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The grid operator, the government and watchdog are all blamed in Spain's Senate investigation of blackouts
According to preliminary conclusions published on Wednesday, an investigation by the Spanish Senate has blamed?the government as well as the country's grid operator and energy monitor for the 'unprecedented' blackout last year. The upper house, which is controlled by opposition People's Party(PP), is the first to place blame for the outage on April 28, '2025 that left large areas of Spain and 'Portugal in darkness for as long as 16 hours. According to the nine-month investigation, the blackout wasn't an accident that was unforeseeable. It was caused by structural flaws that had been known for years. The blackout was a result of a vulnerability that had been known for some time. It also reflected a failure by the PP to act with diligence. The preliminary report noted that repeated voltage fluctuations in the weeks leading up to and including the blackout were evidence of the system's increasing problems. The Senate Commission held the grid operator 'Red Electrica', a Redeia unit, and the Energy Ministry primarily liable?for this outage. It also criticized energy and antitrust regulator CNMC, for what they referred to as inaction on the part of the regulator and supervisory authorities. The inquiry 'heard testimony from dozens witnesses, including Energy minister Sara Aagesen and Redeia Chair?BeatrizCorredor, as well as CNMC Head?CaniFernandez. The final report is due this week. However, no changes are expected to the preliminary findings. Reporting by Emma Pinedo, Pietro Lombardi and David Latona; editing by David Latona
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Gulf stock exchanges rise on optimism about US-Iran Peace Talks
Investors are encouraged by optimism over renewed U.S. - Iran?peace negotiations. The United States announced on Wednesday that it had completely halted all sea traffic to and from Iran despite President Donald Trump's suggestion that negotiations to end the conflict could resume this week. Trump stated that U.S. officials and Iranian officials could meet again within the next couple of days in Pakistan, while Vice President JDVance expressed his optimism about the current state of the talks, even though the discussions last weekend ended without a breakthrough. Both officials in Pakistan and Iran have also said that the talks could be restarted soon. Dubai's main stock index rose 1.7%. This was boosted by the 1.6% increase in Emaar Properties, a blue-chip developer. Air Arabia, a budget airline, has risen by 3.4%. Aldar Properties grew 1% in Abu Dhabi. Saudi Arabian?Mining Company traded 1.7% higher, while the benchmark index rose 0.4%. Saudi Aramco, the oil giant, also rose 0.2%. Brent crude futures rose 1% to $95.77 per barrel after falling nearly 5% over night to below $100. Separately the International Monetary Fund said on Tuesday that the growth in the Middle East will be sharply slowed this year due to the fallout of the Iran War. The?Qatari Index rose 0.4% led by a rise of 0.7% in the Gulf's largest lender, Qatar?National Bank. Majed al-Ansari, a spokesperson for the Gulf state, denied that there were 'any talks' with Iran about?payments aimed at halting attacks. Instead, the Gulf state said its demands had been conveyed to Pakistan and America, instead.
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Magyar, a Magyar from Hungary, will meet with MOL's leadership to discuss fuel supply
Peter Magyar, Hungary's acclaimed election winner, said that he will need to speak with the leaders of oil company MOL in order to ensure fuel security. The centre-right TISZA party (Respect and Freedom), led by Magyars, won a landslide victory at Sunday's elections. This ended the 16-year reign of nationalist Prime Minister Viktor Orban. Orban set a price cap for fuel in early March as the global prices of diesel and petrol rose due to a rise in oil prices fueled by the conflict with Iran. The government of Hungary also prohibited the export of crude, diesel and 95-octane gasoline and announced that it would release 45-days worth of fuel reserves. This was in response to a stoppage of supplies via a pipeline transporting Russian oil through Ukraine. The Hungarian Hydrocarbon Stockpiling association reported that Hungary's strategic oil reserves and oil products had fallen to 44 days net imports at the end of March from 91 days in February. The association announced on Tuesday that replenishment is 'underway' and reserves have since increased to 53 days net imports. The European Union requires that member states maintain 90 days net imports. Magyar stated that the acting government had a great responsibility to do something in the next 20-30 day's regarding the strategic oil reserve. "Everyone is hoping that the Druzhba Pipeline can restart by April's end, but even then it will take time to replenish strategic reserves." "The TISZA government must ensure that the security of supply is maintained in the coming weeks, under the outgoing administration. MOL responded to an emailed question on Tuesday by saying that the crude oil supply was unaffected as the oil was still coming through the Adriatic pipeline, even though the Druzhba Pipeline was still closed. We have reached agreements for deliveries with companies in the United States, following agreements with Libyan, Kazakhstani, Norwegian, and Saudi Arabian companies. MOL reported that the Danube Refinery was operating at a reduced capacity as a result of a fire which occurred in one of its units last October. Fuel supply in Hungary is uninterrupted. Reporting by Krisztina than and Anita Komuves, Editing by Andrew Heavens & Louise Heavens
