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Spain extends Almaraz Nuclear Plant Operation through 2030
According to an official order published on Friday, the?Spanish Government has extended the operation of?the?Almaraz Nuclear Plant by more than 2 years until June 2020. According to Spain's plan, which aims to decommission its five nuclear plants by 2035 the two reactors at Almaraz would be the first ones to start in 2027. Document: The extension will not affect the remainder of the decommissioning plan, but some analysts expect that other plants' operations may also be extended. The widespread blackout that occurred in Spain and Portugal between April 2025 and May 2025 re-ignited the debate about nuclear power in Spain. The order did not mention the blackout, but rather the more recent impact of the Iran War on fossil fuel supply. The decision was made after the owners of the plant, Iberdrola Endesa and Naturgy filed a request for an extension last year. Also, the nuclear safety council issued a report stating that the conditions must be met. GOVERNMENT STILL BACKS ZERO CARBON ECONOMY Spain’s socialist-led government has established ambitious green targets. It champions a rapid transition to a carbon-free economy, and bases its energy policies on a large deployment of renewable energy sources such as wind and solar. Nuclear power plants provide a steady source of baseload electricity to complement intermittent renewable energy sources and generate carbon-free power. Document published on Friday stated that the expansion of nuclear power would only limit the deployment renewable energy sources by?1.4% in comparison to current climate plans. The natural gas-fired generation of electricity should decrease by 7%. The nuclear industry has been campaigning for lower taxes for nuclear energy for years, claiming that the taxes are a barrier to the competitiveness of the plants. Energy Ministry said that the extension would not be accompanied by a tax cut and wouldn't?increase costs for taxpayers. RBC analysts stated in a note that the decision was widely anticipated and "should imply an automatic extension of the Spanish nuclear plants", due to the logistical difficulties of dismantling multiple nuclear plants at once. Reporting by Pietro Lombardi, editing by Charlie Devereux and Andrei Khalip. Barbara Lewis.
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Indian shares close the week lower due to higher crude oil prices
India's equity benchmarks fell this week, after two weeks of gains. The lingering unrest in the Middle East and high crude oil prices dampened risk appetite for stocks in the world's third largest crude importer. This week, the Nifty 50? fell 0.8% to 24,366 while the BSE Sensex dropped 0.6% to 78.009.25. They ended Friday with little change. Brent crude prices rose 4.6% this week to $87 a barrel, due to the lack of progress made in peace talks between Iran and the U.S. to end a long-running war in the Middle East. The U.S. said on Thursday that it could maintain a navy blockade against Iran indefinitely, and would increase economic pressure on Tehran, as ceasefire talks had failed, global oil supplies were dropping, and regional tensions were rising. "As long the macroeconomic 'concerns arising out of higher crude oil prices continue, we are unlikely?to?see a?unidirectional movement in the?market", said Pankaj Pandey. Analysts say that the earnings season for the quarter ended this week, and they were largely ahead of their expectations. In India, 15 of the 16 major sectors declined this week. Small-caps fell 0.7% and mid-caps rose 0.5%. Financials, the heavyweight sector, lost 1%. Metals were the biggest losers with a drop of 1.9%. Reliance Industries, the oil-to-telecom conglomerate, fell by 1.9% after MSCI announced that its weight was reduced in the flagship index. The weakness in Indian markets was in stark contrast to other Asian markets which were set for their strongest week in the past two months. South Korea's Kospi - a barometer of investor sentiment in the AI trade - jumped by 11.5% this week. FRIDAY MOVERS Tata Motors Passenger Vehicles fell 4.3% to be the largest loser on the?Nifty 50. The carmaker's quarterly profit plummeted by about 80% because of higher costs. LG Electronics India rose 9.6% following strong quarterly results, and a confirmation of its full-year revenue goal.
