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How an attack on Ukraine's substations for nuclear power could lead to a blackout
Russia intensified its attacks against Ukraine's energy systems, which rely almost exclusively on electricity generated by nuclear power stations and have already lost half their generating capacity. What do nuclear power plants mean for Ukraine? According to President Volodymyr Zelenskiy, Russia plans to strike substations which?supply consumers with nuclear energy? and plunge the country into complete blackout. Ukraine operates three nuclear plants with a combined capacity of 7.7 gigawatts. The largest nuclear power plant in Europe, Zaporizhzhia, is currently occupied by Russia. Currently, the country is experiencing a 10 gigawatt deficit, which can only be partially offset by imports. This means that authorities are forced to implement rolling blackouts on a large scale, leaving entire regions without electricity for several hours. A source in the industry, who requested anonymity due to the sensitive nature of the topic, stated that nuclear power now provides up to 80% the electricity consumed by Ukraine. The country has no other generation capacity left intact. The source from the industry said that the removal of nuclear power plants would cause the cities' infrastructure collapse. Zelenskiy?previously stated that domestic production and imports only cover about 60% of the demand. At this week's World Economic Forum, in Davos, Economy Minister Oleksiy Sbolev stated that Russian shelling in Ukraine since October 2025 had?damaged 8 gigawatts in generating capacity including thermal and hydroelectric plants. SUBSTATIONS ARE KEY Element OF A POWER SYSTEM Nuclear power units would be useless without substations capable of delivering electricity generated to high-voltage networks and then, via smaller substations to consumers. Oleksandr Kharchenko, director at the independent Energy Research Centre of Kyiv said that ten key substations carried more than half the electricity used by Ukraine. Some substations are directly adjacent to nuclear power plants while others are hundreds or dozens of kilometers (miles). ARE THE SUBSTATIONS ALREADY UNDER ATTACK? Rafael Grossi, head of the International Atomic Energy Agency (IAEA), said that the latest Russian missile salvos have already "affected" key Ukrainian power stations. Kharchenko stated that there have been no attacks on nuclear power plant substations, but Russia has struck substations far away from power units 60 times during the nearly four-year war. Only auxiliary equipment was damaged by the attacks, which targeted rare, powerful transformers. Protective measures were put in place to protect them. Kharchenko stated that it usually takes just a few days to fix such damages and return the substation back to service. Despite this, the source from the industry said that nuclear power plants were forced to reduce their output many times because of such attacks. DANGERS OF ATTAKING SUBSTATIONS NEAR NUCLEAR PLANT Analysts and energy experts say that the consequences of a strike on substations near nuclear reactors is unpredictable, as even if the explosion did not damage the reactor itself, it could damage the piping system containing radioactive water as well as other nuclear?equipment. Substations can be located only a few hundred meters (yards), and if they are hit, the consequences could be unpredictable. A source in the industry noted that the buildings of the reactors were made of thick concrete, and therefore would not be penetrated easily by the drone's warhead. However, a fire may damage other objects at the power station. The source also said that they could not withstand an attack by a ballistic rocket. In 1986, Ukraine had already suffered a nuclear catastrophe when a power unit of the Chornobyl Nuclear Power Plant exploded. This explosion rendered tens and thousands of acres of land uninhabitable, just 80 kilometers (50 miles), from Kyiv. Kharchenko stated that Russian missiles targeting substations may simply damage the reactor, or other important equipment. This includes kilometres worth of pipelines transporting radioactive water or turbine equipment at nuclear power plants. (Reporting and editing by Daniel Flynn, Mark Heinrich, and Pavel Polityuk)
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The yen is choppy after BOJ's intervention fears
