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German nuclear fuel plants cleared to work with Rosatom
Germany approved a French company's application to produce nuclear fuel rods in a licensing deal with Russian state-backed firms on Wednesday, despite concerns from political circles. The German government argued that the request lacked legal grounds for rejection. A Framatome subsidiary had applied to produce fuel elements at its plant in northern Germany to supply nuclear plants on the Eastern European market, using Russian licenses and technology. This was a joint venture between Russian firms TVEL/Rosatom. The Lower Saxony Environment Ministry, under the guidance of the Federal Environment Ministry, granted approval to the project subject to certain conditions. A spokesperson for the federal ministry stated that the decision to cooperate with a Russian company owned by the state was taken in compliance with German nuclear laws. The ministry stated in a?statement that "the appropriate instrument to?address?this is not nuclear legislation, but EU-wide sanctions including those in the?nuclear?sector." "To date, however, the majority of member countries have not supported such sanctions. We continue to support EU sanctions against Russia's nuclear sector. Framatome welcomes the decision. Framatome released a statement saying that "this decision strengthens European Energy Security, supports industrial sovereignty, and reaffirms" our commitment to provide safe and diverse fuel supply solutions for nuclear operators across Europe. The French company that produces nuclear reactor parts has said the collaboration was an interim step for customers who operate Russian-designed reactors to diversify their purchases away from Russian products until they develop their own production technology. The German authorities had closely examined its application, including security and sabotage issues. The license now granted includes a number stipulations to mitigate these risks. These include an entry ban for TVEL or Rosatom staff as well as external audits of the equipment and fuel rods that arrive from Russia. A spokesperson for the German ministry said that there has been no agreement between the EU and Russia on extending sanctions to include nuclear power. However, Germany is working on this. Reporting from Holger Hansen, Forrest Crellin, and Nora Buli, in Berlin; Writing by Ludwig Burger; Editing by Kirstiknolle, and Editing William Maclean
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Oil prices rise on US-Iran strikes; stocks fall ahead of Big Tech results
The price of oil?soared to a six week high on Wednesday, as the U.S. traded with Iran, threatening the Middle East's energy shipping. Equities were flat before the release of important Big Tech earnings. Brent crude prices rose last around 2.7% to $93.40 per barrel, reaching levels that have not been seen since early June. The U.S.-Iran detente ended in early this month and tanker traffic was once again restricted through the Strait of Hormuz. Donald Trump, the U.S. president, threatened to launch more attacks against Iran's infrastructure on Wednesday. The war, which has lasted for nearly five months, has depleted the global stockpiles of food and fuel. This has stoked worldwide inflation. The threat of an attack by the Houthis, a group aligned with Iran in Yemen, on another major artery in Middle East - the Red Sea - could cause shipping disruptions to worsen. Following the Houthi threats, four oil tankers transporting Saudi crude from the Gulf to Asia changed course in the Bab el-Mandeb strait. Kevin Thozet, member of Carmignac's investment committee, said: "Two-weeks ago, oil was falling, everyone?was saying that it would go back to $60 or $70 a barrel. Now (Hormuz is closed again), oil is rising, and everyone is saying that it will go up to $120." Closed shipping routes to more than a quarter the world's supply of oil and gas would result from the closure of Bab el-Mandeb and Hormuz. Analysts said that clearing both of these logjams could put a strain on the U.S. Military, as it hasn't been able reopen Hormuz after the beginning of the war in February. The Dow Jones Industrial Average rose 0.3% on Wall Street. Meanwhile, the S&P?500 gained 0.1% and the Nasdaq Composite fell 0.1% due to weakness in chip stocks. Indermit Gil, World Bank's chief economist, said that escalating hostilities may reignite inflation and drive interest rates up, resulting in a drop of global growth to 1.3% from 2.9% the previous year. ALPHABET STARTS TECH EARNINGS After Wednesday's close, the stock market will focus on Alphabet's earnings. The company is under scrutiny for its delayed launch of an important AI model. Tesla is expected to announce its first quarter cash burn since over two years. Micron Technology, Nvidia and other chip stocks, which have played a key role in this year's AI rally, saw gains of 0.3% and 3.2%, respectively. In recent months, shares of hyperscalers were under pressure due to concerns about rising capex. John Plassard is the head of investment strategy for Cite Gestion. He said that even the slightest doubts about the monetization or return on infrastructure investments could put into question what has been driving the market rally in the last two years. Donald Trump's recent tariff announcements also added to