Latest News
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Brazil's corn harvest is a challenge for the export season
Analysts say that Brazil's corn will face new challenges as the shipping season begins, with logistical issues possible, China buying less and the United States expected to be a strong competitor. They said that corn exports will increase in volume for 2024/25, but they could also face bottlenecks, as they would have to compete with each other for space in the ports, if China's continued demand for Brazil’s record soybean harvest in 2025. According to government projections the corn production in Brazil is expected to reach 128.3 millions metric tons this season, a 11% increase from last season's cycle. StoneX, a consultancy, estimates Brazilian exports to be 42 million tonnes, an increase from last season's 38 million tons. Raphael Bulascoschi of StoneX, an analyst, noted that China, which is a major buyer of Brazilian corn for 2022 and 2023 needs less imports following a bumper crop. The United States, too, could have a record harvest, competing with Brazil on external markets. Bulascoschi stated, "We will need to find buyers for our export surplus." Francisco Queiroz, an analyst at Itau BBA, said that Brazil's exports will be dependent on countries such as Iran, Egypt, and Vietnam. He said, however, they don't have the same capacity as China. (Reporting and writing by Roberto Samora, Fabio Teixeira and Mark Porter; editing by Mark Porter).
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CANADA-CRUDE-Discount on Western Canada Select narrows
The discount between West Texas Intermediate and Western Canada Select futures, the North American benchmark, was slightly higher on Tuesday. Brokers said that WCS for August deliveries in Hardisty Alberta was trading at $10.25 per barrel below the U.S. benchmark WTI. This is 5 cents higher than Monday's settlement of $10.30. The summer and the return to road construction season is a strong season for Canadian heavy crude. This is used by U.S. refiners to make asphalt. * The WCS Discount has increased slightly since last week, when wildfire concerns in Canada's oil producing regions temporarily tightened the discount. The price of Canadian crude oil remains historically high, partly due to the Trans Mountain expansion pipeline, which increased the country's ability to export oil to Asian markets. (Reporting from Georgina McCartney, Houston)
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Ecuador's OCP Heavy Crude Pipeline suspends pumping once again
The company stated that Ecuador's OCP Heavy Crude Pipeline suspended pumping Monday just hours after it resumed operations. This was done as a precaution because of the erosion in the Quijos River, according to a Tuesday statement. The OCP pipeline has been suspended for the second time in the last month. The previous suspension was due to erosion on the Loco River in Ecuador's Amazon region. Since 2020, erosion along the Coca River has spread, damaging oil infrastructure, roads, and now the Coca Codo sinclair hydroelectric facility, the largest one in Ecuador. Official data shows that Ecuador's crude production fell on Monday to 134.153 barrels per daily (bpd), including the output of Petroecuador, the state oil company, and private companies. On Monday, June 30, the production had been around 465,000 barrels per day (bpd) before the incident. The state-owned SOTE oil pipeline in Ecuador has also been closed since 2 July due to heavy rainfall. Petroecuador declared force majeure for all operations including crude exports on July 3, due to the suspension of the pipelines. (Reporting and editing by Alexandra Valencia)
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What is the mistral wind that's causing the Marseille fire?
The "Mistral", a wind that can reach 70 kph, is causing a wildfire to spread in the suburbs of Marseille. The fire had advanced at times by over 1 km/minute, but now it has been contained. The front line is still at risk of moving forward, as the Mistral will blow throughout the evening and night. What is the MISTRAL WIND? The Mistral, a cold, dry and strong wind blowing from the north or the northwest across the Rhone valley in southern France to the Mediterranean Sea. The geography of the region, especially the funnel-shaped Rhone Valley, shapes the wind, which speeds up as it moves to the south. The word Mistral is derived from "mistrau", which means "masterly" in Occitan. It is known to blow clear, dry air under bright blue skies. It impacts agriculture, architecture, and the daily life of Provence and its surrounding areas. When does the MISTRAL WIND blow? Mistrals can occur any time of the year, but are most common in winter and spring. This occurs when a system of high pressure over the Atlantic Ocean or Northern France meets with a system of low pressure over the western Mediterranean. The pressure difference pushes the air to the south, and it intensifies when it passes through Rhone Valley. Wind can last for a few days or even longer. How powerful is the mistral wind? Mistral is Europe's strongest regional wind. The Mistral is a powerful regional wind that can reach speeds of up to 90 km/h. However, gusts are often higher, exceeding 100 km/h. It has even been measured at 120 kph. It can also damage crops, cause trees to fall and disrupt air and road traffic. The Mistral can also cause dangerous conditions for sailors and whip up the waves. Mistral has its own challenges but also benefits. It dries out the many vineyards and olive trees in southern France reducing the spread of fungal diseases. Vincent van Gogh's Pine Trees Against a Red Sky With Setting Sun captures the unique weather and light of this region in his paintings. (Editing by Richard Lough & Timothy Heritage)
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Media reports claim that TSA will allow airport travelers to keep their shoes on.
