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Bankers report that Torrent Power in India is considering a 20 billion rupee bond sale this month.
Torrent Power plans to raise 20 billion rupees (?220.54 mln) through bonds, its largest fundraising from the?markets. Three?merchant banks told? On?Friday. Bankers say that the company will issue staggered redemption bond maturing over eight, nine, and ten years at a coupon rate of 7.96%. They added that the discussions would likely be concluded in the next few days. The?bankers, who requested anonymity as they were not authorized to speak to media, said that Axis Bank is the only arranger of the issue. Axis Bank and Torrent 'Power did not respond to email requests for a comment. Crisil Ratings and India ratings have rated the bonds AA+. Torrent Power returns to the bond markets after a gap of two years. The last time it raised 7 billion rupees was in February 2024, via bonds with maturities of two, three four five years. Each bond had an annual coupon?of 8.40%. Last month, Torrent Pharmaceuticals raised a total of?110 billion rupees (?1.21 billion dollars) through multi-tranche bonds. This was the largest deal to fund acquisitions in fiscal 2026. Torrent Pharmaceuticals' issue, which is rated AA+ as well, raised 20 billion rupies via bonds for two years, 25 billion rupies via bonds for three years, 30 billion rupies via notes of four years and 35 billion tuples via bonds with a coupon rate of 7.45%. Reporting by Khushi malhotra, Editing by Eileen Soreng
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A man is shot dead by police after he attacked them near the Arc de Triomphe, Paris
The French anti-terrorism prosecutor's office reported that a man who attempted to stab a policeman with a knife near the Arc de Triomphe in Paris on Friday, was shot and died from his injuries. It said that the police officer wasn't injured and no other person was hurt. The office said that the?man was released in December after serving 12 years for terrorism charges. Paris police reported that the attack occurred near the Tomb of the Unknown Soldier where police officers were rekindling a flame. French prosecutor's office for anti-terrorism took over the case soon after the attack. The report did not name the suspect, but stated that he was French and born in 1978. He had been convicted on terrorism charges for a?attempt murder in Belgium, and sentenced to 17-years in prison. The prosecution's office said that after he was released in December, following a 12-year sentence, he was placed under police surveillance and subjected to?routine checks. The prosecution's office said that after he was released in December?after serving 12 years, he had been placed?under police scrutiny with?routine checks.
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Two men arrested in UK for plotting to kill hundreds Jews inspired by IS
Two men were jailed for plotting an attack on the Jewish community of England in the name of a 'Islamic State'. Prosecutors said that this plan could have been more deadly than Sydney's Bondi Beach mass shooting. Walid Saadaoui and Amar Hussein were both convicted following a Preston Crown Court trial, which began one week after an unrelated, deadly attack on a Manchester synagogue. The prosecution said that the two men were Islamist extremists who wanted to use automatic weapons to kill as many Jews as possible. Mark Wall, a judge in the United States, sentenced Saadaoui and Hussein respectively to minimum sentences of 37 years?and 26 years?. He said: "You were very close to being ready to carry out this plan." (Reporting and editing by William James; Sam Tobin)
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Trump's repealing of climate regulation opens a "new front" for litigation
The Trump administration's repealing of an Obama-era scientific finding that found greenhouse gases posed a threat to public health could open a new path for filing lawsuits. Legal experts say that reversing policy could lead to an increase in "public nuisance" lawsuits, which were previously blocked by a Supreme Court decision in 2011 that said that the Environmental Protection Agency should regulate greenhouse gas emissions instead of courts. Legal experts say that now that the EPA is abandoning this regulatory effort, it's likely that the legal shield created in 2011 will unravel. Robert Percival is a professor of environmental law at the University of Maryland. He said, "This could be another classic example of overreach on behalf of the Trump administration that comes back to bite them." On?Thursday, the Environmental Protection Agency repealed the 2009 scientific determination known by the name of the endangerment findings. This was the basis for federal climate regulations. The EPA took action under the Clean Air Act of 1964 to reduce emissions of carbon dioxide and methane from power plants, vehicles and other industries. EPA Administrator Lee Zeldin called the revocation of the endangerment findings "the largest deregulation act in the history" of the United States. The power companies generally support President Donald Trump's deregulation agenda. However, they are concerned that the repeal of endangerment findings will trigger a wave lawsuits. Edison Electric Institute (which represents publicly traded utilities) said in September, that the revocation of the endangerment findings could lead to "an increase in litigation alleging common law claims, regardless of their merits." 