the uncertainty. He said that all generic drugs imported into the U.S. would be subject to a tariff of 100% starting in August 2028. The rate will then rise to 200% one year later. This week, the administration imposed a tariff of 50% on certain Canadian goods. The MSCI All-World Index was slightly higher for the day as the STOXX 600 in Europe rose 0.6%. YEN BOUCES OFF 40-YEAR-LOWS Investors weighed up measures that officials would take to stabilize the currency. Satsuki Katayama, the Japanese Finance Minister, said that the government is ready to take "decisive actions" on currency markets as needed. However he refused to comment on specific levels of foreign exchange. After four consecutive daily gains, the dollar fell from its one-week high on Wednesday. Central bankers are finding it more difficult to forecast monetary policy due to the rising cost of energy. The European Central Bank will announce its interest rate decision on Friday, and the U.S. Federal Reserve is due to make a decision next week. LSEG data show that both?central banks will likely hold borrowing costs this month. However, traders expect borrowing costs to increase by at least 25 basis point each in the U.S. After touching a 2-month high on February 2, the yield on U.S. Treasury 10-year notes increased 1.4 basis points, to 4.64%. Later in the day, the Treasury will auction 13 billion dollars in 20-year bond. (Reporting and editing by Amanda Cooper; Anil D'Silva and Jan Harvey; David Gaffen and David Gaffen).
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Spanish wildfire victims were left to their own devices because of patchy warnings and outdated plans
Twelve people died on July 9 trying to escape wildfires in the southern Spanish village of Bedar. Regional officials claimed that some had refused to stay at their homes. Five residents and survivors said they never received any advice, and two others, who did, claimed that warnings were given via WhatsApp groups, church bells, and home visits by local officials. Bob Layton, retired British technical manager, claimed he did not receive any warnings or advice about the fire. He drove away just a few minutes before the wildfire engulfed the home he was in, Paraje el Curato. This is a hamlet located about 2,5 km (1,55 miles) south of Bedar, where the majority of those who died were trying to flee. Burns claimed the life of a British woman aged 93. Layton stated, "If I'd been told to stay inside my house we would all have died - the place was completely destroyed." "I knew which track to use to escape, but others tried to take a slightly different track or a slightly longer route, and did not survive. The fire turned into an inferno." In Paraje el Curato, some homes were destroyed and others survived. After the main road was closed, eight people, including Layton's neighbours, were killed trying to leave Paraje el Curato along the same route. Four other people died in another convoy. The fire did not reach the hamlet for 3.5 hours, at which point the main road was already blocked. Antonio Sanz, the head of emergency services in Andalusia said that the region decided against using an "emergency alert system" which sends mobile phone alerts for the fire, because it could not be tailored to specific community, where some need to evacuate while others stay at home. Last week, other regions like Madrid, Aragon and Castile La Mancha used the system to warn of wildfires. Andalusia's government issued a statement in July?11 stating that the mayor of Bedar and other officials went door-to-door in the area giving advice and also telling victims in Paraje el Curato shelter in place. Sophie Vandebroek's brother Stanislas was one of those killed. She said that he did not receive an evacuation warning which would have allowed them to do so safely. She said, "If there had been communication via the emergency alert system, when the fire broke, before my brother even saw the fire, Stanislas, and his seven neighbours would still be alive," she said. She said that she and her family spoke with the victims' families and mayor. Some relatives discussed with their family members whether or not they should leave. She added, "It seems that no one who died received an official communication before the time it was too late." Bedar Town Hall did not respond to email or phone requests for comment. The mayor of Bedar, Angel Collado declined an interview request. The spokesperson for the local police confirmed that all relevant facts regarding the fire are being investigated, but did not make any further statements as the case has been sealed. The spokesperson for Andalusia’s Supreme Court stated that the judge is basing his investigation on the cause. FIRE SPREADING FASTER Wildfires are spreading faster and more often in Europe. Experts say that it is important to communicate evacuation plans as well as safety details long before the fire starts. The public should be informed in advance about the dangers in the area and the evacuation routes. They must also know the basic measures for self-protection. It is important to map out the scattered houses, plan evacuations, and carry out drills. This was explained by Fernando Medina a professor of geography from the University of Las Palmas of Grand?Canaria. Almeria is the Andalusian region that includes Bedar. Only 42 of 103 municipalities