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CEZ to appeal the injunction that prevents signing of nuclear power deals
Daniel Benes, CEZ Chief Executive said that the Czech utility will appeal a court order that prevents it from signing a $18 billion agreement with Korea's KHNP for two new nuclear reactors. Benes told reporters that CEZ would respect the court's ruling on Tuesday, but continue with the preparations for the project in spite of the legal challenge from the losing bidder EDF France. He also said CEZ would seek damages due to delays. Benes stated, "We are confident that we have not broken any laws and that this tender will be successful in its conclusion by signing the contract. I am certain of that." Benes was confident that CEZ had acted correctly, and that the Highest Administrative Court will overturn the injunction of the lower court. CEZ officials warned that the project may be delayed if the legal battle drags on. This could threaten the completion date of 2036 for the first unit, which is planned to have a 1,063 megawatt capacity. EDF argued against the process of tendering, which relied on a national-security exemption to standard tender procedures. CEZ and state, who hold a majority of CEZ, insist that KHNP’s offer is superior to EDF’s. CEZ announced on Wednesday that the exact cost for the two units will be 407 billion crowns (18.57 billion dollars), "overnight", meaning without financing costs and any increases due to inflation clauses in contracts, as well as exchange rate fluctuations. CEZ stated that the electricity prices from these new units would be below 90 euros per Megawatt Hour in 2025, even with CEZ's profit margins. The state of the Czech Republic will guarantee this price as part public assistance for the plant and loans for its construction. $1 = 21.9180 Czech crowns (Reporting and editing by Alex Richardson; Jan Lopatka)
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Singapore establishes new GasCo, and appoints a chief executive, according to regulator
Singapore's energy regulator announced on Wednesday that the country had established a wholly government-owned company called Singapore GasCo, to centralise gas procurement and supply to the power sector of the city-state. Energy Market Authority (EMA), in a press release, said that the entity would also benefit from economies of scale, negotiate better gas contracting terms and procure gas from different sources. It would sign contracts for longer periods to ensure a more stable gas supply and price. Alan Heng was also named as Singapore GasCo CEO by the EMA. He was previously the Group Chief Executive of Singaporean LNG company Pavilion Energy from March 2025. Singapore announced its intention to create Singapore GasCo in 2023 to purchase and manage the natural gas for the power sector. Gas is used to generate 95% the electricity in the city-state. A Singaporean minister stated last year that the government expected the entity to begin procuring LNG in 2026. Kpler, a data analytics firm, estimates that Singapore will import 6.35 million tons of LNG by 2024.
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China's central banks purchases gold for the sixth consecutive month in April
Official data released by the People's Bank of China on Wednesday showed that China's central banks added gold to their reserves for the sixth consecutive month. Last month, gold, which is traditionally viewed as a safe haven from political and economic uncertainties, reached a record high of $3.500.05 an ounce, driven by fears about tariff wars and strong demand for the metal in China and other countries. Bullion has risen 29% this year. China's gold reserves increased to 73.77 millions fine troy ounces by the end April, from 73.7million ounces in March. The PBOC reported that the gold reserves of the country were valued at $243.59 Billion at the end last month. This is up from $229.6 Billion at the end March. Ole Hansen is the head of commodity strategy for Saxo Bank. He said that by continuing to accumulate gold, the PBOC signals a desire to continue reducing their dependency on the dollar. The PBOC has never commented publicly on the reasons behind its gold purchases. Gold market experts often explain that China is buying gold to diversify their foreign currency reserves, and the PBOC wants gold because it supports the domestic demand. Gold has been trading at a premium on the Shanghai Gold Exchange over the global benchmark. This is accompanied by major inflows to Chinese physical gold exchange-traded fund (ETFs). In the first quarter 2025, China's demand for gold coins and bars grew 30% on an annual basis. After an 18-month gold-buying spree, the PBOC paused for six months in 2024 before resuming gold purchases in November when Donald Trump was elected president of the United States. Trump said on Sunday that the U.S. is meeting with many countries on trade deals. His main priority for China is to ensure a fair deal. Reporting by Yukun Zhi, Qiaoyi li in Beijing and Polina Devitt in London. Editing by Andrew Heavens, Saad Sayeed and Saad Sayed.
