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Sources say that India is planning to relax nuclear liability laws in order to attract foreign companies.
Three government sources have said that India plans to relax its nuclear liability laws in order to cap the penalties for equipment suppliers who are involved in accidents. This is a move to attract U.S. companies which were holding back because of the potential risk. The government of Prime Minister Narendra Modi has proposed to increase nuclear power production by 12 times, to 100 gigawatts in 2047. This will also give India a boost in its trade and tariff talks with the U.S. Three sources confirmed that a draft law prepared the Department of Atomic Energy removes an important clause from the Civil Nuclear Liability Damage Act of 2010, which exposes suppliers unlimited liability for accidents. The Indian atomic energy department and finance ministry have not responded to requests for comment. Debasish Mishra is the chief growth officer of Deloitte South Asia. He said, "India needs nuclear energy, which is clean, essential and necessary." A liability cap will alleviate the main concern of suppliers of nuclear reactors. The amendments comply with international standards that place the responsibility for safety on the operator, not the nuclear reactor supplier. New Delhi hopes the changes will alleviate concerns from mainly U.S. companies like General Electric Co. and Westinghouse Electric Co. that have been on the sidelines due to the unlimited risks of accidents for years. Analysts believe that the passage of this amended law will be crucial in the negotiations between India and America for a deal to increase bilateral trade from $191 billion to $500 billion dollars by 2030. Sources say that Modi's government is confident about getting approval for amendments during the monsoon sessions of Parliament, which will begin in July. According to the proposed amendments the operator's right to compensation will be limited by the value of the contract. The contract will specify a time period for the compensation. The law currently does not specify a maximum compensation amount that an operator may seek from suppliers, nor a period of time for which the supplier can be held responsible. LAW GREW OUT OF BHOPAL DISASTER The 2010 Indian nuclear liability law was influenced by the Bhopal Gas Disaster of 1984, which is the deadliest industrial disaster in the world. It occurred at an American multinational Union Carbide Corp factory, where more than 5,000 workers were killed. Union Carbide settled out of court for $470 million damages in 1989. Since the two countries reached a nuclear cooperation agreement in 2008, the current liability law has strained U.S. and Indian relations. This also put U.S. companies at a competitive disadvantage with Russian and French firms whose governments underwrite their accident liability. Three sources confirmed that the draft law would also lower the liability cap for small reactor operators to $58 million. However, it is unlikely to change the cap of $175,000,000 currently in place for large reactor operators. India has a big bet on nuclear energy to meet its growing energy demand. It does not want to compromise on its net-zero commitments so it is allowing private Indian companies to construct such plants. Indian conglomerates such as Reliance Industries and Tata Power have been in talks with the government about investing around $5.14billion each into the sector. Reporting by Sarita Chantanti Singh and Editing by Raju Gopikrishnan.
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Shanghai copper gains after Trump signals end to China tariff increases
The copper prices in Shanghai increased on Friday, as the possibility of an end to the titt-for-tat tariff increases between the U.S. As of 0355 GMT, the most traded copper contract at the Shanghai Futures Exchange rose 0.3%, to 76.040 yuan (10,421.58) per ton. Good Friday is a holiday in London. The London Metal Exchange will be closed. Trump said on Thursday that he did not plan to increase tariffs on Chinese imports. In response to Beijing counter-measures the U.S. has increased rates on Chinese imports. The latest White House factsheet states that China faces a tariff of up to 245%. Last week, China indicated that it would not "respond" to a "numbers-game with tariffs", hinting at the fact that rates across the board wouldn't increase further. Trump stated that China has been in contact since the tariffs were imposed and expressed his optimism about a possible deal. China's central banks pumped 250.5 billion Yuan through reverse repurchase agreement (7-day) at 1.5%. Data from the National Bureau of Statistics revealed that in March, the country's refined production of copper increased 8.6% on an annual basis to 1,25 million metric tonnes. SHFE aluminium rose by 0.2%, to 19,670 Yuan per ton. Zinc gained 0.4%, to 22,055 Yuan. Nickel fell 0.1%, to 125530 Yuan. Lead gained 1%, to 16,890 Yan, while tin dropped 0.3%, to 256040 Yuan. ($1 = 7.2974 Yuan) (Reporting and editing by Sumana Aich and Rashmi Anil, Bengaluru)
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Saipem Renews Offshore Activities Agreement With Saudi Aramco
Saipem has signed a renewal for its framework agreement with Saudi Aramco. The Long-Term Agreement (LTA) now extends until the end of 2027.With the renewal of the LTA, Saipem is reconfirmed in the exclusive list of contractors selected by Saudi Aramco who are eligible to bid for work orders, known as CRPOs (Contract Release Purchase Orders). These contracts may relate to both the construction of new investment projects and any projects aimed at maintaining production capacity from Saudi Arabia’s offshore fields.Should Saipem be awarded contracts for activities within the Kingdom under the LTA, these will be carried out by a consortium between Snamprogetti Saudi Arabia (a subsidiary of Saipem SpA) and STAR (Saipem Taqa Al-Rushaid Fabricators Co.), which aims to maximize local activities leveraging the local fabrication yard, established in Saudi Arabia in 2008.Saipem and Saudi Aramco have a long history of collaboration on onshore, offshore and drilling project.The renewal of the LTA confirms the trust in Saipem’s services, technology and expertise, reaffirming the company’s role and presence in the Kingdom of Saudi Arabia’s offshore oil and gas sector.
