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Spain bans Israel bound weapons ships and aircraft over Gaza
Spain banned Monday ships and aircraft that carry weapons to Israel to enter its ports or airspace in response to Israel's offensive against Gaza. The Israeli Foreign Minister called the measures antisemitic. Spain, which recognized a Palestinian State in May 2024, and has been vocal in its criticism of Israel's action in the Gaza Strip responded to Gideon Saar’s comments by calling back its ambassador in Tel Aviv for consultations. The government of Prime Minister Pedro Sanchez has announced that it will not allow anyone to enter Spain who is directly involved in the "genocide", in Gaza. Israel denies that its actions in Gaza constitute genocide. It is currently fighting a case before the International Court of Justice at The Hague in which it has been accused of genocide. Israel began its attack on the Gaza Strip after Hamas militants, who controlled the territory, had attacked Israeli communities and killed 1,200 people, while capturing over 250 hostages. Saar claimed that Sanchez was using these measures to distract attention from corruption scandals at home. He also announced an entry ban for Sanchez's deputy Yolanda Diz and Youth Minister Sira Regio. Both are members of the hard-left Sumar party, which is the junior partner to Sanchez's coalition. The Spanish Foreign Ministry has said that the entry ban imposed by Israel is unacceptable. It also stated that Sanchez's actions were in line and reflect Madrid's support of peace, human right and international law. Spain is committed to combating antisemitism. It cited the fact that 72,000 Sephardic Jews, descendants of those who were expelled from Iberian Peninsula during the 15th century, have been granted Spanish citizenship. The ministry issued a statement in which it condemned the "terrorist attack in East Jerusalem" that took place on Monday, in which Palestinian gunmen opened up at a bus station, killing six people including a Spaniard living in Israel. (Reporting and editing by Inti Latona and David Latona, Andrei Khalip, Helen Popper and Charlie Devereux)
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China's demand for Russian ESPO crude oil keeps it firm despite increasing western sanctions pressure
The price of Russian ESPO blend crude oil for October loading cargoes remained stable as traders reported on Monday that the strong demand from China and abundant supply offset the growing pressure from Western sanctions. They said that cargoes loaded from the Far Eastern Port of Kozmino were sold for a premium of about $2 per barrel over ICE Brent, on a delivery-basis to Chinese ports. This was a little different from September's levels. Intense Ukrainian drone attacks have struck several major Russian oil refining facilities in the last few weeks. This has led to a decrease in feedstock processing and an increase in crude exports. The price stability is despite the new wave of Western sanctions targeting Russian oil exports. Last week, Britain, the European Union and other countries lowered the price of Russian crude oil from $60 per barrel to $47.60. Buyers were required to submit certifications within 30 days after loading in order to continue to have access to Western shipping and insurance services. The EU has announced its 18th package of sanctions, which includes a blacklist of dozens of entities. These include Indian refiner Nayara Energy as well as several Chinese companies accused of helping Russia to bypass restrictions. The measures tighten control on energy and technology exports, and ban fuels derived from Russian crude beginning in January 2026. Donald Trump, the U.S. president, announced on Sunday that he is ready to implement a second round of restrictions. The EU Council's Antonio Costa also said that new sanctions are being closely coordinated with United States. Traders have noted that Chinese oil demand remains strong, despite the threat of Western sanctions. Chinese buyers will also receive Urals and Arctic crudes via the Northern Sea Route in addition to ESPO. The latest step in the strengthening of financial ties between Beijing, Russia and the United States was taken on Friday when the Chinese rating agency CSCI Pengyuan gave its highest AAA-rating to the Russian oil and natural gas giant Gazprom, which is blacklisted by the U.S. A trader stated that ESPO premiums may soften if U.S. Tariffs drive Indian purchases lower and more oil flows into China. A trader said that because Urals and ESPO are different in quality, increased Urals flow may not have an impact on ESPO prices. Urals is a sour oil, while ESPO can be described as a light and low-sulphur type of oil. (Reporting and Editing by Joe Bavier).