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Gold falls on optimism about US-China trade negotiations; Fed decision eyed
Gold prices dropped more than 1% Wednesday, as the hopes of trade talks between China and the United States weighed on this safe-haven precious metal before the Federal Reserve's rate decision that day. As of 0816 GMT the spot gold price was down by 1.2%, to $3,386.23 per ounce, following a steep rise in the previous session. U.S. Gold Futures fell 0.8% to $3394.90. Zain Vawda is an analyst at MarketPulse, who said that reports of a possible meeting between U.S. officials and Chinese officials in this week could boost sentiment if confirmed. This weekend, U.S. Treasury secretary Scott Bessent, and chief trade negotiator Jamieson Grieer will meet with top Chinese official He Lifeng in Switzerland to discuss tariffs. Last month, both the U.S. imposed tit for tat tariffs on China, sparking a trade conflict that inflamed global recessionary concerns, causing investors to seek refuge in safe haven assets like gold. The focus of the market now shifts towards the Fed's policy announcement at 18:00 GMT. Investors will be looking for signs of future rate cuts. The central bank has been widely expected to maintain rates at their current level. According to CME FedWatch Tool, the markets now indicate only a 30% probability of a Fed rate reduction in June. In an environment of low interest rates, gold, which is traditionally seen as a hedge to economic and political uncertainty, thrives. India launched a geopolitical attack on Pakistan and Pakistani Kashmir, and Pakistan claimed to have shot down five Indian fighter planes. This was the most intense fighting between two nuclear-armed adversaries in over two decades. Vawda stated that if the friction between India, Pakistan and other countries escalates to a more serious conflict then gold will likely attract an increased demand for safe havens, which would support prices even further. Other than that, silver fell 0.8% at $32.96 per ounce. Platinum declined 0.2% to $983.06, and palladium remained steady at $974.43.
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Medical reports say that Israeli airstrikes in Gaza have killed 13 people at a school for displaced families.
Local health officials reported that Israeli forces demolished homes and other buildings in Rafah, in the southern part of the enclave, while they continued their strikes against a school in northern Gaza housing displaced families. Medical personnel said that two attacks targeted the Karama School, located in Tuffah (a suburb of Gaza City). Palestinian media reported that Nour Abdu was among the dead. The Israeli army did not immediately comment. Local health officials reported that two Israeli airstrikes Tuesday killed at least 29, including women and children. The school was housing displaced persons in central Gaza. Israeli officials said they struck "terrorists," who were operating out of a command centre in the compound. Al-Qassam Brigades - the militant wing of Hamas - said that their fighters detonated pre-planted explosives in a minefield east of Khan Younis, targeting an Israeli armored force. The group claimed to have caused casualties and then mortared the area. Residents and Hamas said that Israeli forces who had taken over the city of Rafah near the border of Egypt continued to demolish and blow up houses and buildings. Israeli troops have taken over an area that is equivalent to about a third in Gaza. They have displaced the people and built watchtowers, surveillance posts and other structures on the cleared land they describe as security zones. Benjamin Netanyahu, Israeli Prime Minister, said that an offensive to expand against Hamas will be "intensive", after his Security Cabinet approved plans which could include securing the entire Gaza Strip as well as controlling aid. Israeli officials said Rafah might be used as a new potential humanitarian zone. According to Israeli statistics, the war began when Hamas murdered 1,200 people and held 251 hostages on October 7, 2023. According to Hamas' health authorities, Israel's war has resulted in the deaths of more than 52,000 Palestinians. Most were civilians. Gaza is a wreck. Hamas's Gaza government-run media said that the death of Nour Abdul on Wednesday brought the total number of Palestinian journalists who have been killed by Israeli gunfire since the beginning of the war to 213 (Reporting and editing by Ros Russell. Nidal al Mughrabi)
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Sino-US trade talks and Chinese stimulus have boosted iron ore to a 2-week high.
