Latest News
-
Bulgaria's nuclear power plant will reduce capacity due to low water levels on the Danube
The 'Danube's low water levels' have forced Bulgaria's only nuclear 'power plant to 'cut its capacity by about 12 percent on Friday. The Kozloduy Nuclear Power Plant, which supplies around 35% Bulgaria's electrical needs, is composed of two Soviet-made 1,000 MW reactors: Units 5 and 6. The plant said that it would reduce the capacity of unit 5 by 120 MW in order to maintain its safe operation. The 'plant' said that it had made the decision due to "the ongoing unprecedented and critical decrease of the Danube River". It added that this was the first time in its 52-year history that power capacity was reduced because of extreme hydrological conditions. The Danube has a record low level of water, which has reduced the electricity production. Hydropower in Serbia and nuclear power in Hungary have both been affected by this. Nuclearelectrica, Romania's only nuclear power producer, shut down its entire plant last week due to the low Danube. The company stated that a team was set up at Kozloduy, which implemented the necessary procedures in order to ensure a safe and reliable operation of the plant in the event if a?prolonged drop in river levels.
-
Monte dei Paschi approves bids for Banco BPM, Banca Generali in defensive move, source says
Sources close to the situation said that Monte dei Passchi di Siena's?board approved bids on Thursday for Banco?BPM as well as wealth manager Banca Generali in order to counter an EUR36 billion ($42billion) takeover offer from Intesa Sanpaolo. Italian media reported that the board backed Luigi Lovaglio's proposal with a majority rather than an unanimous vote. MPS explored a possible deal with Banco BPM in order to stop Intesa from taking over. However, the two banks announced on July 31 that they would be ending their discussions after BPM's major investor, France’s Credit Agricole expressed its disapproval. Analysts suggest that MPS can use an asset it acquired by taking over Mediobanca in 2025, a 13% stake?in Italy's largest insurer Generali. It could also draw from its cash reserves to boost returns to its shareholders and counter Intesa's EUR3 billion cash offer. Analysts have stated that the Generali stake, worth EUR8.5 billion, could be traded or sold for another asset. Lovaglio refused to provide details on an analyst call held on 7th August. Lovaglio has previously denied disposing of Generali's stake, according to people familiar with his plans. BREAK-UP Intesa will retain Mediobanca and the Generali stake as well as roughly half of MPS’s branch network. The other half has been sold to address antitrust concerns. Lovaglio criticised the plan and said it would destroy value. Prime Minister Giorgia?Meloni expressed her hope that MPS might not be "dismembered" despite insisting that the government plays no active role. Intesa’s unsolicited offer of cash and shares in June was the latest in a wave of consolidation that has?reshaped Italian banking in the last 21 months. Italian banks went through years of restructuring before their profits reached record levels with the rise in interest rates from 2022. MPS was the face of the overhaul. After being rescued in 2017 by the state and reprivatised between 2023 and 2024, Generali bought Mediobanca for EUR16 billion in a hostile bid. It also regained control over its prized Generali stake. MPS's largest shareholders are Delfin - the investment vehicle for the Del Vecchio eyewear dynasty - and Francesco Gaetano Caltagirone, a construction tycoon. Both are also large Generali investors. Intesa made its bid while UniCredit was busy acquiring Germany's Commerzbank. UniCredit has also been building a Generali share in recent months, which it described as an investment. $1 = 0.8559 Euros (Reporting and Editing by Elaine Hardcastle, Gavin Jones and Giulio Pioloavaccari)
-
Siemens claims that it does not see an increase in attacks on industrial control systems
Siemens said on Thursday it had not detected any increase in attacks against its industrial control devices or previously unknown vulnerabilities, after U.S. Authorities warned that hackers were targeting these devices. On Wednesday, several U.S. Government agencies warned that Siemens control devices used in critical infrastructure were "under active threat". The advisory stated that all S7 Series programmable logic controllers of Siemens were potentially targets. This could impact sectors such as manufacturing, energy and water, chemicals, food, and more. A number of national agencies, including the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA), issued this warning. The German engineering and automation company has confirmed that it is aware of CISA's advisory and in constant contact with them. The advisory warned that hackers are using new methods to exploit?misconfigurations. Siemens said in a press release that these configurations had been described in a security alert published last month. The German group is a major player in factory automation and offers cybersecurity support to its customers. It also helps prevent misconfigurations of its modules. Verbund, an Austrian power producer, said on Thursday it used the Siemens components that were cited in the U.S. Government 'warning' but had not experienced any incidents because they aren't connected to the Internet. Reporting by Alexander Huebner, Munich. Writing by Ludwig Burger. Editing by Friederike Hine.
