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Blykalla, a Swedish company, has applied to build six small nuclear reactors as part of a renewed push for nuclear power.
Blykalla, a Swedish nuclear developer, announced on Monday that it had submitted a bid to build "six small modular units" near the city Gavle. This was in response to a government push to revive this technology. Blykalla is developing 55-megawatt nuclear reactors using an updated version lead-cooling technology developed for Russian submarines in 1950s. The company said they hoped to generate electricity by early 2030s. Jacob Stedman, CEO of Blykalla, told reporters that Sweden committed a strategic error 46 years ago when it tried to phase out the nuclear energy. Now we have a chance to lead again. The company is still waiting to get the green light from regulators. Right-wing Sweden has restructured its energy policy to give nuclear power a more central role. They argue that this technology is the only way to meet the expected double of demand in 2045, as industries and transport move away from fossil fuels. Small modular reactors are a popular choice among European policymakers as they can be used to meet climate targets quickly and affordably, and to boost energy security. This is a major issue in the region after the wars that have disrupted energy supplies from Ukraine and the Middle East. Some critics claim that renewable energy like onshore winds would be cheaper to build and quicker. The government has removed restrictions on where to build new reactors, simplified the regulatory process, and offered to finance up 5,000 MW through low-interest loans and price guarantees for decades into the future. This is a dramatic change from 1980 when Sweden held a referendum and voted to phase out nuclear energy. Six of the 12 reactors were closed. Blykalla stated that if approved, the project would build a nuclear power plant capable of producing around 330 MW, which is enough electricity to power 150,000 households. The company said that it would "soon apply" for government funding but refused to say how much the park will cost. Blykalla, the second developer in Sweden to apply to the government for permission to build a reactor-park after Karnfull Next announced its plans to build four to six SMRs along the southwest coast. (Reporting and editing by Andrew Heavens; Simon Johnson)
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Copper falls to a one-week low due to weak China data
Prices of copper fell to a one-week low on Monday, as concerns about demand were exacerbated by weak economic data from China, the world's largest consumer and high oil costs. Benchmark copper on the London Metal Exchange traded 0.6% lower, at $13,470 per metric ton. This was a drop from a previous low of $13,394.5. It has fallen 5% since reaching a three-and-a half month high of $14196.50, last week. The traders said that the Chinese data triggered an unwinding of positions long - bets made on higher prices by funds and traders. China's industrial output data increased 4.1% from a previous year in April, compared to a 5.7% increase in March. This was below a polled forecast of 5.9% growth, and marked the?slowest rate of growth since July 2023. Brent crude futures jumped more than 1% above $110 per barrel after an attack on a nuclear power plant in the United Arab Emirates and the apparent failure to end the U.S./Israeli war against Iran. Britannia Global Markets wrote in a report that "that fuelled further speculation" about the need for central banks to continue tightening their monetary policies. This could harm metals, as it would slow global growth and reduce demand from manufacturers. A disruption in the Middle East's production, which is responsible for 9% global supply, has shifted attention to aluminium. "Aluminium has a very clear deficit." Analysts at Marex predicted that the market would be'short by about 1.5 million tons prior to the latest Middle East disruption risk. A Strait of Hormuz supply shock may remove 3 million tons of aluminum supply this year, pushing 2026's shortfall to 3.3 million tonne. The supply concerns led to large backwardations or premiums on contracts for aluminium with shorter maturities compared to contracts nearer the Strait of Hormuz. Prices of industrial metals were supported by a softer dollar, which made metals cheaper for holders of other currencies. Aluminium for three-months was unchanged at $3,563 per ton. Zinc rose by 0.1% to $4,537. Lead firmed up 0.2% to $2,982. Tin gained 0.4% to $52,550. Nickel fell 0.2% to 18450.