had emergency plans, which included wildfires. According to the Andalusia Government, only nine municipalities had updated their fire plans every four years in areas of risk. A spokesperson for the Andalusian Government said that Bedar's Emergency Plan was approved last in 2019. It is currently being updated. Wildfires are a risk to the?municipality. When asked about the lack plans, the spokesperson stated that the Andalusian Government provides advice and assistance but it is the responsibility of the municipalities to update their plans. Bedar's Town Hall did not respond to several requests for comments on its evacuation plans or if it had conducted wildfire drills. A statement online states that the Almeria government met with 49 municipalities in February at Los Gallardos (near Bedar) to discuss how to streamline updating emergency plans. Bedar's town hall did not respond to an inquiry asking if it participated in the February meeting. Some people who lived closer to Bedar, than the hamlet, received warnings. Waheed Mumtaz said that police told him to evacuate at 10:30 pm. Juan Pedro, who works at Bedar’s Miramar, said that the church bells started ringing "soon" after the fire began. He said he received a message from the townhall via WhatsApp telling him to evacuate. He said that as soon as the smoke was visible, the bells rang, and the word spread, everyone in the village knew to leave. Not everyone was part of that WhatsApp group. Pedro Tierney, 31 saw the fire from a distance and ran home to save his grandmother and aunt in a car. He said that it was his "gut feeling" that he had to leave, and that he did not receive any alerts to evacuate. David Alexander, professor emeritus of emergency planning at University College London, explained that wildfires can be blown in a different direction by the wind. This makes it difficult for authorities to communicate instructions. He said that the haphazard nature of the messages during this fire indicates poor planning. He said they should have used an alert, even if it was not possible to send specific instructions, to warn people of the fire. Layton called on authorities to work with residents to develop a plan to alert people to imminent dangers in the future. He said: "I don't want to blame anyone - everything happened so fast - but it was despicable for them to try and assign blame." Reporting by Nina Lopez; Additional reporting by Emma Pinedo and Alexandra Hudson; Editing by Alexandra Hudson
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Guinea first-half bauxite exports hit record high on Chinese demand
Guinea's bauxite exports rose 15% in the first half if?2026 to a new record high, according to official data. This was due to strong Chinese demand, despite increasing pressure on smaller producers because of rising fuel and shipping costs. Bauxite feedstock is used to make alumina. Alumina is an important ingredient in aluminum, which can be found in many industries, including transport, construction, and packaging. Guinea, which is the largest bauxite supplier in the world, exported 114.8 million tons between January and the end of June. This was up from 99.8 millions tons a year ago, according to data released by the Mines Ministry. Exports in the second quarter of 2025 increased 5.3% compared to the same period last year, from 51.2 millions tons to 53.9 million tonnes. The industry leader Societe Miniere de Boke shipped 16.95 millions?tons in the first quarter. China's Chalco followed with 7.73million tons, and Compagnie des Bauxites de Guinee with 4.13million tons. The data also showed that Guinea shipped 238,563 metric tons of alumina during the quarter. Chinese companies control 60% of Simandou's iron ore deposits, the largest in the world. They also dominate Guinea's bauxite sector, which exports 70% of its products to China. GUINEA PROPOSED CURBS FOR OUTPUT Guinea considered imposing export curbs for bauxite to help smaller miners, and to raise prices. However, it has not implemented them. According to Procurement Resources, a firm that tracks commodity prices, the global bauxite price has fallen in 2026 because of oversupply following last year's rally. Guinea Free On Board prices are now hovering around $38 to $39 per dry ton. Guinea's export performance is strong despite operational challenges in its rainy season, and the sharp rise of logistic costs due to the Middle East Crisis. Mehdi Chehab, a sector analyst, said that it is getting more expensive to mine bauxite and ship it. Fuel prices are up by over 80% and rough seas increase voyage times and freight. Second analyst: Smaller mines producing lower-grade ore are the hardest hit. The analyst, who spoke on condition of anonymity in order to discuss sensitive topics, said that Dynamic Mining was one of the firms which had ceased operations. Three other companies have also suspended or reduced their activities. Dynamic Mining didn't immediately respond to our?request for comments. According to the second analyst, and to a mining executive speaking under condition of anonymity, the disruptions will not have a significant impact on Guinea's total 2026 production because major exporters are continuing to expand their production and that new operators are entering into the market. Maxwell Akalaare Adombila, Pratima Deai and Emelia Matarise edited the article.