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UAE stock exchanges rise on optimism about US-Iran Peace Talks
Early trading in the United Arab Emirates on Wednesday saw the stock markets?build on the gains of the previous session?as optimism about renewed U.S. - Iran peace talks boosts investor sentiment. Even though Donald Trump said that negotiations to end the war with Tehran could resume this week, the United States announced on Wednesday that it had halted all sea traffic to and from Iran. Trump stated that U.S. officials and Iranian officials may meet again in Pakistan within two days. Vice President JDVance expressed his optimism about the current state of talks, despite the fact that last weekend's discussions were unsuccessful. Dubai's main stock index rose 1.6%. This was boosted by a 2.7% increase in Emaar Properties, the blue-chip developer. Air Arabia, a budget airline, jumped by 3.1%. Aldar Properties grew 2.9% in Abu Dhabi. Reporting by Ateeq Sharif in Bengaluru, Editing by Neil Fullick
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Overnight, Russia launched more than 300 drones and missiles against Ukraine
Ukraine officials reported that Russia had attacked Ukraine with drones and ballistic missiles overnight, targeting port infrastructure to the south. Ukraine's airforce said that Russia launched 324 unmanned aircraft in the time period between 6 p.m. and 1500 GMT on Tuesday, as well as three ballistic missiles. The air defence units destroyed or neutralised 309 drones. However, the missiles and thirteen drones were hit in nine different locations. Oleksandr Gáncha, regional governor of the Dnipro region, confirmed on Telegram that three people were injured by a Russian drone attack overnight on the city. Ganzha posted photos of a building that had a huge hole on one side. Five people were killed and more than 30 injured in a Tuesday missile attack on the city. Ihor Taburets said that four people were treated for injuries after an overnight drone attack in Cherkasy. Ivan Fedorov said that a woman was killed early Wednesday morning in shelling of Zaporizhzhia, located in the south-east of Ukraine. Fedorov wrote on Telegram that a 74 year old saleswoman had been killed at a kiosk. The attack also damaged nearby residential buildings, a business premises, and car parks. Oleh Kiper, regional governor of Odesa, Ukraine, reported that port infrastructure in the southern region on the Black Sea was subjected to another drone attack. Damages were reported at administrative and warehouse buildings. Officials from the Kyiv area also reported an attack by drone.
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New York Times Business News - April 15, 2019
These are the most popular?stories from the New York Times business pages. These stories have not been?verified and we cannot vouch for their accuracy. Both sides reported that they had a positive discussion, although it wasn't immediately clear if a framework for peace was agreed upon. OpenAI announced that it would share its new A.I. GPT-5.4 Cyber, a?model that will be shared with hundreds of organizations before being expanded to thousands more in the next few weeks. Canadian Prime Minister Mark Carney announced that he will temporarily suspend the federal gas tax from 'early September onwards. He is the latest country to act to assist consumers who are facing rising prices at the pumps due to 'the war in Iran and disruptions to global energy markets. - 'The U.S. House of Representatives overwhelmingly passed a bipartisan aircraft safety bill. This has set up a'showdown' with the Senate where leaders have proclaimed that certain provisions are not enough to prevent midair collisions. (Compiled by Bengaluru Newsroom)
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China ordered Maersk and MSC not to operate Panama ports, according to FT.
The Financial Times reported that China has told the Danish shipping company Maersk and Swiss-based Mediterranean Shipping Company to stop operating ports on the Panama Canal. The report cited 'two people who were familiar with the discussions' as saying that Maersk and MSC Shipping received a directive from China's state planner to immediately withdraw from the Balboa and Cristobal port. Could not confirm the report immediately. Maersk Shipping, China's Foreign Ministry, and the State Planner did not respond immediately to requests for comment. The report stated that Maersk and MSC were warned not to "engaged in illegal activities which harm the interests Chinese companies and to maintain commercial ethics and international laws." Panama has granted temporary concessions of 18 months to keep the terminals operational. APM Terminals is a unit?of Maersk and TIL Panama is a?unit?of MSC. CK Hutchison is facing heavy criticism in China after announcing a plan to sell 43 ports across 23 countries in March '2025, including Balboa & Cristobal, to a group led by a family-run Italian shipping company MSC and BlackRock. (Reporting and editing by Sonia Cheema, Subhranshu Sahu, and Gnaneshwarrajan in Bengaluru)
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Reports from FT claim that Iran used a Chinese spy satellite to target US military bases.
