Vietnam, a country heavily dependent on coal for its energy needs, has ambitious plans to significantly increase its power generation capacity by 2030.

The country’s newly revised national power plan outlines a strategy that prioritises a shift towards renewable energy sources and the introduction of nuclear power, according to a Reuters report. 

This move signifies a significant change in Vietnam’s energy policy, as it seeks to reduce its reliance on fossil fuels and diversify its energy mix.

The expansion of renewable energy sources, such as solar and wind power, is expected to play a crucial role in achieving the country’s power generation goals. 

Additionally, the inclusion of nuclear power in the energy mix marks a major step for Vietnam, as it explores alternative sources of energy to meet its growing demand.

Total investments

This ambitious plan reflects Vietnam’s commitment to sustainable development and its efforts to address the challenges of climate change. 

By transitioning towards cleaner energy sources, the country aims to reduce its carbon emissions and promote a greener future.

The Vietnamese government stated that reaching the targets will necessitate a total investment of $136.3 billion by 2030. This equates to over a quarter of the country’s 2024 gross domestic product.

To avoid power shortages that have alarmed foreign investors and to reduce its reliance on coal, the Southeast Asian industrial hub must rapidly expand its power supply to keep up with rising electricity demand.

Vietnam’s government announced a plan late on Wednesday to increase its total installed capacity to between 183 and 236 gigawatts by 2030. 

This is a significant increase from the more than 80 gigawatts at the end of 2023.

Focus on nuclear

In order to do so, the country is resuming its investment in nuclear power, despite having suspended the program in 2016 due to budgetary restrictions and the Fukushima nuclear disaster in Japan.

The government announced that the initial nuclear power plants, with a combined capacity of up to 6.4 GW, are expected to be operational between 2030 and 2035. 

They also stated that an additional 8 GW capacity would be added by mid-century.

The International Atomic Energy Agency had said that small modular reactors are still under development, but they would be more affordable to build than large power reactors. 

Officials have said Vietnam has discussed these small modular reactors.

Earlier this year, the government announced its intention to engage in discussions with foreign partners, including Russia, Japan, South Korea, France, and the United States, regarding nuclear power projects. 

Following this announcement, Korea Electric Power Corp expressed interest in Vietnam’s nuclear projects on Tuesday, as the company’s chief visited the country.

Power shares

The government announced that the new plan will increase solar power’s share of total capacity to between 25.3% and 31.1% by 2030. 

This is an increase from 23.8% in 2020. Additionally, onshore and nearshore wind energy will rise to between 14.2% and 16.1% by 2030, compared to almost none at the beginning of the decade.

Authorities have established new targets following concerns among investors stemming from a retroactive adjustment to preferential pricing for solar and onshore wind energy producers.

The plan outlines a significant shift in energy sources, with coal-fired power plants’ share of total generation capacity decreasing from approximately one-third in 2020 to between 13.1% and 16.9%. 

Meanwhile, liquefied natural gas plants, currently non-existent in the mix, are projected to contribute between 9.5% and 12.3% of the total generation capacity.

The Vietnam government’s target for offshore wind energy is 6-17 GW between 2030 and 2035. While an earlier goal of 6 GW for this decade was set, no offshore wind energy has been built yet.

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Shares in J Sainsbury PLC surged on Thursday, closing up 4% at 257.8p, making it the top performer on the FTSE 100 index.

The rally came after the British supermarket giant reported its full-year financial results, which showed a 7.2% rise in retail underlying operating profit to £1.04 billion for the 2024/25 fiscal year.

The result marks the first time Sainsbury’s has posted over £1 billion in annual operating profits, excluding one-off items.

The rebound in share price also marks a full recovery from last month’s slump, when Asda’s announcement of price cuts triggered a sell-off across the UK grocery sector.

Sainsbury’s stock, which had fallen as low as 223p during the broader market sell-off tied to political uncertainty in the United States, is now trading above the levels seen before Asda’s move.

The results appear to validate Sainsbury’s focus on core food retail operations, which performed well amid a difficult trading environment marked by rising costs and heightened price sensitivity among consumers.

Profit milestone reached, but outlook remains conservative

While Sainsbury’s reported a 38.6% jump in pre-tax profits to £384 million, this figure was supported by a strong performance in its food business and adjusted to exclude one-time restructuring costs, including the closure of in-store cafes and hot food counters.

Chief executive Simon Roberts credited the company’s progress to consistent investment in price, product quality, and customer service.

“We’ve delivered a strong set of results by staying true to our strategy of giving customers what they want: great value, quality and service,” he said.

Despite the record-breaking performance, the company struck a cautious note for the year ahead.

It forecast retail underlying operating profit of around £1 billion for the 2025/26 financial year, below analysts’ expectations of £1.08 billion.