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The jury has begun deliberations on the bribery case of Nigeria's former oil minister Alison-Madueke
After nearly four months of deliberations at London's Southwark Crown Court, the jury in the bribery case against?Diezani?Alison-Madueke began its work on Monday. Alison-Madueke pleaded guilty to not guilty on five counts of receiving bribes, and one count of conspiring to commit bribery, while serving as Nigeria's Minister for Petroleum Resources between 2010 and 2015. Prosecutors claim that?Alison-Madueke 65 led a "life in luxury" in London. She was given high-end properties and luxury shopping sprees by industry figures who were interested in lucrative oil contracts. Lawyers for the former?minister who was briefly president of the?Organization of the?Petroleum Exporting Countries argued that Alison-Madueke acted as a "rubber seal" for official recommendations. Alison-Madueke, who gave evidence last month, said: "At any time, I did not ask for, accept, or seek a single bribe of any kind." Alison Madueke was on trial with Olatimbo Ayinde (54), a 54-year-old oil executive who faces a charge of bribery in relation to Alison Madueke, and a separate count of bribery against a foreign official. Doye Agama (69), Alison-Madueke’s brother, has been charged with "conspiracy to commit corruption in relation to the church of?Agama". Both deny the allegations. The jury returned to the courtroom just before 1130 GMT Monday morning, after a trial that began in late January. They were asked to render their verdicts regarding the eight charges against the three defendants. (Reporting and editing by William James; Sam Tobin)
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NextEra Energy buys Dominion for $66.8 Billion in US power deal amid AI boom
NextEra Energy is set to 'buy Dominion Energy for $66.8 Billion,' the companies announced on Monday. This will be one of?the largest acquisitions in the U.S. energy industry? as utilities chase the surging demand for electricity from AI-driven, data center-driven data centres. The deal is part of a wave in industry consolidation as utilities rush to increase their portfolios in order to meet the unprecedented surge in demand for power. NextEra, based in Florida, is one of the largest energy developers in the world. Access to Dominion Energy’s portfolio will allow it to 'expand' into the PJM interconnection region and take advantage of opportunities available in Virginia - one of 'the biggest data center markets'. NextEra announced that it would exchange 0.8138 of its stock for each outstanding Dominion share. At the closing of the merger, NextEra shareholders will own 74.5%. The transaction should close within 12-18 months. Dominion Energy's total long-term obligations as of March 31 amounted to $44.11 billion. NextEra has been working to meet the growing demand for electricity in data centers developed by Big Tech. The?utility signed an agreement last?year with Alphabet Google to reopen the nuclear power plant in Iowa. Dominion, a Virginia-based company, has contracted nearly 51 gigawatts of data center capacity. Its customers include Alphabet, Amazon, Microsoft, Meta, Equinix, CoreWeave, and CyrusOne. Dominion’s Virginia service territory includes Northern Virginia’s “Data?Center Alley,” the world's biggest concentration of data centres and one of the fastest growing electricity markets in the world. Reporting by Vallari Srivastava, Bengaluru. Editing by Sriraj kalluvila
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Residents say that gunmen killed 10 people in an attack on farming settlements located in the northwest of Nigeria.
Residents say that gunmen attacked a rural community in Nigeria's northwestern Katsina State, killing at least 10 people including women and children. They also destroyed homes and stole livestock. In the northwest of Nigeria, armed groups, locally known as bandits or robbers, have increased their attacks. They raid villages, kidnap and kill residents, and set fire to homes. According to eyewitnesses, the attack on Sunday took place in the?Guga Community in Bakori Local Government Area. Armed men stormed farm settlements and opened fire. Sale Musa told a resident that he had fled, and said the attackers targeted the settlements Gidan Sarkin Wawu and Gidan Noma. "Heavily armed 'bandits' with sophisticated weapons attacked farming settlements yesterday evening... They opened fire and 'captured ten people, including a pregnant woman. Then they killed them all," Musa stated. He said the attack took place around 4 pm local time when many residents were at the Guga market to prepare for Eid al-Kabir, leaving communities vulnerable. Tajjudeen Dauda, another resident, stated that the attackers also destroyed property, stole livestock and burned down homes during the raid. Muhammad Nuhu said that the community had been attacked repeatedly in the past few months but Sunday's attack was the most severe. A spokesperson from the Katsina State Police did not respond immediately to a request for comment. Nigeria is plagued by widespread insecurity, mainly in its northern region. This includes a deadly insurgency to mass kidnappings. U.S. forces in 'the northeast' said on Monday that they had carried out more airstrikes to target Islamic State militants as the joint operations in the area intensify. Reporting by Ahmed Kingimi, Maiduguri; Writing by Chijioke Ahuocha and Editing by Aidan Lewis
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Oil prices rise and global stocks fall as bonds falter
