Latest News
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Trump Media and fusion power company TAE Technologies join forces in $6 billion deal
The social media company of U.S. president Donald Trump is entering the fusion-power industry through a merger worth more than $6 billion with TAE Technologie. They are betting on this experimental technology, as AI datacenters 'drive a surge in energy consumption. After the merger is completed in mid-2026, the shareholders of each company will hold about 50% of the combined entity. Trump Media and Technology Group is the holding company of businesses such as Truth Social, TAE Power Solutions and TAE life Sciences. Stocktwits, an online hub for retail investors and social media, saw the shares of Trump Media surge by more than 33% during premarket trading. TAE Technologies is supported by Alphabet’s Google and Chevron. The company aims to develop and market?next generation neutral beam systems? for fusion applications and other related areas in a?cost-effective way. Nuclear fusion is a new technology aimed at generating electricity using the same process that powers our sun. It promises a vision of unlimited energy, free from pollution, radioactive waste and greenhouse gases. The insatiable need for electricity to power data centers, which?power artificial-intelligence technologies, has renewed interest in nuclear energy supply. This includes restarting reactors that have been completely shut down, increasing capacity, and contracting?power for future small modular reactors. A growing demand for energy is driving the development of nuclear power plants. These are widely considered to be a cleaner form of energy. After the deal is closed, the two companies will?site and start construction on the first utility-scale fusion plant in the world. The companies announced that Devin Nunes will be co-CEO with TAE's CEO and Director Michl binderbauer.
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Minister: New Czech government considering several CEZ purchase options
The Czech government has a number of options to buy out CEZ. This includes leaving some assets on the market. However, it has not set a date for what could be one of the biggest energy changes in the country, according to its industry minister. Andrej Babis is a billionaire, and his populist ANO party leads a coalition government which took office last week, after winning the October elections. He has called for CEZ to be fully controlled in order to increase energy security. Karel Havlicek is the ANO vice chairman and first deputy premier. He told?on?Wednesday that a possible option was to take 100% of CEZ’s generation assets, and leave?distribution assets and trading assets at the stock exchange. State could buy all of CEZ, one of?central Europe's biggest companies with a $33 billion market capitalisation. Then relist a part of its distribution and trading assets. Havlicek refused to provide any further information on "price sensitive" matters. Once approved, the process could take two years. In an interview, he stated that "this would de facto signify that the desired steps towards energy security have been taken." "We'd have the whole generation under control like they do in France, for example." 'MASSIVE TRANSACTION' The cost of buying out minority shareholders who own 30% of CEZ would be reduced if CEZ listed some of its distribution or trading activities. The government holds 70% of the company. At the current share price, buyout costs would be more than 200 billion crowns (about $9.6 billion). Havlicek stated that any transaction must provide fair conditions for minority shareholders. He said that he did not want to speculate on when we would reach this goal, but added that the government is also working to reduce energy prices for customers and build new capacity mechanisms. He said a CEZ buyout would be a "massive transaction", but that it would give more flexibility to the state. Critics claim the plan would be costly and burden CEZ with debt. Havlicek stated that CEZ generates an annual profit before interest, taxes, depreciation, and amortization of 130 to 140 billion crowns. Therefore, it can handle a buyout without compromising investments.
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Chennai Petroleum Corp., India's largest refinery company, will increase capacity at Manali refinery.
