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Poland raises temporary corporate taxes for large utilities and fuel companies
According to assumptions in a draft bill released on Thursday, the Polish government intends to temporarily increase corporate income tax for large utilities and fuel companies from 19% to 30% by 2027. Companies with revenues above EUR50,000,000 ($58,000,000) would be subject to the higher rate. PAP, the state news agency, was the first to report on this proposal. Document: The proposal is for "large companies" operating in oil and gas production, trading, fuel production, distribution and transmission, as well as electricity transmission and power distribution. According to the plan, tax rates would drop to 26% by?2028, to 23% by 2029, and then return to 19% at the end of 2030. FUNDS TO SUPPORT ENERGY INTENSIVE INDUSTRIES The government stated that the measure would help fund programs to support Poland's energy intensive industries. It said these industries face some of the?highest energy prices? in the European Union. In the document, it was also noted that energy and fuel companies have generated "unusually large" profits in light of current geopolitical tensions. Eurostat data shows that, according to the government's estimation, Poland will have the highest energy costs in the EU for energy-intensive sectors in the second half 2025. The report also said that energy prices in the EU were two to three times more expensive than those in the U.S. or Asia. The government stated in the document that "energy-intensive sectors are facing immense difficulties, particularly those competing on international markets." It is important to create conditions which not only support the short-term competitiveness of businesses but also ensure that the effects of the energy transformation are long lasting. The government stated that the maximum amount of support under the program would be a 50% reduction in the annual average wholesale electricity price. The cost of the program was estimated at?4.8 billion Zlotys ($1.3billion) between?2027-2030. The government cited the need to help cover increased defence expenditures following Russia's invasion in Ukraine. Before a bill can become law, it must be approved by Parliament and signed by President.
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U.S. sanctions Hezbollah, highlighting ties with Iranian government
According to a statement seen by, the United States is planning to issue fresh sanctions on Hezbollah in Lebanon, including reclassifying it under a terrorist authority. This'move' is intended to highlight its links with the Iranian government. The statement said that while Hezbollah was not designated under a new authority, it is now a Specially Defined Global Terrorist for its "service?to Iran's regime under the command?of Iran's Islamic Revolutionary Guard Corps-Qods Force." An official from the United States said, "the re-designation is intended to show Hezbollah acting on behalf the 'Iranian Government and update the public records to 'link the designation with Hezbollah’s 'actions' on behalf Iran's Islamic Revolutionary Guard Corps Quds Force. Hezbollah has been designated as a Foreign Terrorist Organization by the U.S. since 2001. The United States also designated a 10 person group on Thursday, which it accused of smuggling money for Hezbollah. The 'U.S. Officials said the U.S. would not take any further action against Iran on Thursday, but Washington is still trying to end a six-month war it began with Israel. U.S. Treasury secretary Scott Bessent announced earlier on Thursday that on Monday he would hold a press conference about the "toughest sanctions in history" Washington intends to impose against Iran.
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Bulgaria's nuclear power plant will reduce capacity due to low water levels on the Danube
The 'Danube's low water levels' have forced Bulgaria's only nuclear 'power plant to 'cut its capacity by about 12 percent on Friday. The Kozloduy Nuclear Power Plant, which supplies around 35% Bulgaria's electrical needs, is composed of two Soviet-made 1,000 MW reactors: Units 5 and 6. The plant said that it would reduce the capacity of unit 5 by 120 MW in order to maintain its safe operation. The 'plant' said that it had made the decision due to "the ongoing unprecedented and critical decrease of the Danube River". It added that this was the first time in its 52-year history that power capacity was reduced because of extreme hydrological conditions. The Danube has a record low level of water, which has reduced the electricity production. Hydropower in Serbia and nuclear power in Hungary have both been affected by this. Nuclearelectrica, Romania's only nuclear power producer, shut down its entire plant last week due to the low Danube. The company stated that a team was set up at Kozloduy, which implemented the necessary procedures in order to ensure a safe and reliable operation of the plant in the event if a?prolonged drop in river levels.