The guidance reflects concerns about persistent inflation, higher labour and supply chain costs, and the intensifying competition in the UK supermarket sector.

Analysts find guidance “subdued” but foresee room for upside if market stabilises

While the market welcomed the past year’s strong performance, analysts offered mixed views on the outlook.

Shore Capital analysts Clive Black and Darren Shirley noted that Sainsbury’s is in a solid operational position and plans to increase market share in food retailing.

However, they acknowledged that the subdued guidance reflects a prudent approach amid a shifting competitive landscape.

“The guidance shows determination to defend value credentials following Asda’s aggressive strategy,” they wrote in a note to clients.

“It may be conservative, but leaves room for upside if market dynamics stabilise.”

RBC Capital Markets analysts Manjari Dhar and Richard Chamberlain said the lower-than-expected guidance was disappointing given Sainsbury’s strong prior performance and recent commentary from Tesco that signalled higher competitiveness across the board.

“With the sector about to be embroiled in a trade war of its own, Sainsbury is preparing for the fight with some added momentum which should provide some protection,” said Richard Hunter, head of markets at Interactive Investor.

Outlook to help Sainsbury’s manoeuvre stiff competition

The UK’s supermarket sector has entered a phase of heightened competition, with price cuts emerging as a key weapon in the battle for market share.

Asda’s decision to slash prices sent a ripple effect across the industry, forcing peers like Sainsbury’s, Tesco, and Marks & Spencer to react.

Analysts believe the outlook from Sainsbury’s is deliberately cautious, allowing room to manoeuvre should conditions worsen.

Hargreaves Lansdown’s Aarin Chiekrie described the guidance as “conservative,” roughly 8% below consensus, and said it mirrors Tesco’s approach in offering flexibility during a volatile period.

“But shy of an all-out price war, there could be room for positive surprises as the year progresses,” he added.

Despite near-term uncertainty, investor sentiment towards Sainsbury’s remains relatively positive.

According to LSEG data, eight out of thirteen analysts rate the stock a “buy” or “higher,” while the median price target stands at 300p—implying further upside potential.

As Sainsbury’s prepares for a potentially difficult year ahead, it appears to be entering the fray with both momentum and caution.

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The Czech Republic had achieved full independence from Russian oil supplies for the first time in its history, government officials announced on Thursday. 

This milestone was reached due to the completion of capacity upgrades on the TAL pipeline, which comes from the west, according to a Reuters report.

Czech Prime Minister Petr Fiala announced in a televised news conference on Thursday that the first increased supplies of oil have been delivered via pipeline to the central oil depot in the Czech Republic.

Russian oil no longer needed

Fiala announced at the depot in Nelahozeves, 20 km north of Prague, “Our reliance on Russia for oil has come to an end after approximately 60 years.”

Fiala added:

For the first time in history, the Czech Republic is completely supplied by non-Russian oil, and fully supplied through western routes.

The Czech government has been trying to reduce its reliance on Russia for oil since the country invaded Ukraine. About half of the Czech Republic’s annual oil imports have come through the Druzhba pipeline from Russia for decades.

The Transalpine (TAL) pipeline, which transports oil from tankers in the Italian port of Trieste to Germany, was upgraded at the end of last year by Czech pipeline operator MERO. 

The oil is then fed into the Ingolstadt–Kralupy–Litvinov (IKL) pipeline to the Czech Republic.

Source: Reuters

The Czech Republic’s annual needs can now be met due to the TAL upgrade, which has increased the capacity available to 8 million tonnes per year.

More tankers secured

Orlen Unipetrol, a Czech refiner, has been using oil from state reserves to maintain production since the Druzhba pipeline halted supplies in March. 

The company is now preparing to switch to full supplies through the TAL pipeline, following a capacity increase.

The Litvinov refinery will begin processing Norwegian crude from the TAL pipeline upgrade next week, with the crude expected to arrive on Friday.

Last year, the Czech Republic imported 6.5 million tonnes of oil. Industry Ministry statistics show that 42% of the oil was imported via Druzhba. 

This is a decrease from the previous two years when up to 58% of the oil supply was Russian.

In 2024, the country acquired oil from Azerbaijan and Kazakhstan, as well as Norway and Guyana, the latter two in smaller quantities.

Druzhba pipeline to remain

The MERO company has stated that it intended to maintain the Druzhba pipeline filled with crude oil. 

This action is being taken to accommodate potential future flows of oil, which could come from various sources. 

One such potential source is the Ukrainian port of Odesa, which could supply oil to the Druzhba pipeline.

Jaroslav Pantucek, the director of MERO, the Czech oil pipeline operator, reassured stakeholders on Thursday that the Druzhba pipeline remains operational and is prepared to resume oil transportation whenever necessary. 

