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Sources say that Autostrade CFO Peluso will return to Telecom Italia to serve as finance chief
Two sources said on Friday that Piergiorgio Peluso will be taking over as Chief financial officer at Telecom Italia. Peluso served as TIM CFO from 2007 to 2019. People said that he will return to the former phone monopoly in the next month. TIM and Autostrade per l'Italia spokespeople declined to comment. Sources previously said that TIM was looking for a replacement to the current CFO Adrian Calaza as he will be leaving the company at the end of this year. Calaza, a Brazilian national of Argentinean descent and former CFO at TIM's Brazilian division, will take on the role of Group Finance Chief in 2022. He was responsible for the landmark deal last year to sell TIM's fixed line network to a U.S. investment group led by KKR. The goal of this deal was to reduce TIM's debts by 16.32 billion dollars. Peluso is expected to announce his return to TIM on 5 August, when TIM's Board meets to review the first-half results. One source said that he will take on the CFO position at a future date. Poste Italiane, a financial conglomerate, replaced France's Vivendi, the company's biggest shareholder, in May. Poste Italiane now holds a stake of 24.8%. $1 = 0.8580 euro (Reporting and editing by Alvise Armallini and Elaine Hardcastle).
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Greek-managed ships divert Russian oil to Africa in order to avoid Red Sea Attacks
Three oil traders and LSEG data indicate that several Greek-managed oil tankers are increasingly avoiding using the Red Sea to transport Russian oil to Asia, choosing instead the longer route through Africa due to the escalating threat of Houthi attacks. Rerouting comes after a deadly drone attack and speedboat attack on a Greek-operated, Liberian flagged bulk carrier, off Yemen earlier this month, in which four seafarers were killed. In July, the Houthi group, which is backed by Iran and has a fleet of speedboats under its control in Yemen, sank a second vessel. This ended a short period of calm. Since the Houthi began their attacks in November 2023, traffic on the Red Sea has plummeted. The group says the attacks are in solidarity with Palestinians during the Gaza conflict. Russian oil shipments have continued to flow through the area despite the fact that most Western shipowners abandoned it last year. This is due to the close relationship between Moscow and Iran, who back the Houthis. Recently, Greek shipping companies became active on the Russian Urals oil market. The price of the grade has dropped below the Western price limit of $60 per barrel. This allows them to provide insurance and transport services while still complying with the sanctions under the Group of Seven's price cap. LSEG data indicates that vessels like the Minerva Elpida (carrying a total of 300,000 metric tonnes of Russian Urals crude) and Minerva Vera (carrying a total of 200,000 metric tons of Russian Urals oil), departed late June and early in July, and are now en-route to India via Cape of Good Hope. The Greek ship managers did not respond to emails asking for their comments. Was not able determine who made the decision to alter the route. The tankers in question are part of a fleet whose sister vessels have been docked in Israeli ports since October 20, 2023. According to Norwegian marine insurer Gard, this could make them targets for Houthi force. P&I insurance is a standard feature of ship protection. It covers claims from third parties, including those involving environmental damage or injury. Ships are covered by separate hull and machine policies against physical damage. War risk insurance is necessary when entering high-risk zones such as the Red Sea. Kyklades Maritime manages the Nissos Ios a midsized Suezmax under Marshall Islands flag that can carry up to 1 million barrels. Gard provides protection and indemnity insurance. Minerva Elpida is a Greek flagged Aframax tanker capable of carrying up to 0.7 million barrels. The Minerva Vera is a Malta-flagged Suezmax. Both are managed by Minerva Marine, and insured by NorthStandard. Gard declined to comment about Red Sea security and said that it had not provided war risk insurance for the Nissos Ios. It is not known which companies insured the war risks of these three vessels. Northstandard stated that neither P&I nor war risk underwriters would provide shipowners with routing recommendations. Instead, "the decision to travel via the Cape would have been made jointly by both owners and charterers". Typically, it takes two times as long to travel via the Cape of southern Africa to Europe than to travel through the Red Sea. Since the Houthi attack, war risk premiums on Red Sea cruises have increased by more than two-thirds. This has resulted in an increase of hundreds of thousands of extra dollars for each seven-day voyage. (Reporting in MOSCOW by Jonathan Saul and Louise Heavens in LONDON)
