What changes have been made to the proposed Indian civil nuclear law?
India has proposed legislation that would end the state's monopoly on nuclear power after six decades. This law would allow private companies, and even individuals?to build and run reactors. The bill must be passed by both the lower and upper chambers of parliament before it becomes law. What is the civil nuclear law? Nuclear projects have been restricted since 1962 to companies under the Department of Atomic Energy. This includes Nuclear Power Corporation of India. In 2015, a new amendment was passed that allowed state-run companies and NPCIL to form joint ventures to develop plants.
Lower demand and rising green energy production curb spot prices
The European power prices fell on Wednesday due to a combination forecasts of higher wind and solar production and rising temperatures that weighed on the demand. LSEG's analysis noted a lower residual load, which would mean that thermal plants do not need to be boosted to match renewable energy output. LSEG data indicated that the electricity demand for the day ahead will probably fall by 2.1 gigawatts to 65.9 GW in France, and by 200 MW to 65.4 GW in Germany. LSEG data shows that French baseload day-ahead opened trading at 85 euros (98.36 dollars) per megawatthour (MWh)…
IMF will soon begin a mission in Ukraine, stressing the need for anti-corruption measures
Julie Kozack, the spokesperson for the International Monetary Fund, said that a staff delegation will be sent to Ukraine soon to discuss the country's financing needs and to explore a possible new lending program. She also stressed the importance of continuing anti-corruption initiatives in the war-torn nation. Yuliia Shvyrydenko, Ukrainian Prime Minister, announced on Thursday an audit of state-owned businesses, including those in the energy sector. This follows an alleged corruption scandal of $100 million that led to the suspensions of two cabinet members.
IMF will soon begin a mission in Ukraine, stressing the need for anti-corruption measures
Julie Kozack, the spokesperson for the International Monetary Fund, said that a staff delegation will be sent to Ukraine to discuss the country's financing needs and to explore a possible new lending program. She also stressed the importance of continuing anti-corruption measures in the war-torn nation. Yuliia Shvyrydenko, Ukrainian Prime Minister, announced on Thursday an audit of state-owned businesses, including those in the energy industry, after an alleged corruption scandal involving $100 million that led to the suspensions of two cabinet members.
IMF to visit Mozambique for further talks next month on support options
The International Monetary Fund's mission chief announced on Tuesday that the IMF will visit Mozambique to continue discussions about the country's macroeconomic problems and possible financial assistance in November. TotalEnergies is preparing to resume its work on a multi-billion dollar liquefied gas project. This project will boost economic growth and revenue once it begins producing gas at the end of this decade. Pablo Lopez Murphy, IMF mission chief in Mozambique, said that the consultation will be part of 2025 Article IV and will assess policy priorities…
Minister: France will not abandon the climate goals of the World Bank
Eleonore Caoit, France's new development minister, said that France would continue to press the World Bank for its climate finance agenda in spite of the pressure from the Trump administration to abandon it. Caroit, speaking to reporters at the World Bank's and International Monetary Fund's annual meetings in Washington, said that efforts to combat climate change will also be a major focus of France’s presidency of the Group of Seven Industrial Democracies (G7ID) in 2026. Caroit was appointed as junior minister of Francophonie and international partnerships…
Maguire: Italy's economic troubles have an upside for the moment, a positive climate.
The persistent economic crisis in Italy has led to the lowest emissions in its power sector for decades. Climate activists need to be aware that economic measures could cause a rapid U-turn on pollution trends. Italy has been experiencing economic stagnation for over a decade. This has resulted in a steady decline of goods produced and exported, and lowered power consumption among many businesses. The lower power demand by industry allowed Italy's utilities, which were once a nation that ranked among the top 10 polluting nations…
Maguire: Italy's economic troubles have an upside for the moment, a positive climate.
The persistent economic crisis in Italy has led to the lowest emissions in its power sector for decades. Climate activists need to be aware that economic measures could cause a rapid U-turn on pollution trends. Italy has been experiencing economic stagnation for over a decade. This has resulted in a steady decline of goods produced and exported, and lowered power consumption among many businesses. The lower power demand by industry allowed Italy's utilities, which were once a nation that ranked among the top 10 polluting nations…
Amazon rainforest is threatened by the axing of ministries, say indigenous Ecuadorians
Noboa announced that in July, more than a half dozen ministries would be combined. The number of ministries will drop from 20 to 14. This is an effort to reduce public spending. The Ministry of Women and Human Rights has also been folded into the Ministry of Government. Approximately 5,000 employees were laid off. Carolina Jaramillo, spokesperson for the government, stated that efficiency was the goal. She said that the national government had set itself a goal to have an efficient state which provides citizens with quality public services.