The Financial Times reported on Wednesday that Iran had secretly purchased a Chinese spy satellite. This gave the Islamic Republic the ability to target U.S. bases in the Middle East during the recent war. According to the report, which cited leaked Iranian documents, the Islamic Revolutionary Guard Corps Aerospace Force acquired the TEE-01B satellite in 2024, after it had been launched from China. The newspaper reported that Iranian military commanders had directed the satellite to monitor major U.S. Military sites. It cited time-stamped coordinates lists, satellite imagery and orbital analyses. The images were captured in March, before and after missile and drone strikes?on these locations. Could not verify the report. Earth Eye Co, the CIA, the Pentagon, China's Ministry of Foreign Affairs and Defence, and The White House did not respond immediately to our requests for comment. According to the report, as part of the agreement, the IRGC gained access to commercial ground station operated by Emposat. Emposat is a Beijing-based 'provider of satellite data and control services with a nationwide network that extends across Asia, Latin America, and other regions. FT reported that satellite images captured on March 13-14 and 15 showed the Prince Sultan 'Air Base 'in Saudi Arabia. The U.S. president Donald Trump confirmed on March 14 that US planes had been?hit? at the base. The report states that the satellite monitored Muwaffaq Salti Air Base, in Jordan, as well as locations near the Fifth Fleet Naval Base in?Manama in Bahrain and Erbil Airport in Iraq around the time IRGC claimed attacks on facilities there. Reporting by Shivani Tana in Bengaluru, Editing by Sonali and Neil Fullick
Trump aggressively launches Latin America cartel alliance
Donald Trump, the U.S. president, welcomed Latin American leaders to Florida on Saturday, to launch a coalition against drug cartels. He also struck a dismissive note toward the region by telling officials that their countries had allowed gangs seize territory, and joked about not having time to learn their language.
Trump described the effort as "an aggressive campaign to combat drug cartels", citing them as the primary reason for increasing U.S. involvement Latin America. This included a pressure campaign on Venezuela, which culminated in January with the capture of President Nicolas Maduro. Trump said at one point that the United States would use missiles to take out cartel leaders, if their partners asked for it.
He said that Mexico was the hub of cartel activity, and predicted a major political shift in Cuba. The country is "very close to the end," he said. He repeated previous statements about Cuban officials negotiating with Secretary of State Marco Rubio and him.
A dozen leaders of Central America, South America and the Caribbean attended the "Shield of the Americas", where Trump signed the proclamation that launched the coalition.
Trump stated that "leaders in this area have allowed large swaths to land in the Western Hemisphere come under the control of transnational gangs and they have run parts of your country." "We won't let that happen."
In a speech lasting more than 30 mins, Trump touched on many other topics besides drug cartels. These included Iran, Ukraine?Pakistan, India, political endorsements by former president Jimmy Carter and Dominican sugar. He also spoke about building battleships and Treasury Secretary Scott Bessent’s "soothing personality".
Trump made jokes about the language differences between him and the majority Spanish-speaking leaders. He said, "I am not going to learn your language." "I don't want to."
Rubio, the son of Cuban immigrants who spoke briefly in both English and Spanish later, echoed Trump’s position. Secretary of Defense Pete Hegseth also spoke.
Hegseth joked, "I only speak American."
Trump joked that Kamla Persad Bisssar's name sounded similar to the former U.S. vice president Kamala Harris.
Trump has worked to create a regional coalition to fight organized crime and drug cartels more aggressively. The event on Saturday gave him the opportunity to show his strength at home, as the war against Iran escalates. This could push global oil and gas costs higher.
Trump had earlier in the day said that Iran would be "hit hard" on Sunday and that he considered expanding the areas and people targeted. He did not provide any details.
Allies of the Right Attend SUMMIT
Among the attendees were Argentine president Javier Milei and Chile's newly-elected President Jose Antonio Kast, as well as Salvadoran President 'Nayib' Bukele. His gang crackdown has been criticized by rights groups but is now a model of sorts for some parts of Latin America.
Politicians from the region toured Bukele’s sprawling "mega prison", where the United States deported over 200 Venezuelans last year without trial.
The Honduran president Nasry Asfura was also in attendance. He narrowly won an disputed 'election' with Trump's support. And Ecuador's president Daniel Noboa who has echoed some of Trump's agenda on the economy and who recently announced joint military operations with the U.S. to 'crackdown' on drug trafficking.
Many of these?leaders are in agreement with Trump's hardline views on crime and immigration, preferring crackdowns to deeper social fixes, and private enterprise over the state. Their rise is a reflection of a wider rightward shift in Latin America, at a moment when the region finds itself caught between Washington and Beijing.
CHALLENGING CHINA'S GROWING RELATIONAL INFLUENCE
Trump didn't mention China directly, but warned the United States that it would not allow "hostile influence" in the Western Hemisphere to take root, including at the Panama Canal - a major global freight route.
Washington, while not explicitly saying so, increasingly views Latin America as a strategic rivalry with Beijing.
According to Ryan Berg, of the Center for Stratégic and International Studies, China's trade in the Western Hemisphere will reach $518 billion by 2024. Beijing has also extended loans worth more than $120 million to government officials in the Western Hemisphere.
The U.S. has been concerned about China's increasing footprint, from satellite tracking in Argentina to the Chinese-backed Peruvian port and its economic support for Venezuela.
The Trump administration has responded by urging governments in the region to curtail Beijing's involvement in strategic infrastructure, such as ports, energy projects, and other strategic infrastructure. (Reporting from Nandita BOSE in Miami, Florida; David Brunnstrom, Washington, and Sarah Morland, Mexico City. Additional reporting by Simon Lewis, Washington, and Natalia Siniawski, Mexico City. Editing by Sergio Non and Himani Sarkar.
(source: Reuters)