Iron ore futures reached their highest level in almost two weeks on Wednesday, supported by China’s latest stimulus measures. However, gains were limited by cautious sentiment about a potential easing of U.S. - China trade tensions. The day-traded iron ore contract for September on China's Dalian Commodity Exchange closed 0.35% higher, at 708 Yuan ($97.96), per metric ton. Earlier in the session, the contract reached its highest level since April 24, at 726 Yuan per ton. As of 0700 GMT the benchmark June iron ore traded on Singapore Exchange rose 0.61%, to $98.1 per ton. It had previously reached a peak of $99.85, which was a two-week high. Chinese authorities announced on Wednesday a range of stimulus measures, including interest rates cuts and a large liquidity injection. Beijing is intensifying efforts to mitigate the economic damage brought about by the US trade war. The magnitude of the stimulus package somewhat exceeded our expectations, and that is the main driver of the price strength," said an iron ore trader in Singapore. He requested anonymity because he was not authorised to talk to the media. But caution persisted despite the positive signals about the possible easing of global trade war. U.S. Treasury secretary Scott Bessent, and chief trade negotiator Jamieson Grer will meet China’s top economic official on Saturday in Switzerland. This could be the beginning of a resolution to the trade war that is disrupting the global market. The benchmarks for steel on the Shanghai Futures Exchange have gained some ground. Rebar gained 0.19%; hot-rolled coil climbed 0.34%; and stainless steel rose by 0.08%. Other steelmaking ingredients listed on the DCE, however, posted losses due to weak fundamentals. Coking coal and the coke both lost 0.77 and 0.66 percent, respectively.
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NEWSMAKER-China's trade tsar He Lifeng is at the forefront of US tariff talks
He Lifeng, a trusted confidant of Chinese president Xi Jinping, who has gradually built a reputation as a fixer among foreign investors, will be at the forefront in Saturday's talks aimed at breaking a deadlock on trade with the United States. After weeks of escalating trade tensions, the vice premier of Canada will meet with U.S. Treasury Sec. Scott Bessent in Switzerland and Jamieson Greer as chief trade negotiator. He is the person who oversees U.S. China economic and trade relations. We interviewed 13 foreign diplomats and investors who met He in the last year. The interviewees described He's transformation from a Communist Party apparatchik who spoke no English and was reluctant to deviate from his prepared remarks to a confident man with a greater ability to accomplish things. According to an American businessperson who was briefed about the meetings, He impressed many of the world leaders that flocked to Beijing last month for a forum. The majority of people who spoke to He on the condition of anonymity did so in order to discuss their confidential interactions with him, He also has a vast regulatory oversight of China's sprawling finance sector. According to the'review of his public engagements, the vice premier held at least sixty meetings with foreigners over the last year. This is a steady rise from the 45 meetings he had between March 2023 when he became vice premier and March 2024. The Chinese State Council has not responded to a request by fax for comments on the talks. DÉFENDER STATUS QUO? Many of the interviewees said that despite the vice-premier's increased comfort in engaging with Western executives, He is not a policy pioneer. According to a businessperson who was briefed on last month's meeting, the vice premier's improved reputation among American executives is likely due to the fact that Chinese leaders seemed especially confident and predictable in the aftermath of the chaos in the U.S. In meetings with foreigners, he has repeatedly defended Beijing’s export-led strategy of growth. One American businessperson said that He, a supporter of boosting domestic consumption over manufacturing, is Xi's chief lieutenant in building a trillion dollar surplus. Three people said that he had, at times, repeatedly dismissed complaints about Chinese overcapacity. These are also shared by other countries Beijing is courting to find new ways of cooperation and export pressure valves. Wen-Ti Sung is a senior fellow with the Global China Hub of the Atlantic Council. She said that He would defend China's surplus on a daily basis. It's difficult to imagine He compromising on the trade deficit, a key issue for China's job-creation. The vice premier was at the forefront of China's recent outreach efforts to developed markets such as Japan and the European Union that were also affected by Trump's tariffs. After Switzerland, he will visit France for a dialogue at a high level. UNDERWHELMING START Liu He was the former head of the economics portfolio before He assumed his current position. A Harvard-educated English-speaking economist, Liu He negotiated a free trade agreement with the United States under the first Trump administration. The vice premier may have a Ph.D. in economics from Xiamen University but his domestic focus meant he had to learn a lot in order to be China's economic face in the world. According to a person who was present, some American executives were not impressed by He when he briefed on the results of an important economic policy meeting in July last year. A person claimed that the vice-premier, who according to party conventions, should retire in 2027 looked a little sluggish at the briefing where he had dozens of aides flanking him. He's predecessors, such as Liu and