2024-03-22 12:42

KYIV, March 22 (Reuters) - Ukraine hopes to sign a deal in June to buy two nuclear reactors from Bulgaria as it seeks to compensate for the loss of its vast Russian-occupied six-reactor Zaporizhzhia plant, the head of nuclear firm Energoatom told Reuters. The new reactors will be built at the Khmelnytskyi nuclear power plant in western Ukraine and equipped with Russian-designed equipment that Kyiv wants to import from Bulgaria, Petro Kotin said in an interview. Russia gained control of the Zaporizhzhia station, Europe's largest nuclear plant, after launching its invasion of Ukraine in February 2022. Zaporizhzhia's six nuclear reactors are now idled. "Negotiations between the government of Ukraine and Bulgaria continue... and I think that somewhere in June we will have the result of concluding contracts with Bulgaria for the purchase of this equipment," Kotin said in the interview, conducted late on Thursday. "I set (the) task before our construction organisation and Khmelnytskyi station to have it ready to be installed by June," he said, referring to the first of the two reactors which would be ready for installation straight away. He said if it is delivered on time and in full Energoatom would be ready to begin start-up work on the new reactor in two to three years, a period which is also needed to manufacture the turbine for the unit. Energoatom is in preliminary talks for General Electric (GE.N) , opens new tab to build the turbine, he said. The second reactor would be installed later and Kotin did not give a timeframe. He said Bulgaria had previously put the price of the two reactors at $600 million, but that Sofia was keen to increase the price of the equipment, which other than Bulgaria can only be bought from Russia. "There is a constant desire on the Bulgarian side to achieve greater benefits for themselves than this $600 million and the more time passes the higher prices they voice, but we are still focused on the price of $600 million," Kotin said. He said Energoatom also intended to build two more reactors at Khmelnytskyi based on the American AP-1000 reactor, and that the company would start pouring concrete for the two new units in early April. 'RUSSIA WON'T GET IT UP AND RUNNING' Since the loss of Zaporizhzhia, Ukraine relies on nuclear power from three operating plants in the country, totalling nine reactors, including two reactors currently in operation at the Khmelnytskyi plant. Kotin said Ukraine had not abandoned plans to restart the Zaporizhzhia power plant one day and that, unlike Russia, it would be able and know how to get the plant back online. "They (Russia) are still saying they will restart the plant, but they can't technically start it up because there are no electrical lines, no water and no personnel," Kotin said, adding that Moscow did not want to recognise that at a political level. On the battlefield, however, Ukrainian troops are themselves on the backfoot after trying to mount a counteroffensive last year that proved unable to piece Russian defensive lines in the Zaporizhzhia region. Kotin said that Energoatom, which retained the staff that operated Zaporizhzhia, would be ready to restart the plant after its "de-occupation" and that it already had trained special teams to do so. After the Kakhovka dam was blown up, the station lost a steady inflow of water from the Dnipro River necessary for the power units, and so far the plant has only a small supply in a pond near the facility. Kotin said in current conditions only one reactor can work for no more than one month and then must be switched off due to a lack of water for its cooling system. He noted that to restart the station, either the destroyed Kakhovka dam must be rebuilt or pumps must be built to supply water from the Dnipro. "(It takes) somewhere around two years, but that is about the main costly measures. During this time it will be possible to check all systems and if there is no sabotage, all other systems will be ready for start-up." The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. https://www.reuters.com/business/energy/ukraine-hopes-start-installing-nuclear-reactors-bulgaria-june-2024-03-22/

2024-03-22 12:06

MUMBAI, Sept 6 (Reuters) - India's foreign exchange reserves (INFXR=ECI) , opens new tab rose for a third straight week to a record high of $683.99 billion as of Aug. 30, data from the Reserve Bank of India showed on Friday. The reserves rose by $2.3 billion in the reporting week, after having risen by a total of $11.6 billion in the prior two weeks. The RBI intervenes in the foreign exchange market to prevent undue volatility in the Indian rupee. Over the last month, the central bank likely bought and sold dollars, according to traders. This led to the rupee holding a narrow range for extended periods. Changes in foreign currency assets are caused by the RBI's intervention as well as the appreciation or depreciation of foreign assets held in the reserves. Foreign exchange reserves also include India's reserve tranche position in the International Monetary Fund. In the week ending Aug. 30, the rupee had logged marginal weekly gains against the dollar. The rupee settled at 83.9475 on Friday and was down 0.1% week-on-week. FOREIGN EXCHANGE RESERVES (in million U.S. dollars) --------------------------------------------------------- Aug 30 Aug 23 2024 2024 --------------------------------------------------------- Foreign currency assets 599,037 597,552 Gold 61,859 60,997 SDRs 18,468 18,459 Reserve Tranche Position 4,622 4,680 ---------------------------------------------------------- Total 683,987 681,688 ---------------------------------------------------------- Source text: (https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx , opens new tab) Sign up here. https://www.reuters.com/world/india/indias-forex-reserves-hit-record-high-2024-09-06/

