Latest News
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Nuclear reactor developer Deep Fission eyes $1.66 billion valuation in US IPO
Deep Fission announced on Wednesday that it is aiming for a valuation of about $1.66 billion when it makes its U.S. IPO. The company hopes to ride a wave of investor demand as the use and consumption AI-powered electricity increases. The Berkeley-based company wants to raise up to $156m by selling 6 million shares at a price of between $24 and $25 each. Deep Fission plans to go public as investors are re-engaging in nuclear power following years of public skepticism. Data?centers, artificial intelligence and data?centers have been driving investor interest. The Gravity Reactor is a small modular reactor (SMR), designed to be operated deep underground. Deep Fission claims that the technology is based on the existing pressurized-water reactor (PWR), which powers most of the world's nuclear plants. The Trump administration has also issued a number of executive orders that aim to boost?domestic power capacity? and accelerate the deployment SMRs. In April, the nuclear reactor developer X-Energy listed. As of the last close, its shares are up 16.3% from their IPO price. William Blair, Stifel and Canaccord Genuity were among the underwriters of?the offering. It plans to list under the Nasdaq symbol "FISN". (Reporting by Pragyan Kalita in Bengaluru; Editing by Tasim Zahid)
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Freeport Indonesia claims that wet ore is slowing Grasberg's recovery and the full ramp-up will be completed in 2027
The recovery process of PT Freeport Indonesia’s Grasberg copper and gold mine has taken longer than expected. However, the company anticipates that?operations will "approach" their full capacity by the end of 2027. In September of last year, seven workers died when 800,000 metric tonnes of wet material flooded Grasberg Block Cave. The Grasberg Complex is the second largest copper mine in the world and the largest gold mine. Global copper prices rose due to a disruption in production caused by the?mine. Freeport Indonesia CEO Tony Wenas stated in an interview with the company's headquarters in Jakarta that "we found out that the GBC and the ore, now because of the incident, have more water... "since the ore will be much wetter than we thought, it is necessary to modify the chute." He said that the complex is currently operating at only 50% of its normal capacity. This will be increased to 65% later this year. Wenas stated that the copper cathode production in 2027 is expected to be approximately 1.2 billion pounds and gold at one million ounces. This is up from the original?2026 estimate of 800 million pounds copper cathode, and 700 000 ounces gold.
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Snapshot-Indian stocks, rupees, swaps, and call at close
STOCKS: The benchmark BSE Sensex rose 0.16% to 75 318.39 while the broader NSE Nifty index rose 0.17% to 23,659, aided?by a boost?from heavyweight Reliance Industries. Meanwhile, the Iran war-driven upswing of global borrowing costs weighed down on broader sentiment, and pushed the rupee to another record low. RUPEE: Indian rupee fell 0.3% against the U.S. dollar to 96.82. Stalled U.S.-Iran peace?talks kept oil prices high, driving global bond yields higher?and hurting equities amid fears of 'further central bank?rate hikes. Dollar to 96.82 as oil prices remain high due to the stalled U.S.Iran peace talks. This has pushed global bond yields up and hurt equities on fears of further central bank rate hikes. GOVERNMENT BANKS: The benchmark 10-year government bond was quoted at 95.955 rupies, with a yield of 7.0761%. Oil prices were cooled by hopes for a U.S.Iran peace agreement, which likely drove foreign banks to buy late in the session. OVERNIGHT SWAPS: The overnight index swap rate for a?one-year? period was down by more than five basis points at 6.21%. Meanwhile, the swap rate for a five-year period dropped four basis points to 6.8%. India's overnight call money rate was 5.25% and the overnight TREPS rate at 5.07%. Reporting by Nishit Navin in Bengaluru, editing by Mrigank Dahniwala
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Snapshot-Indian stocks, rupees, swaps, and call at close
STOCKS: The benchmark BSE Sensex rose 0.16% to 75 318.39 while the broader NSE Nifty index grew 0.17% to 23,659, aided by a boost?from heavyweight Reliance Industries. Meanwhile, the Iran war-driven upswing of global borrowing costs weighed down on broader sentiment, and drove the rupee -to another record low. The Indian rupee fell 0.3% against the U.S. dollar to 96.82. Stalled U.S.-Iran peace?talks kept oil prices high, driving global bond yields higher?and hurting equities amid fears of 'further central bank?"rate hikes. Dollar to 96.82 as oil prices remain high due to the stalled U.S.Iran peace talks. This has pushed global bond yields up and hurt equities on fears of further central bank rate hikes. GOVERNMENT BANKS: The benchmark 10-year government bond was quoted at 95.955 rupies, with a yield of 7.0761%. Oil prices were cooled by hopes for a U.S.Iran peace agreement, which likely drove foreign banks to buy late in the session. OVERNIGHT SWAPS: The overnight index swap rate for a?one-year? period was down by more than five basis points at 6.21%. Meanwhile, the swap rate for a five-year period dropped four basis points to 6.8%. India's overnight call money rate was 5.25% and the overnight TREPS rate at 5.07%. Reporting by Nishit Navin in Bengaluru, editing by Mrigank Dahniwala
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Sources say that Thyssenkrupp will consider spin-off of materials unit at summer shareholder meeting.