-
Saudi June crude exports rise from record low May data
Saudi Arabia's crude oil exports rose from a record low of just 3.434 million barrels per day to 3.993 million barrels per days in June. The crude oil production of the country increased from 6.560 to 7.122 millions bpd between May and June. JODI has data on Saudi crude exports and outputs dating back to 2002. Riyadh, and other members of the Organization of Petroleum Exporting countries provide monthly export data for publication on the JODI website. The U.S. and Iran signed a MoU in June that allowed'more vessels to cross the Strait of Hormuz,' according to UBS analyst Giovanni Staunovo. The data revealed that the crude throughput of the Saudi refinery rose by 0.111 million barrels per day (bpd) to 2.497 millions bpd from 2.386million bpd during the previous month. Direct crude-burning fell by 64,000 bpd, to 583,000?bpd. Data showed that shipping through the Strait of Hormuz was slowed on Wednesday. Most shipowners avoided this 'key waterway' because of the lack of clarity on its reopening from a previous blockade during Iran War. Saudi Aramco has re-started oil loading inside the key waterway and more?tankers are waiting to load. The state energy giant is offering spot heavy crude cargoes. The company had halted its sales for a period of?weeks after attacks on 'its tanker fleet? in the Strait of Hormuz last month during an escalation of U.S. - Iran conflict. (Reporting from Noel John, Bengaluru. Editing by Joyjeet Das.)
-
Gulf Aluminium output drops in July, impacting global production
The 'Iran War' caused a drop in Middle East primary aluminium production in July, which weighed on global production. The International Aluminium Institute (IAI), a non-profit organization, reported that Gulf production fell by 44% in July to 293,000 tonnes, down from 523,000 tons the previous year. In late March, two smelters located in the Gulf region, which together account for around 9% of primary aluminium production capacity in the world, were attacked by Iran as part of the Middle East conflict. The daily production of the region in July was down more than 10% compared to a month before, at 9,800 tons. This is well below its pre-war baseline level of 17,800 tonnes. IAI data show that the 'weaker Gulf production was offset by stronger output in China, which was estimated to be 3.866 million tonnes in July, up 2.7% from 3.764 millions a year earlier. Emirates Global Aluminium said this month that production was returning to its Al Taweelah Smelter in Abu Dhabi faster than expected after an emergency shutdown in March. However, it could still take up to one year to reach previous levels. (Reporting and editing by Vijay Kishore; Reporting by Eric Onstad)
-
The Trump administration will support US mineral projects with grants of $500 million
According to a document obtained by the. The funding comes just weeks after President Donald Trump announced a goal of making the U.S. a "minerals powerhouse" in the world and reducing reliance on the market leader China. The administration has used grants, loans, and government investments to encourage new mining and processing projects. It also aims to create a more secure supply chain of minerals that are considered vital to the economy and to national security. The war with Iran has heightened the urgency of the project, highlighting the stress that a major conflict could put on U.S. weapon inventories and industrial base needed to replenish them. Energy Department received hundreds applications from its Battery Materials Processing Program and Battery Manufacturing program for the third round of funding. Audrey Robertson said that the chosen applicants "were the most promising and provided the greatest return to Americans in the areas where the battery ecosystem is most needed." Lilac Solutions has been awarded $100 million to build a lithium extraction facility at Utah's Great Salt Lake. BMW-backed company Lilac Solutions expects the facility to be open by 2028, and will produce 5,000 tons of lithium per year. Robertson stated that the Energy Department scientists "firmly" believe that Lilac will be an important resource for lithium carbonate in the United States. Energy Department announced previously funding for projects by ioneer Standard Lithium, and Lithium Americas. Jervois will receive $100 million for the construction of the only refinery in the United States to process cobalt, a metal used to manufacture batteries, electronics, and weapons. Last year, the company was privatized as part of an 'advanced bankruptcy' due to low market prices. Robertson stated that cobalt was still in high demand in many sectors, and the Energy Department funding is intended to boost domestic supplies. Nth Cycle is a Trafigura-backed battery recycler that will receive $100 million to build a facility for processing battery metal scrap, also known as "black mass". The Trump administration blocked exports of black masses, which contain minerals that can easily be recycled. Robertson stated that the funding is not linked to the export ban, but added "the United States will build the ecosystem necessary to recycle and process black mass and batteries here at home." The Energy Department also gives $50 million to Princeton NuEnergy which reprocesses battery cathodes; Arcanum Ventures which produces chemicals for batteries electrolytes; Coreshell Technologies which is developing anodes that are made of silicon rather than graphite which has been the industry standard. (Reporting and editing by Nia William; Ernest Scheyder, Jarrett Renshaw)
