Latest news with #Benes
Korea Herald
20-05-2025
- Business
- Korea Herald
Czech utility appeals court order blocking $18b nuclear deal with KHNP
The Czech utility overseeing a major nuclear power project has filed an appeal to overturn a court order blocking the signing of an $18 billion contract with Korea Hydro & Nuclear Power, seeking to resolve a legal dispute that has delayed the agreement. On Monday in the Czech Republic, Elektrarna Dukovany II, a subsidiary of state-owned energy group CEZ, filed an appeal with the Czech Supreme Administrative Court to overturn the preliminary injunction issued by the Brno Regional Court on May 6 in favor of France's EDF, which lost the bid to KHNP. The injunction effectively suspended the contract just one day before it was scheduled to be signed by EDU II and KHNP. EDU II is leading the state project to build two new nuclear reactors at the Dukovany site in the Czech Republic. Since losing the tender, EDF has pursued legal action to block the deal, claiming that KHNP's bid was unrealistically low and backed by illegal state subsidies in violation of European Union rules. The Czech utility argues that the Brno Regional Court "incorrectly" assessed whether the public interest in signing the contract outweighs the theoretical possibility that the unsuccessful bidder, EDF, might reenter the competition. It also maintains that the tender process was carried out transparently over several years, with the bidding process officially beginning in March 2022. In a LinkedIn post, CEZ CEO Daniel Benes said the case goes beyond a single project, touching on the credibility of the Czech Republic's broader energy strategy. 'This is not just about a single project, but about trust in the legal environment and the stability of the state's energy strategy,' Benes said. 'I believe the Supreme Administrative Court will deliver a clear and swift decision.' Given the scale of the Dukovany project and the risk of significant financial losses if delayed, industry officials expect the court to expedite the case. Last July, KHNP won the bid to build the two 1,055-megawatt reactors — Units 5 and 6 — with construction scheduled to begin in 2029. The first reactor is targeted to go operational in 2036. The Czech government has preapproved the contract between CEZ and KHNP, allowing the deal to proceed immediately if the injunction is lifted. KHNP is also preparing to file for legal remedy with the Supreme Administrative Court. 'This situation could cause serious damage not only to the Czech national interest, but also to KHNP,' the company said in a statement. 'We remain confident that the Dukovany bidding process adhered fully to transparent legal procedures.' If finalized, the contract would mark Korea's second-ever nuclear export project, following the Barakah project in the United Arab Emirates in 2009 — and its first in 16 years.
Korea Herald
07-05-2025
- Business
- Korea Herald
Czech energy firm to appeal injunction halting nuclear power deal signing with S. Korea
The Czech Republic's state-run energy company CEZ will soon appeal a court injunction preventing it from signing a multibillion-dollar nuclear power plant project with a South Korean consortium led by Korea Hydro & Nuclear Power, Chief Executive Officer Daniel Benes said Wednesday. His remarks came a day after a Czech regional court issued an injunction temporarily suspending finalizing the estimated 26 trillion-won ($18.6 billion) project. The injunction followed a legal challenge from French energy company EDF, a losing bidder in the tender process. "We will soon file an appeal and a motion to dismiss the injunction," he told reporters at a press briefing, adding that the motion will be filed next week. "Given the importance of the case, we expect the court to make a swift decision." KHNP had originally planned to sign the final agreement later Wednesday with Elektrarna Dukovany II, a CEZ subsidiary overseeing the project. However, the signing has been postponed pending a final ruling from the court. Benes highlighted the complexity of the closed-door bidding process and noted that it is not uncommon for losing bidders to file legal complaints, in a likely reference to EDF's series of legal challenges. EDF and US-based Westinghouse, another unsuccessful bidder, had previously filed complaints with the Czech Office for the Protection of Competition, contesting the government's evaluation process. In October, UOHS rejected the complaints, prompting EDF to escalate the matter to the regional court in Brno, the Czech Republic's second-largest city, last week. "Since it was a closed bid, we cannot disclose specific details, but KHNP's proposal was rated the best," Benes said. "It offered price guarantees in every respect." The South Korean consortium was named