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Sources say that India's NTPC is planning to spend $62 Billion on nuclear power.
Three sources claim that the Indian state-owned power company NTPC plans to build nuclear power capacity of 30 gigawatts over the next 20 years, which is three times higher than anticipated, and at a cost $62 billion. Sources with direct knowledge of the situation said that the country's largest power producer, which runs mainly coal-fired plant, is looking for land to implement its ambitious plan. Sources said that NTPC had set a target of 10 GW but has now tripled it after the government announced this month plans to open the sector up to foreign and private investors. One source said, "NTPC will lead India's nuclear energy plan as it did... in the thermal sector." "The identified sites have the potential to add large capacities." A spokesperson for NTPC did not respond when asked to comment. India has committed itself to setting up at least 100 GW nuclear power by 2047 and 500 GW non-fossil energy generation capacity by 2030. The state-run Nuclear Power Corp of India currently operates the nearly 8 GW of capacity in the country, with a goal of increasing that to 20 GW before 2032. NTPC has already built two 2.6 GW nuclear power plants, one in Madhya Pradesh, and the other in Rajasthan. Sources said that the government is in the process to seek early approvals of land in eight states in order to conduct detailed studies at 27 locations. Public resistance and acquisition issues had hampered the country's ambitions in atomic energy. These states include Gujarat, the native state of Prime Minister Narendra Modi, in the west. Uttar Pradesh is in the north. Madhya Pradesh is in central India. Andhra Pradesh and Tamil Nadu are in the south. LAW CHANGES Sources said that the locations could allow for a minimum of 50 GW to be installed. Reports have indicated that private Indian utilities, conglomerates, and companies such as Vedanta and Adani Power are interested in nuclear energy. Sources said that NTPC Parmanu Urja Nigam, a newly-created unit of NTPC, is likely to invest in this sector, and may do so through partnerships. Last week, a company executive said that NTPC had been in discussions with foreign companies about the construction and operation of small nuclear reactors. These firms included those from Russia and America. According to sources, potential partners include EDF France and General Electric and Holtec International of the U.S. EDF stated that it would be willing to work with Indian partners on a project to build a small modular nuclear reactor. Holtec International responded to a question by saying that it was in the early stages of talks with NTPC and that they were awaiting authorization from the U.S. government and India. It said that the company expected to sell 200-300 small modules reactors in India before 2047. General Electric has not responded to comments immediately. Modi said that during his recent visits to France, the U.S. and Canada, the government will work with these countries to develop India’s nuclear industry. The Atomic Energy Act of 1964 currently prohibits private investment in nuclear power plants. Meanwhile, the Civil Liability for Nuclear Damage Act 2010 imposes strict liability on foreign suppliers of fuel and equipment such as GE or Westinghouse. The Indian Finance Minister Nirmala Sitharaman proposed amending both Acts and promised to spend 200 billion rupees (2,30 billion dollars) on research and development for SMRs. At least five SMRs will be operational by the year 2033.
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The cybersecurity firm of Austrian ex-chancellor Kurz has been valued at $1 billion
The cybersecurity company founded by the former Austrian Chancellor Sebastian Kurz in collaboration with Israeli entrepreneurs is now valued at $1.1 billion, after it received another $100 million as part of a new round of funding. Dream, a company founded in January 2023 and focusing on AI, describes itself as a firm that protects critical infrastructure and governments from cyber-attacks. Dream announced that a $100m Series B round led Bain Capital Ventures had given the company a valuation of $1.1 billion. Group 11, Tru Arrow and Tau Capital are also investors, according to the statement. Dream has announced that it will sell more than $130,000,000 in annual sales to government agencies and cybersecurity organizations in 2024. The company, founded by Kurz with Shalev Hulio, former CEO of Israeli spyware group NSO Group and Gil Dolev, a cyber expert, has offices in Tel Aviv and Abu Dhabi. Kurz, a conservative politician, was one of the youngest world leaders when he became chancellor at age 31 in 2017, leading a coalition of far-right Freedom Party. He was removed from power in 2021. Last year, a Vienna court convicted him of lying over a political dispute, giving him an eight-month sentence with a suspended jail term, which he appeals. (Reporting and writing by Pritam Biwas in Bengaluru, Dave Graham; editing by Mrigank Dahniwala and Hugh Lawson).
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Russell: China's response to Trump's tariffs will change coking coal prices and flows.