'NEW FRONT' OPENING The U.S. courts recognize a legal concept known as "public nuisance" which prohibits actions that interfere unreasonably with the safety and health of a community. State and local governments typically bring public nuisance lawsuits to force the person responsible to pay for abating or fixing the condition. These cases are difficult to win in part due to the difficulty in proving a direct causal link between an individual defendant's emissions, and specific climate harms. Legal experts say they could be a tool that environmental activists can use to hold greenhouse gas emitters accountable for climate harms. In 2004, California and five other state alleged in a lawsuit that the big power companies were responsible for a public nuisance, by contributing to climate changes. American Electric Power, Xcel Energy and other defendants were named. The case was eventually heard by the U.S. Supreme Court in 2011, which ruled unanimously against all six states. In a written opinion for the court, Justice Ruth Bader 'Ginsburg stated that the regulation of greenhouse gases should be left to the EPA in accordance with the Clean Air Act. Ginsburg wrote that the law and subsequent EPA action, like the endangerment findings, "displaces the claims the Plaintiffs wish to pursue." The 2011 ruling allowed power companies the opportunity to avoid public nuisance lawsuits brought in federal court, although some cases brought in state courts have survived. Legal experts say that the policy change could give public nuisance claims a fresh lease of life. Sarah Light, a law professor at the University of Pennsylvania, said that this could change the game. If the Clean Air Act does not apply to greenhouse gas emissions, there is no comprehensive statutory system in which Congress intended to displace a nuisance claim, so they could likely proceed in court. Meghan Greenfield, an environmental lawyer at Jenner & Block, agreed that a new front for lawsuits could be opening. Greenfield stated that "this is a space where things have been settled for 15 years and you can imagine other wanting to push these fronts even harder." (Reporting and editing by Noeleen Walder and Matthew Lewis; Washington, Jan Wolfe)
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Russia retaliates strongly against the prospect of a US-built nuclear facility in Armenia
Senior Russian officials questioned the viability of U.S. proposals to build a nuclear plant in Armenia, as a sign that Moscow is concerned about losing out on a lucrative deal for energy in a nation it considers part of its sphere. On a recent visit to Armenia, U.S. vice president JD Vance signed an agreement which could pave the path for the construction of the plant and open "a new chapter" in the growing partnership between Armenians and Americans. Sergei Shoigu said that the Soviet technology allowed Armenia's nuclear plant to survive a devastating earthquake in 1988. He said that the U.S. proposal raised safety concerns. Shoigu was quoted by the state news agency RIA as saying: "Armenia is a seismically-active region." If the construction of small nuclear reactors in Armenia using American technology moves into the 'practical phase,' we will, along with all the other states in the area, as well as the Armenian people, be forced to take these new risks in terms of nuclear safety. RUSSIA and U.S. Tussle for Influence Armenia, which has been heavily dependent on Russia, Iran, and China for its energy supply, is currently reviewing proposals by U.S. companies, Russian, Chinese and French firms to build a new reactor to replace Metsamor, its sole nuclear power plant built by Russia. If the U.S. company is selected, it would be a major blow to Russia's state-owned Rosatom, which is a leading player in constructing nuclear power plants. The company says that it has a portfolio of 41 nuclear 'units' in 11 countries. This week, at least three senior Russian officials weighed in. Mikhail Galuzin, Deputy Foreign Ministry of Russia, told Izvestia that Rosatom could be implemented in Armenia very quickly if it was offered attractive financial terms. Maria Zakharova, spokeswoman for the Russian Foreign Ministry, told reporters on?Thursday that the U.S. offered Armenia untested designs which were likely to cost more than estimated. Russia has been a long-time ally of Armenia, but in recent years the relationship has deteriorated. Vance's visit to Armenia and Azerbaijan, two countries that were once part of the Soviet Union, highlights the efforts made by the United States to increase their influence in the South Caucasus at the expense of Russia. Reporting by Mark Trevelyan; Editing by Andrew Osborn, Aiden Lewis and Andrew Osborn
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Tech worries simmer as global shares fall from record highs ahead of US inflation data