-
Gold falls after a two-month high due to oil and hawkish Fed outlook
Gold prices fell on Thursday, after rising more than 4% the previous session. A surprise U.S. Treasury "liquidity" move pushed down bond yields as well as the dollar. Meanwhile, rising oil prices and hawkish Fed signaling prompted profit taking. By 1140 GMT, spot gold had fallen 0.9% per ounce to $4479.12. Bullion was earlier at $4,525.79, after prices rose to a two-month high on Wednesday. U.S. Gold Futures slipped?0.2% to $4,535.70. Treasury Department announced on Wednesday that it will double its liquidity-support buyback operation for longer-dated bonds and notes, helping to ease the pressure in the bond markets. The U.S. Dollar?was hovering around three-month lows. Ricardo Evangelista, senior analyst at ActivTrades, said that the lower prices this morning were a temporary correction and not the start of a downward trend. He said that the outlook for the next few weeks will be largely determined by the Federal Reserve's policy and the developments in the Persian Gulf. The minutes of the Fed's last meeting revealed that inflation concerns have intensified, and several policymakers are prepared to increase interest rates. The price of oil hit a three-week high on Thursday, amid fears that the U.S. and Iran war impasse would continue to disrupt Middle East supply. This comes after President Donald Trump warned against economic consequences for any nation providing Iran with "any type" of lifeline. The total U.S. outstanding debt surpassed $40 trillion for the?first time, causing new warnings about a fiscal emergency. According to the CME FedWatch tool, traders are pricing in a 67% chance of a Fed Hold in September. Morgan Stanley believes gold will exceed $5,000 per ounce by 2027. It could even be sooner as the Fed is expected to remain?on hold. However, it said that U.S. inflation figures may drive volatility, while low COMEX'short positions' limit further gains from?short covering. Gold is often regarded as an inflation hedge. However, increasing interest rates tend to make the metal less appealing. Silver spot fell by 0.4%, to $66.63 an ounce. Platinum dropped by 0.5%, to $1815.57, and palladium was down 0.1%, to $1331.00.
-
India's infrastructure production rose 5.4% year-on-year in July
According to the second release of a revised series, India's infrastructure production increased?5.4% on an annual basis in July. However, it slowed a little from the previous months, as the output of iron ore and electricity moderated. The new series, released by the government last month, replaces 2011-12 as the base-year and expands core sectors to nine from eight industries, including iron ore. According to data from the government, infrastructure output increased by a revised 6 percent in June compared with a year ago. KEY NUMBERS * Cement production increased 13.1% from a revised increase of 9.9% in June. * Steel production grew?2.9% in July, compared with a revised growth of 5.6%?in June. * Electricity production?rose by 9% in July compared with a revised increase of 11.4% in June. * The coal production increased 7.6% in July compared to an increase of 1.4% in the previous month. * Iron ore production increased 29.5% from a revised increase of 44.5% during June. * Crude oil production fell by 5.3% in July compared with a drop of 4.2% in the previous month. * Fertiliser output declined by?8% in July, after a contraction of 3.3% in June. * The natural gas production fell 3.7% in July, compared with a revised decline of 4.8% in June. * The output of refinery products rose by 2.7% in July, compared to a revised 4.0%?fall one month earlier. * The cumulative infrastructure output growth for April-July has increased from 1.5% to 4.3% in comparison with the same period last year.
Bessent, US Treasury Secretary, will hold a press conference about Iran on Monday
Scott Bessent, U.S. Treasury secretary, said on Thursday that he will hold a press conference on Monday to "discuss exactly what we're going?to?do?" on Iran. Donald 'Trump' warned on Wednesday that any country providing "any kind of lifeline" to Iran would face economic consequences. The United States is trying to end a six-month war with Israel.
Bessent said to CNBC that "I believe oil?markets misinterpret what this economic pressure is." On Thursday, oil prices rose to a three-week high.
Bessent stated, "We have asymmetrical information and I'm not certain why oil has appeared on this." "If we apply the maximum economic pressure, it is likely that there won't be a large scale?kinetic restart."
Bessent responded that many discussions are best held in private. He said: "We're confident that everyone wants to see the Strait of Hormuz reopened and energy prices come down." Remember that 50% of the energy consumed by the Chinese comes from the Gulf. It would be a great service to them if they embraced the program.
In a Wednesday social media post, Trump promised "Economic Warfare and Isolation of an unprecedented scale", although the details were scarce.
Since the Islamic Revolution in 1979, Iran has endured economic sanctions that are punishing and continuous for almost 50 years.
Abbas Araqchi, the Iranian Foreign Minister, called Trump's remarks an attempt to divert American public opinion away from their domestic financial issues. This includes record debt and rising rates of interest. (Reporting and writing by Susan Heavey, editing by Katharine J. Jackson and David Ljunggren).
(source: Reuters)