2024-03-22 11:57

COPENHAGEN, March 22 (Reuters) - Finnish tire maker Nokian Tyres (TYRES.HE) , opens new tab said on Friday it would temporarily lay off 350 employees at its car tire factory in Nokia for 90 days due to political strikes in the Nordic country. Finland's industrial, logistics and electrical workers said on Wednesday they would extend an ongoing two-week strikes by one week in protest against planned government labour reforms and welfare cuts. Nokian Tyres said in a statement inventories were filling up as the strikes, which affect ports and transportation, have meant it cannot deliver to customers. It will lay off the employees from March 26 to April 9. "Nokian Tyres will adapt production at the Nokia passenger car tire factory in Finland for at least two weeks," the company said. "Production of heavy tires will continue in Nokia as normal." Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here. https://www.reuters.com/business/autos-transportation/nokian-tyres-temporarily-lays-off-350-employees-due-strike-finland-2024-03-22/

2024-03-22 11:55

KYIV, March 22 (Reuters) - A Ukrainian deputy prime minister said on Friday Russian oil refineries were legitimate targets for its forces, after a media report said the United States, a close ally, had asked Kyiv to stop conducting drone strikes on refineries. Ukraine dramatically stepped up its attacks on Russian energy facilities this month, launching numerous long-range drones to strike Russia's biggest refineries, resulting in the temporary suspension of production at some of them. "We understand the calls of the U.S. partners, but at the same time we are fighting with the capabilities, resources, and practices that we have," Olha Stefanishyna, the minister, told the Kyiv Security Forum. She said energy facilities were legitimate targets from a military point of view. The Financial Times cited people familiar with the matter saying Washington had urged Kyiv to halt strikes, warning of the risk of provoking retaliation and driving up global oil prices. The attacks helped boost oil prices that have risen nearly 4% so far since March 12, when Ukraine hit a major oil refinery. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/world/europe/ukraine-says-russian-oil-refineries-are-legitimate-targets-2024-03-22/

2024-03-22 11:53

March 22 (Reuters) - U.S. companies' purchases of domestic equities through more stock buybacks and corporate acquisitions will hit a six-year high of $625 billion this year, about as much as mutual funds and pension houses will offload, Goldman Sachs said. "A surge in share buybacks and continued growth in cash mergers and acquisitions (M&A) will be the primary drivers of corporate equity demand," Cormac Conners, U.S. equity strategist at Goldman, said in a note dated March 21. Earlier this month, the Wall Street bank said it expects S&P 500 companies' (.SPX) , opens new tab share repurchases to jump 13% to $925 billion this year, and then top $1 trillion next year. Goldman cautioned that equity issuances this year will offset some of the purchases. However, a much bigger offset, it estimated, would come via mutual funds and pension funds selling $300 billion and $325 billion of stocks, respectively, on a net basis. The outflows in mutual funds will come as investors flock to passive index funds and exchange-traded funds (ETFs), from actively managed ones, while pension funds will rotate capital towards lower-risk assets such as bonds, Conners said. Moreover, the Presidential elections in November, the brokerage estimated, will lead to foreign investors offloading $50 billion worth of U.S. stocks this year, in stark contrast to last year when they bought stocks worth $179 billion. "The U.S. is the global safe haven ... However, domestic uncertainty is likely to rise in conjunction with the Presidential election later this year," Conners said. Besides corporates themselves, U.S. households will be the other group who will be net buyers of domestic stocks -- worth $100 billion -- this year, reversing course from being net sellers in 2023, the brokerage said. The record $3.8 trillion households own in money market assets means they have ample funds, Conners said, but cautioned that the continuing allure of credit and elevated equity allocations could act as dampeners. Get U.S. personal finance tips and insight straight to your inbox with the Reuters On the Money newsletter. Sign up here. https://www.reuters.com/markets/deals/us-companies-stock-purchases-via-buybacks-ma-hit-6-year-high-2024-goldman-says-2024-03-22/

2024-03-22 11:52

PARIS, March 22 (Reuters) - France has picked German company Boehringer Ingelheim and France's Ceva Animal Health to supply bird flu vaccines as part of an unprecedented vaccination campaign against the disease that has decimated poultry flocks, the companies told Reuters. France has been among the countries worst affected by a global spread of highly pathogenic avian influenza, commonly called bird flu, in previous years, which led to the death of tens of millions of poultry in the country. This prompted the government to launch a campaign in October to vaccinate all ducks against bird flu, braving trade barriers from countries that fear the virus could spread without being noticed. Ducks are one of the most sensitive species to the virus. In a first vaccine tender in July, the ministry granted an order for 80 million doses to Boehringer Ingelheim, causing an outcry from Ceva, which challenged the decision in court. The French company pulled its appeal later that month, saying it did not want to delay the vaccination campaign. Boehringer Ingelheim will provide 34.2 million doses as part of the second tender, which is for 61 million doses, the company said, adding that deliveries are due to begin in April. Ceva Chief Executive Marc Prikazsky said in a statement to Reuters he was "very pleased that Ceva’s vaccine solution has been selected". France's agriculture ministry did not immediately respond to a request to comment. Boehringer Ingelheim said that as part of the renewable deal, the company could support the French authorities for four years if it proved necessary to continue bird flu vaccination. Bird flu is usually carried by migrating wild birds before being transmitted between farms. It ravaged flocks around the globe in the past years, disrupting supply, fueling food prices and raising concerns over the risk of human transmission. France has seen a sharp fall in bird flu outbreaks this season. Scientists say this is due both to vaccination and a lower number of outbreaks in Europe. This prompted France to ease bird flu restrictions last week, allowing ducks and poultry outside again. Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here. https://www.reuters.com/business/healthcare-pharmaceuticals/france-picks-german-french-firms-second-bird-flu-vaccine-tender-2024-03-22/