the preferred bidder for the construction of two 1,063-megawatt nuclear reactors at the Dukovany Nuclear Power Plant, located roughly 200 kilometers southeast of Prague. If finalized, the project would represent South Korea's first overseas nuclear plant contract since 2009, when another KHNP-led consortium secured a deal to build the Barakah Nuclear Power Plant in the United Arab Emirates. He added that the tender process was conducted in accordance with legal standards and expressed confidence that the Highest Administrative Court would overturn the injunction issued by the lower court. However, he did not specify when a final ruling could be expected. Addressing the unexpected delay, Benes expressed regret over the situation and apologized to the South Korean side. "On behalf of the Czech side, I would like to extend my apologies to the South Korean government delegation. It is unfortunate that the schedule had to be changed at the last minute," he said. The delegation led by Industry Minister Ahn Duk-geun arrived in Prague on Tuesday, and was expected to meet with the Czech prime minister later in the day. Petr Zavodsky, CEO of EDU II, said the company respects the court's decision but voiced skepticism about its implications. "We have doubts ... as the ruling could harm the national interest at a time when the Czech Republic is working to transform its energy strategy," he said. The Czech government has been pushing to reduce its reliance on fossil fuels and increase the share of nuclear energy. Nuclear power currently provides about 40 percent of the country's electricity, and Prague aims to raise this to over 50 percent in the coming years. The two new reactors will be built adjacent to the four existing 510-MW units at Dukovany, which have been in operation since the 1980s. The first new unit is expected to begin trial operations in 2036, with the second following approximately two years later. (Yonhap)
Time of India
24-04-2025
- Entertainment
- Time of India
YouTube says more than 20 billion videos uploaded in 20 years
YouTube on Wednesday celebrated more than 20 billion videos being uploaded to the platform since the first clip debuted two decades ago. The online video-sharing platform has evolved from a dinner party lark into a modern lifestyle staple poised to overtake US cable television in paid viewership. PayPal colleagues Steve Chen, Chad Hurley, and Jawed Karim conceived YouTube in 2005, reportedly during a dinner party. The domain launched on Valentine's Day that year. Video uploading capabilities were added on April 23, when Karim posted the first video, titled "Me at the Zoo." The 19-second clip showing Karim at the San Diego Zoo's elephant exhibit has garnered 348 million views. Over the next 20 years, the site expanded beyond what was imagined possible back in 2005. YouTube says that it now sees an average of some 20 million videos uploaded daily. The platform hosts everything from concert clips and podcasts to political ads, tutorials and much more. YouTube has become the world's largest digital video service in terms of time spent by viewers and ad revenue, according to eMarketer analyst Ross Benes. The platform reached more than 2.5 billion viewers globally last year, and hit 100 million subscribers to its music and premium tier, according to market tracker Statista. YouTube is projected to surpass all US cable television services in paid subscribers within two years, according to Benes. Users worldwide watch more than a billion hours of YouTube content daily on television sets alone, Google reported. YouTube said it will upgrade its TV viewing experience this summer with improved features and "quality tweaks," though it did not provide further details. "If you go back 20 years, it would have seemed laughable that this website with kids making parody videos would become a threat to Disney, ABC, and CBS," Benes said. "That's what they were able to accomplish." Analysts consider Google's 2006 purchase of YouTube for $1.65 billion in stock a pivotal moment, combining Google's search and advertising expertise with a video-sharing platform that had passionate users. Google used its advertising know-how to build a successful model, sharing revenue with creators who attracted significant audiences. The company enhanced technology and negotiated with studios to address copyright violations on what was once considered the Wild West of video content. YouTube also worked its way past concerns that disturbing content, like parody videos of popular cartoon characters in violent or risque situations, were being served up to children by its recommendation software. The platform now competes with streaming services like Netflix, Disney, and Amazon Prime, as well as short-form video platforms like TikTok and Instagram's Reels.