The impact of China's retaliatory duties on U.S. energy exports will be felt most strongly in the seaborne coal market. Beijing imposed an import tariff of 15% on U.S. coal, liquefied gas (LNG), and crude oil on 4 February after U.S. president Donald Trump imposed an additional 10% tax on all imports. Tariffs could kill energy trade between China and the United States. The United States is the biggest exporter of LNG, but ranks fourth for coal and crude oil. The U.S. shares of China's crude oil and LNG imports are small at around 2% each, so the global markets should be able adjust quickly and easily. The story is different for metallurgical coking coal, which is also called coking coal. It's the primary fuel used to produce steel. According to Kpler commodity analysts, China's total seaborne coking coal imports in 2024 were 43.02 millions metric tons, with the United States providing 5.02 million, or an 11.7% share. The United States is the fourth largest supplier of seaborne coal to China. This was behind Australia, with 15.91 millions tons, Russia, with 11.68 millions, and Canada, with 7.79. The steelmakers in China will need to find alternatives if the new tariffs make U.S. coal uncompetitive. The U.S. exporters of coking coal could, of course, choose to reduce the price to remain in the China market. However, they would be more inclined to try to sell their cargoes to other buyers, including India, Japan, and South Korea, who are the top importers. What is the most likely place that China will be able source coking coal in order to replace U.S. supply, assuming its demand for 2025 stays constant from 2024? The coal could be delivered to the wrong places by overland trucks and trains, as seaborne coal is largely used for coastal steel plants. It is also doubtful if Russia can increase its production and rail capacity enough to replace U.S. coal. The only other options are Australia and Canada, both of which have the capacity to meet China's demands. This may cost more, however, because Chinese steel producers may be forced to offer higher prices to Australian and Canadian miner to divert their supply from other countries. AUSTRALIA PRECEEDENT China's informal ban on Australian coal mid-2020 resulted almost in a complete cessation of imports, but prices for seaborne grades rose. China was forced to pay an additional premium for coal from countries such as Indonesia, the United States, and Canada. China will have to compete with Indian buyers if it wants to replace U.S. coal with Australian and Canadian cargoes. According to Kpler, India will be the largest coking coal importer in the world in 2024. It is expected to take in 67,6 million tons. Australia was India's largest supplier, with 34,88 million tons, just over half of the total. Russia came in second with 14,74 million, and the United States came third with 8,4 million. It is logical that China would want to stop buying coking coal from the United States by increasing its purchases from Australia. India, on the other hand, should buy less from Australia and take more from America. It is possible, but it will come with a premium price, at least at first. The price of seaborne coking coal has been falling for the past 16 months. Australian benchmark contracts traded in Singapore went from $363 per ton at mid-October to $188 by February 14, which is a 48.2% drop. Argus, a commodity reporting agency, assessed U.S. low volatile coking coal in east coast ports at $187.50 per ton on 13 February. This was the same as the Australian benchmark. It's possible that Australian coking coal prices will be higher than their U.S. counterparts if Chinese buyers switch to buying more Australian or Canadian coking. This is especially true if U.S. producers are scrambling to find alternative buyers for cargoes destined for China. These are the views of a columnist who writes for.