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Russia convicts many for anti-Israel riots in Dagestan Airport two years ago
The Investigative Committee of Russia announced on Friday that 135 Russians were sentenced to long prison terms in connection with an anti-Israel mass protest held in October 2023 in the predominantly Muslim Dagestan Region. In the North Caucasus, hundreds of anti-Israel demonstrators stormed the airport of Makhachkala where a plane just arrived from Tel Aviv. The unrest was caused by Israel's conflict with the Palestinian militant group Hamas. Investigators have said that they have collected evidence against 142 individuals and finished investigations into the involvement of 139. Investigators have put the three others on Russia's most wanted list. They are believed to be those who organised the riots through posts on Telegram. The prison sentences for the 135 convicts ranged from 6 1/2 to 15 years. They were convicted of mass riots, among other crimes. Investigators have not named the individuals or revealed their plea bargain. The video footage from the time shows the protesters, mainly young men, waving Palestinian banners, destroying glass doors, and running through airport shouting, "Allahu akbar" (God Is Greater). Before the security forces were able to contain the unrest, more than 20 people had been injured. The plane was not damaged. Vladimir Putin has blamed Ukraine and the West for the unrest without providing any evidence. Kyiv denies any involvement and the United States condemns the violence.
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Incorrect speed record card caused 2024 Nepal plane crash, panel says
The report of a government-appointed panel on Friday said that a passenger plane crash in Nepal in 2013 which killed 18 people, was caused by incorrect information in the flight documents about the aircraft's speed at takeoff. In July of last year, a CRJ-200LR owned by Nepalese Saurya Airlines crashed shortly after take-off from Kathmandu, killing all 17 passengers as well as the co-pilot. Only the captain was left. The report to the government stated that the crash was due to a "deep-stall during takeoff due abnormally rapid pitch rates commanded at lower than optimal rotation speed". Expert in aviation Nagendra Prasad Gimire said the aircraft took off prematurely before it reached the required speed. The report stated that errors in a "speed card" - which provides airspeed data for specific aircraft during takeoffs, climbs and landings - went unnoticed. It also said the airline failed to deal with previous cases where the aircraft's pitch rate (the rate at the aircraft's nose rotates upwards or downwards) was high during takeoff. The report said that the operator had shown gross negligence and noncompliance throughout the entire process of handling cargo and luggage. All operators should review their speed cards, and ensure that they comply with all requirements for cargo and bag handling. The panel asked the Civil Aviation Authority of Nepal to review its procedures for approving non-scheduled flight. Babu Ram Paudel, a CAAN spokesperson, declined to comment on the report. He said he hadn't seen it. Bivechan Khanal, Saurya Airlines' operation manager, said that the airline will "do everything necessary" to implement all recommendations. The crash brought to light the low air safety standards of Nepal, a landlocked country that is heavily dependent on air travel. In 2013, the European Union banned all air carriers from Europe that were certified in Nepal, citing safety issues. (Reporting and editing by Timothy Heritage, Gopal Sharma)
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RPT-Asian spot LNG prices decline on muted demand, high inventories
The Asian spot LNG prices fell this week as a result of weaker demand, strong inventories, and buyers in South Asia finding current prices too expensive. Average LNG price for September deliveries into North-east Asia Industry sources estimate that the price per million British Thermal Units (mmBtu) was $12.30, down from $12.90/mmBtu a week ago. Prices have been on a slow decline this week because of the abundance of supply and increased inventories. Toby Copson is the chairman of Davenport Energy Partners. He added that "Demand is still relatively weak at a macro level, with hubs in the U.S. and Europe reflecting this." Martin Senior, head LNG pricing at Argus, says that coal has been able to meet the majority of cooling demand due to a heatwave across Japan and South Korea. He said that some production outages occurred, such as at Australia's Gorgon third LNG train, U.S. Elba