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What sites have been attacked by Ukraine?
In the last two weeks, Ukrainian forces have intensified their attacks on Russia's infrastructure for energy. Fuel shortages are worsened by the drone attacks in Russia. People have reported high prices and long lines at fuel stations in most regions. Here is a brief summary of recent attacks, starting with the latest. SALAVAT According to industry sources, the Salavat Petrochemical Complex, located in Bashkortostan's Urals region, stopped operations on July 14th following an attack by a Ukrainian drone. A fire broke at the Afipsky refinery, in southern Krasnodar Region of Russia. The cause was drone debris that fell from the sky. Emergency services announced this on 14th July. The refinery is capable of processing over 9 million metric tons per year. SYZRAN According to industry sources, the Russian oil refinery Syzran on the Volga River in the Samara region has halted operations after a Ukrainian drone attacked on July 12, damaging a primary processing facility. Ukrainian drones attacked the Rosneft owned refinery on May 21. After the attack, the refinery had to stop operations due to damage caused by a primary processing unit. The refinery had suspended operations after the attacks of April 18. The refinery's processing capacity is 8.5 million tonnes per year. According to industry sources, in 2024 it will have processed 4.3 millions tons of crude oil into 800,000 tonnes of gasoline, 1,5 million tons diesel, and 700,000 tonnes of fuel oil. SARATOV Two sources claim that the Saratov oil refinery in Russia stopped processing oil on 9 July after a drone attacked caused damage. The plant will process 5.8 million tonnes of oil in 2024. This is 2.2% of Russia’s total refining production. It will produce 1.2 millions tons of gasoline, as well as 1.9 million tones of diesel, and?1.0million tons of fuel oil. ILSKY On July 10, local officials reported that a drone had attacked the Ilsky oil refinery, located in southern Krasnodar. The design capacity of the refinery is more than 6 million metric tonnes of oil per annum. OMSK On July?6, Ukrainian drones attacked the Omsk refinery, causing a large fire. The Russian air defences destroyed the majority of drones that were involved in the attack. Governor Vitaly Khodsenko confirmed this. The extent of the damage to the refinery was not immediately known. The design capacity of Omsk's oil refinery is about 22 million metric tonnes of oil per annum. NORSI Ukrainian drones struck NORSI, Russia’s fourth largest oil refinery owned by Lukoil for the second time on 2 July and crude processing has been suspended according to sources. The attack damaged CDU-6 which can process 25700 metric tonnes per day. This is 53% of refinery capacity. NORSI can process up to 16 million metric tonnes of oil per annum, or about 320,000 barrels a day. Local authorities reported that on June 28, Ukrainian drones attacked Russian targets, including the Slavyansk Oil Refinery in southern Krasnodar Region. Slavyansk Refinery is a privately owned plant with a capacity of approximately 100,000 barrels per day. YAROSLAVL On July 6, Ukrainian forces attacked a Russian refinery located in Yaroslavl (about 250 km from Moscow). The refinery can process 15 million metric tonnes per year or about 300,000 barrels a day. UFA Ukraine forces attacked an oil refinery a second-time on 1 July in Ufa near the southern Ural Mountains. The refinery is capable of processing more than 7,000,000 tons of oil annually. ORENBURG On June 24, the Ukrainian military announced that it had hit Orenburg's gas processing plant. The plant has a production capacity of 45 billion cubic metres of natural gas each year. MOSCOW According to sources, the operations of an oil refinery in Moscow were halted on 16 June after a drone attack by Ukraine. On June 18, a second attack caused damage to processing units and multiple fires. The Kapotnya district in the south-east of the capital has a capacity of 11 million tons per year. TANECO Tatneft Russian TANECO oil refinery halted operation after a drone strike on June 12th. The refinery is equipped with hydrocracking units, catalytic and delayed coking. According to industry data, TANECO will process 17 million tonnes of crude oil by 2024 and produce 2.7 millions tons of gasoline, 8.5 millions tons of diesel fuel, and 1.3million tons of petroleum coke. KUIBYSHEV Rosneft’s Kuibyshev refinery stopped processing on 10 June after a drone attack. According to industry sources, the refinery will process 4.7 million tonnes of crude oil in 2024. TUAPSE Ukraine attacked a refinery at the Black Sea port Tuapse, Ukraine's military reported on May 27. Officials said that a drone attack caused a major