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Rosatom and Gazprom investigate sales of Chinese "panda" bonds
Sources from top Russian companies, including the vast Russian nuclear corporation Rosatom, and giant gas concern Gazprom, are looking at selling "panda bonds" denominated in yuan, according to company sources on Monday. Western capital markets, however, remain closed to Russia. Since Moscow's invasion of Ukraine in 2022, Russian companies are no longer able to access the capital markets of the West. The Financial Times reported Monday that China is preparing to reopen the domestic bond market for major Russian energy companies, as Xi Jinping & Vladimir Putin continue to deepen their partnership "without limits". Putin, who visited China this week, called for a joint financial infrastructure between countries in the 'Global South.' He also suggested that the members of the Shanghai Cooperation Organisation should sell their shares. Joint bonds The Chinese rating agency CSCI Pengyuan has assigned the highest AAA rating to Gazprom. This company holds the largest reserves of natural gases in the world. This opens the door for possible debt issuance on China's bond market. Rosatom, the largest nuclear company in the world, is preparing to also issue bonds denominated in yuan, according to a spokesperson. Ilya Rebrov, the Chief Financial Officer of Rosatom, told a publication in August that in order to raise funds from abroad, the Supervisory Board had approved plans. He also said that preparations were underway for Atomenergoprom's generation unit to issue bonds in Yuan. Atomenergoprom announced in April that it received a "AAA" credit rating from China's Dagong Global Credit Rating Agency with a stable outlook. The Chinese government will need to approve any Russian bonds, and the buyers of Russian corporate Yuan bonds must weigh the risks of secondary sanctions from the U.S. CHINESE BANK BONDS FOR RUSSIAN COMPANIES? According to Deutsche Bank, the market for Panda Bonds, a Chinese Yuan-denominated bonds from a non Chinese issuer, has seen record growth in both 2023 and 2024. This was driven by geopolitical conflicts. Even though the conflict in Ukraine began, only one Russian company - aluminium producer Rusal - sold panda bond. Companies have issued yuan bonds on the Russian market, which is a small and shallow one. The yuan currency has also become the most popular foreign currency in Russia. China's bond market offers a much larger reservoir of capital. Famil Sadygov, Gazprom's deputy CEO, said that the company was "strongly creditworthy" and the rating confirms the financial stability of the company. One source with direct knowledge about the situation said that a long-term issuer ratings on Gazprom would not necessarily result in an issuance of bonds denominated in yuan. "There's no certainty about the bond issue yet. A rating allows you to enter the market if necessary. "This is work for future," said the source. According to Kirill Lysenko, an analyst at Expert RA - Russia's oldest rating agency - the approval process will still take place, but it could take many years. Lysenko stated that "Chinese financial institutions and regulators can be under increased pressure at any time in the form secondary sanctions by major Western economies." Gazprom was given an "AAA" credit rating with stable outlook just after Russia, China and other countries gave their approval to Power of Siberia 2 - a huge gas pipeline linking both countries in a bid to reduce economic dependence on the West. Gazprom is unable to raise finance in the United States and Europe, but it has not been subjected to U.S. blockade sanctions. Rosatom's top management has been sanctioned by the U.S., but Rosatom itself is not subject to sanctions. CSCI Pengyuan cited high geopolitical risk in its analysis of Gazprom’s outlook and rating decision. (Writing and Addirional Reporting by Shanghai Newsroom, Editing by Kevin Liffey; Written by Gleb Bryasnki & Guy Faulconbridge)
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Haaland is cleared by Norway after a freak bus accident that leaves him with a cut lip
Stale Solbakken, the coach of Norway's national team, said that Erling Haaland would be fit to play against Moldova on Tuesday even though he suffered a cut lip after the luggage door of the bus struck him. On Sunday, the Manchester City player was exiting the back of the bus, outside the hotel where the team stayed, when the luggage door opened, striking him in the nose. Haaland revealed his injury on social networks, stating that he needed three stitches. Solbakken, a Norwegian broadcaster, told NRK: "We should have been glad that it went well because this could have actually gone badly." He added, "I think he went to the dental office, had some stitches and stopped the bleeding, but he's fine for the match." Norway is chasing its first World Cup in over 25 years. They have won four of their four qualifying matches, while Moldova are bottom in Group I, with zero points. (Reporting and editing by Christian Radnedge in Gdansk)
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London's Tube system shuts down as workers start a week-long strike
