Latest News
-
TEPCO restarts nuclear reactor for the first time since Fukushima
Tokyo Electric Power (TEPCO), after completing inspections, will restart a reactor on Wednesday at the?Kashiwazaki - Kariwa?nuclear plant. This is its first move of this kind since the Fukushima nuclear disaster in 2011. TEPCO announced that it would bring online the 1,36 gigawatt reactor (GW) No. 6 after 7 pm (1000 GMT). The reactor No. 6, which is one of seven in Kashiwazaki-Kariwa's nuclear power plant, can produce 8.2 GW at full capacity. TEPCO investigated an alarm malfunction. TEPCO reported that the equipment was working normally as of early Wednesday morning. Reactor No. Reactor No. Reactor No. Reactor No. 7 is expected to be brought on line around 2030, and others could be decommissioned. After the 2011 meltdown of TEPCO’s Fukushima Daiichi nuclear reactor, Japan's fleet of 54 reactors was shut down. The Prime Minister Sanae Takaichi has been pushing for new reactors to be built, particularly small modular reactors and new-generation reactors. Recently the government announced a new funding scheme in order to speed up the nuclear power revival. After a setback in the offshore wind rollout, and the inflation pressure caused by fossil fuel imports to Japan, it is turning its attention back to nuclear energy to boost its energy security and to reduce its gas and coal purchases. The restart of Kashiwazaki Kariwa, the first by TEPCO after the Fukushima catastrophe, is a test for the entire Japanese Nuclear Power Industry, since six other utilities including Chubu Electric Power Co are waiting for a decision on the potential restarts of their reactors. Japan is also focusing on the developments as it seeks to increase cooperation with its closest ally the U.S. regarding new-generation reactors and SMRs. The global atomic industry, however, is dominated by China, and Russia. The Japanese nuclear watchdog announced this month that it would order Chubu Electric?to provide a detailed, unbiased report on the falsified seismic data, and to pause?a review?of its application to restart Hamaoka - the utility's only atomic power plant - as public opinion remains divided about nuclear energy. Commodity analysts from?Kpler predict that liquefied gas imports to Japan, which is one of the top two buyers in the world, will drop by 4,000,000 metric tons to 62,000,000 tons by 2026, compared to an earlier year, due to increased nuclear power availability. The commercial operation of Unit 6 is expected to begin early in the year. (Reporting and editing by Jamie Freed and Muralikumar Anantharaman; Thomas Derpinghaus and Thomas Derpinghaus).
-
MORNING BID EUROPE - Markets hold onto hopes of Davos' de-escalation
Stella Qiu gives us a look at what the future holds for European and global markets. Wall Street has spoken and the verdict is not pretty. The dollar dropped the most in a month, while Treasuries took a beating. The 30-year Treasury yield was heading towards the danger zone of 5%. This brought back memories of "Sell America", though everyone is wondering if Trump will "TACO" like he did last April with his tariffs. According to him, there is no turning back from Greenland. Markets are still holding out hope that this is just bluster from the "Art of the Deal", and he may choose to deescalate his stance during his speech in Davos. The Treasuries also held steady. The sell-off of regional stocks also slowed. This was helped by gains made in Chinese shares, while Japan's Nikkei trimmed its losses to 0.5%. The European stock exchanges will open with a muted opening, as the EURO STOXX futures are down by 0.1%. The global bond market rout has also paused. This provides some relief to investors who have been caught in a perfect hurricane of concerns over U.S. exposure and an increase in Japanese government borrowing costs. After a jump of 26 basis points on Tuesday, the yield for 40-year bonds has fallen by 6 basis point. The opposition criticized the fears of a spending spree by Japanese Prime Minister Sanae Takayichi. Gold, the safe-haven, is still in high demand, with prices up 1.5%, to $4,800 per ounce. Platinum has also crossed $2,500, for the first. The U.S. Supreme Court will hear arguments in the Federal Reserve Governor Lisa Cook Case later today, just in case anyone forgets what Trump tried to do to central bank. Markets could be affected by key developments on Wednesday Trump Delivers Key Address at World Economic Forum Davos CPI in the UK for December Christine Lagarde, President of the ECB, speaks at Davos World Economic Forum The U.S. Supreme Court will hear oral arguments regarding Trump's attempt to remove Fed Governor Lisa Cook
