Latest News
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The first concrete pouring at Hungary's Russian built Paks 2 nuclear power plant
Hungarian Foreign Ministry Peter 'Szijjarto' said that the first concrete pour at Hungary’s Russian-built nuclear plant Paks 2 was on Thursday. This officially made it a.nuclear facility under construction. Rosatom, the Russian state-owned nuclear energy company, will build two new reactors under an agreement signed in 2014 between Budapest and Moscow. Hungary wants to expand Paks by adding two Russian VVER reactors. Each VVER has a capacity of 1.2 gigawatts. The 12.5 billion Euro project, which was awarded to Rosatom without a tender, is often cited as proof of the warm relationship between Russian President Vladimir Putin and?Hungarian Premier Viktor Orban. Szijjarto, at Paks during the ceremony pouring concrete, said: "With the construction of Paks 2, we will be able?to cover 70% of Hungary?s electricity?needs with nuclear energy. This?will reduce our dependency on international markets." Szijjarto said that the Paks 2 nuclear plant will now be regarded as a nuclear reactor under construction, according to standards set by the International Atomic Energy Agency. Szijjarto stated in 2023 that two new reactors will be completed by 2030-2031. The U.S. sanctions on the Russian energy industry do not affect construction, as Washington granted Hungary an exemption in November 2025 to allow transactions related to the nuclear plant project. The existing 'Paks' plant is equipped with four small Russian VVER-440 reactors, which have a combined power of 2,000 megawatts. They were installed between 1982 and 1987. The government wants to extend the life of these machines by 20 years. The United States is also looking to import small modular reactors from Hungary. (Reporting and editing by PhilippaFletcher; Anita Komuves)
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Minister says India will sign a trade agreement with the United States by March
India and the U.S. are expected to sign a "formal" trade agreement in March. After that, New Delhi will lower tariffs on U.S. products, said Trade Minister Piyush Goyal on Thursday. This was the first official timeline of the adoption of the deal. Washington will then reduce the duty on Indian exports from 50% to 18% within a few days. Goyal stated that India will purchase about $500 billion worth of U.S. products over the next five years. This includes $70-80 billion of Boeing aircraft. In the deal announced Monday, U.S. President Donald Trump reduced U.S. Tariffs on Indian Goods in exchange for New Delhi ceasing its Russian oil purchases and buying $500 billion of American goods. Goyal, a reporter in New Delhi, said that he would sign a formal agreement in March after 30-45 days. Goyal stated that India would increase its purchases of energy, aircraft, and chips from the United States. He said that orders for aircraft and engines, as well as other parts, will be worth around $100 billion. Air India, owned by the Tata 'Group, placed an order for nearly 200 Boeing 737 MAX jets with Boeing last month. Akasa Air is a smaller airline that also has orders. Indian stocks rose after the announcement on Monday of a?deal between India and the United States, as it removed any uncertainty regarding the future of their relationship. India's main opposition party has put pressure on the government for a?details of the deal, as they are concerned about the extent to which the agriculture sector was opened. Both sides announced on Tuesday that India would grant some limited access to the United States' agricultural market, but still maintain certain protections. Reporting by Shivangi Acharya, Additional reporting in New Delhi by Abhijith Gaapavaram, Writing by Shilpa jamkhandikar, Editing by YP. Rajesh. Clarence Fernandez. William Maclean.
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India is willing to consider the commercial benefits of Venezuelan crude oil
A spokesperson for the Indian Foreign Ministry said that India would be willing to buy oil from Venezuela and other countries, depending on their commercial viability. "There's a long history of engagement with Venezuela." We have had a longstanding energy partnership, and are open to exploring the availability of crude oil in Venezuela and elsewhere, based on its commercial viability. Last week, U.S. president Donald?Trump agreed to lower tariffs on Indian products to 18% from 50% as part a broader trade deal Narendra Modi, he claimed, 'assured him that South Asia will stop buying Russian oil. Trump said that India would buy more oil, possibly from Venezuela and the U.S. Modi did not mention India's plans to stop Russian oil imports when he welcomed the trade agreement. Jaiswal stated that the "supreme" priority of the Indian government is to ensure the energy security of 1.4 Billion Indians. To achieve this, we are focusing on diversifying our energy sources in accordance with the objective market conditions as well as evolving international dynamics. "All of India's decisions are made and will be made with this in?mind," he replied to a query about whether India planned to stop Russian oil imports. India, which is the third largest oil importer in the world, has stopped imports twice before, in 2019-20, and in 2023-24, under the pressure of sanctions.