The yen fluctuated on Friday as traders were concerned that the Japanese authorities may intervene directly in markets to support their currency. Global stocks also held steady after U.S. president Donald Trump's softening stance?on Greenland. In a statement earlier today, the Bank of Japan indicated its willingness to raise the still-low rates of borrowing in the face of an agitated political atmosphere and the upcoming snap elections. Early in London trading the yen unexpectedly swung suddenly from a loss to an abrupt gain against the dollar. This caused traders to speculate that some Japanese authorities had run rate checks with the banks, which is often used as a signal to the markets to indicate their readiness to intervene in order to support a dollar-denominated currency at a 18-month low. Two-year Japanese government bonds yields have risen to 1.25%, the highest since August 1996. David Chao is the global market strategist at Invesco Singapore. He said that "the (BOJ) tone appears to be hawkish." The BOJ raised four out of six inflation forecasts, and said that if the forecasts come true, further rate increases are likely. Global stocks recovered much of the ground they lost earlier in the week due to rising tensions between Europe and the United States over Greenland. This was after President Donald Trump announced that he wouldn't impose trade tariffs at this time and wouldn't occupy the territory with force. European stock markets opened flat, with global stocks up 0.1%. Wall Street futures predicted a fall of 0.1-0.2%. We know Trump is unpredictable. There are still some threats that we can face. "It's certain that Europeans remain very cautious in this environment," said Marie de Leyssac at Edmond de Rothschild Asset Management. Some of the biggest investors in Northern Europe are becoming increasingly cautious about investing in U.S. assets. "What it does absolutely is increase risk." "It makes us think about our cash levels, and our allocations of bonds and stocks," said Neil Birrell. GOLD reaches another record high, Oil gains The U.S. Dollar Index, which measures currency strength against a basket, was last broadly unchanged at 98.336, near its lowest levels for the year, after Thursday's biggest one-day drop in six weeks. Last week, the dollar fell 0.2% against the yen to 158.02. Fed?funds Futures indicate a 95% implied probability that the U.S. Federal Reserve is likely to keep rates at?hold during its next two-day meetings on January 28. This was little different from the day before, according CME Group’s FedWatch tool. The yield on U.S. Treasury 10-year?bonds was last at 4,2351%. Gold and other precious metals have set new records. Gold spot hit a record of $4,967.03 and then dropped 0.6% to $4 908. Brent crude futures last rose 1.1% to $64.74 per barrel. This was after Trump's softening tone towards Greenland, and Iran helped ease fears about geopolitical risks disrupting the supply. Reporting by Iain Withers and Gregor Stuart Hunter, with additional reporting by Naomi Rovnick. Editing by Christian Schmollinger and Jacqueline Wong.
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Italy and Germany are concerned about China's raw materials.
In a joint statement issued on Friday, Italy and Germany committed to ensure safe'supply chains' for raw materials that are vital to their economies. Rome is urging partners to join forces to combat China’s increasing influence on price. The document seen by was part of an Intergovernmental Summit The two countries will be meeting in the Italian capital, with the Chancellor Friedrich Merz and Prime Minister Giorgia Meroni. Antonio Tajani, Foreign Minister of Italy and Germany, said: "We cannot?accept China as the sole authority to determine the price of raw material." "Italy, Germany and other countries should share a similar approach. In a joint statement, the two countries stated that they would work to ensure supply?chains for "critical raw materials which are vital for strategic technologies and sectors applications," with a view to?enhance economic security. According to an Italian government source, the silicon and chip industries are the most important areas of cooperation between the two countries. Rome and Berlin, the EU's two leading manufacturing economies, said that securing critical raw materials would also be an opportunity to strengthen cooperation between the 27 nation bloc and its transatlantic allies as well as "like-minded partners".