fire to break out at the refinery in April 28. The facility was forced to stop operations. The plant has an annual capacity of 12 million tonnes and produces fuel oil, naphtha and vacuum gasoil. Ports/Oil Facilities Ukraine attacked two Russian oil depots located in Tver and Stavropol, about 500 kilometers (310 miles), from the frontline, said President Volodymyr Zelenskiy on July 9. On July 8, Ukrainian drones struck the Krasnodarskaya Pumping Station, which is part of the natural-gas supply chain from Turkey to Ukraine via the Blue Stream Pipeline. Gas supplies were unaffected. Kyiv reported on July 8 that Ukrainian drones had'struck an oil-pumping station in Russia Bashkortostan, over 1,500km from the border. Authorities said that Ukrainian drones attacked the Baltic Sea ports Vysotsk, Ust-Luga and Sevastopol on July 6, causing damage to the major oil exporting outlets of Vysotsk, Ust-Luga and Sevastopol. They also caused an outage in Sevastopol (home of Russia's Black Sea Fleet), a city located in Crimea. Authorities reported on June 8 that a loading complex in the Black Sea port of Novorossiysk caught fire after a drone strike. Authorities in Krasnodar said that a fire started at the southern Russian port of Temryuk following a drone attack by Ukraine. The local governor reported that fuel storage facilities in the Yaroslavl area of Russia caught fire after a Ukraine drone attack on May 29. On May 3, Ukraine attacked Russia’s ports in the Baltic Sea and Black Sea, including Primorsk, oil tanks and military vessels. TANKERS On July 8, industry sources reported that a drone attacked Chevron's Yasa Polaris oil-tanker, which was used to transport Caspian Pipeline consortium shipments off the coast of Russia. On July 8, the governor of Russia's Rostov Region said that two tankers had been attacked by Ukrainian drones on the Sea of Azov. (Reporting and Editing by Ros Russel)
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Ukraine will protect its ports in order to maintain export volume after the attacks
Taras Vysotskiy said that Ukraine would do all it could to protect its seaports, and ensure grain exports are at least equal to last season. In recent weeks, Russia has intensified its attacks on the infrastructure of Ukrainian Black Sea ports and cargo ships entering Odesa port to export grain and agricultural products. Vysotskiy stated that the state recognizes the importance of agricultural exports. He added, "It'll be hard, but we will do everything to maintain minimum guaranteed export volume to support international food security at a level that is no lower than the last year." Before the recent attacks?Ukraine predicted the exports to be around 43 million metric tonnes in the 2026/27 Season, which began in July. Last year, Ukraine exported over 37 million tons. The main UAC?farmers union? said that the country has lost about one-third of its ability to export grain through its Black Sea ports, due to increased Russian drone and missile attacks. Despite the fact that Ukraine has been at war with Russia for more than four years, its largest source of foreign currency earnings is agricultural exports, such as grains and vegetable oil, which are shipped from three ports in southern Odesa. Moscow and Kyiv have both intensified their attacks on revenue-generating sources. Ukrainian forces are attacking Russian energy infrastructure, including oil tanks. Russia has also increased its attacks against Black Sea ports in recent weeks. On Wednesday, a source in the industry said that four of Ukraine’s 13 largest grain export terminals have suspended grain purchases because of attacks. According to another source, some shipowners are refusing to enter Ukrainian ports because they fear attacks. Local officials reported on Wednesday that Russia has again attacked the port infrastructure of Odesa and Mykolaiv. (Reporting and editing by Andrew Heavens, Peter Graff and Pavel Polityuk)
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You want to build a metal smelter of your own? Andy Home
The race to secure vital minerals has created a wealth of opportunity for countries that have the fortune of having the right metal deposits. The goal is to extract as much value as you can from the metals in the earth. The obvious answer is processing. Smelters that convert ore to metal are not only more valuable, but also provide a path to greater industrial and economic growth. It's a way for Western policymakers to loosen China's grip over midstream capacity in a large part of the critical metals spectrum. According to a joint study by the consultancy CRU, and the World Bank, there are "vast" barriers to setting up a successful business. (Technical and economic feasibility of smelting and refining in developing