Chennai Petroleum Corp. (CPCL), an Indian company, plans to increase the capacity of its Manali refinery in south 'India to 280,000 'barrels a day' from 210,000 bpd and enter fuel retailing. This is part of a strategy to grow. The company is a sub-sidiary of India's largest?refiner - the state-run Indian Oil Corp. It sells all of its transportation fuels, including diesel and gasoline, to the parent company, which also has a strong local retail network. H Shankar, managing director of the Chennai-based firm, announced that the company would enter the retail fuel business with 300 stations by the middle of 2028. He said that "CPCL 2.0" will be a new version of the refinery, which was previously referred to as a "standalone refinery". He stated that the company hopes to have a feasibility report on the Manali refinery expansion completed by October 2026. This will allow them to decide the cost and configuration of the new units. Shankar said CPCL was also in the process of finalising?the configuration?of the 180,000 bpd refining plant and related petrochemicals unit at Nagapattinam, in the southern Tamil Nadu State. Reporting by Nidhi verma, New Delhi. Editing by Harikrishnan Nair
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Silver nears record high as gold falls on dollar firmness ahead of US inflation data
Silver hovered at record highs, despite a weaker dollar. Investors remained cautious ahead of U.S. inflation figures that could influence the Federal Reserve’s policy. As of 1023 GMT, spot gold was down 0.4% at $4,324.47 per ounce. U.S. Gold Futures were also down 0.4% at $4,355.70. Dollar index rose after reaching a high of?nearly a week on Wednesday. This made greenback-priced gold more expensive for foreign buyers. Spot silver dropped?0.4%, to $66.02 per ounce. It had previously reached a record-high of $66.88. The slightly stronger 'dollar is a headwind to both gold and silver )... Some cautious investors prefer to be on the safer side, not entering the report (on inflation) with an open position," UBS analyst Giovanni Staunovo said. White metal has risen 129% this year due to a stronger industrial demand, and a persistent supply deficit. Donald Trump, the U.S. president, said that on Wednesday he believes that the next Fed chair will have a "significant" belief in lower interest rates. Trump will announce his successor to the current Fed Chair Jerome Powell in early 2019. Fed Governor Christopher Waller said that the Fed still has "room" to lower interest rates despite the deteriorating job market. Data released earlier this week showed that the U.S. unemployment rates rose to 4.6%, higher than a poll predicted of 4.4%, and at their highest level since September 2021. Investors await the release of 'November's U.S. Consumer Price Index, which is expected to show a 3.1% increase year-on-year. The markets are currently pricing in an additional two 25-basis point rate cuts for next year. Gold and other non-yielding investments benefit from a low-interest rate environment. Palladium rose by 0.1%, to a record high of nearly three years at $1,649.75. Platinum gained 0.7%, to $1,912.25, which is a 17-year-high.
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Copper prices steady as traders trim their positions and focus on US data
Copper was unable to find direction on Thursday, as traders reduced their exposure in anticipation of the Christmas holiday and waited for the U.S. Inflation Report that could give clarity?on the Federal Reserve’s monetary policy. As of 1015 GMT the benchmark three-month copper on?the London Metal Exchange remained flat at $11,730.50 a metric ton, after trading down as much 0.6% earlier in session. Ole Hansen is the head of commodity strategy at Saxo Bank. He said that there was not much appetite for new positioning. "Books are reduced. This time of year, a spike in volatility can be a concern. Last week, copper reached a record high of $11,952. Hansen said, "The underlying trends?still point to a firm support for this material as we move?into?2026. The?supply is being challenged while demand looks like it will keep moving higher." Dollar-denominated commodities are now more expensive to holders of currencies other than the dollar. Neil Welsh, Britannia Global Markets' head of metals, wrote in a report that "risk sentiment is fragile following the latest wobbles in U.S. Technology shares. Traders are now focused on the next set of inflation data and central banks communication." After South32 announced that it would shut down its Mozal smelter, in Mozambique, in March, aluminium fell 0.3% to $2,895 a ton. The market has already priced in some of the risks associated with the?closure of Mozal, but a formal confirmation could add further upward pressure on LME aluminium prices, and weigh down an already fragile alumina market, said Edgardo?Mackenzie, Aluminium Research. Zinc dropped 0.7% to $3.053, while lead fell 0.2% to $1.955.50, nickel rose 1% to $14,25, and tin increased 1.3% to $42,825. It had earlier reached $43,345, which was its highest level since April 2022. (Reporting and editing by Harikrishnan Nair; Additional reporting by Dylan Duan, Lewis Jackson and Sherry Jacob Phillips; Tasim Zahid and Sherry Jab-Phillips)
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Japan's Sumitomo Realty bets on Mumbai serviced apartments and Mumbai by Japan's Sumitomo Realty
?Japan’s Sumitomo Realty and Development plans to expand into?India using an unconventional strategy: focusing on Mumbai and?managing apartments?rather?than?selling them, executives said. Japanese developers are expanding their presence on India's $300-billion real estate market. They have been attracted by the rising rents and lower construction costs than in Tokyo, New York, or London. Due to the slow process of land acquisition, players such as Japan's Mitsui, and U.S. based Blackstone have expanded their operations in India through partnerships with local developers or by purchasing completed buildings. Sumitomo is, on the other hand, focusing its efforts in Mumbai, and relying on a 'ground-up'?construction. In an interview, Niinomi masato, the general manager of Sumitomo India's business division said that Mumbai is a city with assets and vitality worth focusing on. Sumitomo, which manages 240 properties in Tokyo, has called Mumbai the "second growth engine". Masato?added that Mumbai has fewer geographic risks, such as earthquakes which can threaten assets or cash flow. MAIN BET ON MUMBAI Tomoki Iwata said that the company is reviewing other cities, but has not yet found any suitable sites in Delhi or Bengaluru. Sumitomo believes that there is a greater supply of prime locations than in Mumbai where the land shortage creates opportunities for rental growth over time. Sumitomo has five projects in India, all located in Mumbai, four of which are in the Bandra Kurla Complex, near the international airport and home to many multinational companies. Iwata stated that these four projects will be completed in five years, and cash flow will fund future expansion. He said Sumitomo spent a quarter its $6.5?billion India commitment but declined to provide details. Servicing, not selling Rents for "premium" apartments in India have also increased as the country's wealth has grown. According to Cushman & Wakefield, the average rent in south Mumbai was as high as 730,000 rupees per month this year, which is about 20% more than it was three years ago. Luxury homes are typically sold for millions of dollars by local developers such as Oberoi and Godrej Properties. Masato stated that Sumitomo will manage and rent the apartments in one of its "super high-rise" Mumbai project rather than selling them.
