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Dubai's Emirates signss preliminary agreement to add crypto to payment
Emirates' parent company announced in a Wednesday statement that the airline has reached a preliminary agreement with Crypto.com, which will enable its customers to pay through the platform's payment system. Adnan Kazim said that the partnership would be implemented next year and aimed to tap into "younger tech-savvy segments of customers who prefer digital currency", according to a statement by Adnan Kazim. In recent years, the United Arab Emirates is emerging as an important hub for crypto companies. Several have opened or are seeking to expand their businesses, and they've enabled payment via cryptocurrency in areas such as real estate, education fees, and transportation. Dubai's largest free zone, the DMCC hosts over 650 crypto companies. The city has set up the watchdog VARA to regulate the virtual asset sector in 2022. In recent years, other airlines have adopted cryptocurrency as a payment option. Air Arabia, a Dubai-listed airline, announced in May that it would accept the stablecoin AE Coin backed by UAE dirhams for bookings. (Reporting by Federico Maccioni)
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America's largest grid struggles to meet the demand from AI
America's biggest power grid is being strained by data centers and AI bots that consume more power than can be produced. In some areas of PJM Interconnection territory, which includes 13 states from Illinois to Tennessee to New Jersey, electricity bills will increase by over 20% this summer. This region has the most data centres in the world. Pennsylvania's governor has threatened to abandon the grid. The CEO announced his departure. And the chairman of PJM’s board of directors and another member of the board were voted out. The turmoil at PJM began a year ago when prices at the annual capacity auction jumped by more than 800%. The auction prices are passed on to the power bills of everyday people. Now PJM is rushing towards its next auction of capacity on Wednesday when prices could rise even more. The auction is designed to prevent blackouts. It establishes a rate that generators will agree to supply electricity at during times of extreme grid stress, which are usually the coldest and hottest days of the year. The auction's high prices should have spurred new power plant construction. However, this hasn't been done quickly enough in PJM’s region where aging power plants are continuing to retire while data center demand is exploding. PJM made things worse by delaying the auctions and pausing applications for new plants. This was according to more that a dozen experts, including power developers, energy lawyers, and regulators. In an interview, Pennsylvania Governor Josh Shapiro said: "We need speed and transparency from PJM. We also need to keep costs low for consumers with PJM." "I'm encouraged by the fact that they have taken steps in this direction. We'll continue to work on it." PJM claims that the crunch in supply and demand is largely due to factors beyond its control. These include state energy policies, which closed fossil-fuel-fired power plants too early, and the growth of data centers in "Data Center Alley", in Northern Virginia, and other burgeoning Mid-Atlantic hubs. Jeffrey Shields, PJM spokesman, said that prices will continue to rise as long as the demand for energy continues to grow faster than supply. "Right away, we need all the megawatts we can get." Shields stated that new projects with a total of 46 gigawatts – enough to power 40,000,000 homes – have been approved in the past few years. "But they are not being built due to local opposition, supply-chain backups, or financing issues which have nothing to do PJM," Shields explained. PJM lost over 5.6 gigawatts of net power in the past decade, as more plants closed than were put into service. This is according to a PJM report filed this year with regulators. PJM will add about 5 gigawatts to its power generation capacity by 2024. This is less than the smaller grids of California and Texas. Data center demand continues to grow. PJM anticipates an increase in demand of 32 gigawatts on its system by 2030. All but two of these gigawatts will come from data centers. POWER HUNGRY CHABOTS In the last few years, a convergence of events has resulted a skyrocketing rate for power capacity