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India antitrust investigation links Tata and JSW to steel cartel through WhatsApp chats and production data
A report by a? antitrust investigation shows that four major Indian steelmakers – Tata Steel, JSW Steel, state-run SAIL and RINL – disclosed their pricing plans and coordinated production reductions to reduce supply. Exclusively reported on January 6, an investigation by India's Competition Commission found that?28? firms colluded to fix steel prices. They could be fined a lot. The report on the investigation into four major companies, which hasn't been made public, shows that the commission reviewed dozens of WhatsApp conversations from groups called "Friends of Steel", “Tycoons” and "Steel Live Market", that were confiscated during raids in the 2022 steel industry. It analyzed pricing changes, production and sales patterns. The report claims that Tata Steel, JSW Steel, state-run Steel Authority of India Limited (SAIL), and Rashtriya Ispat Nigam Limited (RINL) colluded between 2018-2023. The April 2025 draft of the report by the Commission stated that "there is sufficient circumstantial evidence... indicating a concerted effort" on behalf of SAIL, RINL JSW, and Tata Steel. It said that the four companies were "influencing the market by providing sensitive information about prices in advance." BigMint estimates that these companies represent 44.4% of India’s steel market. TATA STEEL "DENIES CATEGORICALLY ANY WRONGDOING" Tata Steel issued a statement in which it said that it "categorically denied any wrongdoing". It also stated that its prices are determined independently, based on the market conditions at the time and other factors. The company said it would submit detailed responses to both the Competition Commission and the European Union. JSW, SAIL and RINL didn't respond to our requests for comments. The report said that their executives had denied any wrongdoings during the investigation. The Competition Commission, which, in accordance with its own rules, does not disclose any details of cartel cases, did not also respond. Whatsapp chats and steel bar?TYCOONS The steel case began in 2021, and in October the companies were asked to provide their financial details (typically asked for penalty calculation) and any final objections. Senior officials of the commission review the findings. They can impose fines or reverse investigation findings. Tata, JSW SAIL and RINL weren't raided during the 2022 operation but many smaller companies and industry groups. India's Competition Commission retrieved conversations from the phones other company executives referring to pricing plans for JSW, Tata SAIL, and RINL. The report did not mention any messages written by the executives of the four companies, but stated that the investigators had compared the information from the?chats to the actual price changes for the company and found they were in sync. In 2022, a message was posted to a group named "TMT Tycoons" - TMT is the term used for steel bars in construction. The message read: "TODAY SAIL INCREASED RS. 1000pmt in HR COIL/FLAT products. According to close sources, "all primary producers are likely increase prices." A message from 2020 stated: "All major producers such as jsw... tata... & sail are planning to increase the TMT price from 1st Nov by 1500 to 2,000 pmt." PRESENTATIONS & 'CLEAR CUT CORROBORATION India is the second largest producer of crude iron and steel in the world. Demand for the alloy has grown as the country's fast-growing economy has increased its infrastructure spending. The Competition Commission has found billionaire JSW Managing Director Sajjan Jindal and Tata Steel CEO T.V. Narendran and four former SAIL chairs, along with three former RINL chairpersons, were found guilty of price collusion. This was reported earlier this month. The report revealed that some of RINL’s internal presentations to government pointed out the alleged collusion between the four players. A RINL presentation made to a government panel showed that, for each month between 2018-19-2022-23, it "submitted'market prices of TMT bar of SAIL TATA JSW in order (to) arrive at the selling price for TMT bars by RINL." The commission's report also found that, at least for 2020-21, there would be a "controlled decrease in production" by Tata, JSW SAIL, and RINL of between 16% and 22%. In 2020, RINL made a specific presentation to a committee of the government that noted "production cuts" by manufacturers. "These facts (are) tantamount to clear-cut corroboration/admission of allegation of production cuts by the said big steel manufacturers," the report said. Reporting by Neha Kalra and Aditya Arora; Editing by Barbara Lewis
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The IEA predicts that Europe will import record amounts of LNG in 2026.