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EU weighs options to support the industry in carbon market revamp
EU supports green transition in industries Senior EU official: Various options being reviewed The EU carbon market is undergoing a major overhaul. By Kate Abnett The head of the Commission’s climate department stated late on Wednesday that the European Commission is looking into various ways to help industries as part of a upcoming overhaul of EU carbon markets to prevent them from moving to areas where pollution standards are lower. Brussels is working on a new design for the European Union's carbon market. This is the bloc's main climate change policy. It forces industries and power plants to purchase permits when emitting planet-warming carbon dioxide. After the summer, the Commission's revision proposal will determine whether the EU's current system of granting free CO2 permits to industries to help them compete against foreign firms who don't pay for their pollution continues. Kurt Vandenberghe told reporters at an event in Brussels that the climate department of the Commission is examining all options to prevent carbon leakage. Carbon leakage is the risk of industries moving outside Europe in order to avoid strict climate regulations. Vandenberghe responded to a report published in the German newspaper Handelsblatt this week which stated that the EU was planning to extend free permits to industries for many years. The article cited unnamed EU officials. Vandenberghe stated, "We never said that." "We're looking at every option." The EU carbon market was launched in 2005 and is designed to meet the EU 2030 emission-cutting targets. The EU carbon market will be redesigned to meet the EU's 2030 emissions-cutting target. Vandenberghe, speaking of the carbon markets, said: "It's not ready for 2040. So, we have to revise this." "So we need to reconsider how to get to 2040 in a cost-efficient manner... so that it can drive investment and innovation." (Reporting and editing by PhilippaFletcher; Kate Abnett)
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Nippon Steel's net loss forecast for the full year has increased to $446 Million
Nippon Steel, which had previously forecast a net loss for the 'financial period ending in March' of 70 billion yen (US$446.1 million), increased it on Thursday to 70 billion dollars due to an explosion at a blast-furnace. This was after the company experienced a profit in nine months up to December. Japan's largest steelmaker had previously anticipated a loss in the region of 60 billion yen due to charges related to an $15 billion deal to purchase U.S. Steel, which closed in June. Steel exports from China and sluggish demand in Japan will also affect the company's performance for the full year. Takahiko iwai, chief financial officer of Nippon Steel, said that the Muroran blast-furnace, which was shut down in December, will reopen in March. This is expected to reduce Nippon Steel earnings by about 40 billion yen. The company's net loss for the nine-month period ending in December was 45 billion yen, compared to a profit last year of 362.1 billion. Iwai stated that U.S. Steel is expected to perform better in the next fiscal year, as the U.S. market has recovered. However, he refused to provide a specific profit estimate. Nippon Steel's overseas operations, especially in the U.S.A. and India, continue to be key growth drivers. Iwai stated that the steel business in India saw a decline in margins, but it has recovered since December, when it 'bottomed out.' The company plans to increase capacity there. Sources told?reporters on Thursday that Nippon Steel is considering the sale of up to 500 billion yen in convertible bonds. The company?needs money for its overseas business as well as decarbonisation efforts. Sources said that the?company needs long-term financing to replace a loan taken out last year for its U.S. Steel purchase, which?totaled around 2 trillion yen. Iwai stated that Nippon Steel would proceed with the optimal funding options, as the bridge loan expires in June. He added that the funding has not been decided.
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TotalEnergies signs power contract for German and British Airbus sites totaling 3.3 TWh
By America Hernandez PARIS, February 5, 2019 - French oil giant?TotalEnergies signed two agreements to supply Airbus with 3.3 terawatt hours of electricity. The companies stated that this amount would cover half the sites’ power needs in the next decade. Germany and Britain are key growth markets for Total. Total is focusing on markets that have deregulated electricity markets, where it can own and build renewable assets and sell directly to clients. The company has a'strategy' that includes owning gas-fired plants and signing supply deals to provide continuous power sourced both from renewables and gas assets. These contracts, which are based on Total's integrated power portfolio, combining renewable and flexible assets will positively contribute to the profitability and growth of its?electricity businesses, Stephane Michel, Total President of Gas, Renewables and Power, stated in a press release. Total announced that a portion of the?power supplied to Airbus would come from new renewable assets with a?capacity of 200 megawatts. Total will start supplying the sites next year. These agreements will help Airbus to secure reliable low-carbon electricity, which supports our goal of increasing renewable?electricity throughout our sites, said Florent Massou Dit Labaquere. Airbus executive vice president, commercial aircraft operations. Total supplies sustainable aviation fuel to Airbus.
