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Firefighters continue to fight a wildfire in southern France despite its decreasing intensity
The intensity of a wildfire which reached the northernmost outskirts France's second largest city, Marseille, decreased overnight. However firefighters continued to battle the flames Wednesday. Residents who were told to remain in their homes on Tuesday for their safety have been allowed back out. In a social media post, Marseille Mayor Benoit Payan announced that the 16th arrondissement was no longer under lockdown. He said: "I urge all Marseille residents, to be extremely cautious in this area as the emergency services are working hard." Martine Vassal said that firefighters worked all night to put out the fire. She said it was still a concern. "It's not done." Vassal, a broadcaster at BFM, said: "We are worried about the weather conditions." If the fire re-emerges, local officials have said that the airport of France's second largest city may close to commercial flights in order to prioritize air resources. Officials said it was too early for hundreds of residents to return who fled the wildfire. The flames were fanned up by wind gusts of 70 kph, which brought smoke plumes over the city. The fire was started by a car. Georges-Francois Leclerc, the regional prefect, said late Tuesday that although 700 hectares (2.75 square miles) of forest had burned in the fire there had been no reported fatalities. The Interior Minister, Bruno Retailleau, told reporters on Tuesday night that the fire was fast-moving and had affected 60 homes. Sophie Primas said that the fires in Marseille and Narbonne were the first big fires this summer in an interview she gave to RTL on Tuesday. She added that the wildfire season was early this year. Recent climate change has caused wildfires to be more destructive in Mediterranean countries. In the past week and this week, there have been fires in Athens, Crete in Greece, and northeastern Spain. BFM reported that Philippe, an unnamed victim of the fires, had not slept well after being evacuated and hoped to be back at his home by noon on Wednesday. He said, "There's nothing we can do." It is extremely difficult." Reporting by Makini Brice, Sudip K-Gupta and Marc Leras; editing by Kate Mayberry, Tom Hogue and Diana Mandia Alvarez
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El Pais reports that Aena, the Spanish airport operator, wants to increase airline fees by 6.5% next year.
The newspaper El Pais reported Wednesday that the Spanish airport operator Aena will raise its fees to airlines by 6.5% starting in 2026, as it requires more money to fund investment. Unidentified sources involved in the negotiations were cited. El Pais reported that the airport operator had already requested approval from the competition watchdog CNMC for the increase. This would result in a 0.68 euro increase per passenger on the maximum fee charged by 2026. CNMC rejected Aena’s request to increase its fees per passenger in 2025 by 0.5% and forced the airport operator to maintain them at a maximum of 10.35 euros ($12.13). The airport operator appealed against the decision. A spokesperson from Aena declined comment. Airports charge airline fees for services such as the use of terminals, airport runways, parking, security, and baggage handling. These fees affect the cost of airline tickets.
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Sources say that maritime security firms have launched a mission to rescue the crew of a Greek vessel which was hit by Houthis.
Sources close to the mission said that maritime security firms began a mission to evacuate the crew from the Greek-operated Eternity C vessel, which was attacked by Houthi militants two days earlier off Yemen. Eternity C was attacked by Houthi militants on Monday with rocket-propelled grenades and sea drones fired from speed boats. This is the second attack in one day, after months of calm. According to maritime security sources, at least four crewmembers were killed during the raid and two others were injured. This is the first time that a ship has been involved in a fatality accident since June 2024. Cosmoship Management has not confirmed any casualties. The crew was unable to leave the vessel safely because the lifeboats were destroyed. The project involves the maritime risk management company Diaplous. The official added that the mission had been launched in conjunction with British security company Ambrey. Officials said that as they approached the vessel part of the crew was in the water wearing life jackets. Sources say that Greek officials, who are also involved in salvage operations, have begun diplomatic discussions with Saudi Arabia to assist the Greek vessel. Reporting by Renee Maltezou, Yannis Souliotis and Saad Saeed; Editing by Jan Harvey & Saad Saeed
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The INDIA RUPEE is on the decline as trade concerns keep Asia FX at a defensive position
