Latest News
-
Siemens Energy will supply Rolls-Royce equipment for small reactors
Siemens Energy announced on Friday that it had entered into a partnership which is expected to make Siemens Energy the exclusive provider of conventional technology to future small modular reactors (SMRs) built by Rolls-Royce SMR. Siemens Energy will supply steam turbines and generators as well as "other auxiliary system" to Rolls-Royce SMR for its planned Generation 3+ modular nucleopower plants. The agreement is expected to be finalized by the end of 2025. Global nuclear energy providers are developing so-called SMRs to create power plant technologies that are easily replicable, quicker and cheaper to deploy compared to traditional large-scale units. Karim Amin, a member of the Siemens Energy board of directors, said: "We're experiencing a global revival in nuclear energy." Small modular reactors are a crucial part of the nuclear technology that is being used by many countries to produce electricity with low emissions. Rolls-Royce SMR, which is owned by Rolls-Royce in majority while Qatar, Constellation Energy (as well as BNF Resources) and Qatar hold minor stakes, is one of Britain's shortlisted companies to develop SMRs. The Czech electricity producer CEZ announced in October that it would purchase a minority share in Rolls-Royce SMR. These reactors are capable of producing up to 470 Megawatts and can power around 1.1 Million households. (Reporting and editing by Rachel More, with Christoph Steitz)
-
ArcelorMittal South Africa will cease production of long steel by April
ArcelorMittal South Africa announced on Friday that it will stop producing long steel by April of this year, after talks with the government did not succeed in preventing the closure. The closure of the long-sealed operations is expected to affect 3,500 direct and indirectly employed workers. This will be due to the lack of domestic demand, competition from scrap metal recycling mini-mills in the area and imports from China. ArcelorMittal South Africa’s long steel production operations produce rails, rods, and bars that are used in construction, mining, and manufacturing. ArcelorMittal SA, the world's second largest steelmaker, has announced that it will begin shutting down their blast furnaces during the first week in March. It added that the last steel would be produced by late March or earlyApril. The final transition to care and maintenance is fully implemented by the second quarter 2025. The company announced on February 6 that it would delay the closure of its long-sealing operations due to talks with the government. The statement said that "despite extensive discussion, the structural elements leading to a wind-down of long steel remain unaddressed." "We could not avoid the negative impact that will have on the economy." ArcelorMittal South Africa asked the government to remove an export tax it claimed favored recyclers. The company also asked the government to impose duties on imports and to negotiate lower freight rail and electricity costs. The longs business's loss on operations doubled from 600 million rand in 2024 to 1.1 billion Rand ($59.46 millions) by 2024. ArcelorMittal South Africa announced a larger headline loss of 5.1 billion rand in 2024 compared to 1.89 billion rand a year earlier. $1 = 18.4996 rand (Reporting and editing by David Evans, Clarence Fernandez).
-
The roofs of La Reunion are blown off by Cyclone Garance, which has hit the French island.
On Friday, Cyclone Garance hit the French overseas territory La Reunion at top winds speeds of 155 km/h (96mph), destroying roofs and preventing residents from accessing drinking water and electricity. Patrice Latron said that there had been no deaths reported on the island. The cyclone hit land in the north of Madagascar, an island located in the Indian Ocean. Meteo France, the weather agency, said that it left the southwest part of the island a few hours later. Prefecture officials said that 180,000 households, or 42% of customers with the electric utility, had lost electricity and that nearly 10% did not have access to water. Prefecture announced that the storm was over and the alert level had been reduced from purple to red. Rescue workers were able to leave their shelters, assess the damage and begin helping those who had been affected. Authorities expect rough weather to continue until the end of today. Meteo France reported that top winds were down to 130 kph. However, higher gusts are possible in the southwest part of the island. Heavy rains, however, remain a greater risk. Authorities in nearby Mauritius reopened their airport after the threat of the storm abated. Reporting by Ammu Kanampilly from Nairobi, and Ingrid Melander in Paris, and Sudip K. Gupta, Writing by Ingrid Melander; Editing and proofreading by Christopher Cushing Stephen Coates Frances Kerry
-
Russian diamond producer Alrosa announces a 77.3% profit drop for the full year
Alrosa, the diamond-producing company in Russia that has been hit by sanctions, reported on Friday a drop of 77.3% on its 2024 net profits year-on-year. The revenue was 239.1 billion Russian roubles. In January 2024, the Group of Seven (G7) banned the direct importation of Russian diamonds. The European Union and G7 then banned the import of diamonds from Russia via third-country sources. Alrosa has been subject to U.S. sanctions by the United States since 2022. Alrosa produces the most rough diamonds in terms of volume. In 2024, revenue was down by 25.9% on an annual basis. Many companies are concerned about the rising cost of borrowing. Some have reduced their investments, which could slow Russia's growth. Economic growth Alrosa's net debt increased to 107.9 bn roubles by the end of 2024 from 36.1 bn roubles one year before, and its net debt-to-EBITDA ratio rose from 0.26x to 1.37x. Alrosa reported that diamond reserves rose from 84.3 billion to 129.9 milliards of roubles in 2023. In November, CEO Pavel Marinychev said that Alrosa has accumulated enough financial cushion in order to survive the "economic crisis". "deep crisis" The global diamond industry is a lucrative business, and the government may occasionally purchase diamonds through a fund to support it. Alrosa announced plans to reduce labour costs, cut some of its 35,000 employees and suspend the development of its least-profitable assets. $1 = 88.0000 Russian Roubles (Reporting and writing by Anastasia Lyrchikova, Alexander Marrow and Lucy Papachristou; editing by Andrew Osborn).