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Iron ore to gain weekly on strong demand despite Trump tariff shock
The price of iron ore fell on Friday but was headed to a weekly increase due to strong demand, positive economic data, and the hope for more stimulus coming from China, its largest consumer. However, the Sino-US trade tensions continued to limit gains. The most traded September iron ore contract at China's Dalian Commodity Exchange closed morning trade 0.84 percent lower, closing at 705.5 yuan (96.69 dollars) per metric ton. This is the second week in a row that this contract has gained. As of 0334 GMT the benchmark May iron ore traded on Singapore Exchange had fallen 0.16%, to $97.65 per ton. However, it has risen 0.5% this week. The price of the main ingredient in steel production was supported by a firming demand. Mysteel's survey shows that the average daily hot metal production, which is a measure of iron ore use, reached a 17-month high on Thursday. The sentiment and price of commodities were also boosted by a number of Chinese data that was better than expected, as well as the hope that Beijing would unveil more measures to counteract the U.S. Tariff shocks. Goldman Sachs analysts, however, forecasted that iron ore would fall to $90 in the fourth quarter of fiscal 2026 and to $80 in the fourth quarter, citing the return of surplus from the second part year. We expect tariffs will weigh on China's domestic demand as well as steel exports for the rest of the year. While U.S. president Donald Trump has signalled that the U.S.-China tit-fortat tariff increases, which shocked the markets, may be ending soon, all eyes will be on signs of progress in easing the trade tensions. Coking coal and coke, which are used to make steel, also fell, by 3.13% and 2.08 percent, respectively. The SHFE steel benchmarks have declined. Hot-rolled coil, stainless steel and rebar fell by 0.66%. Wire rod increased by 0.57%. Reporting by Amy Lv, Lewis Jackson and Sumana Nandy; editing by Sumana Niandy.
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Shanghai Copper Gains on Tariff Deal Hopes
The copper prices in Shanghai increased on Friday as the possibility of an end to the titt-for-tat tariff increases between the U.S. As of 0150 GMT, the most traded copper contract at the Shanghai Futures Exchange rose 0.4%, to 76130 yuan per metric ton ($10,428.05). Good Friday is a holiday in London. The London Metal Exchange will be closed. Trump signaled on Thursday that he doesn't intend to increase tariffs on Chinese imports. Trump increased tariffs on Chinese imports to 145% after Beijing responded with countermeasures. China's own message that tariffs would not be raised further was sent last week when it said "it will not respond" to "a numbers game with tariffs". Trump said that China has been in contact since the tariffs were imposed and expressed optimism about a possible deal. According to a press release, China's central banks pumped 250.5 billion Yuan via reverse repurchase agreement (7-day) at 1.5% as opposed to the previous 1.5%. In February, copper output in Peru, which is the third largest producer of red metal in the world, was almost flat compared to the same month last year. Citi estimates that the average price of copper in the second quarter will be $9,000 per ton. SHFE aluminium rose by 0.3%, to 19,695 Chinese yuan per ton. Zinc was 0.4% higher at 22,055 yuan. Nickel increased 0.3%, to 126,010 Yuan. Lead gained 0.7%, to 16,830 Yuan. Tin gained 0.1%, to 257,210 Yuan. ($1 = 7.2974 Chinese yuan renminbi)
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Soccer-Bodo/Glimt stun Lazio in penalty shoot-out to make Europa League semi-finals
Nikita Haikin's crucial save helped Bodo/Glimt to a dramatic penalty shootout victory away from Lazio, on Thursday. They became the first Norwegian team in the Europa League semi-finals where they will play Premier League side Tottenham Hotspur. Lazio seemed to have done everything they could to win the match, overcoming the two-goal first-leg deficit to lead 3-0. However, a sucker punch goal from Andreas Helmersen in extra-time sent the tie to penalty kicks, where Haikin was the hero. Lazio took the lead through an excellent flick by Taty Castellanos in the 21st-minute. This set the tone for the rest of the match, as the Italians dominated and the visitors struggled to keep up with their slick passing. Boulaye Dia scored to give Lazio the 3-2 aggregate lead after 10 minutes of the first half. Helmersen made a decisive cameo in the second half. He missed a clear chance in the second half stoppage time just before Noslin scored, but he