The Indian rupee, along with other regional currencies, weakened on Wednesday as the dollar strengthened on the backs of new tariff threats by the United States. These included a 50% tax on copper imports, and a 10% tax on BRICS countries. As of 12 noon IST the rupee was trading at 85.8375 per dollar, a drop of about 0.2% for the day. Asian currencies fell between 0.1% to 0.3%, with the offshore Chinese Yuan hovering around a two-week high. In Asia, the dollar index was quoted at 97.6. Donald Trump, the U.S. president, announced overnight that he would impose a tariff of 50% on imported copper and levy levies against semiconductors and pharmaceuticals. He also said a tariff of 10% on BRICS imports was coming "pretty quickly". Threats come as countries try to reach deals with the White House before August 1, when country-specific levies will be implemented. The market has become less receptive to tariff threats despite the uncertainty that persists. This is because traders have accepted the notion that the threats are a tactic for negotiation. In a recent note, Michael Brown, Senior Research Strategist at FX brokerage Pepperstone, said that the markets have become immune to Trump's tariff talk. Participants are also willing to believe Trump is bluffing. The regional equity markets traded mixed, with India's benchmark indices BSE Sensex (Sensex) and Nifty 50 (Nifty 50) being little changed. Minutes of the Federal Reserve’s June policy meeting are expected to be released later today. This will provide clues about the future direction of U.S. interest rates, amid the uncertainty caused by tariff policies and inflation. (Reporting and editing by Jaspreet K. Kalra)
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InPost purchases Spain's Sending in order to expand its delivery network throughout Iberia
InPost, a parcel locker company, has announced that it has acquired Spanish delivery firm Sending in order to expand its presence on the Iberian Peninsula. It will also integrate the 24-hour delivery service provided by Sending. Why it's important InPost has gained traction in other countries after establishing a stronghold on its native market, Poland. Sending is the latest in a strategy of pan-European growth, which began with the acquisition of Yodel earlier this year. By the Numbers InPost, at the end of its second quarter, had 3,000 automated package machines (APMs) and 9,000 pickup and drop-off locations in Spain and Portugal. By the end of the year 2025, InPost plans to expand its network by adding 1,000 more lockers in the region. KEY QUOTE In a statement to the press, InPost CEO Rafal Bzoska stated that this move would not only increase our reach, but also help accelerate our growth in our innovative outside-the-home delivery services. (Reporting and editing by Milla Nissi - Prussak).
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Marseille Airport closed as firefighters continue their battle against wildfire
The intensity of a wildfire which had spread to the northern outskirts (or périphéries) of France's second largest city, Marseille, decreased overnight on Wednesday. However the airport remained closed while firefighters continued their battle against the flames. Residents who were told to remain in their homes out of safety have been allowed back out. In a social media post, Marseille Mayor Benoit Payan announced that the 16th arrondissement was no longer in lockdown. He added: "I urge all Marseille residents, to be extremely cautious in this area as the emergency services are working hard." Officials in the area said the airport will close to commercial flights, prioritising air resources. However, some roads may reopen to allow emergency services access. Officials said it was too early for hundreds of residents to return who fled the wildfire. The flames were fanned up to 70 km/h (43mph) by the winds, which sent plumes of smoke over this southern coastal city. Georges-Francois Leclerc, the regional prefect of Leclerc's region, said that the fire had burned through 700 hectares (2.75 square miles), but there had been no reported fatalities and hundreds had been saved. The Interior Minister Bruno Retailleau said to reporters late Tuesday night that the fire was moving quickly. Recent climate change has caused wildfires to be more destructive in Mediterranean countries. Fires have raged this week and last in Athens, Crete, and northeastern Spain.
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Wall Street Journal, July 9,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch for the accuracy of these stories. After advisers, including Treasury Secretary Scott Bessent, told him that he could achieve trade agreements with more time. After vowing to reinforce Kyiv's defenses against Russian attacks in recent days, U.S. president Donald Trump may send an additional Patriot air-defense systems to Ukraine. Kevin Hassett, the White House's economic adviser, is a serious candidate to become the next chairman of the U.S. Federal Reserve. Apple named Sabih Khan, an insider, as its Chief Operating Officer on Tuesday, replacing Jeff Williams as part of the long-planned succession. Kristi Noem, Secretary of Homeland Security at the Department of Homeland Security, announced Tuesday that the Transportation Security Administration would no longer require travelers removing their shoes for security checks in U.S. Airports. U.S. agriculture secretary Brooke Rollins announced Tuesday that the administration would work with state legislators to prohibit sales of U.S. agricultural land to buyers from China or other countries of concern. She cited national-security concerns.