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Bessent, US Treasury Secretary, will hold a press conference about Iran on Monday
Scott Bessent, U.S. Treasury secretary, said on Thursday that he will hold a press conference on Monday to "discuss exactly what we're going?to?do?" on Iran. Donald 'Trump' warned on Wednesday that any country providing "any kind of lifeline" to Iran would face economic consequences. The United States is trying to end a six-month war with Israel. Bessent said to CNBC that "I believe oil?markets misinterpret what this economic pressure is." On Thursday, oil prices rose to a three-week high. Bessent stated, "We have asymmetrical information and I'm not certain why oil has appeared on this." "If we apply the maximum economic pressure, it is likely that there won't be a large scale?kinetic restart." Bessent responded that many discussions are best held in private. He said: "We're confident that everyone wants to see the Strait of Hormuz reopened and energy prices come down." Remember that 50% of the energy consumed by the Chinese comes from the Gulf. It would be a great service to them if they embraced the program. In a Wednesday social media post, Trump promised "Economic Warfare and Isolation of an unprecedented scale", although the details were scarce. Since the Islamic Revolution in 1979, Iran has endured economic sanctions that are punishing and continuous for almost 50 years. Abbas Araqchi, the Iranian Foreign Minister, called Trump's remarks an attempt to divert American public opinion away from their domestic financial issues. This includes record debt and rising rates of interest. (Reporting and writing by Susan Heavey, editing by Katharine J. Jackson and David Ljunggren).
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Monte dei Paschi approves bids for Banco BPM, Banca Generali in defensive move, source says
Sources close to the situation said that Monte dei Passchi di Siena's?board approved bids on Thursday for Banco?BPM as well as wealth manager Banca Generali in order to counter an EUR36 billion ($42billion) takeover offer from Intesa Sanpaolo. Italian media reported that the board backed Luigi Lovaglio's proposal with a majority rather than an unanimous vote. MPS explored a possible deal with Banco BPM in order to stop Intesa from taking over. However, the two banks announced on July 31 that they would be ending their discussions after BPM's major investor, France’s Credit Agricole expressed its disapproval. Analysts suggest that MPS can use an asset it acquired by taking over Mediobanca in 2025, a 13% stake?in Italy's largest insurer Generali. It could also draw from its cash reserves to boost returns to its shareholders and counter Intesa's EUR3 billion cash offer. Analysts have stated that the Generali stake, worth EUR8.5 billion, could be traded or sold for another asset. Lovaglio refused to provide details on an analyst call held on 7th August. Lovaglio has previously denied disposing of Generali's stake, according to people familiar with his plans. BREAK-UP Intesa will retain Mediobanca and the Generali stake as well as roughly half of MPS’s branch network. The other half has been sold to address antitrust concerns. Lovaglio criticised the plan and said it would destroy value. Prime Minister Giorgia?Meloni expressed her hope that MPS might not be "dismembered" despite insisting that the government plays no active role. Intesa’s unsolicited offer of cash and shares in June was the latest in a wave of consolidation that has?reshaped Italian banking in the last 21 months. Italian banks went through years of restructuring before their profits reached record levels with the rise in interest rates from 2022. MPS was the face of the overhaul. After being rescued in 2017 by the state and reprivatised between 2023 and 2024, Generali bought Mediobanca for EUR16 billion in a hostile bid. It also regained control over its prized Generali stake. MPS's largest shareholders are Delfin - the investment vehicle for the Del Vecchio eyewear dynasty - and Francesco Gaetano Caltagirone, a construction tycoon. Both are also large Generali investors. Intesa made its bid while UniCredit was busy acquiring Germany's Commerzbank. UniCredit has also been building a Generali share in recent months, which it described as an investment. $1 = 0.8559 Euros (Reporting and Editing by Elaine Hardcastle, Gavin Jones and Giulio Pioloavaccari)
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Siemens claims that it does not see an increase in attacks on industrial control systems
Siemens said on Thursday it had not detected any increase in attacks against its industrial control devices or previously unknown vulnerabilities, after U.S. Authorities warned that hackers were targeting these devices. On Wednesday, several U.S. Government agencies warned that Siemens control devices used in critical infrastructure were "under active threat". The advisory stated that all S7 Series programmable logic controllers of Siemens were potentially targets. This could impact sectors such as manufacturing, energy and water, chemicals, food, and more. A number of national agencies, including the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA), issued this warning. The German engineering and automation company has confirmed that it is aware of CISA's advisory and in constant contact with them. The advisory warned that hackers are using new methods to exploit?misconfigurations. Siemens said in a press release that these configurations had been described in a security alert published last month. The German group is a major player in factory automation and offers cybersecurity support to its customers. It also helps prevent misconfigurations of its modules. Verbund, an Austrian power producer, said on Thursday it used the Siemens components that were cited in the U.S. Government 'warning' but had not experienced any incidents because they aren't connected to the Internet. Reporting by Alexander Huebner, Munich. Writing by Ludwig Burger. Editing by Friederike Hine.