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Minister: South Africa is open to bids for nuclear projects from Russia or Iran
A senior government minister has said that South Africa may turn to Russia or Iran in order to increase its civilian nuclear energy capacity. Analysts say this could cause a rift between the United States, and delay the renewal of the strategic energy agreement. South Africa, the only nuclear power station in Africa, Koeberg plans to increase its capacity by 2,500 megawatts to combat electricity shortages that have plagued Africa's economy, and reduce emissions. We can't accept a condition that Iran or Russia cannot bid. This is not acceptable," said Gwede Mantashe. He's one of the leading government advocates of expanding nuclear capability. He said, "We'll accept any country if they have the best offer." Washington is closely watching the country after Donald Trump's executive order to halt aid was issued this month. The order also criticized South Africa for "reinvigorating" its relationship with Iran in order to develop military, commercial and nuclear agreements. The office of South African president Cyril Ramaphosa stated that Pretoria does not have any bilateral cooperation with Iran in nuclear technology or nuclear power. The spokesperson for the U.S. State Department did not comment about whether Iran or Russia could help South Africa increase its civilian nuclear capability. The South African nuclear project tender, originally planned for last January, has been postponed for more consultations following legal challenges brought by the Democratic Alliance, the former opposition party that is now part of coalition government. A TALK EVERY YEAR FOR A DECADE? Pretoria had sought to reach an agreement with Washington, known as a Section 123 Agreement after nearly a decade of discussions. This was a requirement for the exportation of nuclear fuel and equipment made in the United States. The allegations in the executive order could make it difficult to renew the agreement, said Isabel Bosman. She is a researcher on nuclear energy at the South African Institute of International Affairs. The spokesperson for the State Department did not comment whether Trump's Executive Order would affect negotiations between the two nations. The previous 123 Agreement, which was implemented in 1997, expires in December 2022. Zizamele Mbambo said that although the technical aspects of the new agreement had been completed, there was still no sign-off as both legal processes were not complete. He added, "As far we know, both sides are firmly committed in concluding this new agreement." Industry analysts claim that if a new agreement is not reached, Eskom will be unable to purchase reactor fuel for Unit 1 in Koeberg from Westinghouse. Framatome, a French company, supplies Unit 2. Analysts said that it could also prevent U.S. firms, like TerraPower, which is backed by Bill Gates, and ASP Isotopes from investing in South Africa at a time when the global atomic renaissance is booming. (Reporting and editing by Joe Bavier, Emelia Sithole Matarise, and Timothy Gardner in Washington)
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European shares reach record highs amid hopes for peace in Ukraine
European shares reached record highs on Monday, with defence stocks leading the way, as top leaders in the region called for an urgent summit to discuss the Ukraine conflict amid increasing U.S. demands to increase military spending to ensure security. The pan-European STOXX 600 Index jumped up to 0.4%. A gauge of defence stocks and aerospace stocks surged above 3%, reaching lifetime highs, after having more than doubled their value since Russia invaded Ukraine in 2013. Analysts have called this "supercycle" in the sector. It is expected that earnings will continue to grow in the defence industry due to the significant increase in budgets for new security requirements. Bruno Schneller is the managing director of Erlen Capital Management. He said that a resolution to the conflict could bring positive growth for Europe. This includes improved consumer confidence, reduced energy prices and easier financial conditions. The demand for banks was also high, with a 1.5% increase and a jump to the highest levels in 17 years, thanks to soaring bond yields. After U.S. officials said that Europe would not be involved in talks in Saudi Arabia this week aimed at ending conflict, French President Emmanuel Macron is hosting an emergency summit in Ukraine on Monday. The threat of reciprocal U.S. Tariffs has waned, but there was still a concern that these levies could include taxes based on the value added tax in other countries. "Trade policy is still a wildcard with the possibility of incremental tariffs, and their impact upon inflation and growth. "While the tariffs announced have not yet materially changed the economic landscape," Schneller continued, "further escalation may introduce new uncertainty." According to a report in the Financial Times on Sunday, the European Commission will explore strict import limits for certain foods that are made to different standards to protect their farmers. This is similar to President Donald Trump’s reciprocal trade policies. The U.S. market is closed on Monday, Presidents Day, resulting in lower trading volume than usual. AI ENTHUSIASM Goldman Sachs raised its outlook on Chinese growth and stocks. The firm argued that widespread AI adoption could increase earnings per share by 2,5% annually over the next decade. This would increase the fair value for Chinese equity by 15 to 20 percent and bring in $200 billion worth of funds. Hong Kong equities fell from their recent highs, while Chinese stocks finished slightly higher as investors began to take advantage of a tech-driven rally. This was while they digested the news about President Xi Jinping’s meeting with Asia’s top tech bosses. The Hang Seng closed flat. China's blue chip CSI300 index ended up 0.21%. Tokyo's Nikkei was also stable with very little change the day after Japan announced a surprising strong economic growth of 2.8% annualised for the fourth quarterly. The gains were hampered by the further increase in yen, which rose to 151.65 dollars per yen. South Korean stocks rose 0.6%, while Taiwan's shares climbed 1.5%. DOLLAR IS NOT AS EXCEPTIONAL AS YOU MAY THINK The holiday in the U.S. market led to thin trading. However, both S&P 500 and Nasdaq Futures rose by 0.2%. The S&P 500 gained 1.5% for the week while the Nasdaq grew 2.6%. In the week ahead, there will be a number of key data releases including global February business activity data and in Europe, investors are also watching German elections at this weekend. The dollar dropped almost 0.5% to 151.63 Japanese yen, while the euro barely changed. Investors waited for the employment and inflation figures to be released later this week. The pound remained at $1.2590 - just below its high of two months. Both the Australian and New Zealand central banks are expected to reduce interest rates during their policy meetings this coming week. Gold fell from Friday's record-highs to $2,898 per ounce after seven weeks of gains. Bloomberg News, citing delegates, reported Monday that the oil producer group OPEC+ may delay a series monthly increases in supply due to start in April despite President Donald Trump's calls for lower prices. Brent crude oil rose by 27 cents, to $75.01 per barrel. U.S. crude oil gained 29 cents, to $71.03 a barrel. (Reporting and editing by Ed Osmond; Reporting by Nell Mackenzie)
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Sources say that India's NTPC is planning to spend $62 Billion on nuclear power.
