2025-12-29 12:16
HARARE, Dec 29 (Reuters) - Zimbabwe will add 400 megawatts to its power grid, a fifth of the country's current electricity demand, under a $455 million upgrade of its Hwange coal-fired power plant, the head of state-owned power utility ZESA said. The southern African country has signed a 15-year concession deal with the Africa-focused unit of India's Jindal Steel (JINT.NS) , opens new tab for the refurbishment of some of the thermal power plant's ageing units. Sign up here. The deal, which was approved by Zimbabwe's cabinet on September 17, was finalised and signed in December, ZESA's acting CEO Cletus Nyachowe said in an update seen by Reuters on Monday. "The 15-year agreement with Jindal will lead to enhanced power generation, which will add 400 MW to our output within the next 48 months," Nyachowe said. "Rehabilitation work is set to commence in the first quarter of 2026,” he added. Zimbabwe currently meets only half of its 2,000 MW electricity demand and experiences extended power cuts due to diminishing capacity at its power plants. The 1,520 MW Hwange plant, the country's largest, was upgraded in 2023 with the commissioning of two units adding 600 MW. But older units built in the 1980s are operating at a third of their capacity due to breakdowns. The Kariba hydropower station, built in the 1960s, completed a 300 MW upgrade in 2018, which boosted its capacity to 1,050 MW. But its generation capacity has also dipped in recent years because of climate change-induced droughts. https://www.reuters.com/business/energy/zimbabwe-thermal-plant-upgrade-add-400-megawatts-grid-2025-12-29/
2025-12-29 12:09
LONDON, Dec 29 (Reuters) - The pound held steady against both the dollar and the euro in thin holiday trading on Monday with little in the way of scheduled events that could move the currency until the new year. Sterling was last up 0.07% on the dollar at $1.35091, a touch below the three-month high it hit last week. Sign up here. It was also a fraction firmer on the euro at 87.12 pence to the common currency, again just shy of last week's levels, the pound's strongest since October. Trading has been thin around the Christmas holiday period in Britain, and remains so in the run-up to the New Year holiday. That has left sterling still largely shaped by the Bank of England meeting earlier in December. The BoE cut interest rates after a narrow vote by policymakers, but it signalled that the already gradual pace of lowering borrowing costs might slow further. Should that materialise, that would see the pound remain supported versus other currencies, particularly the dollar, with the Federal Reserve expected to continue easing next year. Manufacturing activity data due on Friday will give the next indication of the state of Britain's economy. Important inflation and employment data are not due until well into January. https://www.reuters.com/world/uk/sterling-steady-near-recent-highs-dollar-euro-2025-12-29/
2025-12-29 12:09
Dec 29 (Reuters) - Canada's main stock index closed lower on Monday as the precious metals rally paused and weighed heavily on mining stocks, starting the last week of the year on a somber note. The S&P/TSX index closed down 0.32% at 31,896.59 points. However, the benchmark was poised for a gain of about 2% in December, marking its eighth consecutive monthly gain — a streak not witnessed since 2014. Sign up here. Mining shares led Monday's losses, giving back some of their yearly gains as the gold (.SPTTGD) , opens new tab sub-index fell 4.02%, while materials shares (.GSPTTMT) , opens new tab, down 2.88%. Gold prices slipped 4.3%, while silver slid 8.3% after touching a record peak above $80 an ounce earlier in the session as investors booked profits amid perceptions of easing geopolitical tensions, which reduced safe-haven buying. Mining and financial shares have driven TSX's gains this year, lifting the index to a third consecutive annual gain and its strongest performance since 2009, with a 29% rise. "This year was phenomenal. That was really driven by two key factors. The mining stocks- gold had a phenomenal year and silver had an even better year. What also helped the TSX was the Canadian bank stocks," said Alfred Lee, deputy chief investment officer at Toronto-based Q Wealth Partners. "Because gold and silver have gone on such a phenomenal run this year, I wouldn't be surprised if we get a short term pullback some point next year," Lee said. Shares of Kinross Gold (K.TO) , opens new tab were down 3.6%, while those of Agnico Eagle (AEM.TO) , opens new tab fell 5.3% and Barrick Mining (ABX.TO) , opens new tab fell 2.8%. Endeavour Silver (EDR.TO) , opens new tab closed down 1.9% and Silvercorp Metals (SVM.TO) , opens new tab fell 3.4%. Capping the decline, energy shares (.SPTTEN) , opens new tab gained 1.01%, tracking oil prices that rose above 2% as investors weighed Ukrainian peace talks against potential oil supply disruption in the Middle East. Market participants await Tuesday's release of U.S. Federal Reserve meeting minutes during an otherwise quiet data week. https://www.reuters.com/business/tsx-futures-subdued-metals-retreat-years-final-week-2025-12-29/
2025-12-29 11:30
