, he’s going to bring a winning culture and a championship mentality back to this clubhouse.”

The Tigers, who have not won a playoff series since 2013, are viewed as a rising contender in the AL Central. Adding Verlander gives them a proven October arm and a symbolic boost for a fan base hungry for sustained success.

Emotional Homecoming

Verlander’s return has already sparked a wave of nostalgia in Detroit. Social media flooded with throwback photos of his 2011 no-hitter, his 2006 ALCS Game 5 gem, and his emotional 2017 trade press conference. Comerica Park plans to honor him with a pregame ceremony on Opening Day (March 27, 2026, vs. Chicago White Sox) and is expected to retire his No. 35 jersey after retirement.

For a player who once said “I bleed Old English D,” the chance to finish where he started is deeply meaningful.

“I never got to say goodbye the way I wanted,” Verlander said. “This is my chance to do it right — to pitch in front of the fans who supported me from day one, to compete for a city that’s always had my back. Detroit is home. Always has been.”

As spring training approaches, the Tigers’ rotation suddenly looks formidable, and the city of Detroit has one of its own back — this time, perhaps for one final, unforgettable run.

Shares of auto component major Samvardhana Motherson International (SAMIL) rose as much as 5.4% to their day’s high of Rs 136 on the BSE after the company’s net profit rose 21% to Rs 1,061 crore in the third quarter of financial year 2026. In the same quarter last year, profit was Rs 879 crore.

The company’s revenue from operations came in at Rs 31,409 crore, marking an increase of 14% from Rs 27,666 crore posted in the same quarter of the previous financial year. Improvement in PAT was supported by lower finance costs and higher contribution from JVs and associates. Revenue growth was led by the impact of the Atsumitec acquisition, organic growth, commodities and favourable FX, the company said.

EBITDA for the quarter under review came in at Rs 3,042 crore, higher by 9.5% from Rs 2,776 crore in the same quarter last year. Margins increased to 10% from 9.7%, SAMIL’s investor presentation showed. “Operational improvements supported by realisation of benefits of Transformative Measures in MPP division,” it added.

What should investors do?

Motilal Oswal has reiterated a Buy rating on Samvardhana Motherson with a revised target price of Rs 148, after raising its earnings estimates by 6% for FY26 and 1% for FY27 following a better-than-expected Q3 performance despite challenging global macro conditions. The brokerage highlighted management’s next five-year revenue aspiration of USD 108 billion and expects the company to continue outperforming global automobile sales, supported by premiumisation trends, the ongoing EV transition, a strong order backlog across auto and non-auto segments and successful integration of recent acquisitions.

While ongoing tariff issues could cause some near-term slowdown in key geographies, Motilal Oswal believes the company is relatively well positioned due to its proximity to customers and ability to realign supply chains. It added that potential industry consolidation could benefit larger players like Samvardhana Motherson over the long term and maintained its Buy stance based on a valuation of 24x December 27E EPS.
Also read: Risk-on trade back? Smallcap stocks rally up to 28% in 2026, but market breadth stays weak
Nomura has also maintained a Buy rating on Samvardhana Motherson and raised its target price to Rs 140 from Rs 127, citing expectations of a recovery in passenger vehicle demand along with ramp-up in greenfield plants, aerospace and consumer electronics businesses and the integration of two acquisitions. The brokerage expects these factors to support revenue growth of 21% and 11% in FY27 and FY28, respectively. It also highlighted that operating leverage and ongoing cost rationalisation initiatives are likely to sustain margin improvement going forward. Additionally, Nomura noted that any potential new acquisitions could act as a key upside trigger in the company’s journey towards achieving USD 108 billion in revenue by FY30 from USD 25.7 billion in FY25.
Offering a contrarian view, Citi has maintained a Sell rating on Samvardhana Motherson with a target price of Rs 95, despite a Q3 earnings beat driven by strong performance in the Wiring Harness and Modules businesses and improving margins. The brokerage cautioned that global demand risks remain elevated and flagged concerns around the profitability of emerging businesses and recent acquisitions. Citi said valuations have been rolled forward but sees limited upside potential from current levels.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The 20 projects have a combined capacity to generate 530 megawatts of clean energy

The largest ever number of renewable energy projects in Wales to be awarded guaranteed prices for energy generated through a UK Government auction has been confirmed. The 20 projects, with a capacity to produce more than 530 megawatts of green electricity and which range from solar to tidal and onshore wind, can now move to the delivery stage.

