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Zelenskiy urges the US to send Patriots after Russia attacks Ukrainian port along the Danube
Authorities said that overnight Russia attacked Ukraine's largest Danube-bound grain port, causing damage and a fire. This was after President Volodymyr Zelenskiy stated that Ukraine needed more U.S. air defence missiles in order to survive the winter. Izmail is a port in southern Odesa near the Romanian border that handles the export of Ukrainian grain, among other commodities. Izmail Regional State Administration said on Telegram that the strikes damaged port infrastructure and knocked out power in southeast of the city. The attack came a day after Ukraine struck Novorossiysk - a major grain shipping hub in Russia's Black Sea region. Romania, which is a member of NATO and EU, has scrambled its two fighter jets. Its defence ministry announced on X that an aerial target had spent around 10 minutes in the national airspace, before departing for Ukraine. Oleksandr P. Pertsovskyi is the CEO of the Ukrainian Railways. He said that a Russian drone also hit a passenger car in Odesa, killing both the driver and the assistant. Zelenskiy, late on Wednesday night, told CNN that Ukraine needed at least 5% the U.S. Patriot interceptor missile stockpile to stop the escalating Russian ballistic missile attack. Kyiv is seeking to buy more PAC-3s - the newest Patriot missile that can shoot down Russian ballistic missiles. After the war against Iran, Patriot missiles were no longer delivered to Ukraine. Zelensky stated in the interview that a 10% portion of the Patriot missiles currently held by the U.S. would be sufficient to stop all Russian ballistic attacks. "Sell us 5 percent, and we'll get through winter. We will save lives. We will destroy the Russian ballistic missiles if they sell us just 10%. "I have 1%", he said to CNN. Ballistic missiles, with their high speed and steep trajectory are harder to intercept than drones or cruise missiles. Yuriy ihnat, a spokesman for the Ukrainian air force, said that in July Russia fired over 450 different missiles, of which more than half were 'ballistic. He also said that the Russian air force will stop announcing figures daily on ballistic missiles downed or suppressed, and instead present them once a month. Reporting by Jekaterina Glubkova and Aleksandar Vasovic in Tokyo; Editing by Jacqueline Wong Clarence Fernandez William Maclean
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Ukraine searches for alternative routes to grain exports as they plunge
Ukraine will ship more grain via the?Danube River and neighbouring countries in?eastern Europe after a Russian?blockade? of key Black Sea ports caused exports to plummet 76% year-onyear so far this August, said the state railway operator on Thursday. Ukrzaliznytsia reported that grain exports have reached 201,700 tons this month. In a recent report, it stated that "the pace of export shipments has been extremely low due to the blockade at seaports." Since the end of December, Russian attacks on Ukrainian Black Sea export terminals, vessels and ports have effectively stopped shipments. Ukrzaliznytsia stated that export cargo is being redirected towards Danube River ports?and rail crosses with Poland, Hungary Slovakia and Romania. Since the beginning of August, the volume of goods shipped to Danube port has increased 11 times compared to July, and volumes sent to countries in eastern Europe have increased by 81% to 126,000 tons. Volumes Remain Low Valeriy?Tkachev (Deputy head of Ukrzaliznytsia’s Commercial Department) told traders in an online meeting that the exports to European countries were still low, but could grow significantly. In 2022 and 2023 the Ukraine was also faced with a similar Russian port blockade in Odesa, but export routes via neighbouring European countries kept grain exports flowing. Tkachev stated that during peak months, up to 650 grain wagons would cross Ukraine's western border each day. This compares with an average 140 wagons a day in August. The majority of wagons were bound for Romania and Poland. READY FOR DANUBE EXPORTS TO INCREASE Tkachev stated that exports through?Danube port could also increase, but are currently limited by low water levels. Tkachev stated that there is a lack of pilots and captains. He added, "If ships arrived more regularly, we would be able handle more cargo." He said that frequent air-raid warnings that stop?operations also affected exports. Tkachev said that there were?15 alerts for air raids Tuesday, which lasted a total of 11 hours. In recent months, Russia has increased drone attacks against Danube port. Overnight, Izmail Port was targeted. Reporting by Pavel Polityuk. Mark Potter (Editing)
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European shares edge up as lower crude offsets the geopolitical uncertainty
European shares edged higher on Thursday, as falling oil prices shifted investor attention to weaker demand. Meanwhile,?U.S. - Iran?peace talks remained stagnant and shipping through the Strait of Hormuz continued to be disrupted. By 0830 GMT, the pan-European STOXX 600 index was up 0.2% to 660.57. The benchmark fell from its record highs of the previous session. The FTSE 100 index fell by 0.3% in Britain despite an unexpected expansion of the UK economy in June. This provides some reassurance about the outlook for domestic growth. Danni Hewson is the head of financial analyses at AJ Bell. She said that June could be "the last sweet spot" for the UK's economy in this year. She warned that uncertainty about the Iran war, energy costs and possible budget measures may weigh on business confidence. The U.S. inflation data released on Tuesday broadly met expectations, which eased concerns about a possible Federal Reserve rate increase in the near future. Still, the mood in Europe