then scored with a powerful header to equalize the score. Helmersen received a second yellow in the dying moments of the match, which was a nerve-wracking encounter. The Norwegians were in a bad situation when Dia scored and Jens Petter Haiuge's spot-kick was saved. But Haikin, a Russian born in Israel who spent most of his teenage years living in London, stepped up to the plate. He saved Loum Tchaouna, watched Noslin shoot wide, and after Bodo scored their next three goals, it was time for Patrick Berg to win the match with his fifth penalty. His family is synonymous with Bodo. The fairytale was not over yet. Berg had one more twist to add. He blasted his shot high above the bar, and Haikin was called on once again. His heroics were cemented by his saving of Castellanos’s shot for a 3-2 victory in the shootout, which made them the Norwegian team to reach the final four of a major European tournament. This prompted wild celebrations from the travelling fans as well as the ones at home within the Arctic Circle. (Reporting and editing by Clare Fallon; reporting by Philip O'Connor)
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Senior Ukrainian official: US and Ukraine sign a memorandum to begin a mineral deal
Ukraine announced on Thursday that Kyiv had signed a Memorandum with Washington as an initial step to clinching a deal on developing minerals in Ukraine. This is a deal pushed by U.S. president Donald Trump. Trump has said that the agreement could be signed as soon as next week. Yulia Shvyrydenko (Ukraine's first vice-premier and minister of economy) announced on social media the signing of the memorandum. She wrote: "We are pleased to announce the signing of a Memorandum of Intent with our American Partners, which opens the door for an Economic Partnership Agreement, and the creation of the Investment Fund for the Reconstruction of Ukraine." The Trump administration had offered a more comprehensive deal at the end last week, so a Ukrainian delegation went to Washington for negotiations. The initial framework agreement has not been signed. Trump said to reporters in the White House: "We've got a mineral deal that I think will be signed Thursday." Trump has called for a deal that would give the United States privileged access to Ukraine’s minerals and natural resources. He sees this as recompense for Washington’s military assistance to Ukraine during former President Joe Biden's tenure. Scott Bessent, U.S. Treasury secretary, said that "we are still working on the detail" and the signing could happen by next Friday. He said, "It is essentially what we had agreed upon previously." "When the President was here, there was a memorandum. We moved straight to the important part, which I believe is an 80-page contract that we will be signing. The White House has not responded to a request from a journalist for more information on the agreement's timing and content. The Ukraine president Volodymyr Zelenskiy said that both countries would be able to sign the Memorandum of Understanding online later on in the day. This is a letter of intent. Zelenskiy, a reporter in Kyiv told reporters that they had positive and constructive intentions. He said that the U.S. offered to sign the Memorandum of Understanding before the Comprehensive Deal, which requires ratification by the Ukrainian Parliament. Svyrydenko said earlier that Kyiv made significant progress in discussing the agreement with Washington, and the Memorandum was the stage where this progress could be recorded. Reporting by Yuliia Dysa in Kyiv and Angelo Amante in Washington. Editing by Mark Heinrich and Anna Driver.
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Bodo/Glimt stun Lazio in penalty shoot-out to make Europa League semi-finals
Nikita Haikin's crucial save helped Bodo/Glimt to a dramatic penalty shootout victory away from Lazio, on Thursday. They became the first Norwegian team in the Europa League semi-finals where they will play Premier League side Tottenham Hotspur. Lazio scored the first goal in the 21st minutes through Taty Castellanos. It took Tijani Norslin until the second half stoppage time to score their second to equalize the match on aggregate. This sent the tie into extra time. Boulaye Dia then headed home in the 10th minute to give his team a 3-2 lead on aggregate. Andreas Helmersen, a Bodo sub, scored a stunning goal in the 109th-minute to tie the score at 3-3. He was sent off in the dying moments for his second yellow card, and the match went to penalties. Haikin saved Castellanos’s attempt to make the score 3-2 and send his team into the final four. Philip O'Connor reported; Clare Fallon edited.