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Rome offers free movie screenings to escape the summer heat
Rome is offering free'screenings' in 11 air-conditioned movie theaters as part of a heat relief plan that Mayor Roberto Gualtieri announced?on Wednesday. The scheme will run between?Thursday and August 4th, expanding the existing network of 'climate shelters' in the Italian capital, including public libraries?and museums. Gualtieri stated in a press conference that "beautiful films will be shown, including the latest releases." The screenings are free and will take place between 1 pm and 6.30 pm. Admission is on a first come, first served basis. The first film will be the Italian comedy drama from 2023 "C'e Ancora Domani". Gualtieri stated that "each day, a different film is shown in each of the 11 participating cinemas. This allows people to watch a movie in an air-conditioned environment because not everyone owns air conditioning." According to the Italian air force's weather service, temperatures in Rome were expected to reach 36C (97F) on Wednesday and 35C (both Thursday and Friday). (Written by Francesca Piscioneri and edited by Alvise Armellini)
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Former Southern Water CEO accused of fraud for'manipulating the wastewater testing'
Former Southern Water Chief Executive Matthew Wright has been charged by Britain's Environmental?Agency with conspiracy to defraud the agency. The alleged fraud was committed through the manipulation of wastewater treatment checks. The 'Environment Agency' alleges that Wright and three other former Southern Water employees "conspired" to defraud both the Environment Agency and the water regulator Ofwat from 2012 until 2017, saving the company at least PS45,000,000 ($60 million) of penalties. Wright had claimed that the Environment Agency did not have the authority to prosecute him on conspiracy to defraud. However, the High Court dismissed his appeal on Wednesday. Southern Water, which has more than 4 million customers, stated that the charges related "to a historical set of failures", and the individuals charged are no longer employed by the company. In a press release, Southern Water said that the findings were discovered during an internal investigation conducted in 2017. Southern Water notified regulators and the Environment Agency as soon as it was identified. Ofwat didn't immediately respond to requests for comment. Wright's attorney said in a press release that Wright denies "all wrongdoing" and has fully cooperated with the Environment Agency investigation. The charges are made amid a growing public outrage against privatised water firms in Britain. This anger is focused primarily on sewage discharges. Also, the new Prime Minister Andy Burnham said that nationalisation was the best solution for Thames Water - Britain's biggest water company. Angela Eagle, the Environment Secretary, said that in a press release: "The public is rightly sick of pollution and attempting to hide it is outrageous." Any person found guilty will be subject to the full force the law. She said that the government had committed to end operator self-monitoring, "to make sure this does not happen again in the future." The Environment Agency claims that there was a deliberate attempt to stop wastewater treatment plants from being tested properly when it was thought that the site might fail. This was done to prevent accurate results from being given. High Court ruling: The regulator argues that Southern Water avoided penalties of approximately PS45 million on its own assessment, but the regulator claims the figure is higher. The charges of conspiracy to defraud will now be heard at the Medway Magistrates Court. If convicted, the charge can result in a maximum of 10 years imprisonment. $1 = 0.7482 pound (Reporting and writing by Muvija and Sam Tobin; editing by Paul Sandle and Elaine Hardcastle)
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Vale shareholders elect Oliveira as chairman following governance tensions
After weeks of tensions in governance, Vale shareholders elected Manuel 'Lino' Oliveira to the position of?chairman? of its Brazilian mining company?s board?. This was a decision backed by Previ, Vale?s largest shareholder. Oliveira was elected after the resignation of former Chairman Daniel Stieler earlier this month. About a month later,?pension funds Previ and?pension fund Previ had requested a meeting for shareholders to vote on his removal. Previ, a pension fund that holds a 7% stake and manages retirement funds for Banco do Brasil employees, argued that Oliveira could help improve governance at?one?of?the world's largest iron-ore producers. Oliveira (also known as Ollie) served as the lead independent director on Vale's Board. The vote follows a conflict between Previ's representatives and Vale's board regarding the proposed leadership change. The board recommended to shareholders last month that they reject Previ’s proposal to remove Stieler. However, three directors, including Oliveira, abstained. Stieler resigned as Vale chairman in July, after serving as board member since 2021 and Vale chairman since 2023. Vale shares rose more than 3% following the shareholder meeting. They outperformed Brazil's benchmark index Bovespa, and were also boosted by strong iron ore production figures for the second quarter released late on Tuesday.