countries, June 2026). In order to be profitable during low-price cycles, power supply, infrastructure and logistics are all important. CONTROL THE ORE Of course, it helps if the minerals are available. Integrating domestic mining with processing helps to build price resilience. It's hard to be in the zinc or copper smelting industry without a guaranteed source of feed. Spot treatment conditions are not favorable, so non-integrated smelters must rely on revenue streams from by-products to survive. The ore must be kept at home. Indonesia is the leader in imposing raw material export restrictions to force miners into building processing plants. Other people do the same. Cobalt exports are restricted in the Democratic Republic of Congo, lithium is controlled by Zimbabwe and bauxite is controlled by Guinea. Angola is an interesting exception. It has no bauxite, but it is building a smelter at the port of Barra do Dande with a first-stage production capacity of 120,00 metric tons annually. Have the Infrastructure The Angolan project has a deep sea port that is suitable for raw material handling. The free-trade area is also strategically located, with shared infrastructure and rates for business, as well as reliable power. Power at a competitive price is essential for any aluminium smelter. This industry can use as much energy as a city of the size Boston in one year. According to the report, Angolan electricity costs are comparable to global averages. The same is not true in Mozambique, which is why South32 put its Mozal power plant on care and maintenance. The infrastructure that is most important for copper and zinc smelters is their ability to store, transport, and place the sulphuric acids generated during the smelting processes. Co-location of copper smelters with large acid users such as fertilizer factories or, as in Zambia, regional mines that use acid as a leaching agent is the most cost-effective. GET CHINESE HELP The project's low-cost construction is another advantage. The capital expenditure (capex), which is estimated at around $2,084 for every ton of aluminum, is higher than the domestic Chinese smelters, but "remarkably" low compared to the rest the world. The project uses production equipment that was idled in China. The Chinese are also leading the massive expansion in Indonesia of aluminium smelting capacities, and it is a similar low capex at under $3,000 per tonne. Capex?for any type of smelter located outside China has been rising due to the soaring costs for equipment and construction. The number of equipment providers has decreased as fewer smelters have been built in Western countries in the past decade. Prices have increased accordingly. The authors of the report point out that "Modular equipment with lower specifications and Chinese technology can provide more affordable options." Not everyone is a winner It is not possible to build processing capacity in a universal way. The success or failure of a project depends on a range of complex economic, technical, and institutional factors that differ by metal and country. Zambia has successfully built up copper processing capacity, but Peru's mining sector and infrastructure are designed to provide raw materials to overseas metal smelters through ocean ports. Angola's aluminum project is more feasible that Ghana's hopes to revive its existing Volta Smelter. This project faces high modernisation cost, increased?power prices and a lack vertical integration with an Alumina Refinery. Zimbabwe's lithium reserves are greater than those of Nigeria, which rely on small-scale artisanal mining. Turkiye’s Siirt Zinc Smelter Project benefits from a strong demand for zinc from the country’s thriving steel sector and a design which allows it to produce valuable by-products like lead, nickel, cobalt and cadmium. The economics of a site can make a huge difference in the success or failure of a product. The report concludes that "developing countries should be careful which metals they use, where they locate them, and what business model they choose." The World Bank is interested in hearing from you if?you are still interested in building a smelter. The World Bank may be able help. Andy Home is a columnist at. This column is great! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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The threat of Iranian and Houthi shipping to the Red Sea is more important for oil today