-
Rio Tinto's quarterly shipment increase results in a loss of iron ore futures
The price of iron ore fell for a fifth consecutive session on Wednesday, as Rio Tinto, world's largest supplier, reported strong shipments during its fourth quarter. Meanwhile, concerns over safety inspections were weighing on the Chinese market. The May contract for iron ore on China's Dalian Commodity Exchange ended the morning trading 0.25% lower, at 784.5 Yuan ($112.63) per metric ton. The benchmark iron?ore for February on the Singapore Exchange fell 0.74%, to $103.2 per ton at?0349 GMT. It had previously touched its lowest level since December 17, when it was $103. Rio?Tinto announced a 7% increase in fourth-quarter shipments of iron ore on Wednesday. This was aided by a record quarterly production?from Pilbara and a strong rail and port?performance. The Chinese iron ore price would be pushed down by an increase in foreign iron ore exports. Concerns about stricter safety regulations following an explosion in a steel-plate factory in Inner Mongolia, China's northern region, fueled fears over the?demand for feedstocks. Mysteel data released on January 21 shows that although hot metal production increased by 22,800 millions of tons from week to week, iron ore transaction volumes at major Chinese ports have been slow. The Shanghai Metals Market said that the overall sentiment was bearish and risk averse. Iron ore prices were seen as facing "resistance" in the short term. Coking coal and coke, which are both steelmaking ingredients, declined by?2.65% apiece. The benchmark steel prices on the Shanghai Futures Exchange fell. Rebar fell 0.42%; hot-rolled coils lost 0.21%; wire rod weakened 0.17, and stainless steel was unchanged. $1 = 6.9653 Yuan (Reporting and editing by Sumana Nady; Ruth Chai)
-
Shanghai copper prices drop as SHFE increases margin requirements and demand remains weak
The Shanghai Futures Exchange increased margin requirements on certain copper contracts, which led to a drop in the price of copper in China. As of 0330 GMT, the most-traded metric ton?copper contract traded on SHFE fell 0.65%, down to 100,580 Yuan ($14440.15). However, the benchmark three-month?copper? on the London Metal Exchange gained 0.65%, to $12,836.50 per ton. SHFE announced on Tuesday it will increase the margin ratios for certain metals, including copper, silver, gold, and aluminum futures contracts, and expand daily price limits from January 22, 2019. This?move was widely seen as a way to stabilize the market, since copper prices have seen sharp price swings over the past few weeks after a record-setting rise in 2025. Shanghai copper has gained?1.58% this year after setting a new record of 105.870 yuan per ton. The price of copper was still high, and this pressured the demand. The Yangshan copper is a premium On Tuesday,, an indicator of Chinese?demand, for imported copper was $26 per ton, its lowest level since July 2024. Copper premium is available on the domestic market The price of copper has dropped to 150 yuan per ton. This also indicates a lack in buying interest on the spot market. The?red metal's price was supported by the expectation of a tight supply on the U.S. markets due to tariffs and mine disruptions. Tin was the only gainer in the SHFE base metals. The most-active contract rose 1.79% to 402,600 yuan per ton. On the LME it rose 2.20% to $50,000 a ton. The Indonesian military's crackdown on mining activities in illegally cleared forests continues to unnerve the industry and push up tin price. Aluminium, zinc, and lead all fell in price. Nickel also dropped 1.16%. Aluminium, zinc, lead, and nickel all rose on the LME. Wednesday, January 21, DATA/EVENTS - 0700 UK Core CPI YY December 0700 UK CPI MM Dec 200700 UK CPI Services YY December 0700 UK CPI Services MM - Dec 0700 UK CPI Services YY - Dec 0700 UK CPI Services YY – Dec 1100 UK CBI Q1 Business Optimism