Two people familiar with the matter said that Thyssenkrupp may hold an extraordinary general meeting in the summer, to allow investors to vote on a possible spin-off of its materials trading division MX. The discussions?underscore Miguel Lopez's attempts to continue with the company overhaul to a holding company, despite recent setbacks after talks to sell Thyssenkrupp Steel to Jindal Steel failed. Sources said that Thyssenkrupp's supervisory board, which is meeting on Wednesday, could decide to send official invitations to shareholders in the next month. This would mean an EGM might take place at the end of July or beginning of August. The people who spoke to me said that no?firm decisions had been made, and the timeline could change. MX, which employs over?15,000 employees and represents more than one-third of the?Thyssenkrupp sales, saw its adjusted operating 'profit? nearly triple in the second quarter to EUR81million ($94million) for a margin 2.6%. MX's revenues for the quarter rose by 5%, to EUR3.19billion. In February, sources had said that MX’s performance in the second quarter would determine the division’s readiness to enter the capital market. They added that a spin-off could happen as early as this year. Thyssenkrupp stated that it was "confident" MX would be successful on the capital markets, even in a challenging environment. They declined to comment about the timing. The plans to separate MX are a response to the increasing consolidation of?the materials industry. Worthington Steel, a U.S. company, recently acquired smaller German 'rival Kloeckner & Co after combining Ryerson & Olympic Steel. Thyssenkrupp has already spun off or listed its marine and hydrogen divisions under Lopez in an effort to simplify the conglomerate, which makes everything from autoparts to cement plants.
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South Africa's Eskom begins talks on nuclear financing with World Bank and others
Eskom, South Africa's state-owned?power utility, is currently in exploratory talks? with the World Bank about funding a multi-billion dollar nuclear programme which could launch within 12 months. Eskom, the company that runs Africa's sole nuclear power plant near Cape Town is preparing an information request covering up to 5,200 Megawatts in new capacity. South Africa wants more baseload electricity - a steady, constant supply of electricity - and is moving away from coal, which supplies the majority of its electricity. Eskom proposes 4,800 MW of conventional pressurised-water reactors, and 400?MW of small modular reactors. At least half the SMR capacity is earmarked for Eskom's coal-to nuclear strategy. Bheki Nxumalo said, "We're in exploratory discussions with most potential funders... (over) the different ways to finance this," Bheki, Eskom's Group Executive for Generation, said on the sidelines an energy conference in Cape Town. Nxumalo stated that "we are...looking for anyone with ideas. There are different options", referring to the technology which is being opposed by environmental groups and local communities. Nxumalo, Eskom's spokesperson, said that Eskom is cash-strapped and cannot finance new nuclear plants by itself. It needs help from commercial banks and other institutions like the African Development Bank. A World Bank spokesperson stated that "as a policy, we don't comment on potential or exploration discussions with member nations or utilities." The World Bank announced last year that it would return to nuclear financing and support countries who choose this as part of their energy blend. FUNDING OPTIONS The World Bank stated that its engagement is guided by the countries' priorities for development and its policy framework which allows a range of technologies. Nxumalo stated that public-private partnerships, vendor financing and developer funding are all options being considered. Rosatom, a Russian company, is currently doing this at the El Dabaa Project in Egypt. He said: "We have some work to do on our end, but we're hoping to get both technologies (conventional SMR and SMR) to market within the next year." Reporting by Wendell Roelf. Nilutpal Timsina contributed additional reporting. Mark Potter (Editing)
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US power giants bet on AI build-out but power bills may affect their decision