Iran warned that if U.S. strikes continue, its campaign to choke global energy markets may expand from the Strait-of-Hormuz?to the crucial Red Sea route. This threat is dependent on the Houthi allies of Iran in Yemen. Here's why it matters, and what that means for the Iran War and the global energy crises: How big is the risk to global energy markets? The Bab el-Mandeb strait, the gateway to the Red Sea, would be closed and open a whole new front in the conflict between Iran and the U.S. The Red Sea is now an important alternative outlet for Gulf Oil and other products. If Bab el-Mandeb is seriously disrupted, both the major oil export routes in the region could be closed simultaneously. The partial blockade by Iran of Hormuz, after Israel and the U.S. launched an attack on it on 28 February, disrupted the majority of oil and other Gulf exports. Prices rose and there was a global shock in the energy market. Saudi Arabia responded to this by diverting over 70% of its daily crude oil exports from the Red Sea port Yanbu. According to Kpler and Signal Ocean data, Yanbu has shipped an average of 4 million barrels a day over the past few weeks. This is up from 973,000 bpd during the same time period last year. According to Kpler, the total volume of petroleum transiting 'Bab el-Mandeb' in June was 7.4 million bpd, which is about 7% more than last year. Last week, it was reported that Saudi Arabia may expand its crude oil pipeline along the Red Sea coast. A sustained disruption of Red Sea shipping by the Houthis, including possible attacks on vessels and ports, could pose a serious problem. The cargo was not stopped when the Houthis attacked Red Sea shipping during November 2023. The cargo is being loaded here this time. Who are the Houthis and can Iran make them close RED SEA ENERGY Routes? In the 1990s the Houthis were a military, religious, and political movement that fought guerrilla warfare against the government of Sanaa in northern?Yemen. Since more than a century, they have waged a civil conflict against the internationally recognized, Saudi-backed government and attacked Gulf neighbors with drones and missiles. Yemen's internationally recognized government claimed it had attacked Sanaa Airport to prevent an Iranian plane from landing. The Houthis claimed Saudi Arabia was to blame and launched missiles on the Abha airport, located in the mountains of southwest Saudi Arabia. In an interview with Press TV, a senior Houthi, politburo-member Mohammad al-Farah warned that if things continued to escalate, Bab el-Mandeb could be closed. Iran supports the Houthis in its regional "Axis of Resistance", including Hezbollah of Lebanon and Iraqi Shiite militias. However, its ties to the Yemeni movement is less clear than those with these other groups. Houthis don't recognise Iran's supreme ruler as their ultimate authority religiously in the same manner that Hezbollah or Iraqi groups do. They are motivated primarily by domestic issues, even though they share Iran's ideology. The U.S. claims that Iran has armed and trained the Houthis, with Hezbollah's help. The Houthis claim to be independent and deny that they are Iranian proxy forces. It's not clear to what extent the group will go on behalf of Iran. What happened when the HOUTHIS attacked RED SEA SHIPS before? The 'Houthis' began shooting at Israel after the Hamas attack of October 7, 2023 and Israels devastating Gaza campaign. They claimed to be doing this in support for Palestinians. Maersk Hapag-Lloyd, and other major shipping companies were forced to divert their ships around Africa, which was a much longer, more expensive route. The U.S. led mission to restore freedom of navigation in the Red Sea included repeated strikes against Houthi targets, and a defensive offensive that destroyed hundreds of drones. The Gaza ceasefire only ended in October, after the Gaza ceasefire. They'said last month that they would ban ships connected to Israel from the Red Sea, after Israel renewed its military attacks against Iran. Maersk announced last week that the threat never came to pass. Instead, shipping groups Maersk, Hapag-Lloyd and others are now resuming Red Sea routes they abandoned last year during Houthi attacks. WHAT HAS THEY DONE IN THE LATEST WAR WITH IRAN? Hezbollah, Iraqi groups and U.S.-Israeli forces have all joined the war with drones and rockets. The Houthis however have been relatively quiet. Abdul Malik al-Houthi, the leader of the group, said on March 5, "Our fingers are ready to fire at any time if circumstances warrant it". Iranian commanders warned repeatedly that the Houthis might join the war. Esmaeil Quds Force Commander Esmaeil Quaani of the Revolutionary Guards Quds Force said that on June 1, they could choke-off the Red Sea. The Houthis, however, have been largely quiet. They only launched a few drone and missile attacks against Israel in late March or early April. This could have been because the group did not want to get involved in the conflict and break its long-standing ceasefire with Saudi Arabia. (Compiled by Angus McDowall, edited by Jason Neely and William Maclean.)