-
Bankers: Adani Power to sell largest-ever rupee bonds, say India
Two?merchant banks have confirmed that Gautam Adani, the Indian billionaire Gautam Adani and his power company plan to raise 75 'billion rupees (823.7 millions dollars) at their largest-ever rupee bond sale later this week. Bankers said on Tuesday that Adani 'Power' aims to raise funds by issuing multiple tranches with maturities ranging from two to five years. They also added that the company had invited bids for Friday. The coupon will be 8.00% and 8.20% for the bonds of two and three years, and 8.30% or 8.40% on the papers of four and five years. The coupon is paid on a quarterly basis. Adani Power aims to raise 28,60 billion rupees via the two-year option and 26,90 billion rupees via the three-year paper. Adani Power expects to raise 6.75 billion rupees via the four-year paper and 12.75 billion through the five-year note. The proceeds will be used to fund capital expenditures, working capital, debt repayment, prepayment, and other corporate purposes. Adani Power didn't reply to an email asking for comment. Bankers say that some large mutual funds will act as anchor investors in the issue. This is expected to attract strong demand from banks and other funds. The bonds have been rated "AA" by Crisil and India Ratings. Coupons are set to increase 25 basis points with each notch of rating downgrade. In the first half of this year, Adani Ports and Special Economic Zone raised 50 billion rupees through 15-year bonds placed directly with Life Insurance Corporation of India. $1 = 91.0540 Indian Rupees (Reporting and editing by Dharamraj Dhutia, Khushi malhotra).
-
As US and EU fight over Greenland, gold crosses $4,800.
Gold prices surged above $4,800 an ounce Wednesday,?buoyed?by safe-haven demands and a weaker dollar, as U.S. President Donald Trump's pursuit for Greenland threatened a new trade war with Europe, and to upend NATO. Gold spot rose by 1.2%, to $4,821.26 an ounce, at 0226 GMT. It had earlier reached a session high of $4,843.67. U.S. Gold Futures for February Delivery climbed 1% per ounce to $4,813.50 It's the loss of trust in the U.S. that Trump caused over the weekend by his moves to impose tariffs on European countries and to increase his coercion to try to take Greenland. The move in gold reflects concerns about global geopolitical tensions, according to Kyle Rodda. Trump said on Tuesday that he would not "go back" from his plan to take control of Greenland. He refused to rule out the possibility of taking the Arctic Island by force, and slammed?NATO's allies. Later, he said: "We'll?work out something where NATO will be very pleased and where we'll be very satisfied." The French President Emmanuel Macron also said that Europe will not be intimidated or give in to bullies, in a scathing critique of Trump's threats of steep tariffs in Davos if Europe doesn't let him take over Greenland. Rodda stated that investors were selling dollars, selling Treasury bonds, especially at the long end, and instead buying gold because they had more confidence in gold than in U.S. currency. The dollar remained near its three-week lows in relation to the euro and Swiss franc. Asian stocks continued their declines for a third day, while a global debt rout appears to have slowed?for the moment. The greenback price of metals is cheaper for buyers overseas due to the weaker dollar. The Federal Reserve is expected to keep interest rates steady at its meeting on January 27-28, despite Trump's call for reductions. In low-interest rate environments, non-yielding gold bullion performs very well. Silver spot fell 1%, to $93.59 per ounce after reaching a record high on Tuesday of $95.87. The spot platinum price fell 0.7%, to $2,445.96 an ounce, after reaching a record of $2,511.80 earlier in day. Palladium dropped 0.5%, to $1,857.19. (Reporting by Ishaan Arora in Bengaluru; Editing by Sumana Nandy and Subhranshu Sahu)
-
Evolution Mining, Australia's gold mining company, posts record-high gold production and shares.
