Category: 3. Business

Vattenfall has decided to proceed with the American company GE Vernova and the British Rolls-Royce SMR in the process of selecting a final supplier for new nuclear reactors. Both companies produce so-called modular reactors. Given the conditions at the current reactor site on the Värö Peninsula, these suppliers are considered to have the best prerequisites to deliver within a reasonable timeframe and budget. The process to enable new nuclear power is now continuing.

“This is another step on the way towards the first Swedish nuclear power construction in over 40 years. Our goal is a successful project on the Värö Peninsula, and by that we mean that there are prerequisites to begin operations within a reasonable timeframe and budget at the site available to us. A successful project also lays the foundation for further nuclear developments. We are already looking at the next step to build additional reactors where Ringhals 1 and 2 are currently located,” says Anna Borg, CEO and President, Vattenfall.

The Värö Peninsula, where the Ringhals nuclear power plant is located, is considered the best location to bring new nuclear power into operation in Sweden as quickly as possible. Here, there is capacity in the electricity grid, nuclear competence, and a high demand for electricity in the region. At the same time, the site has limitations in terms of space and infrastructure.

The selected suppliers offer modular reactors, SMRs, with proven technology and simplified designs that have integrated learnings from previous nuclear projects worldwide. Both use fuel for which Vattenfall has established supply chains.

“We have conducted a very thorough evaluation of the suppliers and reactors. It is very gratifying that we now can, after a process that began with 75 potential suppliers, go from four to two. Building a series of smaller units brings clear cost advantages; they require less space, need significantly fewer personnel, and leads to more manageable logistics. This also increases the ability during the construction phase to find, house, and transport staff, reducing the risk of increased costs,” says Desirée Comstedt, Vice President and Head of New Nuclear at Vattenfall.

Vattenfall is planning a project with either five BWRX-300 (GE Vernova) or three Rolls-Royce SMR reactors, which will provide a total output of around 1,500 MW. By comparison, a 500 MW SMR has the same capacity as the first large-scale reactor in Oskarshamn.

New Swedish nuclear power will require collaboration among many stakeholders. The industry consortium Industrikraft is an initiative involving 17 leading Swedish industrial companies with which Vattenfall has had a close dialogue from the start.

“The process of constructing new nuclear reactors has taken a significant step forward, and there is now a clear and viable project on the Värö Peninsula. Industrikraft welcomes this development and will work together with Vattenfall to create the conditions for the planned joint investment in the project company. It is also crucial that there are long-term stable political conditions”, says Tom Erixon, Chair of Industrikraft.  

The process to enable new nuclear power continues. An application for state risk-sharing will be submitted and a final supplier selected. Vattenfall is already looking at the next step to build additional 1000 MW where Ringhals 1 and 2 are currently located. Final investment decisions will be made later in the process.

Vattenfall will present more information about the background to the decision at a press seminar in Swedish at the press centre at Ringhals nuclear power plant on Thursday, 21 August at 15:30 CEST with Anna Borg, CEO and President and Desirée Comstedt, Vice President and Head of New Nuclear. The press seminar will be broadcasted live here.

At 17:00 CEST the same day, an English-language audiocast will also be held, where journalists and analysts can ask questions to Anna Borg and Desirée Comstedt.
Link audiocast

To join by telephone, please dial one of the numbers a few minutes before the broadcast starts.
Telephone conference ID: 718 235 124#
Germany: +49 69 667781690
Netherlands: +31 20 258 8526
UK: +44 20 3321 5273

For more information, please contact: 
Natalie Sial Berkman, Director Media Relations Sweden, natalie.sialberkman@vattenfall.com  
Vattenfall’s Press Office, +46 8 739 50 10, press@vattenfall.com   

BANGKOK — China has been expanding use of digital currencies as it promotes wider use of its yuan, or renminbi, to reflect its status as the world’s second-largest economy and challenge the overwhelming sway of the U.S. dollar in international trade and finance.

However, restrictions on access to Chinese financial markets and limits on convertibility of the yuan, or “people’s money,” are big obstacles blocking its global use.

Still, Hong Kong already has stablecoin regulations and some Chinese experts are pushing for regulations to prepare for a possible stablecoin pegged to the yuan.

Officials at the People’s Bank of China and State Council Information Office in Beijing did not immediately respond to requests for comment on a Reuters report that the State Council, or Cabinet, is preparing to issue a plan for internationalizing the yuan that might include a yuan stablecoin.

In the U.S., President Donald Trump has made cryptofriendly policies a priority for his administration. He signed a law, the GENIUS Act, last month regulating stablecoins.

Stablecoins are digital currencies whose value is linked to a specific currency such as the U.S. dollar. They can be used as a substitute in situations where currency transactions might be difficult or costly. They are different from cryptocurrencies like Bitcoin in that their only purpose is to be a means of payment, not an investment meant to be traded to gain value.

Dollar stablecoins are typically bought and sold for $1 each. They are based on a reserve equal to their value, but are issued by private institutions, not central banks like the U.S. Federal Reserve.