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Copper prices fall on profit-taking and economic uncertainty
Prices of copper?and aluminum dipped on Friday, as investors took advantage of a rally in the face of uncertainty over the global economy and the unresolved conflict?in the Middle East. Benchmark three-month?copper?on the London Metal Exchange?was down 0.3% to $14,106 per metric ton at 0930 GMT. LME copper is up 9% from its seven-week low reached on the 24th of June, due to declining inventories and a tight supply outside of the United States. "We are seeing some profit-taking after a strong uptrend, but this trend looks pretty solid." Ole Hansen is the head of commodity strategy for?Saxo Bank, Copenhagen. He said that long-term drivers will not disappear anytime soon. He said that copper prices must fall below $13,700 in order to halt the upward trend. The market is trading based on the assumption that there will be a solution in the Middle East, but this could change at any moment. The price of oil rose Friday, after the United States announced a naval blockade against Iran. LME copper inventories continued to decline on Friday, falling 48% from late May. The cash contract's price premium over three-month contracts also increased. The price of a ton rose to $256.50, the highest since June 2025. The most-traded contract for copper on the Shanghai Futures Exchange fell 0.1% to 107 690 yuan (15 970.64 dollars) per ton. Fastmarkets analyst Andy Farida stated that "Demand may seem resilient, but we still question if it will be able to sustain the same'strong momentum' given how quickly asset prices have increased while wage growth has been somewhat subdued." LME Aluminium fell 0.5% to $3,242 per ton. It was expected to finish the week down 1.2%. The Middle East has shown signs of recovery, which have eased some of the expected shortages. Meanwhile, Norsk Hydro’s Alunorte refinery began reducing its alumina output on Thursday. LME zinc rose?0.6%, to $3,774 per ton, and lead increased 0.2%, to $1,890.50, while nickel fell 0.6%, to $16,670, and tin dropped 0.2%, to $55,735.
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Spain removes the remains of 11th-century kings as wildfires rage
The Spanish authorities removed Thursday the remains of three kings that ruled Aragon in the 11th century. Mar Vaquero, the vice-president of the Northeastern Region, stated that the remains of the deceased were taken to the provincial museum in Huesca located 80 km south of the monastery for protection until the conditions improved. Vaquero, a reporter, said that authorities launched a rescue effort after the wildfire, which had been burning since Monday, began moving towards the monastery of San Juan de la Pena, a 10th-century structure, late on Thursday. The team of emergency military personnel managed to get into the monastery located in the mountains and remove the 'ceremonial clothing' belonging to a '18th century count who was buried there. However, the close proximity to the fires forced the team to flee. The team returned to the site a second time with police officers and heritage officials. They removed the remains of three of the first kings of Aragon, who ruled from 1035 to 1104, as well as a few?historical pictures. Vaquero praised bravery and the team that rescued the victims. The 'wildfire' intensified on Thursday morning, fueled by high temperatures and strong wind. The fire has destroyed more than 9,000 hectares, forcing the evacuation of 16 towns. However, the monastery was unharmed as of Friday morning. A?much bigger wildfire in southern Spain also worsened on Thursday. The fire has burned over 31,000 hectares of land in Huelva province and forced 700 people to evacuate.
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James Hardie, a fibre cement manufacturer, faces a second class action in Australia over financial forecasts
James Hardie Industries announced on Friday that it would defend itself against a second shareholder class action lawsuit, which alleged the fibre cement manufacturer had violated Australian law in relation to financial predictions made last year. The Dublin-based firm said that the class action was filed on behalf of?investors who purchased securities from May 21 to?August 19,2025. It follows a similar class suit brought by a different set of shareholders back in June. The class action filed by shareholders on Friday alleges that the company violated certain provisions of Australia's corporate laws, consumer laws and regulatory laws. James Hardie stated that it expects a low-single-digit growth of total adjusted operating profits in 2026. The company said it will defend itself and is complying with its disclosure obligations. The company did not give any further information?on the allegations related to the forecast. James Hardie increased its 'annual earnings forecast last week. It cited benefits from its AZEK acquisition as well as manufacturing efficiencies and the demand for its legacy 'fiber cement business. After the upgrade, its Australia-listed'shares' closed at a near-year-high.