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India targets five nuclear reactors by 2033, including small reactors
India announced on Wednesday that it has advanced plans to build small modular reactors in-house. It aims to have at least five of these units operational by 2033, as the country tries to reduce its dependence on fossil fuels. The Bhabha Nuclear Research Centre is working on a 220 megawatt Bharat Small Modular Reactor. It also has a 55 MW reactor, and a high temperature gas-cooled reactor that can produce hydrogen. Jitendra Singh, a minister in the atomic energy ministry, said that the Atomic Energy Commission approved Tarapur as the site of both the 220MW and 55MW projects. India, which wants to increase its use of "clean energy", opened up its nuclear sector last year to both domestic and foreign companies in the private sector. It plans to increase nuclear capacity from 8.8 GW to 100 GW in 2047. The minister stated that India intends to increase its nuclear installed capacity to approximately 22 GW by 2031-32. Small reactors are expected to play a part in the expansion plan. Several countries are developing small modular reactors, including the U.S.A., Russia, and South Korea. They're seen as a viable solution for supplying clean energy to industry. The state-run Nuclear Power Corp of India - currently India's only operator of nuclear power plants - aims to 'have 50 GW of capability' while NTPC - the top coal plant operator in India - aims for 30 GW of nuclear capacity. Adani Group, Tata Power, and Reliance Industries among others are interested in investing. Reporting by Sethuraman N.R.; editing by Alison Williams
German yields on policy sensitive bonds are at their highest level in two years, while French long-end bonds hit 4%
As the Iran conflict intensified, German borrowing costs rose to a new two-year peak and French longer-dated rates rose above 4% for a first time since June 2009. This boosted expectations of higher inflation and policy rate. Brent crude oil prices surpassed $95 per barrel on Wednesday. U.S. president Donald Trump also said that the U.S. will "bomb and demolish one bridge or power station" if Iran attacks a ship near the Strait of Hormuz. German yields on two-year bonds, which are sensitive to expectations of policy rates, increased 4.5 basis points to 2.8425%. This is their highest level since July 2024.
Money markets predicted that the deposit rate at the European Central Bank would be 2.70% by December 2027 and 2.78% by?February, 2027. It is currently 2.25%. Also, they fully priced in a rate increase for September. The market participants continue to expect that the ECB will leave interest rates unchanged at its meeting this week.
James Bilson is a global fixed income strategist at Schroders. He said that the European Central Bank's key message after its 25 basis point rate increase in June was not to just "one and done".
"However the market repricing?has already been substantial, and with no reductions now priced in for the next two-years, despite the uninspiring outlook for growth, this leaves us feeling more optimistic about the euro zone's duration."
In order to be constructive about duration, you should favor longer-dated bonds in the hope that yields will fall. The benchmark 10-year German government bond yield for the euro zone was 2 basis points higher at 3.18%. It was at 3.20% by mid-May, the highest since May 2011.
FRENCH AND ITALIAN ?YIELDS AT 4%
The cost of borrowing long-term in France and Italy is very close to 4%.
The 10-year Italian bond yield climbed 3.5 basis points, to 4.03%. It had risen above the 4% mark on Tuesday for the first time since the 30th of March. Spread between Italian government bonds & Bunds reached 82 basis points, its highest level since early May. The spread was 63 bps before the Iran War began and reached 103.62 at the end of March, its highest level since early 2025.
France's 10-year yields have reached 4%, the highest since June 2009. They were up by 2.5 basis points at 3.99%. The yields on UK gilts were close to their two-month highs following data showing that inflation was lower than expected. The easing of consumer price pressures is likely to be a temporary relief for the new Prime Minister Andy Burnham, as he attempts to lower living costs.
The yield gap between the government bonds of Britain and Bunds is 187 basis points, putting the fiscal trajectory in the spotlight.
The UK 10-year gilt rate has reached a new two-month high of 5.0639%. This is an increase of 3.5 basis points. (Reporting and editing by Thomas Derpinghaus; Clarence Fernandez Gareth Jones, Alexander Smith, and Alexander Smith).
(source: Reuters)