They have received contract for difference (CfD) awards in the latest auction (allocation round 7) from the Westminster government. They consist of five onshore wind, 12 solar and three tidal energy projects. A CfD is a contractual guarantee for the price of the electricity generated to ensure commercial viability. If market prices rise there is a claw back mechanism for the government. Wales secured 99.65% of all the tidal funding available.

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First Minister Eluned Morgan said: “I am delighted these projects have been successful in the latest auction round. As well as meeting vital targets to reduce carbon, onshore wind and tidal energy bring major economic benefits and high-quality jobs to Wales. The Welsh Government is committed to ensuring Wales is at the forefront of the green energy revolution.”

Cabinet Secretary for Economy, Energy and Planning Rebecca Evans said: “We know how important clarity and certainty are for developers, which is why we are working hard to speed up the planning process for major infrastructure projects. Our new legislation and our investment in capacity building is already making a difference.”

The onshore wind farm projects receiving CfDs include Bute Energy’s 94 megawatt Twyn Hywel Energy Park in Caerphilly. It will consist of 14 wind turbines, which at capacity could power 84,000 homes. Work is expected to start in the spring. Its is the largest onshore wind farm on capacity awarded a CfD in the latest round.

Martin Chown, interim chief executive of Bute Energy, said: “Securing a contract for Twyn Hywel Energy Park is a landmark moment for Bute Energy and our first project to enter the auction.

Onshore wind is one of the UK’s cheapest sources of renewable power and offers exceptional value for billpayers. Wales’ improved performance in this auction shows the depth of appetite from developers, investors and governments to realise the nation’s energy potential.

“With a strong partnership between industry and the Welsh Government, energy security can go hand-in-hand with transformational investment in jobs, local businesses and community benefits across Wales.”

On the onshore wind farms securing CfDs Jessica Hooper, director of RenewableUK Cymru, said: “This result is a much needed, and very welcome, breakthrough for onshore wind in Wales, and a clear sign that the sector is ready to move again after years of stalled progress.

“However, this must be the start of a sustained recovery. Wales is still constrained by limited grid capacity, particularly in mid-Wales, and a planning system that has suffered historically from under investment and understaffing. These barriers make it difficult to catch up and deliver a steady pipeline of projects eligible for UK auctions.”

The tidal schemes in the auction include a further award of 10MW to HydroWing Tidal Energy Projects – part of Inyanga Marine Energy Group – for its Ynni’r Lleuad scheme at Morlais off the coast of Anglesey.

The additional capacity builds on the 20MW already awarded to HydroWing through earlier rounds of CfD and under development. It represents a major step forward in the industrialisation of tidal energy in Anglesey.

The phase three project is scheduled for delivery in 2030 and will make it the largest tidal energy project in the world.

The first HydroWing device is scheduled for deployment at Morlais in 2027 as part of phase one.

Richard Parkinson, chief executive of Inyanga Marine Energy Group, said: “This latest award allows us to focus on economies of scale and drive momentum towards delivering clean and stable power to the grid in Anglesey at an industrial scale.

“The award enables us to drive costs down while unlocking the investment necessary to make this project a reality. Our team is working extremely hard with our supply chain and investment partners as we ramp up manufacturing and move towards delivery.”

Welsh Secretary Jo Stevens said: “Wales is at the forefront of the clean energy revolution and today’s results have delivered a record-breaking number of new solar and onshore wind projects for Wales.

“This follows the recent announcement of a contract for Awel y Môr fixed offshore wind farm in North Wales, and Erebus floating offshore wind farm off the coast of Pembrokeshire and shows that renewable energy is delivering good well-paid jobs in every part of Wales, helping to grow our economy and drive down household bills.”

Popular professions in the USA

Currently, the most popular professions in the USA, and indeed worldwide, are dominated by fields such as doctors, programmers, data scientists, engineers, and service sector staff. Recognizing this, students strive to gain in-depth knowledge in these high-demand areas while still in high school. US high schools have developed advanced educational programs that allow international students to study disciplines of interest at a level comparable to that of university.

Every child dreams of a bright future working in a prestigious company with a high salary. This dream can become a reality if students proactively analyze the labor market to identify in-demand professions that align with their interests and abilities. In the USA and around the world, there is currently a shortage of IT specialists due to the rapidly expanding IT sector and the emergence of new specialties.

“We understand the importance of effective preparation for enrollment in top universities to secure popular professions that guarantee market demand. That’s why we work closely with US high schools to provide our clients with comprehensive information about educational programs and prospects after graduation,” said Nick Vorotny, co-founder of Smapse Education agency.