Island Terminal and United Arab Emirates Das Island, which were undergoing maintenance. Senior said that the outages had not forced Asia to compete with other countries for cargoes from the Atlantic basin. Current prices were also too high for some price-sensitive buyers in South Asia and China. Gas prices in Europe rose slightly last week due to unplanned maintenance by Norway, but fell on Friday when the supply from Norway increased. The European Union agreed on Friday to an 18th package against Russia for its war in Ukraine. This included measures that would further damage the Russian oil industry. This package includes a ban on transactions with Russia, including those relating to the Nord Stream pipelines that run under the Baltic Sea and its financial sector. The new EU sanctions package does not alter the outlook for the European gas market. "The 2027 Russian phase-out is still in place, which is the reason why TTF market reactions were rather muted," Florence Schmit said, energy strategist at Rabobank. She said that the threat by U.S. president Donald Trump to impose 100% tariffs on countries purchasing Russian energy within 50 days did not shake the market. Schmit said that "the tariff rate and the 50-day break signalled this could be more noise than real...Russia sanctions are still an upside risk, although it is limited for now." S&P Global Commodity Insights estimated its daily North West Europe LNG Marker price benchmark (NWM) for cargoes to be delivered in September ex-ship on July 17 at $11.397/mmBtu, a $0.450/mmBtu reduction from the September futures prices at the TTF Hub. Spark Commodities rated the August price as $11.269/mmBtu. Arbitrage by the U.S. to North-East Asia via Cape of Good Hope is still pointing to Europe. Qasim Afghanistan, an analyst at Spark Commodities, says that the arbitrage via Panama also points to Europe and not Asia. Afghan said that on Friday, the LNG market in Atlantic increased to $33,750/day while Pacific rates were relatively stable at $38,250/day. (Reporting and editing by Nina Chestney; Marwa Rashad)
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Asian spot LNG prices decline on muted demand, high inventories
The Asian spot LNG prices fell this week as a result of weaker demand, strong inventories and buyers in South Asia finding current prices too expensive. Average LNG price for September deliveries into North-east Asia Industry sources estimate that the price per million British Thermal Units (mmBtu) was $12.30, down from $12.90/mmBtu a week ago. Prices have been on a slow decline this week because of the abundance of supply and increased inventories. Toby Copson is the chairman of Davenport Energy Partners. He added that "Demand is still relatively weak at a macro level, with hubs in the U.S. and Europe reflecting this." Martin Senior, Argus' head of LNG prices, says that coal has been a major part of meeting the cooling demand due to a heatwave in Japan or South Korea. He said that some production problems have occurred, including the third LNG train of Australia's Gorgon, at Elba Island in the U.S. and Das Island in United Arab Emirates, which is undergoing maintenance. Senior continued, "However the outages did not push Asia to compete with Atlantic basin (cargos), and current prices are too high for price-sensitive buyers in South Asia and China to compete on spot supply." Gas prices in Europe rose during the week due to unplanned maintenance in Norway, but fell on Friday when supply from Norway increased. The European Union agreed on Friday to an 18th set of sanctions against Russia for its war in Ukraine. These include measures that aim to deal further blows with the Russian oil industry and energy sector. This package includes a ban on transactions with Russia, including those relating to the Nord Stream pipelines that run under the Baltic Sea and its financial sector. The new EU sanctions package does not alter the outlook for the European gas market. "The 2027 Russian phase-out is still in place, which is the reason why TTF market reactions were rather muted", said Florence Schmit. Energy strategist at Rabobank. She said that the threat by U.S. president Donald Trump to impose 100% tariffs on countries purchasing Russian energy within 50 days did not shake the market. Schmit said that "the tariff rate and the 50-day break signalled this could be more noise than real...Russia sanctions are still an upside risk, although it is limited for now." S&P Global Commodity Insights estimated its daily North West Europe LNG Marker price benchmark (NWM) for cargoes to be delivered in September ex-ship on July 17 at $11.397/mmBtu, a $0.450/mmBtu reduction from the September futures prices at the TTF Hub. Spark Commodities rated the August price as $11.269/mmBtu. Arbitrage by the U.S. to North-East Asia via Cape of Good Hope is still pointing to Europe. Qasim Afghanistan, an analyst at Spark Commodities, says that the arbitrage via Panama also points to Europe and not Asia. Afghan said that on Friday, the LNG market in Atlantic increased to $33,750/day while Pacific rates were relatively stable at $38,250/day. (Reporting and editing by Nina Chestney; Marwa Rashad)