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Indonesia has the fastest economic growth in three years
Official data released on Thursday showed that Indonesia's economy grew at a faster rate than expected during the fourth quarter, largely due to strong household spending and investment. Southeast Asia's largest economy grew by 5.11% per year in 2025. This is up from 5.03% annually a year before. This was the highest rate of growth since 2022 but it is still below the 5.2% government target. Analysts say that he is facing a number of challenges, including a slowdown in international trade because of U.S. Tariffs and geopolitical tensions as well as internal factors such as the influx of refugees. Investor sentiment is deteriorating In 2025, the government increased fiscal stimulus to boost demand. It has vowed to remain on course this year. The central bank reduced interest rates between September 2024 to September 2025 by 150 basis points. Analysts predict that more reductions are likely. The growth rate in the fourth quarter was 5.39%, on an annual basis. This is the fastest pace since the third?quarter of 2022. A poll of analysts predicted 5.01%. Amalia Adininggar, Statistics Indonesia's chief Amalia Adininggar?Widyasanti, said that a 16,23 trillion rupiah stimulus package ($965million) in the fourth quarter had helped increase household spending. Investment was also a strong growth driver. FISCAL STIMULUS In addition to the rice distribution, the tax exemption for tourism workers was also included in the stimulus package. The October-to December quarter saw a 5.1% increase in household spending, which accounts for more than half the gross domestic product of Indonesia. This is the fastest growth in over two years. In 2025, spending by households grew at a rate of 4.98%, which is the highest growth since 2019. Investments grew at a rate of 5.09%, which was the highest growth since 2018. Krystal Tan of ANZ, an economist at the time, said that the domestic demand had rebounded by Q4 2025 due to the new fiscal policy stance after the September 2025 change in leadership within the Finance Ministry. Purbaya Yudhi Sadewa, an economist who favors growth and is pro-growth, was appointed Finance Minister in September. He replaced the fiscally conservative Sri Mulyani Idrawati. But Sri Mulyani's Sacked abruptly widening budget deficit The appointment of Prabowo’s nephew as the new governor of the central bank caused capital outflows and sent the rupiah down to a Historic low Last month, the dollar was down against the euro. The government is targeting a 5.4% growth rate in 2026. This will be achieved by increasing spending on Prabowo’s flagship programs and investing through the sovereign wealth fund Danantara. Brian Lee, an economist at?Maybank', predicted only a marginal improvement in 2026. Lee referred to the recent drop in Jakarta's major equity index, which was triggered by fears about transparency and liquidity. Analysts said that Prabowo’s crackdown on resources, including his takeover of Martabe Gold Mine in disaster-hit North Sumatra could also weigh on investor sentiment. DATA VERACITY Some economists have questioned the veracity?of GDP data by pointing out Tax revenues in 2025 and other indicators Flat growth in foreign direct investment. Rizki Siregar is an economist at the University of Indonesia. Nailul Husa, an economist at the Center of Economic and Law Studies said that there was a discrepancy in data about high net exports for 2025 and the strong investment growth resulting from imports of machines. There are several local think tanks Last year, the GDP data for the third quarter was also questioned, as it didn't reflect factors like a decline in auto sales, a contraction of manufacturing activity, and reports of job losses.