DAKAR, Dec 29 (Reuters) - Axis International Ltd is seeking $28.9 billion from Guinea at a World Bank tribunal after the West African country revoked its permit to operate a bauxite mine there earlier this year, the United Arab Emirates-based company said on Monday. Guinea, which has the world's largest reserves of bauxite, has moved over the past year to tighten state control over the mining sector, revoking and reallocating some permits as it seeks higher revenues and more local processing. Sign up here. Such moves by the government headed by coup leader Mamady Doumbouya have led to a number of arbitration challenges, including one filed in November by Nomad Bauxite Corporation and another this month by Nimba Investment LLC. "If it fails to pay compensation or refuses to participate, Guinea risks losing multilateral donor support and access to financial markets," Axis International said in a statement on Monday. The arbitration challenge was filed at the World Bank's International Centre for Settlement of Investment Disputes. Guinea's government did not immediately respond to a request for comment. Axis International owns 85% of Axis Minerals Resources SA, a Guinean company with rights to a bauxite mine in the Boffa region. The company said in its statement that the permit was terminated in May along with dozens of others. Axis International said that while the government claimed the mine was not operational or underutilised, it was operating at scale and supporting thousands of workers and their families. "As we will show the World Bank tribunal, Guinea is liable for the entire amount of damages caused by its knowingly unlawful acts. That is USD 28.9 billion, at a minimum," Gunjan Sharma, counsel for Axis International, said in the statement. The company said damages were calculated with reference to "proven reserves", which it put at more than 800 million metric tons. The mine produced 18 million metric tons of bauxite in 2024, making it Guinea's second-largest source of bauxite ore exports, the company said. https://www.reuters.com/sustainability/axis-international-seeks-289-billion-guinea-over-revoked-bauxite-permit-2025-12-29/
2025-12-29 11:10
ROME, Dec 29 (Reuters) - Italy's state-owned railway Ferrovie dello Stato (FS) has signed a partnership with U.S. investment firm Certares to develop high-speed train services in France and other European countries, the two groups said on Monday. FS and Certares will set up a joint venture and invest 1 billion euros ($1.18 billion) to expand the operations of FS's Paris-based Trenitalia France unit in France, Britain and other foreign markets, they said. Sign up here. The partnership is part of a broader strategy by FS to strengthen its international network in coming years. The accord will help Trenitalia France - which runs high-speed services between Paris and Lyon and Marseilles as well as the Paris–Milan link - consolidate its position as France's second-largest operator. It will also support the unit as it prepares to operate on the Paris–London route by 2029 and on other cross-border services, the statement said. The deal will help Trenitalia France's plans to widen its fleet to at least 19 trains, build a new maintenance hub near Paris and increase frequencies on existing routes. ($1 = 0.8493 euros) https://www.reuters.com/business/italys-state-railway-teams-up-with-certares-fund-high-speed-trains-abroad-2025-12-29/
2025-12-29 10:44
MOSCOW, Dec 29 (Reuters) - The Kremlin said on Monday that Ukraine should withdraw its troops from the part of Donbas that it still controls if it wanted peace, and that if Kyiv did not strike a deal then it would lose yet more territory. Putin and Trump spoke on Sunday ahead of Trump's meeting in Miami with Ukrainian President Volodymyr Zelenskiy. Kremlin spokesman Dmitry Peskov said another call was planned very soon. Sign up here. Peskov refused to comment on the idea of a free economic zone in Donbas or on the future of the Zaporizhzhia nuclear power plant, which is controlled by Russia, saying that the Kremlin felt it was inappropriate. When asked about Kremlin aide Yuri Ushakov's remarks about the decision that Kyiv needed to take on Donbas, Peskov said that Ukraine should withdraw its troops from the parts they still controlled. "We are talking about the withdrawal of the regime's armed forces from the Donbas," Peskov said. When asked it that applied to the Zaporizhzhia and Kherson regions too, he refused to discuss details. Russia currently controls a fifth of Ukraine, including Crimea which it annexed in 2014, about 90% of Donbas, 75% of Zaporizhzhia and Kherson regions, and slivers of the Kharkiv, Sumy, Mykolaiv and Dnipropetrovsk regions, according to Russian estimates. Russia claims Donbas, Zaporizhzhia and Kherson as part of Russia, though most countries consider the regions to be part of Ukraine. Peskov said no call between Putin and Zelenskiy was being discussed. Peskov paraphrased Trump's remarks that Ukraine could lose more territory to Russia over coming months unless Kyiv struck a deal. https://www.reuters.com/world/kremlin-says-ukraine-should-withdraw-troops-donbas-putin-trump-call-expected-2025-12-29/