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Maguire: Turkey's clean energy growth is bad for the gas market bulls
Turkey is among the fastest-growing markets for power in the world. Natural gas and LNG exporters have targeted the country as an important potential growth market. They may be disappointed by the rapid expansion of Turkey's clean energy supplies. Solar capacity has increased dramatically in Turkey, and last month solar electricity production surpassed gas-fired electricity for the first time. The country's very first nuclear plant will be starting up production within the next few months. Turkey has also deployed utility-scale battery systems to store excess power from wind farms and solar farms, which can be dispatched at times of peak demand. It aims to achieve 80 gigawatts hours (GWh), or storage capacity for batteries by 2030. The combination of increasing clean energy supplies and expanding storage capacity is likely to limit Turkey's usage of gas and fossil fuels for power production. Gas market bulls may need to look elsewhere to find growth potential. GROWTH PATH The World Bank's data shows that the Turkish economy has grown by 4.7% per year on average since 2019. This is four times faster than the Eurozone and almost twice as fast as the global economy during the same period. Data from Ember show that the country's demand for electricity grew by 14% between 2019 and 2024. This is in stark contrast with the roughly 5% decline in demand in the European Union during the same period. According to Ember, the Turkish electricity demand is primarily driven by government spending on infrastructure, heavy industry, and manufacturing. The total will reach 340 Terawatt Hours (TWh), in 2024. Re-shoring certain heavy industries, such as steel and cement production in Germany, has also contributed to the increase of energy consumption in Turkey over the past few years. GAS CUTS Gas-fired power generation in Turkey has been declining for the last three years despite this steady increase in power usage. According to Ember, coal-fired power plants are the largest source of electricity in Turkey. They accounted for 36 percent of the country's electricity supply last year. The key to the coal industry's survival has been cheap shipments coming from Russia. Since 2022, when it was sanctioned for its invasion of Ukraine, Russia has had difficulty finding willing buyers. In order to ensure that Turkey's electricity suppliers continue to purchase coal, Russian coal exporters discounted their prices in comparison with other coal vendors. As a result, they have gained a majority share of Turkey’s coal purchases starting 2022. Data from commodity intelligence firm Kpler show that Russia has provided roughly 88% (or more) of Turkey's imports of coal so far in 2025. This compares to a share of approximately 24% between 2018 and 2021. The steady supply of coal has led to a reduced demand in Turkey for natural gas, which is more expensive. Gas-fired power plants supplied only 19% the electricity in Turkey last year. Solar farms (7%) followed by wind farms (11%) as the next biggest electricity sources in Turkey. On the Rebound? The Turkish gas-fired electricity generation has risen by 52% in the first half 2025 compared to the opening half 2024. This has given gas market bulls reason for optimism. The recent gas-fired electricity generation peaks are still below the previous production spikes. This suggests that Turkey's energy firms are hesitant to rely too heavily on gas. Solar power continues to grow, with the output of solar and wind farms reaching a record 30 percent share in electricity last month. The first of four reactors planned for Turkey's first Nuclear Power Plant is expected to begin production in the next few months. Once the Akkuyu power plant is operational, it will supply utilities with clean energy that can be used on demand instead of coal or gas power to balance system needs. Global Energy Monitor (GEM) reports that nearly 90% of 13,000 megawatts of new capacity is coming from clean sources. Nuclear plants are the single largest source of new capacity being developed in the near future, with 4,800 MW. GEM data indicates that solar farms, with 1,336MW, and wind farms, with 2,460 MW, represent the second largest share of capacity. Clean energy sources will make up more than half the total capacity of Turkey's electricity firm once completed, with only 890 MW new gas and 700 MW new coal capacity. This leaves very little room for natural gas to make a sustained contribution to the Turkish energy mix even if Turkey's growth in power demand continues to exceed that of regional and international peers. These are the opinions of the columnist, an author for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
Companies sell their services in Russia
Lots of Western business have actually sold their Russian assets or handed them over to local supervisors to adhere to sanctions over the war in Ukraine and respond to threats from the Kremlin that it may seize foreignowned possessions.
Below are some business that have offered their organizations in Russia, divided by sector: AUTOS
Continental sold its Russian tyre plant to holding company S8 Capital in May 2023.
Renault offered its bulk stake in Avtovaz to the Russian state in 2022, reportedly for just one rouble however with a six-year choice to buy it back.