Wang Qishan were renowned for their eloquence, and a relatively informal demeanor. After a Japanese delegation raised concerns in February about Beijing's controls on rare earth exports and the safety for Japanese nationals living in China, the vice premier downplayed these issues. Businesspersons briefed about He's meetings in March described previous discussions with the vice-premier as "talking to ChatGPT." He said that the Chinese official has started communicating in a more Western-friendly way. This person, who met He several times, was impressed by He's ability, in a manner that officials not close to Xi could not, to explain Beijing’s economic policy, and to deliver on his promises of assistance. The source didn't provide any specifics. A second foreign official, who also met He in this year, said that the vice-premier was well aware of China's problems. These include deflationary forces and an ageing populace on top of tariffs and the real-estate crises. He provided a sophisticated assessment of these issues. The official also said that he appeared to be very confident in the prospects of Deepseek, a homegrown AI startup. "TYPICAL BUREAUCRATS" AND DEMOLISHER In his native Fujian Province, Xi was a local official and rose to power in the 1990s. Around that time, he became a trusted lieutenant to Xi and attended his wedding. In 2009, the official was transferred to Tianjin, a port industrial city. Locals nicknamed him "He the Destroyer" for launching a massive urban renovation campaign and costly infrastructure projects which gave the city an attractive facade but also pushed it further into debt. Alfred Wu, an expert on China at National University of Singapore said that He was focused on boosting the economy and "was particularly big on real estate and city redevelopment like many local officials of the time." Wu, who met He as a reporter in Fujian, called the official a "typical bureaucrat" and a "very typical protege of Xi Jinping." He added that his "number-one priority" is to implement Xi’s directives. This puts him in a more subordinate position. Reporting by Laurie Chen and Michael Martina, in Beijing; Additional reporting from Goh Kui Qing, in New York; Editing done by Katerina Ange, John Geddie, and Shri Navaratnam.
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He Lifeng, China's trade tsar, is at the forefront of US tariff discussions
He Lifeng, a trusted confidant of Chinese president Xi Jinping, who has gradually built a reputation as a fixer among foreign investors, will be at the forefront in Saturday's talks aimed at resolving a deadlock on trade with the United States. After weeks of escalating trade tensions, the vice premier of Canada will meet with U.S. Treasury Sec. Scott Bessent in Switzerland and Jamieson Greer as chief trade negotiator. He is the person who oversees U.S. China economic and trade relations. We interviewed 13 foreign diplomats and investors who met He in the last year. The interviewees described He's transformation from a Communist Party apparatchik who spoke no English and was reluctant to deviate from his prepared remarks to a confident man with a greater ability to accomplish things. According to an American businessperson who was briefed about the meetings, He impressed many of the leaders of some the world's biggest companies when they flocked to Beijing last month for a forum. The majority of people who spoke to He on the condition of anonymity did so in order to discuss their confidential interactions with him, He also has a vast regulatory oversight of China's sprawling finance sector. According to the'review of his public engagements, the vice premier held at least sixty meetings with foreigners over the last year. This is a steady rise from the 45 meetings he had between March 2023 when he became vice premier and March 2024. The Chinese State Council has not responded to a request by fax for comments on the talks. DÉFENDER STATUS QUO? Many of the interviewees said that despite the vice-premier's increased comfort in engaging with Western executives he was not an innovator. According to a businessperson who was briefed on last month's meeting, the vice premier's improved reputation among American executives is likely due to the fact that Chinese leaders seemed especially confident and predictable in the aftermath of the chaos in the U.S. In meetings with foreigners, he has repeatedly defended Beijing’s export-led strategy of growth. One American businessperson said that He, a supporter of boosting domestic consumption over manufacturing, is Xi's chief lieutenant in building a trillion dollar surplus. Three people said that he had, at times, repeatedly dismissed complaints about Chinese overcapacity. These are also shared by other countries Beijing is courting to find new ways of cooperation and export pressure valves. Wen-Ti Sung is a senior fellow with the Global China Hub of the Atlantic Council. She said that He would defend China's surplus on a daily basis. It's difficult to imagine He compromising on the trade deficit, a key issue for China's job-creation. The vice premier was at the forefront of China's recent outreach efforts to developed markets such as Japan and the European Union that were also affected by Trump's tariffs. He will then travel to France, where he will hold a high level economic dialogue. UNDERWHELMING START Liu He was the former head of the economics portfolio before He assumed his current position. A Harvard-educated English-speaking economist, Liu He negotiated a free trade agreement with the United States under the first Trump administration. The vice premier may have a Ph.D. in economics from Xiamen