After a week-long selling spree, global shares fell from their record highs ahead of important U.S. Inflation data. Meanwhile, concerns about shrinking margins and AI disruption remained under the surface. Early trading saw the?MSCI index drop 0.2% while Europe's STOXX was flat. U.S. Futures were flat as well, after steep losses on Friday that saw the Nasdaq Composite, which is heavily weighted towards technology, post its largest daily decline in three weeks. It fell 2%. The selling continued in Asia where Nikkei, the Japanese stock market index, fell by 1.2%. Transportation companies in the United States were the latest to be affected by concerns about AI disruptions on Thursday. Market watchers noted that the Friday market was more stable, and pointed out a rotation to more defensive areas of the market. They also pointed out a focus on macroeconomics in anticipation of Friday's U.S. Consumer Inflation data. Arun Sai is a senior multi-assets strategist at Pictet Asset Management. He said, "Markets had a healthy correction. They've skimmed off some of the froth." He said that the more speculative parts of the market, such as meme stocks, stocks with high retail sentiment, crypto, and non-profitable technology, had been hit. "The focus shifts back to macro. The labour market was strong. He said that if we got a decent inflation print today that would 'go back to my story that global macro wasn't in a terrible place. The focus remains on the turbulence caused by AI-related concerns. Apple shares fell by 5% Thursday as investors worried about capital expenditures. Other sectors, such as software and wealth management, have also been affected. "It's clear that investors view developments in AI and AGI with a different lens, trying to price a more uncertain future and one that is structurally disruptive," said Chris Weston. The Financial Times reported Friday that U.S. president Donald Trump intends to reduce some tariffs on aluminum and steel goods. The report cited people familiar with this matter. TRADERS Await U.S. Inflation Test After falling by 7 basis points over night, the yield on 10-year U.S. Treasuries benchmark rose to 4.12%. This is its largest drop since October 10. Fed funds futures rallied as well to reverse the majority of losses following the payroll data which led markets to reduce the "chance" of a rate reduction in June. The chance of a rate cut in June has now been re-instated, priced at 70%. A total rate cut of 60 basis points is expected for this year. The U.S. data on inflation due later today will attract a lot of attention. Forecasts focus on a 0.3% monthly increase in the core measure. This would be sufficient to slow the annual rate to 2.5%, from the previous 2.7%. Jose Torres is a senior economist with Interactive Brokers. He said that even a 'in-line' result would represent a significant deceleration compared to December. This could boost animal spirits and bring energy back into cyclical trading. The currency markets were calm ahead of the inflation report. The euro was down by 0.1% to $1.186 against the dollar. The yen lost 0.5% to trade at $1.186, but remained on course for its biggest weekly gain in over a year following the historic election victory of Japanese Prime Minister Sanae Takaichi last weekend. The risk-sensitive Australian Dollar took a backward step, falling 0.3% to $0.707 but was still on track for a rise of nearly 1% per week. Gold and silver are trying to recover after heavy losses. After a?loss of over 3% Thursday, gold rose by 1.1% to $4973.66 per ounce. Silver, which had fallen 10% overnight, climbed 4.6% up to $78.6. After a 3% drop on Thursday, oil prices have also risen. AP reported that a U.S. Aircraft carrier was being sent from Caribbean to Middle East due to tensions with Iran. U.S. West Texas Intermediate Crude rose 0.3% to $63,03 per barrel. Brent crude futures increased 0.24% to $70.7. (Editing by Kim Coghill Amanda Cooper and Mark Potter).
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Swiss inflation is still below the central bank's target
The Swiss National Bank announced on Friday that the annual inflation rate in Switzerland remained at 0.1%, which is the bottom end of its target range. The increase in consumer prices was a continuation of the December rate and in line with the forecasts made by analysts surveyed. The SNB refused to comment on this figure which is at the lower end of the 0-2% target range which it defines as price stabilization. EFG Bank economist GianLuigi Mandruzzato stated that the data put little pressure on central bank policy to change. He highlighted how core inflation, which excludes changes in prices of fresh and seasonally products, energy, and fuel, remains?at 0.5%. He said that the SNB would be watching closely the recent movements of the Swiss Franc. Mandruzzato suggested that the SNB might start to refer to the franc's value as high, in order to show they are unhappy and monitoring the situation. It does not appear that they have intervened on the forex market to weaken the Franc. But this could change. The SNB has previously said that it is prepared to allow inflation to fall below the target temporarily, and tolerating a brief period of negative inflation because they are looking at inflation in the medium term. SNB Chairman Martin Schlegel stated this month that the combination of low inflation and the central bank’s current policy rate of zero put it in a difficult position. Due to lower electricity prices, clothing, and footwear, Swiss consumer price fell 0.1% month-on-month. (Reporting and editing by Susan Fenton; Reporting by John Revill)
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Another storm strikes the Iberian Peninsula, resulting in one death.