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Saudi June crude exports rise from record low May data
Saudi Arabia's crude oil exports rose from a record low of just 3.434 million barrels per day to 3.993 million barrels per days in June. The crude oil production of the country increased from 6.560 to 7.122 millions bpd between May and June. JODI has data on Saudi crude exports and outputs dating back to 2002. Riyadh, and other members of the Organization of Petroleum Exporting countries provide monthly export data for publication on the JODI website. The U.S. and Iran signed a MoU in June that allowed'more vessels to cross the Strait of Hormuz,' according to UBS analyst Giovanni Staunovo. The data revealed that the crude throughput of the Saudi refinery rose by 0.111 million barrels per day (bpd) to 2.497 millions bpd from 2.386million bpd during the previous month. Direct crude-burning fell by 64,000 bpd, to 583,000?bpd. Data showed that shipping through the Strait of Hormuz was slowed on Wednesday. Most shipowners avoided this 'key waterway' because of the lack of clarity on its reopening from a previous blockade during Iran War. Saudi Aramco has re-started oil loading inside the key waterway and more?tankers are waiting to load. The state energy giant is offering spot heavy crude cargoes. The company had halted its sales for a period of?weeks after attacks on 'its tanker fleet? in the Strait of Hormuz last month during an escalation of U.S. - Iran conflict. (Reporting from Noel John, Bengaluru. Editing by Joyjeet Das.)
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Gulf Aluminium output drops in July, impacting global production
The 'Iran War' caused a drop in Middle East primary aluminium production in July, which weighed on global production. The International Aluminium Institute (IAI), a non-profit organization, reported that Gulf production fell by 44% in July to 293,000 tonnes, down from 523,000 tons the previous year. In late March, two smelters located in the Gulf region, which together account for around 9% of primary aluminium production capacity in the world, were attacked by Iran as part of the Middle East conflict. The daily production of the region in July was down more than 10% compared to a month before, at 9,800 tons. This is well below its pre-war baseline level of 17,800 tonnes. IAI data show that the 'weaker Gulf production was offset by stronger output in China, which was estimated to be 3.866 million tonnes in July, up 2.7% from 3.764 millions a year earlier. Emirates Global Aluminium said this month that production was returning to its Al Taweelah Smelter in Abu Dhabi faster than expected after an emergency shutdown in March. However, it could still take up to one year to reach previous levels. (Reporting and editing by Vijay Kishore; Reporting by Eric Onstad)
US sanctions Hezbollah, highlighting its ties with the Iranian government
According to a?statement viewed by the, the United States issued new sanctions on Thursday against Lebanon's Hezbollah. This included re-designating them?over their actions in support of Iran.
According to the statement, the Treasury Department renamed the group for "service to 'the?Iranian government under the command of Iran’s Islamic Revolutionary Guard Corps - Quds Force." According to an anonymous U.S. official who spoke under condition of anonymity about the redesignation, it was meant to demonstrate that Hezbollah acts on behalf of Iran's government, and specifically the Islamic Revolutionary Guard Corps Quds Force.
Hezbollah has been designated as a Foreign Terrorist Organization since 1997, and a Specially Defined Global Terrorist since 2001.
Hezbollah in Lebanon is both a political group and an armed force. Sanctions are aimed at disrupting funding networks and isolating targets. They do this by freezing assets, prohibiting banks from dealings with specific entities, and blocking the flow of goods and services. The U.S. official stated that the move on Thursday was not a part of any new measures the U.S. has vowed to take against Iran. The United States is looking to end a six-month war that began with Israel. President Donald Trump warned Wednesday against countries who provide "any kind of lifeline" to Iran.
Scott Bessent, the U.S. Treasury secretary, said on Thursday he will hold a press briefing on Monday about "the harshest sanctions in history," that Washington intends to impose against Iran. U.S. sanctions also targeted 10 individuals on Thursday for allegedly smuggling money to Hezbollah. Washington said the Turkish businessman was in charge of a network of couriers that moved money between countries in the region, and Hezbollah’s base in Lebanon. According to a statement, the businessman used exchange houses in Turkey as fronts for money transfers involving the Quds Force. He also provided front companies and bank accounts. The action targeted several couriers. Hezbollah was founded in 1982 by Iran's Revolutionary Guards during the 1975-1990 civil war in Lebanon. This was part of Tehran’s efforts to?export its 1979 Islamic Revolution? and?fight Israeli troops that invaded Lebanon in 1983. Hezbollah has its own social services including schools and hospitals and is well supported by Shi'ite Muslim Lebanese.
(source: Reuters)