For instance, North Broward Preparatory School has developed an interdisciplinary STEAM program in partnership with the Massachusetts Institute of Technology to ensure graduates’ competitiveness in admission to the world’s best universities and successful career building. NBPS students participate in practical classes at MIT in subjects such as programming, engineering, robotics, and design, while NBPS teachers attend training seminars alongside leading researchers. The school’s FabLab provides students with the opportunity to create prototypes using cutting-edge tools like 3D printers, laser cutters, and vinyl cutters. With 117 Apple-certified teachers and 17 Google-certified teachers, NBPS offers students access to the latest technologies for individualized instruction, equipping them with the necessary skills and knowledge for in-demand professions.

Similarly, Leman Manhattan Preparatory School acknowledges the global demand for IT specialists across various industries such as banking, telecommunications, finance, and e-commerce. The school offers specialized programs in computer graphics, digital video, and other technological disciplines. State-of-the-art equipment, including laptops, multimedia projectors, and interactive whiteboards, further enhance the school’s commitment to providing high-tech education.

To meet the demands of the international job market, it is crucial to carefully explore the programs and opportunities offered by US high schools. Without professional guidance, navigating these options can be challenging.

“Our team of experienced experts provides consultancy and assistance services to students and parents worldwide. With our support, they successfully enroll in US high schools. Our team consists of experts with deep knowledge of educational systems, visa regulations, language requirements, and cultural nuances of various countries,” added the spokesperson.

Secondary education plays a significant role in shaping future careers. Schools that adapt their educational programs to meet the requirements of the labor market provide students with comprehensive and effective preparation. Modern equipment, tailored courses, and in-depth study of relevant disciplines contribute to the academic readiness of students. The wide array of popular professions available offers ample opportunities for prestigious higher education and successful career paths for graduates.

Shares of textile majors such as Gokaldas Exports, Pearl Global, Kitex Garments, Arvind Fashions and KPR Mill, among others, tumbled up to 6% on Wednesday, extending losses for a second straight session after neighbouring Bangladesh signed a trade agreement with the U.S., securing a reduced 19% tariff and exemptions on select textiles and garments made using materials sourced from the country.

Under the agreement, textiles manufactured in Bangladesh using U.S.-produced cotton and man-made fibre will attract zero reciprocal tariffs in the U.S. market. The development is being viewed as negative for Indian manufacturers, as it could intensify competitive pressures.

However, domestic brokerage JM Financial sought to calm investor nerves, noting that Bangladesh has always been, and was expected to remain, competitive in textile exports, and that these tariff tweaks do not materially alter the broader competitive landscape.

Further, the list of ‘certain items’ eligible for exemptions is not yet in the public domain. “India too enjoys the benefit of significantly lower tariffs if the total usage of U.S. cotton in the product is at least 20% of the mix. For example, in a $10 product, if India uses U.S. cotton worth $2, then tariffs are payable only on $8, and this exemption increases with higher use of U.S. cotton,” analysts explained.

Also read: Risk-on trade back? Smallcap stocks rally up to 28% in 2026, but market breadth stays weak

The real talking point, experts note, is a proposed mechanism under which select Bangladeshi textile and apparel exports could qualify for zero duty if they are linked to the use of U.S. textile inputs such as cotton and man-made fibre (MMF). However, the benefit is expected to be product-specific, subject to volume caps, and remains pending detailed implementation rules. India already follows a somewhat comparable framework, where greater use of U.S. cotton lowers the dutiable value of exports, effectively reducing the overall tariff burden.
The White House said Bangladesh will also ease non-tariff barriers by accepting U.S. vehicle safety and emissions standards, recognising U.S. Food and Drug Administration certifications, and removing import restrictions on remanufactured goods.The overall U.S. tariff rate on Bangladeshi exports has meanwhile been reduced to 19%, slightly higher than India’s 18% rate. “The agreement will provide U.S. and Bangladeshi exporters unprecedented access to each other’s respective markets. The agreement will build upon our longstanding economic relationship,” the two countries said in a joint statement.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

RSM advised on deal for Spark Medical and Medi 4 Ambulance Services

Hundreds of jobs at a cash-strapped ambulance services group have been saved after a pre-pack deal.

RSM advised on the deal to rescue the operations of Spark Medical and Medi 4 Ambulance Services, which will save more than 375 jobs and secure the services the companies provide to the NHS.