Officials said that a 46-year old woman died on Friday in Barcelona after being?hit? by a piece blown off a warehouse roof during the eighth storm which swept across the Iberian Peninsula earlier this year. Spain and Portugal have been repeatedly hit by heavy rain, 'thunder,' snow, and strong gales, which damaged infrastructure and crops, and forced authorities to evacuate tens of thousands. Spanish Agriculture Minister Luis Planas said to TVE that the eight storms in succession were "truly extraordinary". "We must consider if this is a rare phenomenon or if, looking ahead, it might happen more frequently." Planas stated that approximately 14,000 hectares (35, 000 acres) of citrus fruit, olives, berries and other crops were damaged. This figure could rise significantly. According to the state weather service AEMET, Spain has experienced 38% more rainfall than normal since October. Officials in the medieval Portuguese town of Coimbra distributed flyers warning about a major flooding and stated that 9,000 people may need to be evacuated from low-lying area. The water level at the Aguieira Dam and Reservoir on the Mondego River near city has dropped from 99% to a mere 1% overnight. However, further rains expected on Friday could cause it to overflow, causing severe flooding downstream, according the city council. Businesses were told to ask staff to work at home if possible. Schools and the University in Coimbra?were closed. AEMET predicted widespread rain across the peninsula and Balearic?Islands and low-altitude snow in the north of Spain on?Friday. In Andalusia, a region in southern Spain where 3,100 people were evacuated, 22 towns also closed their schools. Forecasts for the village of Grazalema warned that up to 180mm of rain could fall in the next 24hours. This was after 1,500 residents evacuated due to aquifers filling and increasing the risk of land slides. Catalonia's Health Ministry said that a woman in Barcelona, who was injured by the falling roof Thursday morning and died early Friday morning from her injuries. (Reporting and editing by Charlie Devereux, Andrew Heavens and Andrew Heavens; reporting by Emma Pinedo and Paolo Laudani)
Vote on structural changes by the Depleted Bank Climate Coalition
After the departure of several of its most prominent members, the main banking group that leads the sector's global efforts to reduce carbon emissions announced on Wednesday its plans to revamp its structure.
The Net-Zero Banking Alliance was formed in 2021, ahead of the global climate talks to be held in Glasgow. It has proposed that it change from a membership-based alliance to a framework initiative.
As part of the membership obligations, members have been required to commit to achieving net-zero emission by 2050. They also set interim targets for reducing emissions in carbon-intensive industries by 2030 and submit annual progress reports.
By the end of September, members will vote on any proposed changes to the status of the alliance. After pressure from Republican politicians in the United States who claimed that membership could be considered a violation of antitrust laws, many large banks left. UBS, a Swiss bank, was the last to leave the group in early August. It followed UK counterparts Barclays, HSBC, and the biggest U.S. Canadian, Australian, and Japanese banks. The NZBA stated on its website that its steering group believes the proposed model is the best way to support banks in remaining resilient and accelerating "the real-economy transition" to align with the 2015 Paris Agreement.
The statement said that it would "allow continued engagement with the global banking sector to develop further tools and guidance needed to support both them and their customers".
Lucie Pinson of the non-profit Reclaim Finance said that the NZBA could avoid "the embarrassment" of losing its relevance as the largest members withdraw gradually.
She said: "For those who are working to protect the planet and the climate, it highlights once again the limitations of voluntary corporate engagements and the urgency of binding measures, such as strong regulatory actions, to trigger true change." (Reporting and editing by Tommy Reggiori Wilkes, Barbara Lewis, and Simon Jessop)
(source: Reuters)