Within the perimeter fence of the Temelin nuclear power plant in the Czech Republic, an undeveloped area of land sits incongruously beside the towering reactor buildings and cooling towers.
Left largely unchanged for decades, there are just a few trees in this otherwise featureless piece of southern Bohemia, an area earmarked long ago for Temelin's yet-to-be-built reactors three and four.
Despite its nondescript character and apparent insignificance, this small tract of land, and the question of who ends up building upon it, is engaging the interest of some of the biggest names in global diplomacy.
None other than Hillary Clinton, the United States secretary of state, was in the Czech capital this month to argue in favour of Westinghouse Electric Company in its bid to win a tender to construct two reactors on the area.
Westinghouse, the US-based branch of Japan's Toshiba, is up against a Russian consortium that includes the Moscow-based engineering company Atomstroyexport and Skoda, headquarted in the Czech Republic but Russian-owned.
France's Areva, unsuccessful when it bid to build the UAE's nuclear power plants, has already been excluded from the tender by CEZ, the Czech Republic's all-powerful energy company.
While the US$10 billion (Dh36.73bn) Temelin deal is important in itself, not least because it will create thousands of jobs for whichever country wins, it has a wider significance that helps explain why a political heavyweight such as Mrs Clinton was drafted in.
For Westinghouse, winning Temelin would mean the first European contract win for its AP1000 reactor, potentially helping the US company secure further orders on the continent. A loss could result in the AP1000 being shut out of the continent completely.
Temelin also demonstrates the continued economic and political shadow Russia casts over Central and Eastern Europe, more than two decades after Soviet-backed communists were driven out as revolution swept the continent.
Just as the communists have recently enjoyed a mini-resurgence in parts of the region - this time thanks to the ballot box - so, in a faint echo of old times, Moscow has shown in recent years that it will still flex its muscles to show who is boss.
Although technical factors were officially to blame, the sharp drop in oil supplies from Russia that the Czech Republic suffered four years ago, after Prague signed an agreement with the United States on missile defence, indicated to some that energy supplies may be used to try to influence policy.
As Mrs Clinton's aides pointed out to media, the Czech Republic relies on Russia for the fuel for its two nuclear plants, for 70 per cent of its gas and for 60 per cent of its oil. Asking a Russian consortium to build the new power plant would, they implied, further put Prague at the mercy of Moscow.
"We are encouraging the Czech Republic to diversify its energy source and suppliers in ways that are economically sustainable and environmentally sound," Mrs Clinton said at a press conference in Prague's baroque Czernin Palace, home to the Czech foreign ministry.
While a Russian-built reactor could potentially be supplied with American nuclear fuel, the selection of Atomstroyexport would nonetheless seem to go against the grain of recent efforts to stem Russia's energy influence in Central Europe.
In October, Poland finalised financing for its first liquefied natural gas terminal, which in two years' time is set to start importing gas from Qatar, reducing the European country's dependence on Gazprom, the company that holds a monopoly on gas exports from Russia. The need to diversify supplies was illustrated in 2009 when Gazprom cut supplies to Ukraine in a pricing dispute, affecting several other European nations.
In a further effort to cut the company down to size, the European Commission this year launched an antitrust probe over Gazprom's pricing policies in more than half a dozen EU countries.
While strengthening its position by recently starting construction of its new South Stream pipeline, which will supply Greece, Italy and Austria with gas, Gazprom has also been forced this year to renegotiate prices in several European nations as improved gas supplies globally reduce its bargaining power.
The Czech Republic has, like its neighbours, been trying to stem Russian influence on gas supplies, its domestic gas distributor having recently won a court case against Gazprom over restrictive contracts.
Continuing the theme, Mero, a Czech oil company, recently moved to limit dependence on Russian oil by investing 5 per cent in the Transalpine pipeline, which brings Middle Eastern oil into Europe from the Mediterranean.
Despite these initiatives, many feel Atomstroyexport is the favourite to win the Temelin tender.
The Russian consortium's members are said to have closer ties to Czech companies, and the Czech president, Vaclav Klaus, has publicly welcomed the Russian bid.
So for all Gazprom's legal struggles in Europe, and in the face of efforts in Central Europe to diversify oil supplies, Russia's energy hold over Central Europe shows few signs of loosening.
business@thenational.ae
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
More on Quran memorisation:
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
A%20QUIET%20PLACE
%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Lupita%20Nyong'o%2C%20Joseph%20Quinn%2C%20Djimon%20Hounsou%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EMichael%20Sarnoski%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
The five pillars of Islam
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
The biog
Favourite Emirati dish: Fish machboos
Favourite spice: Cumin
Family: mother, three sisters, three brothers and a two-year-old daughter
Company%20profile
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
Brief scores:
Manchester United 4
Young 13', Mata 28', Lukaku 42', Rashford 82'
Fulham 1
Kamara 67' (pen),
Red card: Anguissa (68')
Man of the match: Juan Mata (Man Utd)
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com
John%20Wick%3A%20Chapter%204
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57%20Seconds
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How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
Sholto Byrnes on Myanmar politics
FORSPOKEN
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Diablo%20IV
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Marvel's%20Spider-Man%202
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Assassin's%20Creed%20Mirage
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Starfield
%3Cp%3EDeveloper%3A%20Bethesda%20Game%20Studios%0D%3Cbr%3EPublisher%3A%20Bethesda%20Softworks%0D%3Cbr%3EConsole%3A%20PC%2C%20Xbox%0D%3Cbr%3ERelease%20date%3A%202023%3C%2Fp%3E%0A
THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
COMPANY%20PROFILE
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Company%20Profile
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Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
AL%20BOOM
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CRICKET%20WORLD%20CUP%20LEAGUE%202
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UAE currency: the story behind the money in your pockets
Book%20Details
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JOKE'S%20ON%20YOU
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UAE currency: the story behind the money in your pockets
Trolls World Tour
Directed by: Walt Dohrn, David Smith
Starring: Anna Kendrick, Justin Timberlake
Rating: 4 stars
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
MATCH DETAILS
Liverpool 2
Wijnaldum (14), Oxlade-Chamberlain (52)
Genk 1
Samatta (40)
Bob%20Marley%3A%20One%20Love
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SPECS
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From exhibitions to the battlefield
In 2016, the Shaded Dome was awarded with the 'De Vernufteling' people's choice award, an annual prize by the Dutch Association of Consulting Engineers and the Royal Netherlands Society of Engineers for the most innovative project by a Dutch engineering firm.
It was assigned by the Dutch Ministry of Defence to modify the Shaded Dome to make it suitable for ballistic protection. Royal HaskoningDHV, one of the companies which designed the dome, is an independent international engineering and project management consultancy, leading the way in sustainable development and innovation.
It is driving positive change through innovation and technology, helping use resources more efficiently.
It aims to minimise the impact on the environment by leading by example in its projects in sustainable development and innovation, to become part of the solution to a more sustainable society now and into the future.