University but his domestic focus meant he had to learn a lot in order to be China's economic face in the world. According to a person who was present, some American executives were not impressed by He when he briefed on the results of an important economic policy meeting in July last year. A person claimed that the vice-premier, who according to party conventions, should retire in 2027 looked a little sluggish at the briefing where he had dozens of aides flanking him. He's predecessors, such as Liu and Wang Qishan were known to foreign interlocutors because of their eloquence, and a relatively informal demeanor. After a Japanese delegation raised concerns in February about Beijing's controls on rare earth exports and the safety for Japanese nationals living in China, the vice premier downplayed these issues. Businesspersons briefed about He's meetings in March described previous discussions with the vice-premier as "talking to ChatGPT." He said that the Chinese official has started communicating in a more Western-friendly way. This person, who met He several times, was impressed by He's ability, in a manner that officials not close to Xi could not, to explain Beijing’s economic policy, and to deliver on his promises of assistance. The source didn't provide any specifics. A second foreign official, who also met He in this year, said that the vice-premier was well aware of China's problems. These include deflationary forces and an aging population on top of tariffs and the real estate crisis. He provided a sophisticated assessment of these issues. The official also said that he appeared to be very confident in the prospects of Deepseek, a homegrown AI startup. "TYPICAL BUREAUCRATS" AND DEMOLISHER In his native Fujian Province, Xi began to build his power as a local official during the 1990s and the early 2000s. Around that time, he became a trusted ally of Xi and attended his wedding. In 2009, the official was transferred to Tianjin, a port industrial city. Locals nicknamed him "He the Destroyer" for launching a massive urban renovation campaign and costly infrastructure projects which gave the city an attractive facade but also pushed it further into debt. Alfred Wu, an expert on China at National University of Singapore said that He was focused on boosting the economy and "was particularly big on real estate and city redevelopment like many local officials of the time." Wu, who met He as a reporter in Fujian, called the official a "typical bureaucrat" and a "very typical protege of Xi Jinping." He added that his "number-one priority" is to implement Xi’s directives. This puts him in a more subordinate position. Reporting by Laurie Chen and Michael Martina, in Beijing; Additional reporting from Goh Kui Qing, in New York; Editing done by Katerina Ange, John Geddie, and Shri Navaratnam.
Previous emerging world finance chiefs require financial obligation revamps to enable climate costs
A group of popular previous emerging market financing chiefs is pressing worldwide leaders to integrate external shocks and environment modification into financial obligation sustainability calculations, according to a letter published on Wednesday.
The signatories, previous main bankers and finance ministers mainly from emerging economies from India to Argentina, also called for debt relief to enable struggling emerging economies to fulfill climate investment targets.
Every civilization faces what appears to be an impossible hurdle that threatens its presence, Patrick Njoroge, former governor of Kenya's central bank, said in the letter.
We face such a moment, provided the global debt crisis and the restricted area for the needed investments in environment action and the Sustainable Advancement Goals.
The World Bank has cautioned that high loaning costs and slowing development have actually stimulated a quiet financial obligation crisis that has tossed climate, health and education spending goals into concern throughout the establishing world.
The 21 signatories included Nigeria's Lamido Sanusi, Colombia's Jose Antonio Ocampo, Pakistan's Reza Baqir, Argentina's Martin Guzman and South Africa's Tito Mboweni.
Zambia today ended up being the first bad nation to emerge from financial obligation default under a rubric developed by the G20 dubbed the Typical Structure.
However some have stated the financial obligation relief - estimated to have lowered Zambia's debt by some $900 million and spread future payments over a lot longer time frame - was inadequate.
The letter is requesting for the Typical Structure to give countries fair, comparable debt relief from all lenders, with the relief adequate to allow nations to meet environment and investment costs requirements.
The International Monetary Fund is also in the midst of a. years-long revamp of the method it determines debt sustainability. analyses - figures that form the baseline to identifying how. much debt relief lenders need to provide to defaulted countries.
These have actually been criticised in recent months and years by. some investors and experts.
The Debt Relief for Green and Inclusive Healing Project. ( DRGR), which organized the letter, released a study earlier. this year that found emerging countries will pay a record $400. billion to service external financial obligation in 2024.
It stated 47 of them can not spend the cash they require for. climate adaptation and sustainable advancement without risking. default in the next 5 years.
It is time for G20 leaders to spearhead comprehensive financial obligation. relief and set in motion new financing to promote sustainable. advancement and environment goals, Wednesday's letter checked out.
(source: Reuters)