Despite current geopolitical uncertainties and discussions surrounding its future, the pipeline’s infrastructure is sound and ready for use. 

Pantucek acknowledged that the future utilization of the Druzhba pipeline is currently under evaluation, with various factors and potential scenarios being considered. 

This evaluation likely involves analysing geopolitical developments, energy market trends, and the potential impact on energy security for the countries involved.

Hungary and Slovakia, both of which maintain pro-Moscow stances, are eager to continue receiving Russian oil through the Druzhba pipeline.

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Eli Lilly’s experimental obesity pill, orforglipron, met its main goals in a closely watched late-stage trial, boosting the company’s standing in the fast-growing market for weight loss and diabetes treatments.

The results, announced Thursday, show the pill could offer a compelling, needle-free alternative to popular injections, potentially reshaping how millions of people manage chronic conditions.

Shares of Eli Lilly rose as much as 11% in premarket trading on Thursday as investors welcomed the results, which put the company a step ahead of rivals such as Novo Nordisk in developing an oral version of the lucrative GLP-1 class of drugs.

The US pharmaceutical giant reported that orforglipron helped patients with Type 2 diabetes achieve both weight loss and improved blood sugar control.

The trial, one of seven late-stage studies underway, also found the pill’s side effect profile to be largely manageable and in line with what is observed in injectable drugs already on the market.

A promising alternative to injections

At its highest dose, orforglipron led to an average weight loss of 7.9% — roughly 16 pounds — over 40 weeks.

Notably, patients had not plateaued in their weight loss by the end of the study, suggesting that longer treatment may yield further results.

This development is significant for patients seeking a more convenient alternative to injectables like Wegovy and Ozempic.

Pills are easier to manufacture and distribute at scale, which could help alleviate the persistent supply shortages that have plagued the market for injectable GLP-1 drugs.

CEO David Ricks emphasized the potential impact in a company statement:

We are pleased to see that our latest incretin medicine meets our expectations for safety and tolerability, glucose control, and weight loss. We look forward to additional data readouts later this year.”

Safety is in line with expectations

Side effects were mostly mild to moderate, with gastrointestinal symptoms such as nausea, vomiting, and diarrhea reported.

Around 8% of patients on the highest dose discontinued treatment due to side effects, which analysts say is within an acceptable range.

In comparison, injectable versions of the drug class tend to have similar or slightly lower discontinuation rates, though they are administered weekly rather than daily.

Analysts had expected discontinuation rates around 9%, indicating that the results came in close to forecast.

TD Cowen and other investment firms had anticipated that side effects could be marginally worse with a daily oral pill.

Mixed results on diabetes metric

Despite positive signs, orforglipron fell short of some analyst expectations when it came to lowering hemoglobin A1c, a key diabetes marker.

The pill reduced blood sugar levels by 1.3% to 1.6% across doses after 40 weeks, from a starting level of 8%.

This compares with reductions as high as 2.1% seen in some patients using Novo Nordisk’s injection Ozempic.

The result remains clinically meaningful, but the gap could influence prescribing patterns if physicians view injections as more effective for glucose control.

Still, the pill’s ease of use may be enough to offset that in patients prioritizing convenience.

Looking ahead to regulatory filings

Eli Lilly plans to file for regulatory approval for orforglipron in obesity by the end of 2025, with a diabetes filing expected in 2026.

The company is currently conducting five trials in diabetes and two in obesity, with more data expected later this year.

The pill is not a peptide-based drug, meaning it is absorbed more easily by the body and doesn’t require food restrictions, unlike Novo Nordisk’s diabetes pill Rybelsus.

This could make it more appealing to a broader patient population.

Analysts forecast the GLP-1 market could exceed $150 billion annually by the early 2030s, with oral drugs accounting for up to $50 billion.

Eli Lilly, already a leader with injectable drugs like Mounjaro, may solidify its dominance if orforglipron gains approval.

With its lead over competitors including AstraZeneca, Roche, Structure Therapeutics, and Viking Therapeutics, Eli Lilly is positioning itself to be the first to offer a widely available oral GLP-1 therapy — and reshape the landscape of chronic disease management.

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The European Central Bank on Thursday reduced its key interest rate by 25 basis points, citing easing inflation and mounting risks to economic growth from trade tensions and business pessimism.

The move was in line with most expectations.

It marks the seventh rate cut over the past year as the ECB attempts to support the eurozone economy amid an increasingly fragile global backdrop.

The move lowers the ECB’s deposit rate to 2.25%, the lowest since early 2023.

It also reflects growing concerns within the bank over waning business confidence and the economic fallout from tariffs imposed by the United States.

“The euro area economy has been building up some resilience against global shocks, but the outlook for growth has deteriorated owing to rising trade tensions,” the central bank said in its monetary policy statement.