London's Underground rail network halted on Monday, as workers began a strike over pay and conditions of employment. This caused travel disruptions for both commuters and tourists. The underground rail network is expected to be shut down until Thursday. This means that the 3.7 million people who use it daily will have to work from home or find other ways to travel. Forest, which operates 15 000 e-bikes throughout London, reported that it was experiencing four times the demand for its ebikes at 9 am. Some commuters opted for buses or the few remaining train lines, but most reported longer journeys. Laura Sutton, 46 years old, a legal adviser, was standing near London Bridge Station. Transport for London (which operates London's public transport system) said that it offered staff a pay increase of 3.4%, but the union only accepted a deal if the result was a shorter working week. The RMT union stated that the dispute was centered on pay, fatigue management and shift patterns, as well as a reduction of hours. The spokesperson for Prime Minister Keir starmer told reporters that the PM wanted a solution. They said that "Londoners trying to get to their jobs, dropping off their children at school, and businesses who depend on the Tube to bring in work and footfall, will be tired of these strikes." Outside the Tower of London Peter Rolf (58), a German citizen, told his family that they had decided to reduce their two-day London trip to just one day, and spend more time in England. Patricia Ware (75), who visited from near Chicago, U.S.A., said that it took much longer to get to the historic castle. She said, "We found it difficult to get a taxi here." She was still having a great time in London. "Travelling is at best a hassle. So we just go along with it." Reporting by Will Russell. Marissa Davison. Sam Tabahriti. Sarah Young. Andrew MacAskill. Sachin Ravikumar. William James edited the story.
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Freeport LNG Export Plant in Texas to receive more natgas after Monday's outage
According to a filing made by the company with the state's environmental regulators and data from LSEG, a financial firm, Freeport LNG is on track to receive more natural gas at its Texas export plant on Monday. This indicates that a liquefaction station that was shut down on Saturday will likely be back in operation. Freeport LNG is closely watched by the global market because its start-ups and stop-offs often cause price fluctuations. Gas prices in the United States typically fall when flows to Freeport decrease due to a lower demand for fuels from the export facility. Prices in Europe usually rise due to the drop in LNG supply available on global markets. The U.S. futures market was on course to reach a six-week peak on Monday, due to many factors including the anticipated increase in gas flow to Freeport. Prices in Europe, however, rose by about 3%, for reasons that were not necessarily connected to the plant. Freeport informed Texas environmental regulators that Train 1 of the three liquefaction train at its plant shut down on Saturday because there was a problem with its compressor system. Freeport officials had no comment about the latest outage. Freeport has experienced numerous compressor system problems at its plant in the last month. According to the company's filings to regulators, liquefaction train shut down five times due to these issues. LSEG reported that the amount of natural gas flowing into Freeport is on track to hit 1.9 billion cubic foot per day (bcfd), up from 1.8 bcfd Sunday, and a low of 1.4 bcfd Saturday. This compares to an average of 1.8 billion cubic feet per day over the previous seven days. Three liquefaction plants at Freeport can convert about 2.1 billion cubic feet per day of gas to LNG. A billion cubic feet of natural gas can supply five million U.S. households for one day. (Reporting and editing by Scott DiSavino)
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Israeli military claims it intercepted drones launched from Yemen
Israel's military announced on Monday that it intercepted a Yemeni drone after sirens were heard near Eilat. A day earlier, Yemen's Houthis had launched a drone at an airport in the vicinity of southern Israeli city. The military announced that sirens sounded later on Monday in the Negev region after another drone had been detected. The military did not reveal what happened to the drone. Israel's Ramon Airport, near Eilat, has resumed its operations after a drone fired from Yemen hit the arrivals area on Sunday. Since the beginning of the Gaza war, the Houthis, backed by Iran have launched missiles and drones towards Israel thousands of kilometers north. The militant group claims that this is an act in solidarity with Palestinians. Israel responded by bombing Houthi controlled areas in Yemen, including Hodeidah's vital port. (Reporting and editing by Gareth Jones, Helen Popper, and Ahmed Elimam)
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Milei's heavy defeat in Buenos Aires sets the stage for Argentina's market to sell off