Evolution Mining, a gold producer in Australia, reported an increase in second-quarter production on Wednesday. This was due to strong performances?across virtually all assets. Its shares reached a record high. The shares of the company, which is majority owned by?AustralianSuper, the largest pension fund in the country, rose up to 9.18%, reaching a new record A$14.750. This was their biggest intraday gain percentage since August 14, 2024. Gold miner produced 191,000-ounces of the precious metal in the last quarter of the year. This compares to 174,000-ounces the quarter before. Evolution attributes the increase in output to a strong performance at its Cowal Project in New South Wales. The open-pit mine produced 80.000 ounces of gold during the quarter ending December, up from 71,000 ounces in the previous quarter. The mine produced higher-quality gold, which made underground operations at Cowal smooth. Evolution is the only owner of this mine which has a life expectancy until 2042. Jefferies analysts said Cowal's performance was in line with Visible Alpha estimates. Mungari, a mining hub in Western Australia's underground mines, has logged a record quarterly output of 50,000-ounces. This is the fourth consecutive quarter that production has grown. A historic rise in the global gold price led to a higher quarterly gold 'price' of A$6,206 an ounce for the group. In a note, Jefferies said that, "While 2Q gold production was in line with expectations, it exceeded ours," adding that record gold prices had boosted Evolution's financials. Evolution, based in Sydney, has confirmed its group production forecast for fiscal 2026 of between?710,000 and 780,000 ounces of gold and 70,000-80,000 metric tonnes for copper. The company produced the same amount of copper as it did in the previous quarter. (Reporting by Rajasik Mukherjee; Editing by Subhranshu Sahu)
-
Chile's Kast names Quiroz finance minister, taps Pinochet defenders for cabinet
The Chilean President elect Jose Antonio Kast named Jorge Quiroz, an economist, as his finance minister on Tuesday. He is part of a?cabinet that also includes two lawyers who supported dictator Augusto Pinochet. This move has re-ignited tensions about human rights in advance of Kast's inauguration. Kast also named Daniel Mas as the new head of the Mining Ministry. Chile is the second largest lithium and copper producer in the world. Quiroz was already on the list of businessmen that the incoming president had informed. Quiroz was Kast's principal economic advisor. He holds a doctorate in Economics from Duke University, the U.S. Quiroz said Chile's economy is in a "decline" and that it can be improved by addressing security, deregulations, cutting corporate tax, and making?fiscal adjustment. This was an issue that was raised during the presidential election. Mas is a businessman and vice-president of Confederation of Production and Commerce. He has a long and successful career in the private sector. His work includes real estate, construction and financial services. He will also be the minister for economic development. Kast who will be taking office on 11th March, also appointed two attorneys that defended Pinochet a brutal dictator who ruled Chile between 1973 and 1990. Fernando Rabat will now lead the Ministry of Justice and Human Rights. This ministry is still responsible for cases relating to the dictatorship. When rumors of his nomination leaked, human rights groups and families of those killed under Pinochet's rule criticized Rabat. Pinochet died in 2006. Pinochet died in 2006. After Pinochet was arrested in London, England in 1998, the Defense Minister Fernando Barros defended him and fought to free him. Pinochet, who was initially arrested and extradited from Chile to Spain on charges of torture, murder?and crimes against humanity before returning in 2000 for medical reasons. Kast?also named Francisco Perez Mackenna minister of foreign affairs. Perez Mackenna was the manager of?the Luksic billionaire family's business interests for nearly 30 years. Trinidad Steinert will head the Ministry of Public Security. This is a key role in fulfilling Kast’s campaign promise of cracking down on crime. (Reporting and editing by Cassandra Garrison, Thomas Derpinghaus and Cassandra Garrison)
How huge fossil-fuel-producing countries export emissions abroad
Black dust coats streets and gathers on rooftops in the area adjoining a vast cement factory in the Egyptian city of Alexandria.
Activists and regional citizens accuse the plant run by the Alexandria Portland Cement Business (APCC), a subsidiary of Greece's Titan Cement, of fouling the air by burning coal.
Every night, we see particles falling from their chimneys. Under street lights, you can plainly see the dust drizzling down, stated Mostafa Mahmoud, a supermarket owner in the Wadi al-Qamar area.