was subdued. There were few signs of progress in the talks about the blocked Strait of Hormuz or a U.S. Iran peace agreement. The real issue is how to price in what's happening in the Middle East. David Morrison is a senior analyst at Trade Nation and he said that the market has been pricing in the war's imminent end month after month. Iran and the United States are still at odds over the efforts to reach a permanent agreement to end the Gulf War, according to an Iranian senior source. She said that there has been no progress made in the talks to revive the interim deal reached in June, and to define a timeline for its implementation. The oil prices dropped on Thursday as forecasters reduced their expectations for global demand in this year. They cited the "broader economic fallout" from the Middle East conflict. Energy stocks in Europe fell 0.7% while travel and leisure stocks gained 0.6% due to lower fuel costs. Basic resources, which includes precious metals and industrial metals, fell 2.9%, despite a 1.2% increase in the banking sector. Maersk, among other earnings-driven movements, rose 4.6% as the Danish shipping company?smashed its profit forecasts and increased its full-year earning guidance for the second time this season due to the Middle East conflict. Adyen, the Dutch payments firm, which has clients such as Spotify and Microsoft, was one of the top gainers in the STOXX 600 index, rising 12.2%. Swissquote fell 10.7% and landed at the bottom of benchmark index after it missed its first-half targets due to low cryptocurrency income. Reporting by Tharuniyaa lakshmi in Bengalur and Ragini mathur; editing by Mrigank dhaniwala
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Why India's Tata sons faces pressure to list
Tata Sons chairman N. Chandrasekaran, who has been at the helm for?nearly 10 years, is about to retire. This will intensify focus on succession as well as a possible stock market listing. The change at 'Tata Sons', the holding company for 31 group companies, including Tata Consultancy Services and Tata Motors as well as Tata Steel, Tata Steel, and Air India has also raised questions about the power balance between the?board of directors and the charitable trusts who control the conglomerate. Tata Sons has remained unlisted until now. The pressure to list this year has increased from various stakeholders, including the second largest shareholder, Shapoorji Pallonji Group. What is the structure of TATA Group? Tata Sons, the 108-year old salt-to steel conglomerate, is unique in its structure. A group of philanthropic organizations collectively known as Tata Trusts holds 66% of Tata Sons. SP Group, a construction and infrastructure conglomerate with a lot of debt, holds 18.4%. Tata Trusts consists of 13 entities. Seven of these directly own shares in Tata Sons. Tata Trusts is composed of six trustees from each of these entities. Noel Tata is the current Chairman of Tata Trusts, and a Director on the Tata Sons Board. Who wants TATA Sons to be listed? There is pressure from many quarters to list the company. In media interviews, at least two Tata trustees, Venu Srinivasan, and Vijay Singh, have supported the listing of Tata Sons. They said that expansion, particularly into new areas such as semiconductors, would require large amounts capital, which cannot be generated locally. SP Group is seeking a listing to be able to monetise its holdings, which are not freely transferable under the current structure. SP Group, however, is not among the trustees. The main pressure comes from the Reserve Bank of India's rules, which require large non-bank lending institutions with assets above certain thresholds or public funds to be listed. What are the RBI rules and why do they apply to TATA Sons? Tata Sons, as the holding company for a variety of businesses, is classified by the RBI as a core investing company that requires enhanced supervision. According to revised rules released last month, companies with assets greater than 1 trillion rupees (10.45 billion dollars) or those who have direct or indirect access public funds must list. Tata Sons assets alone stood at 1,75 trillion rupees as of March 2025. HAS RBI clarified its position? The RBI has not made a public statement about the new rules, despite the fact that analysts and legal experts claim they make it more difficult for Tata Sons' to remain private. The RBI retained Tata Sons as needing enhanced regulatory oversight last week, but said that it did not affect its pending application to give up its non-banking financing licence. This leaves uncertainty about whether the company will have to list its shares. It is unclear whether the company's efforts to avoid listing will be enough. Who is opposing 'THE Listing? Noel Tata may not have made public comments but, according to reports, he privately opposed the conversion of Tata Sons to a listed company. He and other trustees were reported to have unanimously opposed listing in 2013 and asked Tata Sons' chairman to speak with "the RBI". What will happen at the Shareholders Meeting next week? Tata Sons shareholders are expected to gather on August 18 and the main agenda item is to find a successor to the current chairman before he leaves office in 2019. The controlling trusts announced on Thursday they were forming a committee that would recommend a new chairperson. One?item to consider is how Tata Sons navigates the RBI rules and their implications on a possible listing, and provides an exit for cash starved 'SP Group. Other items include a greater representation of Tata Trusts on the Tata Sons Board, as well as a review the performance of Tata Sons. The market is closely watching the shareholders' meeting, the first one since Chandra announced he would resign and the RBI revealed publicly the company's request to deregister as non-banking financial company.