-
Russia arrests two church leaders over an alleged Ukrainian plot against a Putin-linked priest
The Russian FSB security agency said that it arrested two church leaders on suspicion of plotting the murder of a priest who was close to President Vladimir Putin, on Ukrainian intelligence's instructions. Kyiv did not immediately respond to the allegation. Tikhon Shevkunov (66), who Russian media has described as "Putin’s confessor" for years, was the alleged target. Since the late 1990s, he has been a close friend of Putin. The Kremlin says the two men are well acquainted. Shevkunov will be appointed as the Metropolitan of Crimea in 2023. This peninsula, which Russia annexed from Ukraine, is the highest church rank. In a press release, the FSB announced that it had arrested two men who it claimed were recruited by Ukrainian military intelligence in mid-2024 on Telegram messenger. The FSB reported that it seized two fake Ukrainian passports and an improvised bomb. Nikita Ivankovich is a Russian priest at a Moscow church. Denis Popovich was Shevkunov’s assistant. He is a Ukrainian, born in Chernivtsi. Authorities released videos showing both men confessing. The men spoke slowly and it wasn't clear how they had obtained the confessions. Popovich claimed he was recruited to track Shevkunov and that he was threatened with murdering his family if he didn't comply. He claimed he then had to find an accomplice so as to "eliminate Shevkunov". He claimed that the plan was for a bomb to be planted in the residential building of Sretensky Monastery, a 14th century monastery in Moscow where Shevkunov held the position of superior until 2018. Ivankovich confessed that the men were given a homemade bomb to use in the attack. In the video, investigators recovered a box of fake passports and a hidden place in a forest. Since the beginning of the war, Ukraine has been responsible for a number assassinations that have occurred in Russia. Most recently, Igor Kirillov, head of Russia's Nuclear, Biological and Chemical Protection Troops, was killed in December. (Additional reporting from Felix Light and editing by Mark Trevelyan).
-
Kosovo Businesses at Risk from Trump's USAID Freeze
Kenan Gashi, a shop owner in Kosovo, saws the limbs of old mannequins and then throws them in machines donated by the U.S. Government that shred the plastic and clean it so that it can be reused. Gashi's business of recycling in Fushe Kosova has been transformed since it received equipment from USAID two years ago. This prompted him to plan to hire more employees. Gashi, however, is now worried. Gashi is worried now. Now, the Trump administration has frozen USAID's funding and is attempting to reduce the agency and U.S. Foreign Aid in line with his "America First Agenda". In a press statement, Trump cited the Kosovo recycling donation in his video as an example of what kind of government expenditures he wanted to cut. Gashi threw plastic pieces into an USAID grinder that had a sticker on it saying "Recycling matters". According to U.S. Government figures, the U.S. is one of Kosovo's most ardent supporters, ever since this small Balkan landlocked country separated from Serbia. The U.S. provided $1.1 billion worth of aid since 2001. GAP, a Pristina based think tank, said that USAID is currently managing 17 projects totaling more than $156m. However it's unclear how much has been actually disbursed. Politicians and residents of Kosovo say that Kosovo is among the poorest countries of Europe, and it still needs urgent aid. The north is plagued by ethnic tensions that persist between the Albanian minority and the Serb majority. The European Union has cancelled more than 12 aid projects, worth at least $150 million, as a direct result of the role played by Kosovo authorities in this conflict. Burim Ejupi, a think tank based in Pristina called Indep, said that the USAID funds will not be frozen. "However ..., each dollar or euro is important to a country in desperate need of them." Funds that were intended to protect marginalised communities, accelerate the transition from coal, a highly polluting fuel, to renewable energy and strengthen Kosovo's democracy institutions are at risk. The recipients of the funding claim that it has made a positive impact on them and their communities. Qazim, a 38-year-old recycler, searches daily for plastic in the rubbish bins of Pristina, the capital. USAID gave him a small tractor, and a machine to crush plastic. His income has increased from five euros per day to twenty euros. Before the Americans helped, there were times that 10 family members went to bed without eating. Grashtica, surrounded by plastics ready to sell in his workshop, said: "We had nothing to eat." "I'll tell Trump that you are a good person and should help others, especially in Kosovo."