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The biggest oil and gas deals since the turn of the century
Chevron, the U.S. oil major, completed its acquisition of Hess for $53 billion on Friday after it had been negotiating with Hess. The triumphant In a landmark court battle, Exxon Mobil's larger rival won access to the largest oil discovery of recent decades. Chevron’s acquisition of Hess gives the company a 30 percent stake in Guyana’s Stabroek Block. This is one of the largest deals in the oil industry. The U.S. Federal Trade Commission has increased its scrutiny of mergers and acquisitions, especially in the shale oil industry. This includes deals involving Exxon Mobil, Diamondback Energy Occidental Petroleum, and Expand Energy, formerly called Chesapeake Energy. Here are some of the biggest deals that have taken place in the oil and gas industry since 2000: Chevron acquires Texaco for $39.5 billion and becomes one of the world's largest energy companies. ConocoPhillips is the third largest oil company in the United States. The merger of Conoco with Phillips Petroleum and the Federal Trade Commission was approved for $18 billion. Chevron has agreed to purchase California rival Unocal, for approximately $16.4 billion. This is after fighting off Italian oil company Eni and Chinese CNOOC as well as other rumored bidders. ConocoPhillips acquired Burlington Resources for $35.6 billion and gained access to lucrative positions within North American basins rich in gas. Statoil, a Norwegian energy company, buys Norsk Hydro's oil and gas assets for $30 billion. This creates a new firm called Equinor. Exxon Mobil buys XTO Energy in exchange for approximately $30 billion worth of stock. This acquisition will help to strengthen its position as a major U.S. producer of natural gas. Rosneft, the state-owned oil company of Russia, buys TNK BP from UK-based BP for $55 billion. Kinder Morgan has finalized a deal worth $21 billion to purchase El Paso Corp. This merger of the two biggest natural gas pipeline operators will result in a combined company. Kinder Morgan purchases all publicly-traded units (Kinder Morgan Energy Partners LP and Kinder Morgan Inc. with Kinder Morgan Management, El Paso Pipeline Partners), in a $70 Billion deal. Shell, then known as Royal Dutch Shell, acquires British rival BG in a $70 Billion deal. Marathon Petroleum acquires rival Andeavor at a price of $23 billion. Occidental Petroleum has acquired Anadarko Petroleum for $38 billion. ConocoPhillips acquires Concho Resources in the top 2020 shale oil deal for $9.7 Billion. Saudi Aramco has completed its purchase of 70% of the petrochemicals firm Saudi Basic Industries, for a total price tag $69.1 billion. PipeChina acquires oil and gas storage facilities and pipelines from PetroChina in a $55.9 billion deal. Aker BP, a Norwegian oil company, buys Lundin Energy from Sweden for $13.9 billion in cash and shares. This will create Norway's 2nd largest publicly listed oil company. BHP Group has agreed to sell its petroleum division to Woodside Petroleum as part of a $28 billion merger. This will create a new oil and gas company with assets for growth in Australia and America, now called Woodside Energy. Magellan Midstream Partners unitholders vote to sell the company to ONEOK, a larger competitor, for $18.8 Billion. This will create one of the largest U.S. pipeline companies. Exxon Mobil has agreed to purchase Pioneer Natural Resources for $59.5 billion in all-stock transaction. This would make Exxon Mobil the largest producer in the U.S.'s largest oilfield, and ensure a decade of low cost production. Chevron has agreed to purchase smaller rival Hess Corp for $53 billion in an all-stock transaction. This puts the company in direct competition with Exxon Mobil, in two of the fastest-growing oil basins in the world - shale gas and Guyana. Occidental Petroleum has agreed to purchase privately-held CrownRock for $12 billion in cash and stock. This is the largest deal since Anadarko Petroleum's debt-ridden acquisition in 2019. Diamondback Energy has signed an agreement with Endeavor Energy Partners to buy the privately-held rival in a cash-and stock deal worth $26 billion. The acquisition will boost Diamondback's presence in the Permian Basin. Reporting by Seher D. Dareen in Bengaluru and Sourasis B. Bose and Roshia S. Sabu. Editing by Shinjini Ganguli and Jamie Freed. Arun Koyyur, Anil D'Silva and Arun K. Koyyur.