The International Energy Agency announced on Friday that a record amount is expected to be imported by Europe of liquefied gas in this year, with the global supply also set to increase. Since Russia invaded Ukraine in 2022 the European Union has tried to reduce its dependence on Russian energy. It has also increased imports of LNG, especially from the United States. The IEA's Gas Market Report for the quarter of 2026 showed that Europe will import a record 185 bcm?of LNG, up from a prior record?175 bcm?in 2025. The agency forecasts that global LNG supply will grow by?more? than 7% between?2026 and?2027, at its fastest rate since 2019. North America is expected to account for the majority of this 40 bcm growth, it said. North American projects will dominate new capacity by 2025. Global LNG supply is expected to rise almost 7%. The report stated that the United States was at the forefront of investment, having approved?over 80 billion cubic meters of annual capacity. Keisuke adamori, Director of Energy Markets & Security at the IEA, said that "the LNG wave" would play a key role in shaping global gas markets. He added that it was likely to pressure prices down while improving market liquidity. The IEA reported that natural gas trading volumes, and?hub liquid?ity in all?major markets will reach record highs by 2025. Gas volumes traded in the United States on Henry Hub increased by 8%. In Europe and Britain, they grew by 17%. According to the IEA, geopolitical risk and weather conditions are still significant factors in global gas markets. This requires continued energy security vigilance. (Reporting by Susanna Twidale, editing by PhilippaFletcher)
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Denmark and NATO are seeking to enhance Arctic security in the wake of Greenland Crisis
Mette Frederiksen, the Danish Prime Minister, said that she agreed with NATO chief Mark Rutte on Friday that the alliance needed to increase?security in Arctic after weeks of turmoil about?U.S. President Donald Trump has threatened to annex Greenland. Denmark and Greenland (a Danish autonomous territory) insist on the sovereignty of the island. Discussion not open They have stated that they are willing to talk about a variety of other topics. Trump claimed on Thursday that he had You can also find out more about Greenland will have permanent and total U.S. entry after talks with Rutte. NATO Chief Allies will have to increase their efforts in order to ward off the threats of Russia and China. "We agree with the idea that NATO should increase its engagement in the Arctic. Frederiksen stated in a Friday social media post that the alliance must be involved in ensuring the security and defense of the Arctic. She also posted a picture with Rutte. Rutte stated that he worked with the Danish leader on enhancing deterrence, defence and security. Frederiksen is scheduled to travel to Greenland’s capital Nuuk on Friday evening to meet with the island's premier. The Danish Foreign Minister said that diplomats of Denmark and the United States met in Washington, Thursday. They had established a plan on how to proceed. We will not communicate the dates of those future meetings, as we want to remove all drama from?this... and have a calmer process," said Foreign Minister Lars Lokke Rasmussen. Sources familiar with the issue said that Rutte, Trump and Greenland had agreed in Davos to continue talks on updating the 1951 agreement that governs U.S. access and presence on this Arctic island. Reporting by Soren Jacobsen and Stine Jeppesen in Copenhagen. Editing by Terje Solsvik & Toby Chopra
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Officials and youth groups say that seven miners were killed in Nigeria's restive Plateau by a group of young men.
A local youth group and a state representative?both said?on Friday that seven people were killed in an overnight shooting attack at a mining site in Nigeria's Plateau state. Plateau is part of a group of ethnically and religiously diverse hinterland countries known as Middle Belt. In recent years, communal conflict has led to the deaths of hundreds. Violence is often portrayed as an?ethnoreligious conflict' between nomadic Muslim farmers and predominantly Christian herders. The Berom Youth Moulders' Association (BYM), a group of Berom youth sculptors, said that the victims were killed late Wednesday as part of what they described as a series of coordinated attacks on Berom communities. Could not confirm independently who was behind the attack. Emmanuel Solomon, a senior adviser to the Plateau Governor, confirmed that seven people were killed in the attack. Plateau police declined to comment immediately, but a spokesperson from Operation Safe Haven in the state said that troops found seven bodies at the scene and spent cartridges, adding that victims were miners who remained on the site despite the ban on nighttime mining. Donald Trump, the U.S. president, has stated that Nigerian Christians have been persecuted in record numbers and are killed. He launched an airstrike against suspected perpetrators a month ago. The Nigerian Government denies there is "systematic persecution" of Christians, but claims it is fighting Islamists and violent groups who have targeted both Muslim and Christian civilians for ransom.