According to reports, the Transportation Security Administration will announce that passengers won't be required to remove their footwear during security checks in some U.S. Airports. CBS News reported on Monday, citing sources that the TSA's policy change appears to be phased in, with the first airports where the requirement for no shoes will end being Baltimore/Washington International Airport and Fort Lauderdale International Airport. Karoline Lavitt, White House Press Secrecy, responded to the CBS report on X on Tuesday with "Big News from @DHSgov!" Karoline Leavitt's response included emojis of an airplane and shoe. On Tuesday afternoon, Homeland Security Secretary Kristi Nem will hold a news conference where she will announce the new policy. TSA didn't immediately respond to an inquiry for comment about the removal of this policy. TSA started requiring passengers to remove their shoes in order to check for explosives as early as August 2006. TSA began requiring passengers to remove their shoes to screen for explosives in August 2006. TSA introduced the TSA Trusted Traveler Program in 2013, which does not require members to remove their footwear. Shoes are not required to be removed by children under 12 or adults over 75. (Reporting and editing by Margueritachoy; Additional reporting and editing by Nicole Johnson)
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Pakistan approves four bidders to take over the struggling national airline PIA
The Pakistani Government announced on Tuesday that it had given approval to four parties, which included business groups and an army-backed firm, for them to bid for a stake of the debt-ridden Pakistan International Airlines. Pakistan is looking to sell 51-100% of its struggling national airline in order to raise money and reform state-owned, cash-sucking enterprises as envisaged by a $7 billion International Monetary Fund program. This would be the first major privatisation of the country in almost two decades. One of the bid groups is a group consisting of four major industrial companies: Lucky Cement, Hub Power Holdings, Kohat Cement and Metro Ventures. One is led by Arif Habib Corp, which includes the private education provider The City School and real estate company Lake City Holdings. Fauji Fertilizer Company (a conglomerate backed by the military) and Pakistani Airblue have also been given approval to bid on PIA. In a press release, Pakistan's Privatisation minister Muhammad Ali stated that "the pre-qualified parties" will proceed to the due diligence stage for buyers. Ali said that the review process will last between two and two-and-a half months. The final bidding, negotiations, and discussions are expected to take place in the fourth quarter 2025. The privatisation ministry of the country also announced that the Cabinet Committee on Privatisation had approved the transaction structure, which included options for outright sale as well as long-term leasing for the Roosevelt Hotel in New York. Ali told us that Pakistan expects to receive a payment of over $100 million from the Roosevelt Hotel in this year. Reporting by Mrinmay dey in Bengaluru, and Asif shahzad in Islamabad. Mark Potter is the editor.
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Boeing resumes delivery of 60 jets, including eight to China in June.