at PJM. PJM regulators have repeatedly delayed auctions as they considered multiple rule changes, giving developers less planning time for the construction of power plants. In 2022, PJM halted processing new applications for power plants connections, after being overloaded by more than 2,000 requests. Each of these projects required engineering studies to connect to the grid. PJM claims that its interconnection line has not caused the shortage in supply. In 2023, ChatGPT was a household brand and the demand for it exploded. The tech giants began searching the U.S. grid for available capacity, which contributed to a spike in the auction prices in 2024. Consumer advocates from Maryland and New Jersey, among other states, filed complaints to federal regulators asking for the auction to be re-done. Shapiro repeatedly threatened to remove Pennsylvania from the grid, as it is the largest electricity exporting state, and the "P", in PJM if the costs didn't come down. In June, when asked if the option of leaving PJM was still open, Governor Shapiro replied: "It's on the table." During the fallout of the scandal, PJM CEO Manu Ashthana announced that he was leaving his post by the end the year. He cited a move to Texas with his family. Asthana has not responded to any requests for comment. In May, citing fears of blackouts and the need to maintain two natural gas and oil power plants in Pennsylvania that were scheduled to retire by May, the Trump Administration ordered them to operate through the summer. DELAYS IN CONNECTION Shields stated that PJM, in response to the backlash of protests, has implemented multiple reforms. These include capping prices at 325 megawatts per day and holding auctions every 6 months instead annually. PJM has also moved to speed up the connections of 51 projects to its network, although many are expected to be online in 2030 or 2031. Constellation Energy’s Three Mile Island Nuclear Plant, now known as Crane Clean Energy Center and restarted by Microsoft, is one of them. The plant won't be ready to operate until at least 2027, even under PJM’s expedited plan. Joshua Macey is an energy expert at Yale Law School and says that PJM does not process new applications quickly enough. He said, "It is pointless to fix the interconnection queue if it hasn't been done." Reporting by Laila KEARNEY (Editing by Liz Hampton, Michael Learmonth and Michael Hampton)
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India's Travel Food Services IPO is fully subscribed at the final day of auction
The $234 million IPO of Indian airport restaurant operator Travel Food Services was pushed through by institutional investors on Wednesday, as retail investors stayed away due to concerns over U.S. Trade Deals. India's ninth largest IPO this year took place in a month where firms were expected to raise $2.4billion through initial share sales. The bids from institutions were 5,23 times more than the reserved shares. Retail bids were at 0.44 as of 2:12 pm IST. Sunny Agarwal is the head of fundamental equity analysis at SBICAPS Securities. She said that the overhang of an upcoming trade agreement with the U.S. was likely to keep risk-averse retail and non-institutional investors away from TFS's IPO. India is the third largest aviation market in the world. As disposable incomes increase, passengers spend more on food and beverages and other premium services, such as lounges. CRISIL, a ratings agency, projects that India's airport quick-service restaurant sector will grow between 17%-19% per year to reach 170 billion to 180 billion rupees in fiscal 2034. The lounge sector could even grow by up to 24% at 165 billion rupees. Travel Food Services is a joint venture of the UK's SSP Group with India's K Hospitality Corp. It operates restaurants like Jamie Oliver's Pizzeria and Krispy Kreme, and 37 lounges at 18 airports in India, Malaysia, and Hong Kong. The three-day IPO, which ends on Wednesday, is an offer to sell. Its largest shareholder, the Kapur Family Trust has sold a stake of 20 billion rupees (13.81%) at the upper end of the price range between 1,045 and 1,100 rupees. TFS allocated shares worth almost 6 billion rupees on Friday to large institutional investors, including the sovereign wealth funds ADIA & Norges.
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Shares of UK travel company Jet2 fall as global concerns and delayed bookings weigh.