-
Asia Gold - India's demand for gold improves with the price of gold falling from its highs
India's demand for gold improved in the second week of this year, but it remained below normal levels as prices fell from their all-time highs. In China, traders continued to provide discounts as business remained lacklustre. A jeweller in Ahmedabad in India said, "Demand is starting to creep in, as prices are coming down. But many buyers still remain on the sidelines." On Friday, domestic gold prices traded at around 84.750 rupees for 10 grams after reaching a record of 86.592 rupees the previous week. This week, Indian dealers offered a discount The discount is now between $12 and $27 per ounce, including 6% import duties and 3% sales taxes, compared to the previous week's $35. "Supplies have tightened as banks imported very little this month. Discounts are declining," said a Mumbai dealer working for a bullion-importing bank. India's gold exports will drop by 85% from the levels of a year ago in February, to the lowest level in 20 years. Gold prices in China, the top gold consumer, were $3 below spot. Data showed that the flow of gold imports from China to Hong Kong reversed, with a 44.8% drop m/m. Ross Norman, an independent analyst, said that shipping bars to CME vaults registered in New York at this time is a virtually risk-free profit. This is draining the physical liquidity of other markets. A Singaporean dealer stated that gold was traded between $0.50 and $3 per ounce. Hong Kong dealers offered gold at a discount between $1.8 and $2.3 per ounce. . Bullion was traded in Japan A discount of $6 or a premium of $1.50 is the difference between these two options. A Tokyo-based trader stated that sales volume was higher than buybacks because people were waiting for the prices to drop before they made purchases. (Reporting by Rahul Paswan and Anjana Anil in Bengaluru and Rajendra Jadhav in Mumbai;)
-
European shares fall on Trump's tariff plan
The European stock market continued to decline on Friday as the market's sentiment was affected by President Donald Trump's announcement that his proposed tariffs against Mexican and Canadian products would go into effect next week. As of 0813 GMT the pan-European STOXX 600 Index was down 0.9%. Basic resources were leading the losses, falling 2%, as metal prices fell due to U.S. tariff plans. Trump has also promised to impose a new 10% duty on Chinese imports, on top of the existing 10% tariff imposed on February 4. The technology stocks fell 1.9% after Wall Street sold off the AI darling Nvidia, whose earnings report did not impress investors. The automakers' share price also fell 1%. This is a continuation of the decline that began in the previous session, when Trump proposed a "reciprocal tariff" of 25% on European cars and goods. Valeo dropped 8.1% following the announcement of its annual results. CEO Christophe Perillat stated that he only saw a marginal effect on earnings due to the U.S. steel and aluminum tariffs. Holcim gained 1.5%, as the company reported earnings that were better than expected for the fourth quarter. (Reporting and editing by Nikhil Aich; reporting by Nikhil Shar)
SAP is seeing a growing demand for sustainability software in spite of U.S. climate disengagement

Dominik A. Asam, the chief financial officer of SAP Germany, told a reporter that despite the trend in the United States to lower climate protection goals, SAP's global demand for sustainability software is growing.
The United Nations announced this week that the U.S. would withdraw from the Paris Climate Agreement on January 27, 2026. Washington had formally informed Secretary-General Antonio Guterres about President Donald Trump’s decision to leave.
Asam stated that "the topic of sustainability won't disappear from investor discussions", adding that companies will still require reliable figures and analytical tools to make decision on the topic.
I spoke with many investors who were concerned about sustainability at the World Economic Forum. "They are very optimistic, despite recent U.S. election results," he says.
He sees great potential in SAP's Green Ledger, a fledgling software, that he says helps companies to make their sustainability reports as verifiable and transparent as a balance sheet. This will be required by 2028 under the European Corporate Sustainability Reporting Directive.
The CFO is expecting contracts to be signed. He said that "a lot will happen" in the second half.
(source: Reuters)