The Star
24-04-2025
- Entertainment
- The Star
YouTube says more than 20 billion videos uploaded in 20 years
The YouTube logo is seen outside the company's corporate headquarters in San Bruno, California, on April 23, 2025. YouTube turned 20 years old and is on track to become the biggest media company by revenue at US$550bil. — AFP SAN BRUNO, United States: YouTube on April 23 celebrated more than 20 billion videos being uploaded to the platform since the first clip debuted two decades ago. The online video-sharing platform has evolved from a dinner party lark into a modern lifestyle staple poised to overtake US cable television in paid viewership. PayPal colleagues Steve Chen, Chad Hurley, and Jawed Karim conceived YouTube in 2005, reportedly during a dinner party. The domain launched on Valentine's Day that year. Video uploading capabilities were added on April 23, when Karim posted the first video, titled "Me at the Zoo." The 19-second clip showing Karim at the San Diego Zoo's elephant exhibit has garnered 348 million views. Over the next 20 years, the site expanded beyond what was imagined possible back in 2005. YouTube says that it now sees an average of some 20 million videos uploaded daily. The platform hosts everything from concert clips and podcasts to political ads, tutorials and much more. YouTube has become the world's largest digital video service in terms of time spent by viewers and ad revenue, according to eMarketer analyst Ross Benes. The platform reached more than 2.5 billion viewers globally last year, and hit 100 million subscribers to its music and premium tier, according to market tracker Statista. YouTube is projected to surpass all US cable television services in paid subscribers within two years, according to Benes. Users worldwide watch more than a billion hours of YouTube content daily on television sets alone, Google reported. YouTube said it will upgrade its TV viewing experience this summer with improved features and "quality tweaks", though it did not provide further details. "If you go back 20 years, it would have seemed laughable that this website with kids making parody videos would become a threat to Disney, ABC, and CBS," Benes said. "That's what they were able to accomplish." Analysts consider Google's 2006 purchase of YouTube for US$1.65bil in stock a pivotal moment, combining Google's search and advertising expertise with a video-sharing platform that had passionate users. Google used its advertising know-how to build a successful model, sharing revenue with creators who attracted significant audiences. The company enhanced technology and negotiated with studios to address copyright violations on what was once considered the Wild West of video content. YouTube also worked its way past concerns that disturbing content, like parody videos of popular cartoon characters in violent or risque situations, were being served up to children by its recommendation software. The platform now competes with streaming services like Netflix, Disney, and Amazon Prime, as well as short-form video platforms like TikTok and Instagram's Reels. – AFP
Time of India
24-04-2025
- Entertainment
- Time of India
YouTube says more than 20 billion videos uploaded in 20 years
YouTube on Wednesday celebrated more than 20 billion videos being uploaded to the platform since the first clip debuted two decades ago. The online video-sharing platform has evolved from a dinner party lark into a modern lifestyle staple poised to overtake US cable television in paid viewership. PayPal colleagues Steve Chen, Chad Hurley, and Jawed Karim conceived YouTube in 2005, reportedly during a dinner party. The domain launched on Valentine's Day that year. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Google Brain Co-Founder Breaks His Silence: Read These 5 Books And Turn Your Life Around Blinkist: Andrew Ng's Reading List Video uploading capabilities were added on April 23, when Karim posted the first video, titled "Me at the Zoo." The 19-second clip showing Karim at the San Diego Zoo's elephant exhibit has garnered 348 million views. Over the next 20 years, the site expanded beyond what was imagined possible back in 2005. Live Events YouTube says that it now sees an average of some 20 million videos uploaded daily. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The platform hosts everything from concert clips and podcasts to political ads, tutorials and much more. YouTube has become the world's largest digital video service in terms of time spent by viewers and ad revenue, according to eMarketer analyst Ross Benes. The platform reached more than 2.5 billion viewers globally last year, and hit 100 million subscribers to its music and premium tier, according to market tracker Statista. YouTube is projected to surpass all US cable television services in paid subscribers within two years, according to Benes. Users worldwide watch more than a billion hours of YouTube content daily on television sets alone, Google reported. YouTube said it will upgrade its TV viewing experience this summer with improved features and "quality tweaks," though it did not provide further details. "If you go back 20 years, it would have seemed laughable that this website with kids making parody videos would become a threat to Disney, ABC, and CBS," Benes said. "That's what they were able to accomplish." Analysts consider Google's 2006 purchase of YouTube for $1.65 billion in stock a pivotal moment, combining Google's search and advertising expertise with a video-sharing platform that had passionate users. Google used its advertising know-how to build a successful model, sharing revenue with creators who attracted significant audiences. The company enhanced technology and negotiated with studios to address copyright violations on what was once considered the Wild West of video content. YouTube also worked its way past concerns that disturbing content, like parody videos of popular cartoon characters in violent or risque situations, were being served up to children by its recommendation software. The platform now competes with streaming services like Netflix, Disney, and Amazon Prime, as well as short-form video platforms like TikTok and Instagram's Reels. gc/jgc