Volkswagen finished the sale of its Kaluga production plant and regional subsidiaries in May 2023. BANKS & & INSURERS ING stated on Jan. 28 it had actually accepted sell its Russian organization to Global Development JSC without disclosing monetary details. It expects a hit of about 0.7 billion euros ($ 730.7 million) on its post tax results from the offer.
HSBC moved ownership of its Russian unit to Expobank for an undisclosed cost, it stated in May.
Societe Generale offered its Rosbank organization to Interros Capital in May 2022, taking a 3.1 billion euro hit.
Uniqa Insurance coverage stated on Oct. 4 it had concluded the sale of Raiffeisen Life and therefore completed its exit from Russia.
ENERGY
Shell sold its Russian retail and lubes company to Lukoil in 2022.
FOOD & & BEVERAGES, DURABLE GOODS
Carlsberg said on Dec. 3 it had accepted sell its shares in Russia's Baltika Breweries to longstanding Baltika staff members in a management buyout.
Heineken offered its operations in Russia to Arnest Group for a symbolic one euro, it stated in August 2023.
Belgian brewer AB InBev accepted offer its stake in joint venture AB InBev Efes in April 2022, taking a $1.1 billion disability.
Danone completed the sale of its Vital Dairy and Plant-based company in Russia to Vamin R LLC in May, taking a hit of 1.2 billion euros.
Unilever stated on Oct. 10 it had completed the sale of its Russian unit to Arnest Group, a Russia-based producer of fragrance, cosmetics and family products, without disclosing the terms. FORESTRY & & PACKAGING International
Paper sold its 50% stake in a JV to Russian shareholders in September 2023. Britain's Mondi sold three packaging converting operations to Gotek Group for 1.6 billion roubles ($ 16.41 million) and consented to offer its biggest plant in Russia to Sezar Invest for 80 billion roubles.
Finnish packaging maker Huhtamaki in 2015 sold its Russian operations for 151 million euros, while forestry firm Stora Enso offered its three corrugated packaging plants to local management. RESTAURANTS & & RETAIL
AmRest in May 2023 closed the sale of its KFC organization in Russia to Smart Service for 100 million euros.
Gazprombank Group purchased 14 MEGA shopping center in Russia from a system of IKEA operator Ingka Group in September 2023 for a concealed cost. On Nov. 8, 2024, Ingka stated it had actually offered its last possession in Russia, finishing its exit from the nation.
Hugo Employer sold its Russian service to wholesale partner Stockmann for an undisclosed cost, it stated on Aug. 5.
Moscow approved the sale of Zara owner Inditex's. Russian service to a UAE-based buyer in April 2023.
LPP sold its Russian service in June 2022 to a. Chinese consortium and a former CEO of Russian business Re. Trading. The rate for the stores was $135.5 million, plus 1.2. billion zlotys ($ 297.6 million) for stock. LPP taped a. 600 million zloty loss on the sale, it said in March 2024.
McDonald's sold its service in Russia in 2022,. taking a charge of $1.28 billion. TOBACCO
British American Tobacco said in September 2023 it. would sell its Russian and Belarusian organizations for an. concealed sum to a consortium led by its Russian management. team.
Imperial Brands transferred its Russian organization to. investors based in Russia in April 2022. OTHER
EMBRACER
The Swedish video gaming business ceased operations in Russia by. divesting chosen properties from its Saber Interactive subsidiary. for $247 million, it said in March.
FRAPORT
The German airport operator said on Dec. 5 it was close to. finishing the sale of its 25% stake in St. Petersburg airport. Pulkovo to Middle East-based investor Orbit Air travel LLC.
POLYMETAL INTERNATIONAL
The rare-earth elements manufacturer said in March it had completed. the sale of its Russian company to a Siberian gold miner in a. $ 3.69 billion deal, including the business's $2.21 billion net. debt.
VEON
The telecoms operator finished its exit from Russia in. October 2023 with the sale of Vimpelcom to senior members of the. local management team.
XEROX HOLDINGS
Printer maker Xerox Holdings said on in October 2023 it had. offered its operations in Russia to regional management for an. concealed sum.
YANDEX NV
Yandex, a Dutch-registered firm that runs an internet. search engine, finished its split in July, with a Russian. consortium of financiers buying the bulk of its companies in a. deal worth around $5.4 billion. ($ 1 = 0.9148 euros). ($ 1 = 97.5000 roubles). ($ 1 = 4.0323 zlotys)
(source: Reuters)