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Portugal reports direct costs of Storm Kristin exceeding $4.7 billion
Portugal will face direct reconstruction costs of more than 4 billion euros ($4.7 billion) following the devastating storm Kristin last week, Economy Minister Manuel Castro Almeida said. He cited preliminary government estimates. The direct costs of reconstruction after last week's storm Kristin are estimated to be more than 4?billion euros ($4.7? He told RTP that the indirect costs, such as the disruption of supply chains in the industry, would be more than 4 billion Euros. He said that "several business owners are planning to build completely new factories, as their existing?factories are unusable. Recovery could take several months." Social Security will cover 80% of the wage and companies 20% to avoid job losses during reconstruction. Six people were killed and homes and factories damaged by the storm that swept through central Portugal on 31st January. The storm had winds of up to 200 km/hr and heavy rains. Leiria, and Marinha Grande were among the worst-hit areas. On Sunday, the government approved a package of 2.5 billion euros in loans and incentives to help businesses and people rebuild their lives after Hurricane Sandy. In the last few weeks, the Iberian Peninsula was hit by a series of storms that brought heavy rain, strong winds, and snow. Now, it is being pounded by Storm Leonardo. Reporting by Sergio Goncalves, Editing by William Maclean. $1 = 0.8471 Euros
Biden views North Carolina devastated by Helene, deploys 1,000 troops
President Joe Biden and Vice President Kamala Harris took a trip on Wednesday to South Carolina, North Carolina and Georgia to evaluate the devastation wrought by Typhoon Helene in the U.S. Southeast, which has actually eliminated at least 160.
Biden arrived at Wednesday afternoon in Greer, South Carolina, where he was fulfilled by South Carolina Guv Henry McMaster, U.S. Senator Lindsey Graham and North Carolina Guv Roy Cooper, among others, before boarding Marine One for an aerial tour of the area.
From the helicopter, which traveled north-by-northeast, Biden could see the grim destruction gave North Carolina locations, including Asheville and Chimney Rock. Over the Asheville metropolitan area, homes were smashed to bits, with damage greatest near rivers, reporters in a routing helicopter observed.
A number of individuals living in the area remained cut off from contact with the outside world, even as the American president passed over their heads.
In Asheville's River Arts District, set alongside the French Broad River, the declining floodwaters had left behind just mayhem. Trees had been ripped into dark branches and structures scattered aside.
Harris, on the other hand, was informed in Augusta, Georgia, and will travel to North Carolina in the coming days.
These are really tough times, she stated on Wednesday. I'm here to thank you and to listen.
FEMA, NATIONAL GUARD DEPLOYED
Former President Donald Trump, a Republican running versus Harris in this year's governmental election, falsely claimed that Biden, a Democrat, has been unresponsive to the cyclone's. damage, a claims regional authorities deny.
Before leaving Washington, Biden directed up to 1,000. active-duty soldiers to help with reaction and recovery efforts. Practically 6,000 members of the National Guard are released across. the 6 states impacted by the storm, Homeland Security. Secretary Alejandro Mayorkas stated.
Search-and-rescue groups have actually performed almost 1,500. structural examinations and numerous saves and evacuations,. Mayorkas said.
Biden will be informed in Raleigh, North Carolina, later. Wednesday as rescuers continue to search the state's mountains. for survivors, then head to Georgia and Florida on Thursday,. White Home representative Karine Jean-Pierre stated.
More than $10 million has actually been provided straight to those. impacted by the storm, Jean-Pierre said.
Over 4,800 workers from across the federal workforce have. been released to assist in recovery efforts, along with 8.8. million meals, more than 7.4 million liters of water and 150. emergency situation power generators, said Mayorkas.
Still, the Homeland Security secretary said federal funding. might not suffice should another hurricane hit.
We are meeting the moment, however that doesn't discuss the. future, Mayorkas stated. We are anticipating another hurricane. hitting. ... FEMA does not have the funds to make it through the. season.
POTENTIAL ELECTION RESULTS
North Carolina and Georgia are among seven essential battlefield. states in the Nov. 5 election, which is anticipated to be won by. thin margins. Harris now leads Trump by 2.6 percentage points in. national opinion polls, according to aggregator FiveThirtyEight.
North Carolina election officials are rushing to make. sure the state's over 7 million signed up citizens can cast a. ballot in federal, state and local elections.
Previously today, Trump visited Georgia. Presidents and. governmental candidates typically do not check out a storm-hit area. instantly since of worries they will sidetrack from rescue. efforts and divert resources from regional law enforcement. officials and emergency responders.
Cyclone Helene slammed into Florida on Thursday as a. effective Category 4 hurricane before tearing a harmful path. through Southeastern states for numerous days.
Biden rapidly made major disaster declarations in a number of. states, permitting survivors to get federal assistance. The. White Home likewise contacted hundreds of officials across North. Carolina, Georgia, South Carolina and Florida.
Biden might ask Congress to go back to Washington for a special. session to pass additional aid financing, he stated earlier this. week.
The procedure of rebuilding after Typhoon Helene will be. extremely pricey and take years, Mayorkas said.
(source: Reuters)