Jet2, a British low-cost travel and airline company, said that it was too early to make a forecast of the fiscal year 2026 due to uncertainty in the global economy and delayed bookings. Shares fell sharply on Wednesday as a result. Bookings may be further affected by a heatwave in Europe, wildfires across France and Greece and geopolitical disruptions. Jet2 announced in a press release that bookings for summer 2025 are still being made nearer departure. The airline's summer seat capacity has been revised downwards to approximately 18.5 million seats, down from the 18,6 million originally guided in April. A majority of the 5,8 million seats available for winter 2025/2026 have yet to be sold. The shares of the company known for its low-cost flights and holiday packages fell as much as 8,4% and were trading at a 5.7% loss by 0732 GMT. The continued trend of later bookings combined with geopolitical risk and an economic environment in flux could affect consumer sentiment during the critical summer months, said Julie Palmer, partner, Begbies Traynor. Jet2 stated that customers would still be willing to travel overseas if prices were attractive and that the company was currently performing in line with expectations. Richard Hunter, Interactive Investor's head of markets, attributed part of the decline in Jet2 shares to profit-taking. Shares are up nearly 12% this year. Jet2 has reported an 11 percent increase in its annual profit, before FX revaluation or tax, to 577.7 millions pounds ($785.2) for the fiscal year ending March 31. It also increased its dividend to 16.5 pence a share. The market expects the profit to be 579 million pounds in 2026. $1 = 0.7357 pound (reporting and editing by Sumana Nady and Rachna uppal in Bengaluru)
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REFILE: How US buyers of critical mineral bypass China's Export Ban
According to records from customs and shipping, at least one Chinese company is involved in this trade. China is the largest supplier of antimony, gallium, and germanium used in semiconductors, telecommunications, and military technology. Beijing banned the export of these minerals to America on December 3, following Washington's crackdown against China's chip industry. The shift in trade flows highlights the struggle for vital minerals, and China's struggle for enforcement of its curbs. It is competing with the U.S. to achieve economic, military and technology supremacy. Trade data shows that U.S. shipments are being rerouted via third countries, a problem which Chinese officials have admitted. Three industry experts, including two executives from two U.S. firms who claimed to have obtained restricted minerals in China recently, confirmed this assessment. Customs data shows that the U.S. imported 3,834 tons of antimony oxides between December and April from Thailand and Mexico. This was almost three times more than the previous years combined. Thailand and Mexico are now the two top export destinations for Chinese antimony, according to Chinese data up until May. In 2023, which was the last year of exports before Beijing began to restrict them, neither country made it into the top 10. According to RFC Ambrian consultancy, Thailand and Mexico both have one antimony smelter. The latter was only reopened last April. According to RFC Ambrian, neither country has significant quantities of antimony. The U.S. is on track to import antimony, germanium, and gallium at the same or higher levels than before the ban. However, prices will be higher. Ram Ben Tzion is the co-founder and CEO at Publican's digital platform for vetting shipments. He said that although there were clear signs of transshipment in trade data, it was not possible to identify companies involved. He said, "It is a pattern we are seeing and it is consistent." He added that Chinese companies were "super-creative" in their efforts to bypass regulations. In May, China's Commerce Ministry stated that "unspecified" overseas entities had "colluded" with domestic lawbreakers to circumvent its export restrictions and that stopping this activity was vital to national security. It did not respond to any questions regarding the change in trade flows that occurred since December. Similar questions were not answered by the U.S. Commerce Department or Thailand's Commerce Ministry, nor Mexico's Economy Ministry. The U.S. does not prohibit American buyers from buying antimony, germanium, or gallium of Chinese origin. Chinese companies can export the minerals to other countries than the U.S. with a valid license. Levi Parker, founder and CEO of U.S. based Gallant Metals told us how he gets about 200 kg gallium per month from China. He did not name the parties because of the possible repercussions. First, agents who buy in China purchase material from the producers. He said that a shipping firm then routes the packages via another Asian nation, with re-labeling as art supplies, iron, or zinc. Parker stated that the workarounds weren't cheap or perfect. Parker said that he would love to import 500kg regularly, but that shipments of this size could attract scrutiny. Chinese logistics companies are "very cautious" about large shipments because they run the risk of being scrutinized. BRISK TRADE Thai Unipet Industries is a Thailand-based branch of Chinese antimony manufacturer Youngsun Chemicals. According to previously unreported records, the company has done a lot of business with the U.S. According to 36 bills recorded by ImportYeti, Export Genius and ImportYeti, Unipet shipped 3,366 tonnes of antimony-based products from Thailand to America between December and may. This was about 27 times more than the volume Unipet transported in the same time period last year. They do not always indicate the origin of raw materials. The records do not provide specific proof of transshipment. Thai Unipet could not be reached for a comment. A person answered when I called the number for the company listed on the shipping record. She said that the number did not belong to Unipet. No response was received when I mailed my questions to Unipet’s registered address. Youngsun Chemicals - Unipet's parent company - did not respond to any questions regarding the U.S. shipment. Unipet's U.S. shipments were purchased by Texas-based Youngsun & Essen. Before Beijing's antimony trioxide ban, Youngsun Chemicals imported the majority of its antimony from Youngsun Chemicals. Jimmy Song, the president of Youngsun & Essen, did not respond to questions regarding imports. China launched a major campaign against the smuggling and transshipment of minerals that are critical in May. Offenders may face fines or bans on exports in the future. James Hsiao of the Hong Kong-based law firm White & Case said that serious cases could also be classified as smuggling and lead to jail sentences exceeding five years. He said that Chinese laws are applicable to Chinese companies even when transactions take place overseas. Hsiao said that in cases of transshipment the Chinese authorities could prosecute sellers who failed to do enough due diligence to identify the end-user. For those willing to risk it, there are big profits to be made overseas where the shortages of gallium, antimony, and germanium have sent prices to record highs. China's antimony and Germanium exports are still lower than before the restrictions. Ben Tzion, a Beijing-based economist, says that Beijing must now ensure that its export control regime is effective. "While all of these policies are in place, the enforcement of them is a totally different scenario," said he.