Boeing announced Tuesday that they delivered 60 aircraft in June. This is a 27% rise compared to the same period last year. Eight of these airplanes were delivered to Chinese customers, the first since the end of a trade dispute between the two countries. Beijing banned the delivery of Boeing aircrafts in April, when a dispute over tariffs escalated between two of the world's largest economies. But in May, Beijing lifted the ban after the two countries agreed on a temporary reduction in tariffs. Wall Street closely tracks aircraft deliveries because the planemakers receive a large portion of their payments when they deliver jets to customers. Boeing is trying to recover after years of production problems. Setbacks and crises It is vital to increase deliveries in order to stabilize its finances. Boeing delivered 42 737 MAX jets, nine 787s and four 777 Freighters. Three of the 767s will be converted by Boeing's Defense Division into KC-46 aerial refueling tanks. Southwest Airlines has taken delivery of 10 737 MAX planes. Five of the 737 MAX aircraft were delivered to Chinese airlines. Boeing delivered three more jets to Chinese clients, including two 787s and a 777 freighter. The company has delivered 45 jets in June 2024, and 44 the month before. Boeing delivered 280 aircraft in the first half 2025. This included 206 737 MAX, 37 787s (including 14 767s), 20 777s, and three older 737 models that will be converted into P-8 Poseidons - a naval reconnaissance plane. Boeing received 116 new gross orders in June. This included 54 737 MAXs and 62 787-8s. Alaska Airlines purchased 12 737s and British Airways bought 32 787s. Singapore Airlines cancelled three 737 MAX orders in June. Boeing data shows that June's orders were down from May's, when Boeing had its sixth highest monthly order total in history. The planemaker booked 668 net orders in the first half of this year. Cirium, a consultancy for aviation analytics, reports that Airbus, the European competitor, delivered 60 aircraft to its customers in June. Seven of them were widebody aircraft, including three A330s and 4 A350s. Fourty-one of the A320s and A321s were single-aisle jets, which compete with Boeing's 787. Twelve were regional A220 jets. (Reporting and editing by Bernadettebaum in Seattle, with Dan Catchpole reporting from Seattle)
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Minister: Portugal does not have a favorite among the 3 airlines interested in TAP
Finance Minister Joaquim Sarmento stated on Tuesday that Portugal does not have a preferred airline among the three major European carriers who have expressed interest in TAP's partial privatisation, which the government will soon relaunch. He said, on the sidelines a Eurogroup in Brussels, that the "government will announce its decision" about the conditions of the planned sale for less than 50% TAP's Capital. He told reporters that it was well known that Air France and IAG had expressed interest in the company, and would eventually make a proposal. This is a very positive thing for the country. He told reporters that the winning proposal would be the best one for the country. "We do not have a preferred partner nor any bias towards A, B, or C," said the minister. The Portuguese government is keen to keep TAP's Lisbon hub and its main routes to Brazil, Portuguese speaking African countries, the U.S., and other destinations. When asked if the three major European carriers might lose interest because the government would hold the majority stake, he replied: "These companies, whether they all present proposals or not, have shown an extremely significant interest in TAP. We will see which one, whether it is all of them, will make a proposal based on privatisation conditions." TAP was long earmarked for privatisation. However, the process had been once again stalled after the centre-right minor government collapsed in march. After a May national election, the coalition was re-elected to power, but it still lacked a majority of parliament members, which could have blocked TAP's sale.
Marseille Airport closed due to high winds that fan fires in Southern France
Marseille Provence Airport was closed on Tuesday due to a fast-moving fire in southern France. The fire, which is being fanned up by 70 kilometres an hour winds, has impacted travel at the beginning of the French summer holiday period.
On X, the local fire service reported that 168 firefighters were deployed to combat the fire of 30 hectares north of Marseille, France’s second-largest town. Also, helicopters and fire engines were used.
The Provence-Alpes -Cote d'Azur Prefecture announced on X that "At this time, the population must remain in residential areas." Close shutters and doors. Keep your property free for emergency services. Do not drive on roads.
BFM TV, citing interviews of locals, reported that high winds forced evacuations in Les Pennes-Mirabeau. On-air journalists and trees were buffeted by the winds.
A spokesperson from Marseille airport confirmed that flights were diverted to Nice and Nimes. The airport's reopening date is not yet known.
A resident reported that smoke was covering some parts of Marseille as a result of a fire in the center of the city.
Marseille Municipality said that the fire was spreading. Avoid all outdoor activities, and don't block emergency access routes. "Follow instructions and alert messages."
A wildfire which started in southwest France near Narbonne on Monday is still active and being fanned with winds of 60 km/h. The local prefecture reported that 2,000 hectares of land have been burned at this point. (Reporting and writing by Sudip K-Gupta, Dominique Vidalon and Ingrid Melander. Editing and revision by Andrew Heavens Richard Lough Mark Porter.
(source: Reuters)