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Ambrey involved in the salvage of stricken Caroline Bezengi, off Omani Coast
The British maritime security firm Ambrey announced on Thursday that it was involved in the salvage of the Caroline 'Bezengi', a tanker which had been damaged off the coast of Omani. Salvage vessels were en route to assist the operation. The Caroline Bezengi, a tanker carrying approximately 800,000 barrels Russian oil, and subject to international sanctions, ran on the ground?on 30th June near an Omani marine reserve which is home to wildlife such as Arabian Sea Humpback Whales and Socotra Cormorants. Ambrey stated that it was working with Oman stakeholders and had contracted a top international oil spill response firm. Ed Wollaston said, "This is a very challenging situation,?compounded by adverse weather conditions?associated with the Khareef Monsoon". The Khareef is an annual event that occurs in Oman's Dhofar Region. It is triggered by the Indian Ocean Monsoon Winds, which fill the region with mist and cool drizzles. Oman's Environment Agency said on Wednesday a massive oil spill caused by a leaking tanker was beginning to reach the coastline of the country. It 'threatens to become one of the worst oil spills in recent years' after spreading unchecked over weeks. The tanker first reported problems off Yemen on June 8, after what maritime sources described as a blast. No party has claimed responsibility for the alleged attack. It is believed that the tanker navigated two different wars during its journey from Russia and India. Reporting by Jonathan Saul, Writing by Tala RAMADAN; Editing and proofreading by Mark Potter and Emelia SIthole-Matarise
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Maersk Q2 profits surpass forecasts and raise outlook for the second time in this year
Maersk, the Danish shipping company, smashed its profit forecasts on Thursday and increased its earnings guidance for full-year this year for a second consecutive time as the Middle East conflict pushed up freight rates. Maersk’s profit before interest taxes, depreciation, and amortisation for April to June was $3.0 billion. This is up from $2.30bn a year earlier. Maersk is a bellwether of global trade due to its position as the second largest container shipper in the world. In June, it raised its outlook based on strong demand in Asia and predicted a global container market increase of?around 4 percent this year. The company now expects an EBITDA underlying of between $10 billion and $12 billion. This is up from $8 billion to 10 billion previously. It also expects an operating profit underlying between $4.5 billion to $6.5 billion. Shipping giants have seen a rise in profits due to turbulence that has pushed up the freight rates in the global market. This includes the U.S./Iran War, which caused disruptions in traffic through the Strait of Hormuz and the Houthi attacks on the Red Sea. Analysts have warned that the recent strength of the freight market masks greater?risks in the future, and any normalisation of Red Sea trade would significantly lower freight rates. Most shippers abandoned the Asia-Europe trade route through 'the Suez Canal' earlier this decade after Houthi attacks in Yemen's Red Sea forced ships to sail around Africa’s Cape of Good Hope. As a result of the longer trips around Africa, shipping rates increased, and freight became more expensive. However, Maersk, Hapag-Lloyd, have announced in recent months that they will resume some services via the Suez Canal, as part a gradual return.
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Maguire: The boom in renewable energy in Europe is causing a fall-off of gas demand.