Stablecoins are not Digital Central Bank Currencies, which are digital versions of currencies issued by central banks. They are based on blockchain-based distributed ledgers. They are “stable” in the sense that their value is anchored to the currency they are based on.

Critics of stablecoins say that since they are essentially a proxy for ordinary currencies that can bypass banking systems and safeguards set up to manage traditional financial transactions they may be most useful for illegal purposes.

China launched its own digital yuan, the e-CNY issued by its central bank, on a trial basis in 2019, and McDonalds was an early participant in that project. Chinese regulators have banned mining, trading and other dealings in private, decentralized digital currencies like Bitcoin, while encouraging use of the digital yuan.

The nearly universal use of electronic payments has facilitated use of the e-CNY in the Chinese mainland, with some cities using it to pay wages of civil servants. State media reported that as of July 2024, there were 7.3 trillion yuan worth of transactions using the currency in areas where it is being used on a trial basis.

China has also been promoting use of e-CNY in Africa, as it expands business dealings on the continent.

But e-CNY are not stablecoins. Experts say regulations are needed to safely manage use of stablecoins and to ensure they could be used smoothly with bank accounts and payment systems.

Hong Kong, a former British colony that has its own financial markets, currency and partly autonomous legal system, enacted a stablecoin law that took effect on Aug. 1.

Aimed at attracting wealthy investors who want to use digital currencies and other financial products, it requires that a stablecoin linked to the Hong Kong dollar must be equal to the Hong Kong dollar reserves for that digital currency.

As a global duty-free port and financial hub, Hong Kong has often served as a base for trying out paths toward liberalizing Chinese financial markets. But new regulations specifically governing yuan stablecoin would be needed if such a digital currency were issued for use in Hong Kong, Liu Xiaochun, deputy director of the Shanghai Institute of New Finance, recently wrote in a report on the Chinese financial website Yicai.com.

China’s currency is not freely convertible in world financial markets and its stringent controls on foreign exchange are the biggest hindrance toward making the yuan a global currency, experts say.

According to the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, as of June, the yuan was the sixth most active currency for global payments by value, with a share of 2.88%. Its use peaked in July 2024 at about 4.7%.

It’s used more often in trade financing, where it accounts for nearly 6% of such dealings, according to that report.

The lion’s share of yuan transactions take place in Hong Kong.

The U.S. dollar’s share as a global payment currency was over 47% as of June, followed by the euro, the British pound, the Canadian dollar and the Japanese yen, the report said.

___

AP Researcher Shihuan Chen contributed from Beijing.

The State Bank of Pakistan (SBP) has formally declared 1LINK (Private) Limited a Designated Payment System, marking a major step in enhancing Pakistan’s digital financial infrastructure. The designation was made under Section 4(1) of the Payment Systems & Electronic Funds Transfer Act, 2007.

According to an official notification issued by the central bank today, the decision takes effect immediately.

With this move, the SBP has further strengthened oversight of the country’s payment ecosystem, recognizing 1LINK’s role as Pakistan’s only interbank network operator. The platform facilitates ATM withdrawals, bill payments, interbank fund transfers, and a wide range of digital financial services used by millions nationwide.

Industry experts believe the recognition of 1LINK as a Designated Payment System will help improve security, reliability, and consumer trust in electronic transactions. It also aligns with SBP’s broader agenda of promoting a secure, inclusive, and modern payment infrastructure across the country.

Zong, Pakistan’s leading technology innovation company, has entered a strategic partnership with Energy & Automation Pvt. Ltd. (ENA) to launch an advanced suite of IoT-powered Smart Energy Management Solutions, marking a significant step in Zong’s evolution beyond traditional telecom services toward a broader role as a technology-driven service provider.

The initiative directly supports Pakistan’s Digital transformation while advancing Zong’s sustainability pillar of Green & Low Carbon Operations.

Zong’s IoT-powered Smart Energy Management Solution is designed to help corporates achieve cost savings, enhance operational efficiency, and meet sustainability goals. For the banking industry in particular, the solution enables real-time monitoring and intelligent control of air conditioning systems in branches and ATM enclosures, ensuring optimal performance, energy efficiency, and uninterrupted customer service.

The intelligent system offers early fault detection to prevent downtime and reduce power consumption. For manufacturing, hospitality, and public sector clients, it provides real-time energy analytics, remote surveillance, uptime tracking, and automated temperature regulation, improving comfort while minimizing energy wastage. By integrating energy monitoring with intelligent automation, the solution optimizes performance, reduces costs, and supports sustainability objectives across diverse sectors.

Speaking at the ceremony, Farooq Raza, Head of Business Solutions, Zong, said: “Through this strategic partnership, we’re delivering next-generation Smart Energy Management Solutions that combine Zong’s IoT leadership with intelligent automation to transform how businesses optimize energy consumption. These solutions are enablers for Pakistan’s digital economy; providing enterprises with real-time operational intelligence to drive efficiency, reduce costs, and build sustainable infrastructure aligned with both national climate goals and global ESG standards.”