Stocks surge in relief rally following Trump's pause on tariffs
On Thursday, global shares surged after U.S. president Donald Trump announced he would temporarily reduce the heavy duties he just imposed on several countries.
The sharp overnight rally of U.S. shares and the dollar has lost momentum as the trade war between China and the United States intensifies. Investors are also confused by the Trump administration’s reversal on tariff plans.
After a market crash that wiped trillions from global stocks, and sent U.S. Treasury Bonds and the dollar tumbling, Trump announced on Wednesday a 90-day suspension of many of his new duties in an unexpected reversal.
This pushed European Futures sharply higher in the Asian session. EUROSTOXX50 futures and DAX forwards each rose nearly 8%, while FTSE forwards gained 5.4%.
Nikkei, the Japanese stock exchange, also rose by more than 8%.
Wall Street took a break after an overnight rally that was accompanied by a soaring price, as investors struggled with the economic policies of the U.S. government.
The world's political and financial leaders are looking with horror and not amusement at an administration who prioritises signing an executive order to increase the water power in shower heads on the day the bond market crashes and investors doubt the long-term credibility of the administration after they have flipped-flopped their largest policy, tariffs," Martin Whetton said, Westpac's head of financial markets.
Nasdaq Futures dropped more than 1%, and S&P500 futures were down 0.8%.
In the Wednesday cash session, both indexes posted their largest daily percentage gains for more than a decade.
The dollar dropped 0.8% versus the yen, and 0.6% versus the Swiss franc. It failed to maintain its previous jump against these two safe-haven currencies.
Khoon Goh is the head of Asia Research at ANZ. He said: "I believe the initial move was simply massive short covering, and this gave the world a little breathing space. Except for China...because markets started to price the worst-case scenarios."
The markets are likely to figure out what to do next now that the dust is settled.
Trump's decision to reverse the tariffs on specific countries is not final. The White House announced that a 10% blanket duty will continue to be applied to almost all U.S. imported goods. This announcement does not seem to affect existing duties on steel, aluminium and autos.
He said he would also increase the tariffs on Chinese imports from 104% to 125%, which came into effect Wednesday.
China raised the additional duties on American goods to 84% on Wednesday and imposed restrictions against 18 U.S. firms, mostly in defense-related industries.
Investors, however, have a limited view of the latest escalation in Sino-U.S. Trade tensions. They are focusing on the 90-day window Trump granted to dozens countries.
Hong Kong's Hang Seng Index rose 2.4%, while China's CSI300 blue chip index gained 1%.
Wong Kok Hoong is the head of Maybank's equity sales trading.
The China + 1 route is still intact. "As the tariffs on the rest of world are 10% for 90 days and companies/businesses will have the time/alternatives/time to adjust their supply chain routes."
The onshore yuan is still at its lowest level since December 2007, 7.3518 dollars.
The People's Bank of China set the midpoint, or the rate at which the yuan can trade within a 2% range, prior to the market opening. This is the lowest since September 11, 2023.
BONDS SELLOFF
The steep drop in bond prices this week showed signs of slowing down on Thursday.
The benchmark 10-year Treasury rate dropped to 4,2908% after reaching a high of 4.515% in the previous session. It also rose by 13 basis points.
Fears of fragility on the world's largest bond market were reignited by a violent U.S. Treasury sale in previous sessions. The "dash for money" of the COVID era was reminiscent.
Lawrence Gillum is the chief fixed income analyst at LPL Financial. He said that "sticky inflation, a patient Federal Reserve, potential foreign buyer boycotts and hedge fund deleveraging are all reasons for Treasury yields to continue moving higher."
Minutes of the Fed's March meeting were released on Wednesday. They showed that policymakers are not going to rush to cut interest rates because they believe higher tariffs will boost inflation. However, they also worry Trump's policy towards trade could have a negative impact on the economy.
The markets are now pricing just 80 basis points in rate reductions by December. This is down from over 100 bps earlier this week.
Investors worried about the escalating Sino-U.S. Trade War lowered oil prices elsewhere.
Spot gold continued to climb, and lastly rose 1.5% to $3,128,92 per ounce.
(source: Reuters)