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Azerbaijan ships first gasoline to Armenia after decades-long war
Azerbaijan's state oil company SOCAR delivered 1,220 metric tonnes of gasoline to Armenia on Friday, the first shipment in 30 years as the two countries?gradually? improve their relations after decades of war. Azerbaijani officials said that the gasoline was transported by train near the border of Georgia to Boyuk Kesik, where it will be then delivered to Armenia. Hikmet Hajiyev is the assistant to Azerbaijani president Ilham Aliyev and head of foreign policy in his administration. He said they also discussed demarcation of the disputed border. Azerbaijan has been at war with Armenia for almost 30 years. In the 1990s, Nagorno Karabakh, which is internationally recognized as a part of Azerbaijan broke away from Baku and ethnic Armenians declared de facto autonomy. Azerbaijan took control of the region in 2023. The two sides then began peace talks. Azerbaijan reopened earlier this year its territory to the?transit? of goods from Azerbaijan to Armenia. This?route had been closed since 1997. Two grain shipments?from Kazakhstan, Russia and Azerbaijan have already crossed Azerbaijan on their way to Armenia. Another consignment of Russian grains is expected before the end of this year.
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Von der Leyen: EU will lift sanctions against Kosovo and release financial assistance
According to European Commission President Ursula von der Leyen, the European Union will lift the sanctions it imposed against Kosovo in 2023 due to tensions in the northern part of the country. The EU introduced punitive actions against the ethnic Albanian majority in Kosovo after the government of Prime Minister Albin Kriti failed to respond EU and U.S. requests to defuse violence in northern Serb majority following "the worst violence in more than 10 years". These measures included stopping visits to the EU by Kosovo officials and suspending large parts of EU economic assistance. Von der Leyen posted a 'post on X, late Wednesday night. 'Good news for Kosovo. "We have programmed 216 million euros ($253 millions) in financial assistance and plan to release 205million euros early next year." In 2023, violence erupted after ethnic Albanians became mayors in the northern part of Kosovo following local elections that were boycotted. Serbs demanded the implementation a decade-old agreement granting greater autonomy. Around 30 NATO peacekeeping soldiers guarding townhalls were injured during clashes between protesters and Serbs. Von der Leyen stated that the EU decided to lift the restrictions after the local elections in October, which saw the installation of Serb mayors. Kosovo is due to hold a parliament election on December 28th after a failed attempt to form a new government in February. Normalising relations between Kosovo and Serbia is essential to their common goal of EU membership. ($1 = 0,8532 euros) Reporting by Ivana Skularac and Editing by Timothy Heritage
Gabon introduces new housing tax to tackle debt
Gabon plans to introduce a housing tax next January in order to finance the needs of this oil-producing nation, as its debt continues to grow.
The country is facing an acute liquidity squeeze that has made it more dependent on regional capital markets.
Marie-Noelle Ada Meyo, a special adviser to the Gabon Presidency's social media, said that authorities are working on an annual tax which will be paid by the owner or tenant of a dwelling.
Ada Meyo, Gabon's Treasury Minister, said that the funds will be used to improve street lighting, road maintenance, and city cleanliness.
The amount of the contribution will vary depending on where you live, between $1,000 ($1.80), and 30,000 CFA Francs ($53.88), per month. She added that the exemptions will apply to households in need, schools, and places of worship.
According to the World Bank, more than a third (33%) of Gabon’s population is living in poverty. In rural areas, access to basic services like water and electricity is still difficult.
The outstanding public debt of Gabon increased to '8.6 trillion CFA Francs' ($15.45billion) by the end October, from '7.1 trillion' for the same time period last year.
The total?amount includes 4.2 trillion CFA Francs in external debt and 4 trillion CFA Francs in domestic debt, including 3.2 billion issued on the regional market.
At the end of October, arrears totaled 443.6 billion CFA Francs. $1 = 556.7500 CFA Francs (Reporting and editing by Alexander Smith; Anait Miridzhanian)
(source: Reuters)