Egypt To Buy Up To 160 LNG Cargoes Through 2026
Egypt has reached agreements with several energy firms and trading houses to buy 150 to 160 cargoes of liquefied natural gas, as it ramps up purchases to meet power demands despite strained government finances, industry sources said.The world's most populous Arab country has endured rolling blackouts over the past two years as natural gas supply fell short of demand. It returned to being a net importer of gas last year, buying dozens of cargoes and abandoning plans to become a supplier…
Financial Times - May 28
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Overview - The UK financial sector experienced a record 3,31 million frauds in 2024. This was up 12% from the previous year, according to figures released by industry body UK Finance on Wednesday. Criminals reacted to attempts to combat sophisticated scams with a flurry of high-volume attacks. Economy Minister said that the Spanish government would examine BBVA’s hostile takeover bid for Sabadell.
Saudi Aramco is considering asset sales as a way to raise funds, according to sources
Two people familiar with the matter have confirmed that Aramco, Saudi Arabia's state-owned oil company, is looking at selling assets to raise funds as it continues its international expansion while coping with lower crude prices. Aramco, the largest oil company in the world and the primary source of Saudi revenue, is the biggest oil producer on the planet. As oil prices fall, the firm will cut dividends by almost a third. People said that the company had asked investment banks to come up with ideas on how it could raise money from its assets.
Saudi Aramco is considering asset sales as a way to raise funds, according to sources
Two people familiar with the matter have confirmed that Aramco, Saudi Arabia's state-owned oil company, is looking at selling assets to raise funds as it expands internationally and deals with lower crude prices. Aramco, the largest oil company in the world and the primary source of Saudi revenue, is the biggest oil producer on the planet. As oil prices fall, the firm will cut dividends by almost a third. Sources said that the company had asked investment banks to come up with ideas on how it could raise money from its assets. Sources declined to name banks or assets that could be sold.
Egypt's EFG Hermes reports Q1 revenue down 34% from previous FX gains
The revenue of Egyptian financial services firm EFG Holding decreased by 34% annually in the first quarter due to a gain in foreign currency in the same period in 2024. The quarter saw revenue fall to 5.6 billion Egyptian Pounds ($112,45 million), and net profit before tax and minority interest fell 34% to 1,2 billion pounds. Egypt devalued in March 2024 its currency from 30 Egyptian pounds to 50 Egyptian Pounds, as part of an $8 billion financial assistance programme with the International Monetary Fund. All of our business lines are performing well. EFG Hermes is doing well.
OPEC+ targets US shale again with output increases
Saudi Arabia and Russia, the group's leaders, are also pushing a secondary objective behind OPEC+’s plan to increase oil production and punish overproducing allies: taking on U.S. shale to win back market shares from the United States. OPEC’s last price war against U.S. producers ten years ago failed, as technological and drilling breakthroughs allowed U.S. shale firms to cut costs, lower prices, and take market share away from the 12-member groups in the years that followed. The U.S. is more susceptible to price wars now. In the last three years, costs have risen for U.S. shale oil producers.
Saudi Arabia is prepared for multiple scenarios of oil prices, says the economy minister
Saudi Arabia's Economy Minister said that the Kingdom is prepared for all possible scenarios in terms of oil prices and budgets. According to the International Monetary Fund (IMF) and economists, Riyadh requires oil prices above $90 per barrel in order to balance its budget. Benchmark Brent prices are trading around the mid-60s this month. Saudi Arabia's Vision 2030 Reform Program is funded off-budget, but the government must spend massive amounts on infrastructure projects that are linked to it. The programme aims to wean Saudi Arabia off its "oil addiction".
IMF: AI's economic benefits will likely outweigh its emissions costs
The International Monetary Fund (IMF) said that the benefits of artificial intelligence would boost global production by 0.5% per year between 2025-2030, and outweigh the rising costs associated with the carbon emissions from the data centres required to run AI models. The IMF released a report at its annual spring meetings in Washington that noted the fact that these output gains were not shared equally around the globe. It called on governments and businesses to minimize costs to society.
Oil industry sources claim that Central Africa's new FX Initiative falls short of its target.
Two oil industry sources said that six Central African nations who were expecting to receive billions in foreign exchange from funds set aside for environmental restoration by oil companies may actually see less than 500 million dollars by the April 30 deadline. Bank of Central African States, the central bank of Cameroon and Gabon, Equatorial Guinea Central African Republic, Republic of Congo, Chad, Gabon and Chad, introduced rules in 2018 governing these funds that are mostly held by foreign banks.
US lawmakers block IMF Central Africa Support over Oil Fund Dispute
U.S. legislators have introduced legislation to block International Monetary Fund assistance for certain Central African countries in order to protect billions of dollars oil companies are required by law set aside for environmental restoration. The bill highlights the standoff between foreign investment on one hand and Central African monetary authority on the other, who are trying to tighten capital controls in extractive industries so as to replenish depleted reserves. The bill, introduced by U.S. Republican Reps.
US lawmakers block IMF Central Africa Support over Oil Fund Dispute
U.S. legislators have introduced legislation to block the International Monetary Fund's (IMF) assistance for certain Central African countries. This is in order to protect billions of dollars which oil companies are required by law set aside for environmental restoration. The bill highlights the standoff between foreign investment on one hand, and Central African monetary authority trying to tighten capital controls on extractive industry to shore up depleted reserve on the other. The bill, introduced by U.S. Republican Reps.