The Argentinian markets are on the verge of a further selloff after a heavy defeat in Buenos Aires for President Javier Milei’s ruling party. This is raising concerns ahead of a crucial October election. According to the official results, the Peronist opposition party won the Sunday legislative elections in the province's key region, while the radical reformist Milei party came in second. The scale of Milei's defeat was far beyond expectations, said JPMorgan analyst Diego Pereira. He added that the resounding win for the opposition during the regional contest meant Milei had a much steeper climb ahead as he tries to deliver a successful outcome at the national midterm election on October 26. The administration could recalibrate its political strategy in order to correct missteps made over the past few months. According to the official count, the Peronists have won 46.8% in the province. The candidate from Milei's Party has taken 33.8%. Argentina, one of the biggest reform stories in emerging markets since Milei was elected president in December 20,23, has seen its market come under pressure over recent weeks. Markets were impacted by political woes and economic pressures. The latter included allegations of corruption involving Milei’s sister Karina Milei and a sharp drop in government and consumer confidence. MARKET SELLOFF Since the scandal broke out, Argentina's main stock index has fallen by around 20%. Its international government bonds are also down and the pressure on the newly unpegged peso has forced the authorities to intervene in the foreign exchange market. Investors said that early market indicators priced a 5 to 6-point drop in the international bonds of the country. Viktor Szabo is the portfolio manager of Aberdeen Investments. Morgan Stanley warned that international bonds would fall by up to 10 percentage points if Milei's radical reform agenda was thwarted. JPMorgan stated that the currency was also vulnerable to further weakening, which could force central banks to reduce their FX spot reserve to absorb excess pesos. Wall Street banks, however, said that the election dynamics in the rest of the nation would be different from Buenos Aires – a Peronist hotspot. The Milei government was also expected to adhere to its fiscal discipline programme despite economic difficulties. The PBA election was held amid tightening domestic financial conditions. This included a depreciation in the peso and expectations for a slight increase in inflation in August. It also coincided with a slowdown in economic growth, according to Goldman Sachs' analyst Sergio Armella. The provincial election will have very little impact on the policy mix adopted by the Milei government, but it is a setback in terms of politics for the government.
Executives, trade and labor associations comment on Trump's reciprocal duties
U.S. president Donald Trump announced on Wednesday that he will impose a baseline 10% tariff on all imports into the United States, and higher duties for some of the biggest trading partners. This could escalate a global trade war and upset the global economy.
The latest responses from business executives, unions and trade associations.
Companies
On Holding
We've noted the tariffs announced and we are continually monitoring the changing situation and policy changes. "Our global value chain and supply chain is well-positioned."
GERMANY'S FRESENIUS
"We... strongly support the proposal to exclude pharmaceuticals from the reciprocal tariff, as such a tariff could potentially lead to shortages of important medicines for American patients."
STEEL GROUP APERAM
We will examine the feasibility of moving some of our production to the U.S. if we are able to export limited quantities from the EU.
The current lack of predictability in regulatory matters creates a hostile business environment both on the US and European sides.
STELLANTIS
The automaker announced that it would temporarily stop production in some of its Canadian assembly plants and Mexican assembly factories, including its Windsor assembly facility in Canada.
ANTONIO BARAVALLE is the CEO of LAVAZZA
We had planned to increase the local production (in the U.S.A.) by 100%.
"We're ready to go... but there's this other element to investigate, the duties for Brasil... If they put 10% on Brazil, then the duty (of 20%) is already half.
The coffee maker produces about 50% of the amount it sells locally in the U.S.
FERRARI
The purchase contracts for Ferraris contain standard and clear clauses that allow the company to adjust the price in the event of a change in the market conditions before the vehicle is delivered.
A Ferrari spokesperson confirmed that new tariffs would also be applied to Ferrari cars that were ordered in the past but have not yet been delivered to the U.S.
MOTOFUMI SHITARA, CEO, YAMAHA MOTOR
"Our exports will certainly be affected." We will have to raise prices or reduce costs if these tariffs are extended over time, even for vehicles.
MAERSK
"We expect our customers to be more careful about their stock levels." We're likely going to see some air freight rush orders in the U.S. very soon, before the tariffs go into effect. We will also see a rise in the demand for bonded warehouses as customers want to delay clearing their goods until they have more certainty."