In recent years, the question that has defined Europe's energy history is whether it has enough gas. This question is becoming outdated. After the Russian invasion of Ukraine, traders, policymakers and utilities became focused on storage levels, LNG cargo arrivals, and winter weather forecasts. Gas inventories were the main measure of Europe's security in terms of energy. A new trend is emerging in Europe's power system, which suggests that Europe may be increasingly asking the wrong question. It is not a question of whether Europe has enough gas. It is not a question of whether Europe needs as much gas now as it did in the past. The combined electricity generated by Europe's solar and wind farms will surpass the output of gas-fired plants in 2026 for the first time ever. This may seem like another milestone in the clean energy industry. It could be a sign of a major structural change in the European gas market. RENEWABLES ARE NOW THE CENTRE OF ATTENTION Gas used to generate more electricity than the combined output of Europe's wind- and solar-powered fleet. Data from the energy think tank Ember show that in 2016, solar and wind combined monthly output generally hovered around 30 to 45 terawatt-hours (TWh), whereas gas-fired production often exceeded 100TWh. Today, the gap is gone. Solar and wind combined output has increased to 80-110 Terawatt Hours per month, while gas-fired power generation has been steadily losing ground. Renewable generation has matched or even exceeded gas output in many areas of 2025 and beyond. This is not just the result of good weather. Over the last quarter-century, Europe's gas-fired power generation capacity has only grown modestly from 250 gigawatts up to 400 GW. Over the same time period, wind and solar capacity has risen from 20 GW up to almost 750 GW. In Europe, wind and solar power is now installed at nearly double the rate of gas-fired power. That distinction matters. Weather can explain temporary shifts in generation. The changes in the footprints of generation fleets drive structural shifts. Europe has been steadily building a power system based on renewable resources, rather than fossil fuels, for the past two decades. After a sufficient amount of renewable capacity has been?installed?, the decline in fossil generation is no longer a policy goal but a?mathematical consequence. The data suggests that Europe has crossed this threshold. Fewer months of gas burning Even more interesting are seasonal generation statistics. Gas has historically been the mainstay of Europe's energy system. Demand peaks in winter, but falls in spring and summer. Now wind and solar are increasingly dominating the April-through-October period. By 2026, the renewable energy sector will have reached new highs and coal and gas production will be at multi-year lows. As renewables provide a greater share of electricity, the traditional gas-burning season is getting shorter. This could be a game changer for the gas market. Each month, the use of renewable energy reduces gas demand and lowers imports of gas. The?HIDDEN STOCKAGE STORY Gas inventories may have the most significant impact. Storage has been a crucial insurance policy in Europe since 2022 against disruptions of supply and seasonal demand spikes. If the power sector gas demand continues to shrink, Europe might not need as much gas in storage during summer or as little gas withdrawn during winter. Storage will remain important during periods of cold weather and low renewable energy output. As wind and solar power continue to replace gas, the continent may also need less gas. The debate is now "How much gas does Europe actually need?" instead of "Does Europe currently have enough gas?" This?changes the debate from "Does Europe have enough gas?" BRIDGE FUEL NOT MORE? The trend is reinforced by the broader historical context. Natural gas replaced coal as the main fuel in Europe's energy sector from the 1990s. Renewables now pose a similar threat to gas. Policymakers have described gas for years as a fuel that bridges the gap between coal and renewable energy. The power system in Europe is increasingly looking like it's approaching the other side of this bridge. Europe does not just produce cleaner electricity with each new wind farm or solar park. It is steadily decreasing the amount of natural gas that it must import, store and burn. For a continent who spent years worrying about whether they would have enough fuel to make it through the winter, the ability to use less gas in the first instance may be the most significant energy development. 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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India's HPCL purchases 4 million barrels Middle Eastern crude oil, traders claim
Multiple trade sources confirmed that 'Indian state-run refiner Hindustan Petroleum Corp. bought 4 million barrels of Middle Eastern crude in a spot auction on Thursday. They said that the refiner bought 2 million?barrels? of Murban crude? from BP and another?1million barrels? of Murban?from PetroChina, as well as 1 million barrels?of Oman crude?from Trafigura. Both grades are?loaded from outside of the Strait of Hormuz. Two of the people said that Murban's delivered price was $7 per barrel higher than Brent's contract date, and Oman's delivered price was $4 to $5 per barrel. Arrival of the oil is expected to be around October 1. The 'companies usually do not comment on commercial transactions. Reporting by Siyi Liu in Singapore, 'Nidhi verma' in New Delhi and Seher Dareen from London. Editing by Jamie Freed.
European shares edge up as lower crude offsets the geopolitical uncertainty
European shares edged higher on Thursday, as oil prices dropped, shifting the focus to demand concerns. Meanwhile, U.S. - Iran peace efforts remain stalled, and disruptions in the Strait of Hormuz persist.
By 0714 GMT, the pan-European STOXX 600 index was up 0.2% to 660.49. The benchmark STOXX 600 fell from its record highs of the previous session.
Britain's FTSE 100 dropped?0.3% despite data showing that the UK economy expanded unexpectedly in June.
The U.S. data on inflation came in broadly line with expectations, which eased concerns about renewed price pressures as well as the prospect of more Federal Reserve rate increases.
Still, the mood in Europe was subdued. There were few signs of progress in the talks about the blocked Strait of Hormuz, and an agreement between Iran and America.
Oil prices fell on Thursday after forecasters lowered their expectations for global demand this year. They cited the larger fallout of the Middle East conflict.
The energy sector in Europe has remained largely unchanged.
Travel and leisure stocks rose 0.6%, as the outlook for fuel prices improved with lower oil prices.
The banking sector led the way with a 0.9% increase.
The European earnings season is?entering the final stretch with only a few companies remaining to report.
Maersk shares rose 8.3% as the Danish shipping company smashed its?profit expectations and increased?its full year earnings guidance for the?second time in this year, due to the Middle East conflict. (Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Mrigank Dhaniwala)
(source: Reuters)