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Oil prices increase after EU sanctions against Russia
As investors considered new European Union sanctions on Russia, crude oil futures increased and gasoil futures reached a 17-month peak. Brent crude futures rose 73 cents or 1.05% to $70.25 per barrel at 1151 GMT. U.S. West Texas Intermediate Crude Futures rose 83 cents or 1.23% to $68.37. Brent crude futures premium for low-sulphur gasoline The spread was at its highest level since February 2024, with a $3.50 increase to $27.27. This represents an almost 15% increase. The EU has agreed on an 18th package of sanctions against Russia for its war in Ukraine. This includes measures to deal further blows to Russia’s oil and energy industry. Diplomats said that the latest sanctions package would lower the G7 price cap on buying Russian crude oil from $47.6 per barrel to $47.56. EU diplomats have said that the EU will no longer import petroleum products derived from Russian crude. However, this ban does not apply to imports coming from Norway, Britain and the U.S. Kaja Kallas, the EU's chief of foreign policy, said on X the EU had designated the Rosneft refinery in India that is the largest as part the measures. UBS analyst Giovanni Staunovo stated that a ban by the EU on fuel imports made from Russian crude as well as low stocks in north-west Europe could lead to higher gasoil futures. According to Kpler, data analytics company, the EU and UK imported 196,000 barrels of refined fuel per day from India in this year. The majority was diesel, gasoline, and jet fuel. Europe imports more diesel and jet fuel from other regions than it produces. Janiv Shah, vice president for oil markets at Rystad, said that the market is concerned about the lack of diesel supplies into Europe. India was a major source of barrels. Investors considered the impact that the change in price caps and vessel designations could have on the crude market. Investors await news from the U.S. about possible new sanctions, after President Donald Trump threatened to impose sanctions on buyers who buy Russian exports until Moscow agreed to a peace agreement in 50 days. Analysts at Commerzbank said that "it is now time to wait for any major changes" in U.S. tariffs and sanctions policy. The U.S. did not support Europe's latest sanctions package. This leaves the EU with a limited ability to enforce these measures. Aldo Spangjer, analyst at BNP Paribas, said: "We expect limited impacts from the lower price caps and tanker sanctions. Landed prices for diesel could increase slightly due to greater logistics issues in getting products into Europe. But we think that enforcement challenges will limit the impact on flow." The prices could have also been supported by reports that the Iraqi federal government had not announced a resumption of Kurdish oil shipments immediately, despite its announcement on Thursday. Reporting by Robert Harvey, London; Siyi Liu, Singapore; Editing by Emelia Sithole Matarise and David Goodman
Mexican truck drivers learn English to comply with the new US language regulations
Mexican truck drivers from the border city Ciudad Juarez are studying English to comply with a President Donald Trump executive order that requires commercial drivers to be proficient in English.
To meet U.S. standards, 50 truck drivers hauling goods between Ciudad Juarez, Mexico, and El Paso in Texas attend four to eight hours a week of English classes organized by their employers, Fletes Sotelo.
Manuel Sotelo said that classes began six weeks ago and the goal was to have all drivers of the company know basic English. Sotelo also serves as the president of Ciudad Juarez's transport association.
Jose Murguia said that he felt the classes offered a wonderful opportunity, particularly in light of the recent executive order.
He said, "It is important to be able to speak the language at least to the extent that it is necessary to our work which involves transporting goods into El Paso."
The English proficiency standard for truckers is a long-standing U.S. Law. However, Trump's April executive order reversed the 2016 guidance to inspectors that they not remove commercial drivers from service if all their violations were due to a lack of English.
The executive order was issued in March, shortly after Trump's order mandating English to be the official language of United States.
This executive order was criticized for being discriminatory, since millions of Americans do not speak English or other languages.
(source: Reuters)