Three sources claim that the Indian state-owned power company NTPC plans to build nuclear power capacity of 30 gigawatts over the next 20 years, which is three times higher than anticipated, and at a cost $62 billion. Sources with direct knowledge of the situation said that the country's largest power producer, which runs mainly coal-fired plant, is looking for land to implement its ambitious plan. Sources said that NTPC had set a target of 10 GW but has now tripled it after the government announced this month plans to open the sector up to foreign and private investors. One source said that "NTPC will lead India's nuclear energy plan, just as it did...thermal sector,". "The identified sites hold the potential for large-capacity addition." A spokesperson for NTPC did not respond when asked to comment. India has committed itself to setting up at least 100 GW nuclear power by 2047 and 500 GW non-fossil energy generation capacity by 2030. The state-run Nuclear Power Corp of India currently operates the nearly 8 GW of capacity in the country, with a goal of increasing that to 20 GW before 2032. NTPC has already built two 2.6 GW nuclear power plants, one in Madhya Pradesh, and the other in Rajasthan. Sources said that the government is in the process to seek early approvals of land in eight states in order to conduct detailed studies at 27 locations. Public resistance and acquisition issues had hampered the country's ambitions in atomic energy. These states include Gujarat, the native state of Prime Minister Narendra Modi, in the west. Uttar Pradesh is in the north. Madhya Pradesh, in central India, and Andhra Pradesh, Tamil Nadu and Andhra Pradesh are in the south. LAW CHANGES Sources said that the locations could allow for a minimum of 50 GW to be installed. Reports have indicated that private Indian utilities, conglomerates, and companies such as Vedanta and Adani Power are interested in nuclear energy. Sources said that NTPC Parmanu Urja Nigam, a newly-created unit of NTPC, is likely to invest in the sector through partnerships and other means. Last week, a company executive said that NTPC had been in discussions with foreign companies about the construction and operation of small nuclear reactors. These firms included those from Russia and America. Sources said that potential partners included France's EDF and General Electric as well as Holtec International and General Electric from the U.S. EDF stated that it was willing to work with Indian partners on a project to develop a small, modular reactor. General Electric and Holtec didn't immediately respond to comments. Modi said that during his recent visits to France, the U.S., and Canada, the government will work with these countries to develop India’s nuclear industry. The Atomic Energy Act of 1964 currently prohibits private investment in nuclear power plants. Meanwhile, the Civil Liability for Nuclear Damage Act of 2010 imposes strict liability on foreign suppliers of fuel and equipment, such as GE or Westinghouse. The Indian Finance Minister Nirmala Sitharaman proposed amending both Acts and promised to spend 200 billion rupees (2.30 billion dollars) on research and development for SMRs. At least five SMRs will be operational by the year 2033. ($1 = 86.8360 Indian Rupees) (Reporting and editing by Aftab Ahmad, Kirsten Doovan; from New Delhi by Sarita Chantanti Singh)
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Copper drops as short-covering evaporates
Investors and traders closed out their rolling positions in anticipation of the contract expiration this week, which caused copper prices to fall on Monday. The price of three-month copper on the London Metal Exchange dropped 0.9% by 1040 GMT to $9,393 per metric ton, after reaching its highest level in three months last Friday, $9,684.50. Traders scrambled on Friday to cover short positions ahead of the expiration of contracts on Tuesday, driving up LME Copper and triggering an explosive move in a critical spread. Traders said that the majority of Friday's activity was a rollover from the expiring contract for February to March. Robert Montefusco, broker at Sucden Financial, said: "After Friday's manic February/March roll the market has calmed down today." He added that technical selling was also a factor in the LME copper price after it broke below the 200-day moving median, which is a bearish sign. The spread between cash LME copper and benchmark 3-month futures For the first time since 19 months, prices spiked on Friday to as high as $249 per ton, but then dropped to $50 on Monday. Fears that U.S. president Donald Trump could impose tariffs against copper had prompted traders and investors alike to purchase copper at the U.S. COMEX and sell it on the LME. The COMEX premium over LME copper rose to $1002 per ton from $913 on the previous Friday. Other metals include LME aluminium, which fell 0.6% to $2622 per ton. Zinc was unchanged at $2842, while tin was down 0.7% to $30,445. Nickel dropped 0.4% to $14,410. Lead rose 0.8% to $1999.50. (Reporting and editing by David Evans; Additional reporting by Eric Onstad)