Spark Medical, based in Bromborough, Wirral, provides independent ambulance services and event medical cover across the UK. It employs 97 directly, alongside many subcontractors, and operates up to 50 medical vehicles a day.

Last August, Spark Medical bought West Sussex-based Medi 4 Ambulance Services, which offers patient transport services across the south of the UK.

RSM said: “The combined business has recently faced increased cost commitments and ongoing capital expenditure alongside a reduction in revenue, creating pressures on cash flow.”

That led to a creditors’ administration application on January 19, with Lee Lockwood and James Miller of RSM UK Restructuring Advisory serving as proposed administrators.

They identified a buyer for the two businesses and completed the pre-pack sale on February 6. The buyer has not yet been named, and BusinessLive has contacted RSM for more information.

Lee Lockwood, restructuring advisory partner at RSM said: “The pre-pack sale of Spark Medical Limited and Medi 4 Ambulance Services Limited ensures the continued operations of a large NHS supplier.

“The deal carries significant implications in terms of maintaining public health services and the resilience of local health services, as well as a substantial number of jobs. It marks a positive outcome for the business, its employees and subcontractors and the wider community.”

The most recent abridged accounts for Spark Medical, for the year to March 2024, show the company reported fixed assets of £2.2m, up from £1.9m the year before. Shareholders funds stood at £911k, down from £965k the year before.

The Companies House profile for Spark Medical, not yet updated to reflect the pre-pack deal, shows a Trafford Park company called “Forbidden Festival Europe Master Ltd” had “significant control” over Spark Medical.

Benchmark indices Sensex and Nifty ended largely flat on Wednesday, with the 30-share Sensex snapping its three-day gaining streak, while Nifty managed to close marginally higher. The subdued close came amid a sharp selloff in IT stocks, with heavyweights such as TCS, Persistent and Infosys tumbling up to 3%.

The BSE Sensex ended 40 points lower to close the session at 84,234 or 0.05% in the red, while the Nifty 50 gained 19 points or 0.07% points to end the day at 25,954.

Expert views

“Indian benchmark indices traded in a narrow and choppy range after opening on a positive note. Volatility remained contained, and the broader undertone continued to stay constructive. Steady domestic institutional participation, selective earnings-driven buying and signs of stabilising FII flows are providing structural support to the market,” Ponmudi R, CEO of Enrich Money said.

However, the upside remains capped in the absence of a decisive breakout or fresh positive triggers. Sectoral trends were mixed, with banking, auto and healthcare stocks posting strong gains, while IT witnessed broad-based selling pressure, emerging as a key drag on the benchmark indices. Stability in the USD/INR pair is offering macro comfort and helping avert any sharp risk-off reaction. Overall, sentiment remains cautiously optimistic—resilient beneath the surface, yet awaiting a stronger directional catalyst, he added.

Global Markets

European equities edged lower on Wednesday as investors digested a fresh wave of corporate earnings. The pan-European Stoxx 600 was down about 0.2%, with most major regional markets trading in the red. London’s FTSE 100 bucked the broader trend, rising 0.3% as risk-off sentiment pushed investors toward defensive mining and energy stocks.

Global markets are also focused on the U.S. January nonfarm payrolls data. Asia, equities moved modestly higher despite weaker-than-expected Chinese inflation data.
Meanwhile, U.S. stock futures edged up late Tuesday ahead of the delayed jobs report. S&P 500 and Nasdaq 100 futures each gained around 0.2%, while Dow Jones Industrial Average futures rose about 85 points, or nearly 0.2%. The Bureau of Labor Statistics’ January payrolls report was postponed due to the partial U.S. government shutdown that ended on Feb. 3.

Crude impact

Oil prices advanced on Wednesday, supported by rising geopolitical risk as U.S.-Iran talks remained fragile, while improving demand signals from India also helped ease concerns around a potential supply surplus.
Brent crude futures climbed 57 cents, or 0.83%, to $69.37 a barrel by 0711 GMT, while U.S. West Texas Intermediate crude rose 56 cents, or 0.88%, to $64.52.

“Oil retains a bullish tail-risk bid as U.S.-Iran talks continue but remain delicate, keeping the Strait of Hormuz risk premium elevated amid ongoing sanctions pressure, tariff threats linked to Iranian trade and a heightened U.S. military presence in the region,” LSEG analysts said in a report.

Rupee vs Dollar

The Indian rupee ended 0.1% lower at 90.70 per U.S. dollar on Wednesday, compared with its previous close of 90.5775.

(With inputs from agencies)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)