The global share market fell on Monday, as new drone attacks in the Gulf drove oil prices and bond rates higher. This stoked inflation concerns at a time when Nvidia's earnings will test the tech bullrun. In the United Arab Emirates a drone attack caused a fire in a nuclear power station. Saudi Arabia also reported intercepting 3 drones. The Strait of Hormuz, which is vital to the oil and gas industry in the world, remains closed for all but a small amount of shipping. This is because Tehran wants to formalise control of this waterway. George Lagarias is the chief economist of Forvis Mazars. He said that "right now, the markets are in panic mode as they price the possibility of the Strait of Hormuz remaining closed." Brent crude was up 1.2% to about $110.55 per barrel while U.S. oil rose 1.4% to $102.48. Importantly, September futures traded above $100 while December reached a contract high. Markets were bracing for a prolonged shortage. G7 finance minsters will meet in Paris to discuss the Strait of Hormuz, and the critical raw material supply. However, geopolitical differences could test the group's unity. On Monday, the global bond markets were again hit by worries that energy prices would continue to rise and drive inflation and stunt economic growth. Yields for?U.S. The yield on 10-year bonds reached a record high of 4,631% after a surge of 23 basis points in the previous week. The yield on 30-year bonds has reached 5.159%, after a jump of 18 basis points in the last week. Japan's 10-year bond yield reached a level not seen since 1996, as the government proposed to issue new debt to fund an extra budget planned to cushion the economic impact of the Iran War. Germany's 10-year yield on bonds rose to a new high not seen for 15 years. Lagarias of Forvis Mazars stated that "as long as it is not a credit-event, and we do not have any evidence to call it a credit-event, I would also be surprised if this caused a large rout in equity markets as well." It can be a reason for some investors not to invest, but it would surprise me if there was a real correction as a result of the bond volatility. STOCKS ARE mainly lower The rising yields increase borrowing costs, and a discount is applied to future earnings of companies. This puts pressure on stock prices. European stocks fell 0.4%. The major markets in Frankfurt, London and Paris both edged upwards. S&P futures dropped 0.5%, while Nasdaq's futures also fell 0.5%. Overnight, Japan’s Nikkei fell 1% after falling 2% from record highs last week. South Korean stocks increased 0.3% as Samsung Electronics rose almost 4% following a partial court injunction to stop a strike. MSCI's broadest Asia-Pacific share index outside Japan fell 0.6%. Chinese blue-chip stocks fell 0.5% as disappointing economic data weighed on the market. AI, RETAIL EARNINGS TO TEST FOR THE BULL RUN Earnings from Nvidia, the world's largest company, are due on Wednesday. Expectations for this company are sky-high. Nvidia's shares have risen 36% from their March lows, while the Philadelphia SE Semiconductor Index has soared by more than 60% amid a fervent demand for chips, as tech companies invest massively in?building AI-related infrastructure. This week, Walmart and other retailers will also release their results, providing an insight into the consumer's reaction to high energy prices. Risk aversion in forex markets has been a factor that has helped the dollar as the most liquid currency. The U.S. also has a significant energy export, which gives it an advantage relative to Europe and much of Asia. The euro, which lost 1.4% in the last week, was unchanged at $1.162925. The pound rose slightly to $1.33540 after a 2.3% drop last week due to 'political instability' in Britain, which added pressure on the gilt markets. Dollar held steady against the yen, at 158.94. Only the threat of Japanese interference prevented another speculative attack on the 160.00 chart. Gold was nearly flat at $4,538.19 per ounce in the commodity markets. It has received little support as a safe-haven or a hedge against inflation risk. Reporting by Samuel Indyk, Wayne Cole and Sharon Singleton; editing by Gus Trompiz and Sonali Desai
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Protests erupt over Kenya fuel price hikes, strike strands commuters
On Monday, protests over fuel price increases triggered by the 'Iran War' erupted across several Kenyan cities. This included a nationwide strike in public transport that left commuters stranded and forced some people to walk into work. Transport Sector Alliance announced on Sunday that its member associations' vehicles would cease operation at midnight to protest the latest price hike, and police have said they will act against any disruptions. Kenya's Energy & Petroleum Regulatory Authority raised retail fuel costs by up to 23.5% last week, after increasing them by 24.2%?last month. The conflict in the Middle East is causing global oil and gas supply to be squeezed. Striking transport operators and protesters blocked roads leading into Nairobi on Monday morning. Some protesters lit tires to block access to major roads. This caused congestion, and left many commuters stranded. The strike in Mombasa, Kenya’s largest port city, has raised concerns about supply chain delays. John Mbadi, Finance Minister at Citizen TV, said that the energy and finance ministries were hoping to meet with public transport operators on Monday to discuss a possible solution. He noted that current prices are already subsidised. Kenya imports nearly all its fuel products from the Middle East via government-to-government ?deals with Gulf suppliers. Fuel price increases have pushed up the cost of basic items and increased transport fares. Gabriel Odhiambo (24), a public relations worker, said that his transportation costs had doubled as well as food prices. Four tomatoes cost 60 shillings, or 50 cents. This is a triple increase. Kenya increased the price of super petrol in Nairobi from 206.97 shillings to 214.25 (Kenyan Shillings) ($1.66) per litre for the period May 15 to June 14, while the price of diesel remained the same at 196.63 shillings. Kerosene remained unchanged at 152.78. $1 = 129.2000 Kenyan Shillings
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Ghana wants to increase reserves by selling 30% of the gold mined.