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Russia launches 700 drones against Ukraine after Trump promises to send more weapons
Russia launched a record number of drones against Ukraine overnight. This came shortly after U.S. president Donald Trump announced that he would send additional defensive weapons to Kyiv, and criticised Russian President Vladimir Putin in an unusually direct manner. Ukraine's Air Force said that its air defence units had destroyed nearly all drones using electronic jamming devices, as well as other means. The attack on Ukraine, which comes after a series escalating air attacks in recent weeks, shows the need for "biting sanctions" on the sources that Russia uses to fund the war, such as those who purchase Russian oil, Ukrainian president Volodymyr Zelenskiy stated on Telegram. Trump said Tuesday that he would consider supporting a Senate bill that would impose harsh sanctions on Russia. This includes tariffs of 500% on nations who buy Russian oil and gas, as well as uranium, among other exports. "Putin throws a lot more bullsh*t at us than we deserve." Trump told a cabinet gathering that Putin is always very nice, but his words are meaningless. Trump replied, "I would not tell you." When asked by a journalist what actions he planned to take against Putin. We're going to surprise you. Separately Europe is working on new sanctions against Moscow. Trump, who returned this year to power promising to end the war in Ukraine quickly, has changed the U.S.'s rhetoric from staunchly supporting Kyiv to accepting some of Moscow’s justifications to launch a full-scale invasion in 2022. The initial talks between Russia, Ukraine and the United States have not yielded much fruit. Moscow has yet to accept a ceasefire that was proposed by Trump and accepted in Kyiv. The U.S. President's promise of more defensive weapons reversed the Pentagon decision to halt some crucial munitions to Ukraine days earlier, despite increasing Russian attacks which spread fear in Kyiv. Zelenskiy, following Trump's promise, said that he ordered on Tuesday an expansion of contact with the United States in order to ensure crucial deliveries of military supplies - primarily air defense. Keith Kellogg, Trump's Ukraine Envoy Attendance at the meeting is scheduled for Rome on Wednesday. Zelenskiy, Kyiv and its European allies attended a conference of international aid on Ukraine from July 10-11. POLAND SCRAMBLES JET Residents of Kyiv, and other major cities, spent the night in shelters for air raids such as metro stations. A part of the overnight Russian strike targeted a region in western Russia, close to NATO member Poland. Zelenskiy stated that the city of Lutsk in the north-west, about 200 km from Poland, was the primary target. He listed 10 other provinces throughout the country which also suffered damage. Polish and allies aircraft were Activated The Polish Operational Command of Polish Armed Forces said that it was committed to ensuring air safety. Regional authorities reported that although buildings were damaged, there were no fatalities or injuries in the largest airstrike of the war against Lutsk. The city has a population of around 200,000. Ihor Poleschuk, mayor of Lutsk said that a storage facility and parking structures of a local business were on fire. Ivan Rudnytskyi said that 50 Russian drones, including five missiles, were flying in the airspace of the Volyn Region, which includes Lutsk. Polishchuk stated in a video posted on social media that the attack was "the most massive enemy assault with UAVs and missiles against our city and community." (Reporting and editing by Yurii Kvalenko, Lidia Kelley and Alexandar Vaovic)
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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
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
(source: Reuters)