GERRESHEIMER
Tariffs are affecting primarily our exports to the U.S. from our Mexico-based plant. Injection vials are one example. We will pass on these customs fees to our customers as an additional cost. We will be able, if necessary and if customs duties remain in place for a longer period of time, to move our capacities."
MASSIMO BATTAINI is the CEO of PRYSMIAN
The announcement seems to have had a positive effect on the local production. The tariffs are applied to the finished products and removes any risk of U.S. producers being undercut by foreign production.
ANDERS VINDEGG HEAD OF MEDIA RELATIONS, HYDRO
"We work actively from Norway as well as in Brussels, the EU to inform and work actively with organisations and other initiatives that we are a part of in order to leverage the importance Norwegian aluminium for Europe."
ASSOCIATIONS
IPC, A Global Association for Electronics Manufacturing
"We are pleased with President Trump's focus on revitalizing American defense industry, and his commitment to strengthen American manufacturing. Tariffs won't achieve this goal...Trade essential for supply-chain resilience and innovation. Tariffs will only increase costs and drive production overseas.
RETAIL INDUSTRY LEADER ASSOCIATION
The President's plan will not only hit the budget of every family, but also American innovation and national security.
These newly announced tariffs - and the anticipated retaliatory duties on American businesses - risk destabilizing U.S. economic growth and manufacturing.
EUROCOMMERCE, EUROPEAN RETAIL INDUSTRY BODGE
"EuroCommerce urges the EU and U.S. Administrations to engage constructively in dialogue. In the event that negotiations fail, EU can use its legal authority to take action against unfair trade practices by a third country. The EU has a wide range of tools to help it address the situation.
International Apparel Federation
The announcement by the U.S. Government of high taxes on trade with the rest is a shock to the global apparel industry. This unnecessarily creates an entirely new, often irrational world that affects billions of dollars in investments and the lives and livelihoods of tens and millions of people who work in our industry worldwide. Someone will pay the price at some point."
CANADIAN STEEL ASSOCATION
To reduce its dependence, the Canadian Steel Industry urgently needs the adoption of border measures to address unfair trade in steel in Canada, and help recapture the Canadian Market for our industry, workers, and communities.
The Spanish Association of Olive Oil Exporters
This 20% is a serious disadvantage for the Spanish olive oil industry, as compared to other countries that produce olive oil but do not belong to the European Union.
"98% (of the olive oil consumed by Americans) is imported, so these tariffs would result in an increased purchase price which will be paid by U.S. consumers." consumers."
KEVIN C RAVEN, CEO of ADS GROUP on AEROSPACE COMPONENTS
We are not sure if the exemption from all tariffs (on items classified as airworthy by regulators) is still in place and if these tariffs are applicable or not. This could make the situation worse.
COPA-COGECA EU FARMING GROUPS
The introduction of additional tariffs could disrupt global supply chains and drive up prices. It would also limit the market access of farmers and agricooperatives from both sides of Atlantic. This will have significant economic implications for the agricultural industry.
ANTHONY BRUN, HEAD OF FRENCH GROWERS ASSOCIATION (UGVC)
"One might have been frightened by much higher tariffs. However, this risk remains and is associated with a possible conflict over bourbon whisky. Already, we face tariffs from China. Now, there is the U.S. and the consequences are going to be brutal for wine growers.
SIGRID de VRIES, Director General, European Automobile Manufacturers' Association
"We urge both leaders to meet immediately to find a resolution to any issues that prevent free and fair trading between historical allies, and to allow the EU-US relations to flourish again."
SWISS BUSINESS GROUP ECONOMISSE
"We must prevent a further escalation in the trade conflict. Swiss economic diplomacy and the Federal Council are urged to find quick solutions with the U.S. Government at the negotiation table. "From an economic perspective, the U.S. tariffs on Switzerland are not comprehensible - rather the opposite."
DIRK JANDURA HEAD OF GERMANY EXPORTERS ASSOCIATION (BGA)
"We'll have to pass on these tariffs as price increases and this will impact turnover in many instances." It is an economic dead end that will result in welfare losses on both sides of Atlantic. Reporting by Bureax; compiled by Mrinalika, Roy, Pasquini, Alessandro, and Linda Pasquini. Editing by Alan Barona and Milla Nissi.
(source: Reuters)