A senior official said that Ghana had asked large-scale miners to sell 30 percent of their annual output to the central bank as part of an overhauled reserve building?drive. This is up from 20 percent, but miners claim key commercial terms are still unresolved. Globally, central banks are stockpiling more bullion due to the soaring price of this asset. Ghana, Africa's largest gold producer, began its bullion purchasing programme in 2022. The Ghana Chamber of mines later secured an agreement with the miners to supply 20% of the annual production to the central banks. Bank of Ghana data revealed that gold reserves rose to 19.2 tons in February. This helped stabilize the Ghanaian cedi, and build external buffers, as the economy recovers after its worst crisis in generations. REVAMPED PROGRAMME FOR RESERVES The government revamped its reserve programme in February. It aims to reach 157 tons (15-months of import coverage) by 2028. Paul Bleboo, the head of the Central Bank's Gold Management Programme, said on Thursday that "this?time we intend to negotiate 30% of annual production from industrial miners"... and the entire %30% will be delivered in a dore form. Bleboo reported that industrial miners produced about 10 tons last year against a declared production of 100 tons. This is about 10% in comparison to a 20% commitment. The central bank wants to increase reserves and improve traceability. State gold trader GoldBod will act as the "gatekeeper", through which all exports are required to pass. The bank will retain 30% of direct exports to keep track of volumes and allocations. Financial statements revealed that the central bank had an operating loss of GHS15.6bn ($1.37bn) in 2025. This was primarily due to the costs of monetary tightening, reserve building, and?losses associated with the?gold purchasing programme. Bleboo stated that offtake discounts, as well as a proposed discount of less than 1% on industrial gold purchases, are "necessary" and reflect refining, shipping, and purity costs. They should be treated like the cost to build reserves. The miners claim that negotiations are still ongoing. Ghana Chamber of Mines CEO Kenneth Ashigbey stated that discussions on discounts and pricing are "not straight-forward" and there has not been an agreement reached. According to a mining executive,'miners are against volume-based discounts as well as zero valuation of?byproducts such silver. Source: The proposed 1% reduction could be tax, and companies cite short timelines as well, since plans were built around 20%, suggesting a gradual ramp up instead.
NextEra Energy buys Dominion for $66.8 Billion in US power deal
NextEra Energy, a power company, will purchase a rival?Dominion Energy for $66.8 Billion. This would make it the largest electric utility in the United States.
The deal would be the largest acquisition in the U.S. power industry. It adds to an industry-wide wave of consolidation as utilities rush to increase their portfolios to meet the unprecedented surge in demand for electricity.
NextEra, based in Florida, is one of the largest energy developers in the world. Access to Dominion Energy’s portfolio would allow it to expand its operations into the PJM interconnection region and take advantage of opportunities available in Virginia.
NextEra has been working to meet the soaring demand for electricity in data centers developed by Big Tech. The utility signed an agreement last year with Alphabet’s?Google in order to reopen a nuclear plant in Iowa.
Dominion, a Virginia-based company, has contracted nearly 51 gigawatts in?datacenter capacity. Its customers include Alphabet, Amazon, Microsoft, Meta Equinix CoreWeave CyrusOne and Equinix.
Dominion’s Virginia service territory includes Northern Virginia’s “Data?Center Alley,” the largest concentration of data centres in the world and one of the fastest growing electricity markets worldwide. (Reporting and editing by Sriraj Kulluvila in Bengaluru)
(source: Reuters)