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Adani shares drop after US SEC tries to bypass Indian Government to serve summonses
The shares of India's Adani Group firms fell between 2% and 11 % on Friday, after the U.S. market regulator requested permission from a court to email personal summonses to founder Gautam Adani as well as group executive Sagar Adani regarding alleged fraud and $265 million in bribery. Adani Enterprises' flagship company fell as much as 9.1%, to 1,890.23, the lowest level since May 19, 2023. India's Nifty 50 index fell 0.94%. Since last year, the SEC has tried to summon billionaire Gautam Adani and his nephew Sagar in a high-profile U.S. legal case involving an Indian conglomerate. According to SEC filings, India had previously refused to serve summons on two occasions. The indictment was unveiled in November 2024 and accused Adani executives of participating in a scheme that involved paying bribes for the purchase of electricity by Adani Green Energy - a unit of Adani Group. Adani Group has labelled the allegations as "baseless", and said that it will seek "all legal recourse possible" to defend itself. It did not respond immediately to the'request for comment? on the latest filing dated 21 January. The shares of the green power unit dropped as much as 13 % on Friday. Urvi Dugar, Bengaluru Reporter; Mrigank Dhaniwala, Editor
After years of negotiations, India and the EU have reached a free trade agreement. What has been agreed?
India and the European Union have been working on a free trade agreement for years. An announcement is expected to be made at the India-EU Summit, which will take place in New Delhi on Tuesday.
The following are the key elements of a trade agreement:
RATIFICATION & IMPACT
The pact, once signed and ratified, could increase bilateral trade and lift Indian exports, such as textiles and jewelry, which are currently subject to 50% U.S. duties since August.
The fact that EU legislators voted earlier this week in favor of challenging the EU-South America Pact before the top court of the EU highlights the potential for parliamentary obstacles to delay or complicate the ratification.
Separately, investment protection and geographic indications (GIs), are being negotiated, focusing the FTA on goods, services, and trade rules.
WHY IT MATTERS NOW
This would be India's ninth trade agreement in just four years. It reflects New Delhi's efforts to gain market access at a time when global trade is becoming more protectionist. The EU benefits from the deal because it diversifies supply chains and reduces dependence on China while also tapping India's $4.2 trillion fast-growing economy.
INDIA GAINS GROWTH
India is India's largest trading partner, along with the United States, China and the EU. Bilateral goods and service trade will exceed $190 billion by 2024/25. India exported $76 billion worth of goods and $30 in services to the 27-nation group.
According to Global Trade Research Initiative (a Delhi-based think-tank), the average EU tariffs for Indian goods is relatively low, at around 3.8%. However, labour-intensive industries such as textiles and clothing face duties of up to 10%.
The FTA will help to restore the competitiveness that was lost when the EU started withdrawing tariff concessions from the Generalised System of Preferences in 2023. This includes garments, pharmaceuticals, and machinery. It will also offset the impact of increased U.S. Tariffs.
India also seeks to export IT services and professionals.
GAINS FOR EU
Exports of EU goods to India will face higher tariffs, with an average weighted tariff of 9.3% for $60.7 billion worth of?goods by 2024/25.
Automobiles, auto components, chemicals, and plastics are subject to the highest duties. Tariff reductions would create opportunities for cars, chemicals, aircraft, machinery and other products, as well as improving access to services and procurement in one of the world's largest and fastest-growing markets.
Key Sticking Points
Agriculture and dairy products are excluded. India has resisted EU demands that it eliminate tariffs on over 95% of goods. It is now closer to 90%.
Automobiles, wine and spirits are still sensitive. India may opt for a gradual reduction in tariffs or limited quotas instead of a sharp one, citing the risks to its domestic manufacturing.
SERVICES AND RULES
India wants to be "data-secured" under EU data regulations, and for professionals to move more easily.
New Delhi is more flexible in areas such as labour, environment, and intellectual property. The EU wants to expand access to India's legal and financial services.
INDIA'S RUBY FLAGS
The EU's border carbon levy could reduce the gains in tariffs for Indian exporters. Other concerns include high non-tariff obstacles such as regulatory delays and stringent standards, and certification costs.
What is next?
Analysts claim that geopolitics, trade shocks and other factors have forced both sides to a pragmatic compromise. The pact's ability to deliver balanced gains depends on the final handling of carbon levies and other non-tariff barriers. (Reporting and editing by Jacqueline Wong; Manoj Kumar)
(source: Reuters)