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Oil rally eclipsed by benign US inflation as stocks near record highs
The global?stocks were hovering around record highs Friday. They are set to make a third consecutive weekly gain, after benign inflation figures tempered expectations of a 'U.S. Rate hikes are expected to take place next month despite the faltering of talks to end the Middle East war. The price of oil and gas was still on track for a large weekly gain, as the impasse in the peace talks continued, while the U.S. threatened a stepped-up economic pressure against Iran, which included extending the naval blockade. Investors are not showing any signs of panic. This week, short-dated bond rates have increased, but modestly. Meanwhile, several market-based inflation expectations measures have continued their downward trend. Gold, which is hurt by rising interest rates, has reached two-month highs. Investors are less worried about AI spending now that strong earnings have been reported. GEOPOLITICAL UNCERTAINTY REMAINS The MSCI All-World index, which has been up for the third week in a row, was just below records highs. In?Europe the STOXX 600 index was slightly lower than the previous day as gains in capital-intensive stocks such as carmakers and defence were more than offset by losses in the technology sector. The markets end the week on a good note with a relatively low level of event risk in both the corporate and economic calendar. It's Friday and, as is typical, geopolitical risk, or at the very least, bombastic rhetoric between the U.S. "At the moment, geopolitical uncertainties remain the only major macro-roadblock to a market that is experiencing strong tailwinds due to earnings and the monetary policy outlook." Brent crude futures rose by 1.7%, to $88.5 per barrel. This is expected to lead to a weekly gain of 6%. European natural gas futures are set for an increase of 10%, and U.S. Gas futures for a rise of 3.5%. The VIX volatility index - which many see as the "fear index" of the market - was on track for its fourth consecutive weekly decline, the longest stretch of this kind since May 2025. This reflects the decreasing level of concern among equity investors. A measure of bond market volatilty is also heading for a second successive weekly drop. John Sidawi is a senior portfolio manager at Federated Hermes for fixed income. He said that a puzzling aspect of the?markets over recent months was the growing disconnect between asset price volatility and geopolitical uncertainties. For now, the markets seem to be willing to accept a considerable amount of uncertainty before demanding higher premiums. This equilibrium is not likely to last forever," Sidawi stated. "A meaningful escalation of conflict?or a path towards resolution could finally force the investors to come off the sidelines and trigger a larger volatility reaction than current market pricing?implies." YEN STUCK IN INTERVENTION LOOP After a report suggesting that the Bank of Japan may raise interest rates as early as September, three sources who are familiar with the policymakers' thoughts said the yen was stronger, and the dollar fell 0.2% to 159.18. The traders believe that the 160-level is still within reach, and could spark another round of yen purchases from Tokyo after last month's joint?intervention? with the U.S. failed to boost the Japanese currency. Padhraic G Garvey, ING's head of global rates, debt and strategy, explained that the yen is weak because of "a Bank of Japan that is uber-cautious and whose policy rate remains too low". Garvey said that a rate hike would help to ease the tension. The sooner the rate increase is implemented, the better. While that might be seen as a negative for the economy it is also a decision. Do you think it's important to protect the yen or not? Gold was down by 0.1% to $4,346 an ounce but still on track for its largest monthly gain since Feb. Central banks and investors have both pumped cash into the markets as expectations of the Fed raising rates aggressively has faded. (Ankur Banerjee contributed additional reporting from Singapore; Sonali Paul, Alex Richardson and Alex Richardson edited the article.)
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Sources: China's state iron ore purchaser has a supply agreement with Anglo American
Three sources familiar with the matter said that the Chinese state iron ore purchaser reached an agreement in April with 'Anglo American over an annual supply contract for the key ingredient used to make steel. China Mineral 'Resources Group' (CMRG) was established in 2022 in order to gain more power on the iron ore markets where China is a dominant buyer. They have increased their efforts to get better terms for Chinese Steelmakers who are struggling with dwindling margins and dwindling demand. Bloomberg broke the news on Friday. Sources said that CMRG, under the?agreement which was not previously reported, became exclusive agent for iron ore in?China from Anglo American Kumba in South Africa, starting in April. Two of the three said that it was a deal for 'around 10 million metric tons' to be delivered to CMRG member steel mills. One of them stated that the contract would last until March 2027. All sources declined to give their names as they weren't authorised to talk to media. Kumba's iron-ore sales amounted to 18.6 million tons during the first six months of this year. China accounted for 54%. Ebrahim dadoo, Anglo American’s global head 'of sales & trading', stated on a earnings call on the 28th of July that not all 54%?went CMRG without providing any further details. CMRG didn't immediately respond to a comment request. Anglo American declined comment. In April, CMRG and BHP Group reached a?supply?agreement, which ended a?month-long dispute in which Chinese steelmakers were prohibited from purchasing certain BHP iron ore products. Reporting by Nelson Banya and staff. Mark Potter edited the article.