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Reliance and HDFC offset earnings weakness, trade concerns, and bring Indian benchmarks to a flat end
India's benchmark indices were flat on Monday, after eight sessions of declines. Gains in HDFC Bank and Reliance Industries helped offset the weakness caused by muted corporate earnings as well as global trade uncertainty. The Nifty 50 index rose 0.13%, to 22,959.5. Meanwhile, the BSE Sensex gained 0.08%, to 75,996.86. On Friday, both benchmarks recorded their longest losing streak for two years. Each had lost 0.8% during the Monday session, but recovered in the final hours. The volatility index spiked to 15.72 for the sixth consecutive session, which is a new two-week high. Seshadri Sen is the head of research for Emkay Global. He said that markets could remain subdued due to factors like slowing earnings and elevated valuations of corporations, as well as concerns about U.S. Tariffs. HDFC Bank, Reliance Industries and other heavyweights on the Nifty50 rose by 1.33%, 0.63%, and 0.73% respectively, on the day. This helped the benchmarks recover intraday losses. Analysts said that large caps will likely remain resilient as their valuations are below the 10-year-average after the recent market drop. The broad smallcaps closed at a flat level, while the midcaps rose 0.4%. The small-cap index closed Friday more than 20 percent below the record high of December 11, which confirms a bearish market. Rohit Murarka is the business head for Kotak Cherry, Kotak Alternate Asset Managements. He said that despite the steep decline in small and midcap stocks, they are still trading at a premium to their historical average values, which makes them vulnerable. Eight of the 10 components in the information technology sub-index, which is the second most weighty index on the benchmarks fell by 0.6%. Mahindra & Mahindra's 3.8% decline weighed on the auto index, which fell 0.5%. Stock has dropped 13.4% from a record high on February 10. UBS said on Monday that the company's booking numbers for its new electric vehicles were below expectations. Bharathrajeswaran, Chris Thomas and Sumana Nandy in Bengaluru, and Mrigank Dhaniwala, Sonia Cheema, and Savio D’Souza edited the story.
Police: US-born girl killed by father in Pakistan after TikTok videos
Pakistani police reported that a man who brought his family from the United States back to Pakistan on Wednesday admitted to killing his teenage daughter because he disapproved of her TikTok contents.
The shooting took place on a street of Quetta, a city in southwest Pakistan. Anwar ul-Haq initially claimed that unidentified gunmen killed his 15-year-old American-born daughter, before he confessed, Babar Baloch, a police official, said.
Zohaib Mhsin, a police investigator, stated that "our investigation has so far found that the family objected to her dress, lifestyle and social gathering", another police investigator. We have her mobile. He said, "It is locked." "We are investigating all aspects including honour killing."
Baloch stated that the family recently returned to Balochistan, a province of Pakistan dominated by Muslims, with conservative social values, after living in the United States.
The officer confirmed that the suspect is a U.S. citizen. Haq told him that his daughter had created "objectionable content" on TikTok, a social media platform, when she was living in the United States.
He said that she continued to upload videos to the platform even after she returned to Pakistan. Baloch claimed that the brother-in law of the main suspect had been arrested for the murder.
The police said that Haq had been charged with murder. The police did not provide any proof of Haq’s U.S. Citizenship except the suspect's testimony. They also declined to confirm whether the U.S. Embassy had been informed about the incident.
His family refused to comment on a request for comments.
In Pakistan, which has a population of 241 millions people, more than 54 million use TikTok. In recent years, the government has repeatedly blocked TikTok due to its content moderation.
Islamabad has been requesting that social media platforms remove content it deems "obscene" for some time now.
According to the independent Human Rights Commission of Pakistan, over 1,000 women die each year in Pakistan as a result of perceived "honour" damage.
This could include eloping with a man, posting content on social media, fraternising or other actions that violate conservative values for women.
(source: Reuters)