Reuters could not individually confirm the assertion. Titan Cement says the plant's emissions are within legal limits, and it prepares to minimize its use of coal in coming years.
Like many cement makers in Egypt and across North Africa, the factory uses imported coal to fire its kilns. Lately, a growing number of the region's coal is coming from the United States, according to U.S. export data.
Fossil fuel exports have been a hot subject at the United Countries climate conference in Baku this year, with activists and delegates from some climate-vulnerable countries arguing countries must be held liable for the contamination they send out overseas - typically to poor establishing nations - in the type of oil, gas and coal. Some are looking for to get the question of how to do this onto the program at future environment tops.
A landmark arrangement reached in Paris in 2015 to combat environment modification needs countries to set targets and report on development reducing nationwide levels of planet-warming greenhouse gas emissions. But it does not impose such requirements for emissions generated from fossil fuels they drill, mine and ship somewhere else.
That has actually permitted nations like the United States, Norway, Australia and others to state they are making development toward international climate goals while likewise producing and exporting fossil fuels at breakneck rate, said Bill Hare, co-founder of Environment Action Tracker, an independent clinical project that tracks government environment action.
Most of these fossil-fuel-exporting countries can get to look good with their domestic environment action, he stated on the sidelines of the COP29 conference in Baku today. Their. exported emissions are someone else's problem.
U.S. nonrenewable fuel source exports-- including coal, oil, gas and. refined fuels-- caused over 2 billion lots of carbon dioxide. equivalent emissions in other countries in 2022, according to a. computation carried out by Climate Action Tracker and confirmed. using data from the International Energy Company. That. is equivalent to about a 3rd of U.S. domestic emissions, the. information showed.
A years-long drilling boom has made the U.S. the world's top. oil and gas producer, while robust demand has actually lifted its coal. exports for 4 years running, according to data from the U.S. Energy Details Administration (EIA).
Asked how Washington squares its climate ambitions with its. nonrenewable fuel source production and exports, President Joe Biden's. environment advisor, Ali Zaidi, said strong energy output was needed. to keep customer prices low during a transition to cleaner. fuels.
I do not believe there is social license for a decarbonisation. playbook that puts upward price pressure for retail customers in. the market, Zaidi informed Reuters.
Inbound president Donald Trump, a climate modification sceptic,. has said he wishes to even more enhance the country's fossil fuel. production.
For other manufacturers, greenhouse gas emissions from fossil. fuel exports in some cases exceed domestic emissions, Environment. Action Tracker said.
That held true for Norway, Australia and Canada in 2022, the. newest year for which data is available for all countries. evaluated. Reuters got special access to the computations.
Norway's Ministry of Climate and Environment said it is. approximately other nations to manage their own carbon footprints.
Each nation is responsible for lowering its own. emissions, the ministry stated in a statement to Reuters.
Authorities at the environment and climate ministries of. Canada and Australia did not comment.
Addressing the top in Azerbaijan, host President Ilham. Aliyev implicated some Western politicians of double requirements for. lecturing his federal government about its oil and gas usage, saying,. They better look at themselves.
CEMENT AND BRICKMAKERS
A lot of U.S. gas exports now go to European countries looking for. to minimize reliance on Russia, while China has actually become one of. the leading purchasers of U.S. crude and coal, according to the EIA. figures. America's greatest development market for coal, however, is. North Africa.
U.S. coal mines exported around 52.5 million short lots. globally in the very first half of 2024, up almost 7% from the exact same. period a year earlier, the information revealed.
Much of the boost was driven by cement and brickmakers in. Egypt and Morocco, which together took in more than 5 million. short loads over the period, the EIA stated in a current report.
These clients value the high heat content of U.S. thermal. coal, which makes their production operations more. efficient, the report stated.
On the other hand, U.S. domestic coal usage has actually been sliding as cheap. gas and aids for renewables like solar and wind. drive coal-fired power plant closures, extending a more than. 15-year decrease in greenhouse gas emissions.