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France evacuates 525 people as a new wildfire strikes pine forests in the southwest
French authorities evacuated 525 residents from the village of Luglon, after a wildfire broke in the southwestern Landes region. This is not far from an area that was already 'devastated' by major fires this summer. Gilles Clavreul, regional official, told reporters that the fire has now spread within two kilometers of Luglon's centre. The Landes region is covered in pine trees that? become highly flammable after drying. Clavreul stated that the situation was unfavorable, and the fire continued to rage. He added that 500 firefighters were fighting the flames, and six aircraft had been dispatched to help. Closed roads to the north and south have been closed. Clavreul has not commented on the origins of the fire. Luglon lies about 100 km (62 mi) south of Arcachon Bay. Two?major fires in the area destroyed over 50,000 hectares (124,000 acre), forcing 220,000 people to evacuate their homes by the end of July. French media reported Friday that a 15 year old had been arrested for a July fire that occurred near Bordeaux Airport, in the same area, and that resulted in two firefighters' deaths. Sud Ouest, a local newspaper, reported that the youth who was?placed in judicial investigation' threw a cigarette ash which allegedly ignited the fire. The Bordeaux prosecutor did not immediately respond to an inquiry for comment. French Interior Ministry?said that 474?people were arrested on suspicion of intentionally starting a fire. Out of the total, 183 are under 18. According to the Ministry, 70% of those detained have been'suspected of arson. This summer, the south-west of France has been blasted by heatwaves. Temperatures are expected to soar as high as 36 degrees Celsius (97 degrees Fahrenheit), on Friday afternoon. The area burned so far in this year is greater than the previous record-breaking year of 2022. Reporting by Stephanie Lecocq, Additional reporting by Gus Trompiz, Writing by Inti landauro and Jean Stephane Brosse and Editing by Clarence Fernandez & Edwina Gibbs
Investors want to review Australia's listing regulations, saying that the James Hardie-AZEK transaction will hurt.
A group of investors called for the review of Australia's listings rules. They claimed it was "unreasonable", that companies could issue large amounts of shares without shareholder approval to fund acquisitions.
Investors wrote to the Australian Stock Exchange on Wednesday, stating that James Hardie's proposed $8.75 billion purchase of AZEK would dilute the interests of existing AZEK shareholders and "irreversibly alter their rights" without a vote.
Investors, including top pension funds AustralianSuper and UniSuper and institution investors Schroder Investment and Fidelity Australia, called on ASX to require shareholder approval for any share issuance over a certain threshold and for listing modifications.
Some of the ASX investors are also shareholders in AZEK and James Hardie. The letter has been reviewed.
They added that James Hardie's plan to move its primary listing from New York to Australia after the deal would reduce the ability of Australian shareholders to hold management accountable.
AZEK shareholders can expect to receive $26.45 cash for every AZEK share, and 1.034 James Hardie stock. The deal is expected to close during the second half 2025.
Investors said that a change in primary listing would permanently alter the rights of James Hardie's shareholders. There are differences between ASX and NYSE listing rules, which are harmful to James Hardie's shareholders.
They said: "We believe that this transaction is a reason for ASX to re-evaluate the use of discretion in such circumstances and update ASX guidance as well as the ASX listing Rules."
ASX, James Hardie, and AZEK have not responded to requests for comment. (Reporting and editing by Mrigank Dahniwala in Bengaluru. Adwitiya Shrivastava is based in Bengaluru.
(source: Reuters)