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Electra to Safran: 250 turbogenerators for hybrid-electric EL9
?Electra announced on Wednesday?it 'has signed a production contract with France's Safran Helicopter Engines, for turbogenerators. The hybrid-electric aircraft start-up is looking to advance its certification efforts. The deal, according to the company, includes an initial purchase of 250 TG600 Turbogenerators. This will allow production to scale up to meet demand for the EL9 Ultra Short, a nine-passenger aircraft that is scheduled to take off in 'late 2027 or 2028. The agreement is a result of advanced air mobility companies locking in suppliers for critical aircraft systems, and seeking regulatory approval before commercial launches. Lockheed Martin Ventures, Honeywell-backed, Electra, and?Archer, Joby were selected as part of the Trump Administration's pilot program earlier this year, which aims to speed up the deployment of flying air cabs in the U.S. Electra’s deal with Safran extends a partnership that was first announced in the year 2023. It supports development and certification of the EL9 aircraft which is expected to enter service by 2030. Jean-Francois Sauer is the EVP Programs at Safran Helicopter Engines. Electra's CEO Marc Allen stated?in a?interview? that the deal for the turbogenerator was a significant milestone. There were 2,200 aircraft on the backlog, and 63 customers awaiting delivery. A turbogenerator is a combination of a gas turbine and one or more generators of electricity, along with a system for regulating voltage and electrical power. Allen said the program would 'give Electra an opportunity to fly a number of novel airspaces in urban areas and collect data that could support the efforts of the Department of Transportation, and the FAA. (Reporting from AnshumanTripathy in Bengaluru, editing by Vijay Kishore.)
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Farmers' union: Ukraine's Black Sea port loses a third of its grain export capacity
The main Ukrainian farmers' union has said that Ukraine has lost a third of its ability to export grain via its Black Sea ports because of the 'intensifying' Russian missile and drone strikes. Ukraine has been at war with Russia for more than four years, but agricultural exports such as grains and vegetable oil remain its biggest source of foreign exchange earnings. More than 90% are shipped through three ports located in southern Odesa. Odesa ports handled about?6 millions metric tons per month of cargo under a deal that allowed both countries to ship grains through the Black Sea. Moscow and Kyiv have both intensified their attacks on revenue-generating sources. Ukrainian forces are attacking Russian energy infrastructure, including oil tanks, and Russia has increased its attacks on Black Sea ports. In a report published late Tuesday, the UAC's trading department said that Russia has been repeatedly using ballistic missiles to strike?port infrastructure and terminals, as well as the entire transport logistic chain. It added that "on average, we are now able to ship around 4 million metric tonnes of grain per month." Ukraine's?ministry of economy was scheduled to meet on Wednesday for a discussion about the port attacks. RUSSIAN STRikes Cause Logistical Headaches for Traders Ukraine has in the recent seasons accounted about 6% of world wheat exports. And about 11% of world corn exports. This means that disruptions could impact global markets if they are prolonged. UAC has warned that while the ports continue to operate, they could suffer significant damage within a few months if the attacks continue at the same intensity and no repairs are carried out. Industry sources have told us that traders are having logistical problems. A senior industry official said that although the ports are not at a standstill, traders face problems with their procurement, sales and shipments. They also have to deal with cargo accumulations, high prices, and high freight. Ukrainian Railways data shows that exports and the number of grain railcars headed to Odesa ports fell 17% in the week from July 2-8 compared to the previous week. Kernel Holding, Ukraine's largest grain exporter, said that it had stopped operations at the Cronomorsk Port due to Russian attacks. Another industry source confirmed on Wednesday that four of the 13 large grain terminals at ports have stopped purchasing grain. According to analysts from the ASAP Agri consulting, "the general reluctance of ship owners" to dock at Ukrainian ports has also pushed up freight rates. Bohdan 'Kostetskyi', an analyst with Barva Invest and Ukrainian publication Agrotimes, claimed in an 'article that the grain storage capacity of Ukrainian ports has been reduced by a third. He said that the loss of 2.5 million tons per month in capacity at deep water ports had created a grain bottleneck, with certain volumes not being able to reach their export destinations.