Egypt's cement market has depended on imported coal for. nearly a years, because consistent natural gas scarcities forced. many factories to search for alternatives, stated Ahmed Shireen. Korayem, vice chairman and board member at the Arab Union for. Cement and Building Products, a regional industry body.
The U.S. is Egypt's largest provider, accounting for 3.1. million of the 6.6 million metric lots of coal imported this. year, according to data from the London Stock Exchange Group.
Russia supplied most of the rest, 2.1 million metric lots. Its environment ministry referred questions to the foreign. ministry, which did not immediately comment.
Activists argue that the Egyptian federal government's choice to. lift a longstanding ban on coal imports in 2015 to support an. market central to its financial development strategies is harmful to. the environment and health of communities like Wadi al-Qamar.
Using information from the Alexandria plant's emissions-monitoring. system, researchers from Egypt's Al-Azhar University, Cairo. University and environment ministry simulated the dispersion of. polluting dust and poisonous gases in between 2014 and 2020.
The study
, published in the Journal of Environmental Health Science. and Engineering in 2022, concluded that the shift from using. gas to coal as the dominant fuel cause increased. emissions and concentrations of overall suspended particulates. ( TSP), nitrogen dioxide and sulfur dioxide. The concentrations. were mainly within legal limits, nevertheless.
Egypt's greenhouse gas emissions from burning fossil fuels. increased by more than a fifth in the years ended in 2022, hitting. 263 million metric lots of carbon dioxide, according to information. from the International Carbon Budget, a task led by Britain's Exeter. University.
The majority of these emissions originated from gas and oil, which stay. Egypt's main energy sources. Coal accounted for 3.4% of the 2022. overall, 9 million metric heaps.
The federal government devoted in 2021 to phase out making use of. coal and has actually asked companies that utilize it to introduce more. eco-friendly sources into their energy mix. But Heba Maatouk, a. representative for Egypt's environment ministry, stated there was. insufficient supply of alternatives, such as refuse-derived fuel. ( RDF) made from combustible garbage.
If business can not get the RDF, they will not stop running. and will use coal to avoid losses, Maatouk told Reuters.
LEGAL BATTLES
Decarbonising the cement industry is a difficulty,. especially in poorer developing nations like Egypt, due to the fact that it. requires huge amounts of energy, and technologies to keep. emissions from the environment are pricey.
In his COP29 address recently, Egyptian Prime Minister. Mostafa Madbouly said his nation's strategies to enhance eco-friendly. energy to 42% of its power mix by 2030 depend on foreign. assistance.
Homeowners in the Wadi al-Qamar neighborhood have been. participated in a prolonged legal fight with the Alexandria cement. factory, APCC, submitting several claims, stated Hoda Nasrallah, a. legal representative for the Egyptian Effort for Personal Rights (EIPR).
In 2016, community members backed by EIPR asked an. administrative court in Alexandria to overturn amendments to the. country's ecological policies that allow heavy markets. to use coal on health and ecological premises, according to. the rights group.
APCC officials did not react to an ask for remark made. through a legal representative.
Titan Cement verified that the factory sources coal from. the U.S. however did not elaborate.
In a statement issued by its group business interactions. director, Lydia Yannakopoulou, the company said the plant had. not violated any laws, had actually made 40 million euros in investments. in pollution controls because 2010, and prepared to reduce its use. of coal in coming years as it increases use of alternatives.
She stated a court-appointed committee of experts from. Alexandria University concluded there were no environmental. violations arising from the company's emissions or functional. procedures, and the emissions were within legal limitations.
Nasrallah stated legal representatives representing the community. believe the committee was headed by a company employee and have. taken their case to Egypt's greatest administrative court in. Cairo.
Neither side supplied a copy of the committee's report, and. Reuters could not separately confirm their assertions.
A ruling in the case is expected in December.
Meanwhile, frustration is building amongst nearby. locals like Hisham al-Akary, who says his family has lived in. Wadi al-Qamar for generations and can not afford to move.
This factory shouldn't be here, he told Reuters. We. need to remain, and they must leave..
(source: Reuters)