The massive merger between NextEra and Dominion Energy may hinge on the ability of the combined company to keep electricity costs down, even as it rushes in order to supply energy-hungry data centers that are driving up consumer prices. NextEra?said?buying Dominion would allow it to quickly build new generation in areas where others have lagged, and connect proposed data centres waiting to start operations. These companies will have to pass multiple reviews by local, state and national regulatory agencies who will evaluate the consumer impact of rising power bills in certain U.S. areas due to the demand for AI data centers outpacing new generation. Paul Patterson, energy analyst at Glenrock Associates LLC, said that the main issue is to keep rates low and growth affordable. The merger was primarily to serve?data centres. Dominion's territory includes northern Virginia, also known as "Data Center Alley". This area of increasing power demand is located within the 13-state PJM Interconnection where new data hubs and other areas are expanding. According to the U.S. Energy Information Administration, Virginia's electricity demand increased by 3.1% annually between 2019 and 2024. This is more than three times higher than the national average of 0.9%. In some areas of PJM, household power bills have risen by more than 20% in the past two years due to a?demand growth but stagnant supply. As a result of the imbalance between supply and demand, large-scale construction projects have sparked political opposition as well as increased regulatory scrutiny. SCALE, SPEED, AND SCRUTINY Analysts and investors believe that merging NextEra with Dominion, which together has built more power than the 25 next largest utilities combined, could provide the scale necessary to advance data center power transmission and generation projects, both of which have stalled. Dominion’s expertise and relationships will allow NextEra's data center ambitions to be accelerated. "Utilities need to have larger balance sheets and broader generation portfolios as well as faster infrastructure deployment in order to compete with AI," said Alex Torgerson. He is a mergers & acquisitions leader at the business and technology consulting firm West Monroe. Torgerson stated that "the biggest challenge is now for regulators who will be scrutinizing market concentration, grid stability, and whether ratepayers see any meaningful benefits from this size of a deal." In a joint press release, NextEra and Dominion highlighted that the combined company will keep rates down and offered Dominion customers from Virginia, North Carolina and South Carolina bill credits worth $2.25 billion over two years. The research arm of investment banking advisory firm Evercore said in a report that "the regulatory obstacles to closing this deal are the true variables." Consumer advocates have criticized the merger, saying it's unnecessary and will ultimately benefit shareholders and executives of both companies more than utility consumers. According to Dominion’s latest proxy statement, five Dominion executives may?collectively receive? an estimated $66,000,000 in pay and benefits due to the takeover. Dominion CEO Robert Blue was paid an estimated $30.1 million for his change-in control. The Electricity Law Initiative director at Harvard University Law School, Ari Peskoe said, "Utility mergers only benefit shareholders and executives. They do not benefit ratepayers."
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Reliance boosts Indian shares but caution about Iran continues
The rupee fell to another record low on Wednesday as the Iran war-driven rise in global borrowing costs weighed on sentiment. Fears of a protracted Middle East conflict has prompted a sell-off in U.S. Treasuries. This has impacted riskier assets around the world. The higher yields of U.S. government bonds have made Indian stocks less attractive to overseas investors. They've sold more than $23 billion worth of Indian shares in 2026. This is a record-breaking outflow. The Nifty 50 index rose 0.17% on Wednesday to 23,659 while the BSE Sensex increased 0.16% to $75,318.39. Since the Iran War broke out at the end of Feburary, the indexes are down 6% and 7.3% respectively. 11 of the 16 major sectors gained. Small-caps were flat, while mid-caps rose 0.5%. U.R. Bhat, cofounder of Alphaniti Fintech, a firm that provides advisory services. Indian equity investors are most concerned about oil price. The markets could react positively if there's a 'pullback in oil prices. Reliance shares jumped by 2.8% on their best day in over three weeks. Stocks had fallen 9.6% in the last 10 sessions. Aluminium manufacturer Hindalco gained 3.5% and was the top gainer on the Nifty 50 after its U.S. based?subsidiary Novelis announced higher operating profits and that its?New Jersey facility will restart in the coming weeks. Brent Crude prices fell 1.9% but remained elevated at $109 per barrel. India imports 90% of its crude oil needs. Shipping data shows that two Chinese oil tankers loaded with oil left the Strait of Hormuz.