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Maguire: The hydro-boom in Turkey helps to extend Europe's gas shortage.
Turkey's energy producers have gained an unexpected advantage: water. Hydroelectric production has soared, allowing utilities to reduce natural gas consumption by over 75% from January to May. This has led to significant reductions in power sector emissions and reduced the reliance on imported fuel. The shift has been dramatic. According to Ember's data, between January and May, the hydro output increased by nearly 60% compared to a year ago, while gas-fired production dropped more than 40%. The surge in hydro power generation, along with a record solar and wind output enabled 'clean energy sources' to account for over 60% of Turkey’s electricity mix, for the first time. This marks a significant energy transition milestone for t he fast-growing Turkish economy. The consequences of the coup extend beyond Turkey's borders. According to the Energy Institute's report, Turkey is Europe's fourth largest gas consumer. This pullback in demand reinforces a regional trend that sees a decline in gas consumption and reliance on renewable energy. Turkey's lower use of gas has allowed it to inject more into storage facilities rather than burning it in power stations, helping to limit Europe’s overall gas inventory drawdown in 2026. HYDRO TAKING CENTER STAGE This year, the Turkish power system has been dominated by a resurgence in hydropower. The hydro generation during January-May totaled 46.33 Terawatt Hours (TWh), the highest ever recorded for this period. This is up from 29.03TWh in the same period of 2025. That's a gain?of almost 60% or 17.3TWh. This increase was almost as much as Turkey's total electricity generated by gas from January to May (17.48TWh). It shows the impact of the surge in hydroelectricity on the Turkish power system. In the first five months of this year, hydro output was higher than that of coal and natural gas. This makes water the largest power source in Turkey. Hydro's share in total electricity supplied by utilities grew to 33.2%, up from 20.8% one year ago. This is the highest level since January-May 2020. The dam operators were able to maximize production despite the increasing demand for electricity, thanks to the favorable weather conditions and high reservoir levels. The total electricity generated in Turkey from January to May was a record-breaking 142.44 TWh, up from 140.88TWh one year ago. This means that Turkey produced more power while simultaneously reducing fossil fuel use. GAS SETBACK Natural gas has been the principal victim of?the hydroboom. The gas-fired generation dropped to 17.48 TWh from 29.42 a year ago, a 40.6% decline. Gas's share in total generation fell from 20,7% to 11,9%, a record low. According to Ember data, in absolute terms, the gas generation has fallen by 12?TWh compared to the previous year. This is the biggest year-to date decline for at least seven consecutive years. The fall was most pronounced in the spring when hydro production soared. The average gas-fired generation was about 2 TWh per month between March and May, compared to more than 4TWh for several months during the same period in last year. The coal generators are also being squeezed. The coal-fired production fell 16.1% on an annual basis to 38.14 TWh. This is the lowest output in over a decade. CLEAN POWER MILESTONE Hydro is not acting alone. Turkey's wind power generation increased from 14.95 to 17.97 TWh between January and May, whereas solar energy production increased from 13.31 to 13.98. Hydro, wind, and solar combined to produce 86.25 GWh of clean electricity, compared with 65.52 GWh one year ago. Clean sources provided 61.2% all electricity compared to 46.8% in the same period of 2025. The fossil-fuel production fell more than 25% to 56.19TWh, down from 75.36TWh. The impact on the environment of the drastic cuts in fossil fuel generation is substantial. The power sector's emissions from fossil fuels have fallen by more than 21% to 47.91 metric tons CO2 equivalent, down from 61.01 metric tons the year before. Storage BOost The lower gas consumption has also created another benefit: more fuel for storage. Turkey is able to store additional gas underground instead of using large amounts of imported gas for power plants. According to LSEG, the year-to-date injections of storage have reportedly been 18% higher than last year's levels. This is a significant development, especially at a moment when Europe is working hard to replenish its inventories following a strong withdrawal season. By storing gas in Turkey, Turkey reduced the pressure on the European gas system as a whole and helped to limit the inventory drawsdowns throughout the region. This could be as significant as the decline of power-sector gas use. Turkey is a transit and consumption market, so any changes in the gas balance will have a greater impact on regional supply dynamics. BROADER TREND The experience of the Turkish people is also part of a larger story that's unfolding in Europe. Renewables continue to reduce the role of gas in electricity generation across the region whenever weather conditions are favorable. European policymakers spent years trying reduce exposure to volatile imported gases through increased renewable deployment, efficiency improvements and electrification. The gas consumption in Europe is still well below the pre-crisis level despite periodic increases tied to weather conditions and electricity demand. The transformation of Turkey's power sector to hydro-led is one of the most obvious examples of this trend by 2026. Turkey's gas demand has decreased, but total electricity production?has increased. This suggests switching fuels rather than demanding destruction. This is perhaps the most encouraging sign for a continent that still tries to reduce its dependence on imported gas. These are the opinions of the columnist, who is also an author. This column is great! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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Visual Investigation-The U.S. Army Veteran and the Mystery Boeings Flying Sudan's War Routes
On Wednesday, a visual investigation was published that showed that a 'fleet of aging Boeings operated by 'companies controlled by U.S. military veteran Steven Shaulis flew to the logistics hubs used during the Sudan War by the Rapid Support Forces. Outside the?world of business, Shaulis is a 63 year old U.S. Army Special Forces veteran who heads the CADG company based in Singapore, a global organization that holds a number of?U.S. United Nations contracts for decades. The investigation found that behind the scenes, Shaulis controlled firms operated at least three Boeing aircraft to fly to key logistic hubs used the Sudanese Paramilitary Rapid Support Forces accused of atrocities committed in the Darfur region. No evidence was found that 'Shaulis, or any of his businesses have been sanctioned by authorities or face allegations of wrongdoing. Click here to read the visual investigation. Reporting by Alexander Dziadosz in Cairo,?Reade Levenson and David Lewis, and editing by David Clarke Brian Thevenot Sarah Cahn.
Homeplus to be revived by emergency funding from MBK Chairman
MBK Partners chairman Michael Byungju 'Kim offered a 'personal guarantee' of 200 billion won (134 mln) for a emergency financing for MBK Partners-owned supermarket chain Homeplus if its lender agreed to provide the funding needed for the retailer’s turnaround.
Homeplus' corporate restructuring proceedings were terminated by a South Korean court in early?this year after the retailer failed to secure funding to implement their restructuring plan.
Homeplus may re-enter the rehabilitation process if?lender Meritz Financial Group accepts?the proposed at a board meeting on Thursday. Media reports claim that if the retailer does not file for bankruptcy, it could happen as soon as this week.
Mertiz Financial is not available to comment after regular business hours.
Homeplus is South Korea's 2nd largest retailer, and it employs about 25,000 people.
MBK Partners, Meritz and the governing?Democratic Party are under increasing pressure to provide 'emergency funds' and devise ways to keep Homeplus running. The ruling?Democratic party is expected to hold a parliamentary inquiry?on July 27.
(source: Reuters)