This collaboration brings together Zong’s advanced IoT connectivity and ENA’s expertise in automation to deliver practical, scalable energy solutions across Pakistan.

VANCOUVER, British Columbia–(BUSINESS WIRE)–
lululemon athletica inc. (NASDAQ: LULU) today announced that its financial results for the second quarter fiscal 2025 will be released Thursday, September 4, 2025. The company will host a conference call at 4:30 p.m. Eastern time to discuss the financial results.

If you would like to participate in the call, please dial (833) 752-3550 or (647) 846-8290, if calling internationally, approximately 10 minutes prior to the start of the call.

A live webcast of the conference call will be available online at: https://corporate.lululemon.com/investors/news-and-events/events-and-presentations. A replay will be made available online approximately 2 hours following the live call.

About lululemon athletica inc.

lululemon athletica inc. (NASDAQ:LULU) is a technical athletic apparel, footwear, and accessories company for yoga, running, training, and most other activities, creating transformational products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all. Setting the bar in innovation of fabrics and functional designs, lululemon works with yogis and athletes in local communities around the world for continuous research and product feedback. For more information, visit lululemon.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250821469830/en/

Investors:

lululemon athletica inc.

Howard Tubin

1-604-732-6124

or

ICR, Inc.

Joseph Teklits

1-203-682-8200

Media:

lululemon athletica inc.

Madi Wallace

1-604-732-6124

Source: lululemon athletica inc.

• Stadler to deliver ten trains
• Operation of the trains at speeds of up to 200 km/h on the Dammam – Riyadh route
• mtu drive technology meets the latest emission standards EU Stage V and contributes to environmentally friendly mobility

mtu engines from Rolls-Royce will soon be powering more high-speed trains in Saudi Arabia. The company has received a major order for 50 mtu Series 4000 engines from Stadler Bussnang AG, one of the world’s largest manufacturers of rail vehicles. A total of ten trains will be in service in future and will travel at speeds of up to 200 km/h on the Dammam – Riyadh route. Until then, four trains will already have completed extensive test and approval runs in Europe and Saudi Arabia.

The mtu Series 4000 engines will once again prove their reliability under the most demanding conditions. Since 2012, more than 70 12V 4000 engines have been in use in similar trains operated by Saudi Arabia Railways. “They ensure smooth operation despite extreme ambient conditions with temperatures above 50° c and the influence of desert dust,” said Christopher Weckbecker, Director Global Rail at Rolls-Royce. “Under these conditions, reliable air conditioning alone is essential for the survival of train passengers and personnel. We are delighted that all diesel-powered passenger trains on the Arabian peninsula are powered by mtu Series 4000 engines – this is a strong vote of confidence in our outstanding products. At the same time, this order supports our strategy by expanding further into regional growth markets, enlarging Rolls-Royce’s global foot-print in rail application.”

A total of 50 12V 4000 R64 mtu engines, each with a power output of 1,500 kW, will be delivered. Four of the engines will drive each train with two power cars. A further ten engines are intended for reserve power cars and as spare units to ensure continuous passenger service even during maintenance work. The contract between Rolls-Royce and Stadler Rail also includes an option for 40 engines for a further ten trains.

The new trains will significantly improve the economic network between the two metropolises Dammam and Riyadh. “For us, mtu propulsion technology from Rolls-Royce is a central component in this project. It not only enables high speeds, but also meets the highest standards of environmental compatibility, energy efficiency and operational safety,” said Tobias Arnold, commercial project lead at Stadler.

Imagery is available for download from: Media Center (mtu-solutions.com)

The Universal Service Fund (USF) project awarded to PTCL in Quetta has come under scrutiny after an official audit flagged several compliance and procedural irregularities. The Rs43.207 million agreement was signed on September 26, 2023, to connect two union councils, Baleli and Nobar, with an unserved population of 28,658 by deploying 7.7 km of optical fibre cable (OFC).

According to the audit report, PTCL submitted a declaration of good standing with the Pakistan Telecommunication Authority (PTA) that dated back to April 24, 2008, making it irrelevant for FY2023-24. Furthermore, the approval was granted by the PTA chairman rather than the full authority, as required under Section 3(9) of the Pakistan Telecommunication Reorganization Act (PTRA), 1996.

The audit also revealed that the cost details lacked a proper route diagram for the OFC at the planning stage, and no As-Built Laying Diagram was available after completion. This absence made it difficult to verify excavation routes, pole placement, and other installation details. Although USF’s in-house technical audit reviewed trench depth, HDPE pipes, and OFC placement, the lack of diagrams limited proper verification of the work.

Another concern was raised over the project timeline. PTCL marked its milestone completion on December 1, 2023, while the No-Objection Certificate (NOC) for Right of Way was issued on December 26, 2023, by the Metropolitan Corporation of Quetta. The audit noted that no invoice for Right of Way charges was found in the records.

The findings have cast doubt on transparency and compliance in PTCL’s execution of the Quetta project, with auditors urging stricter checks on future awards under USF to ensure adherence to regulations and technical requirements.