US sanctions against China's Hengli marks an escalation of Iran oil crackdown
Treasury Department imposed sanctions against China's Hengli Petrochemical Refinery (Dalian), accusing it of "buying billions in Iranian oil", in a significant increase in Washington's effort to curb Tehran's oil revenues.
Hengli Petrochemical, the parent company listed on Shanghai's Stock Exchange, denied doing business in Iran and said that sanctions lacked legal and factual basis. It also stated it would work to lift them.
The following are?key facts:
Why is this an escalation?
Hengli operates in Dalian in the north-east a refining facility that can process 400,000 barrels per day. This makes it the biggest Chinese refiner sanctioned by the United States, since the United States re-enforced its crackdown against Iranian oil exports.
The designation came shortly after a waiver of 30 days of sanctions for importing Iranian crude oil that had already been loaded had expired, and after U.S. Treasury Sec. Scott Bessent had threatened to sanction 'buyers of Iranian Oil' on April 15, and had said the Treasury Department had sent warning letters to 2 Chinese banks.
The move is in anticipation of U.S. president Donald Trump's planned visit to Beijing, which is scheduled for May.
Prior to this, the U.S. had imposed sanctions against Chinese entities based on their relationship with Iran. These included three small independent refiners, and several import terminal operators.
What has been the impact so far?
Hengli Petrochemical shares fell 10% on Monday.
Hengli Petrochemical International in Singapore was also restructured by the Hengli Group, which reduced the firm's 100% ownership stake to 5%. The remaining 5% is now owned by a Chinese government entity.
Trading executives expressed skepticism that the U.S. measure would protect the Singapore unit against the wariness of its counterparties, given the ownership at the time it was announced.
Hengli Petrochemical stated that it had enough crude to cover its processing needs for over three months. It will continue to settle oil purchases in Chinese Yuan.
What are the pre-conditions?
The U.S. sanctioned several Chinese entities, including three small refiners. According to sources, this caused difficulties in receiving crude oil and forced two of the companies to sell their product under different names.
In October of last year, the U.S. Sinopec, the state-owned refinery in China, received one fifth of its crude through an import terminal sanctioned by the U.S. This led to the terminal being idle for months and disrupting crude flow. It also forced cargo diversions because traders avoided the terminal for fear of secondary sanctions.
Sinopec's logistics unit sold its stake to a local port operator.
Shandong Yulong Petrochemical is another Chinese?refiner that produces 400,000 barrels per day and has a presence in Singapore. Last year, non-Russian customers, foreign banks, and vendors stopped doing business with the company after they were sanctioned by Britain and European Union for dealing with Russian oil.
Yulong became more dependent on Russian oil as a result of the measures.
What has been the impact of U.S. sanctions on Iranian oil?
China, which is the largest oil importer in the world, has been the main buyer of Iranian oil for many years. Vortexa Analytics reports that China brought in a record-breaking 1.8 million barrels per day (bpd) in March.
According to traders, China's giant state refiners are not buying Iranian crude after the U.S. reinstated sanctions in 2019. Instead, independent "teapots", who buy discounted Iranian barrels, are the only ones willing to purchase them.
Iranian oil shipped to China is usually transshipped on the way and is mainly branded as Malaysian, or Indonesian.
Beijing has defended the legitimacy of its trade with Iran and rejected unilateral sanctions it has called "illegal". (Reporting and editing by Raju Gopikrishnan; Tony Munroe)
(source: Reuters)