‘Increased uncertainty is likely to reduce confidence among households and firms’

In a notable change in language, the ECB dropped its earlier assessment that interest rates were “meaningfully less restrictive” and acknowledged that a combination of factors could now weigh more heavily on the eurozone’s economic outlook.

“Increased uncertainty is likely to reduce confidence among households and firms, and the adverse and volatile market response to the trade tensions is likely to have a tightening impact on financing conditions. These factors may further weigh on the economic outlook for the euro area,” it said.

The shift reflects the central bank’s view that current interest rate levels are now at the upper end of what it considers “neutral” — a rate neither stimulating nor constraining growth.

While this neutral range is loosely placed between 1.75% and 2.25%, policymakers have stressed that it is not a fixed benchmark.

ECB refrains from providing clear guidance while markets price in two more cuts

Despite the rate cut, the ECB offered no clear guidance on the path ahead.

Instead, it reaffirmed that future decisions would be made on a meeting-by-meeting basis, depending on economic data.

Financial markets are pricing in at least two more rate cuts in 2025, and some analysts see room for a third, particularly if US tariffs and global financial volatility further weigh on the eurozone economy.

President Christine Lagarde is expected to emphasize these risks during her press conference.

She has previously estimated that trade tensions and the resulting confidence shock could trim as much as half a percentage point from eurozone growth — a significant hit for a region already growing at modest rates.

Lagarde is also likely to note the easing of inflationary pressures since the ECB’s last meeting in March.

A stronger euro, falling energy prices, and a slowing growth outlook have all contributed to a reduced inflation threat.

She may also point out that Chinese exports could further depress global prices if US tariffs force Beijing to redirect goods to Europe and other markets.

Euro retreats from highs but holds gains

Following the ECB’s announcement, the euro edged lower toward $1.13, slipping from recent highs last seen in early 2022.

Still, the currency remains up roughly 5% against the dollar so far in April, buoyed by shifting investor sentiment and growing expectations of increased defence spending in countries like Germany.

The ECB’s next steps will be closely watched as policymakers navigate a delicate balance between stabilizing inflation and shielding the economy from external shocks.

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The International Monetary Fund (IMF) will lower its global growth predictions due to rising trade tensions and market volatility, but no global recession is likely, Managing Director Kristalina Georgieva said on Thursday.

Georgieva spoke at the IMF headquarters in Washington ahead of next week’s IMF and World Bank spring meetings, emphasising the economic cost of what she described as a global trade system reboot.

The unpredictable shifts in trade policies

According to Reuters, the IMF chief portrayed a picture of a global economy roiled by unanticipated adjustments in trade policy.

“Disruptions entail costs,” Georgieva said in prepared remarks, indicating that the IMF’s updated outlook will show “notable markdowns” in growth, as well as higher inflation in some regions.

She quoted The Wizard of Oz, saying, “We’re not in Kansas anymore,” emphasising the unprecedented amount of uncertainty.

She warned that the volatility had already triggered stress signals in financial markets, citing recent changes in the US Treasury yield curve.

Tariff hikes, global fallout

According to Georgieva, recent tariffs imposed by the United States, as well as retaliatory measures taken by China and the European Union, have increased global economic tension.

These steps have raised US effective tariff rates to levels not seen in decades, provoking countermeasures that are now affecting economies around the world.

“As the giants face off, smaller countries are caught in the cross currents,” according to Georgieva.

Because the United States, the European Union, and China are the world’s top three importers, their tensions have far-reaching consequences for smaller and emerging economies, particularly those already vulnerable to tightening financial circumstances.

Short-term pain and long-term risks

While some large economies may get a brief boost from domestic investment in reaction to tariffs, Georgieva cautioned that the advantages are slow to emerge and unevenly distributed.

Long-term protectionism, on the other hand, will almost certainly harm productivity and creativity.

“Protectionism erodes productivity over the long run, especially in smaller economies,” Georgieva said.

She claimed that by protecting industries from foreign competition, governments risk impeding innovation and entrepreneurship.

Georgieva also urged governments to remain committed to economic and financial reforms, citing the need for credible and nimble monetary policy, effective financial oversight, and the safeguarding of aid flows to low-income countries.

She also emphasised the need for exchange rate flexibility for emerging nations, claiming that it would assist them in navigating recurring global shocks.

Georgieva issued a clear call to diplomacy, encouraging the world’s leading economies to return to the negotiating table and establish a trade agreement that promotes openness while reversing the growth of tariffs and nontariff barriers.

“We need a more resilient world economy, not a drift to division,” she responded. “All countries, large and small alike, can and should play their part to strengthen the global economy in an era of more frequent and severe shocks.”

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