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Russia claims to have struck seven Ukrainian warehouses that contained drone components
Russia said on Wednesday it had struck seven 'logistics centers in Kyiv, and the surrounding area overnight that were used to store or 'distribute goods for dual-use?and drones components.? And that its forces have hit three cargo vessels in the Black Sea. Could not independently verify the claims of the ministry about the nature and quantity of goods stored at the target sites. The attacks, which Ukrainian officials said killed at least fourteen people, were part an intensifying bombing campaign against what Russia claims are targets related to Ukraine’s drone forces. Since July 18, Ukrainian drones have attacked at least 20 warehouses owned by Russia's largest e-commerce retailer Wildberries, destroying many of them. They also continue to attack Russian oil refineries. Kyiv claims it is "bringing the war to the Russian people" and attempting to increase the cost of the conflict for Moscow. The Russian Defence Ministry reported that its forces have attacked four logistic centres in Kiev, including the Nova Poshta Innovation Terminal and Logistics Centre?which is described as the largest automated sorting center for dual-use items - those with both civilian and potentially military applications. The ministry said that its forces used long-range drones and ground-launched?strike missiles. The?ministry said that Russia also struck three warehouses around Kyiv including another major Nova Poshta?sorting compound which, it claimed, stored aircraft-style drones?and components. Defence Ministry: The three cargo vessels that Russia attacked were struck south of Odesa port. The Defence Ministry claimed, without providing any evidence, that the ships were delivering military hardware and weapons to the Ukrainian military. (Reporting in Moscow; Additional reporting by Jekaterina Glubkova in Tokyo. Editing by Andrew Osborn, Mark Trevelyan and Mark Osborn)
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Israel's El Al Airlines doubles second-quarter net profit despite Iran conflict
El Al Israel Airlines announced a doubling of its second-quarter profit on Wednesday. The airline cited recovery from the initial impact of fighting between Israel & 'Iran' despite a sharp increase in jet fuel prices. On February 28, the U.S., Israel and other countries launched airstrikes on Iran. During this time Iran fired missiles towards Israel. This effectively closed Israel's commercial airspace, forcing El-Al and its rivals to fly only limited routes. The conflict was briefly ended by a ceasefire on 8 April. Israel has not been dragged back into conflict despite the fact that Iran and the U.S. continue to attack each other. El Al has a near-monopoly in Tel Aviv as many foreign airlines are yet to resume their flights. This is similar to the situation during the Gaza conflict, when El Al held a near-monopoly. Gil Feldman, Chief Financial Officer, said: "We enter the second half of this year in a strong financial position. We have a solid and liquid balance sheet." The Israeli flag carrier reported a quarterly?net loss of $132 millions, up from $66million a year ago. It said that the $55 million hit was due to the conflict with Iran. The revenue rose from $777 to $986. It has a 'backlog of orders' worth $1.4 billion, based on advance bookings. The company plans to increase seat capacity up to 10% by the third quarter. The company has returned older Boeing 777 aircraft and added two 'Boeing 737' to its fleet of short-haul aircraft. Load factor for the?airline was 90% in the second quarter. This is down from 92% one year ago. According to CFO Feldman, "Based on our current business trends, order backlog, and the continued high demand we expect continued growth."
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German Police examine suspicious object at Leipzig Airport
German police are investigating a suspicious item?found on Wednesday near a runway at Leipzig/Halle Airport after an overnight security incident which temporarily disrupted the airport's operations. A police spokesperson confirmed that the southern runway at the airport, which is a major hub for the logistics company DHL, was closed while experts examined the object with 'explosives disposal technology. Authorities also investigated?reports that an unidentified flying object?could be linked to the incident. The spokesperson stated that several aircraft, including one passenger flight, had been diverted overnight. However, operations returned to normal the next morning. German airports have been put on alert following a series of unauthorised drone 'overflights' at sites including military installations, energy terminals and seaports. The German Federal Police?warned that the overflights may have been organised by Russian agents. Russia has denied any involvement in these incidents. (Reporting and editing by Thomas Seythal, Friederike Heine)
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Maguire: Why natural gas won't disappear from the US power grid
Since years, the narrative of the energy transition has pointed towards a future that is dominated by batteries and renewables, with natural gases eventually falling into the background. The evolution of the U.S. power system, however, suggests a much more complex reality. The solar and wind power outputs are growing quickly and taking a greater share of the electricity production every year. As power demand increases, due to data centers, electrification, and new manufacturing investments, natural gas is still deeply embedded in the U.S. Grid. There are many reasons, both economic and practical: abundant domestic resources and infrastructure, unparalleled operational flexibility, and the growing demand for reliable electricity around-the-clock. They suggest that natural gases will not be able to give up their central role in the energy sector any time soon. FUEL TO BURN The first reason is that the United States has a surplus of natural gas. The shale boom transformed the United States from a major gas importer to the world's largest natural gas producer. The U.S. has massive reserves of gas in the Permian basin, Appalachia’s Marcellus and Utica Formations, the Haynesville Shale and other producing areas. These reserves provide hundreds of trillions cubic feet (technically recoverable) of gas resources, and almost 584 trillion cubic foot of proven reserves. The country's resources are so rich that production continues to be near records. This abundance is important. The United States, unlike many other countries who must import fuel supplies to generate electricity, can do so with an abundant and relatively cheap domestically-produced resource. This is a huge advantage for utilities and policymakers who are concerned with energy security. PIPELINE PRIMACY Infrastructure is another benefit of natural gas. The U.S. built an extensive system of pipelines, storage facilities, processing plants, and power stations based on gas production and consumption. Gas-fired generators are already available in the country, and there is a nationwide pipeline system that can transport fuel from regions of production to markets across the nation. The infrastructure represented trillions in investment. Although renewable energy can be built relatively quickly, replacing reliability services that the existing gas system provides would require huge additional expenditure on transmission lines and storage capacity, as well as alternative dispatchable generation technologies. Existing assets are important in energy markets. Few energy systems have assets as vast as the American natural gas network. RELIABILITY IS KEY! Gas is a good option, but it's not because of underground reserves or pipeline infrastructure. Flexibility is the key. Electric grids must maintain a balance between demand and supply. Generation must be matched with consumption every second of the day. Even though solar and wind energy are becoming more abundant and cheaper, they only generate electricity when the weather cooperates. The solar production decreases each evening. Wind production can vary dramatically over hours, days and weeks. Gas-fired plants can fill this gap. Modern gas turbines are able to ramp up output quickly when required. Gas plants are often used to cushion the grid during periods of extreme heat or cold weather, as well as unexpected supply disruptions. It is difficult to duplicate this operational flexibility at scale. Battery storage is expanding quickly and is valuable in managing fluctuations of short duration. Batteries are expensive and cannot be used for backups that last more than a day. Also, technologies to provide reliable power during extended periods with low renewable outputs are limited. Grids need electricity at all times, not just during favorable weather conditions. Demand for flexible gas is increased by the use of renewables It may seem counter-intuitive but the success of renewable energies could be one of the biggest drivers of gas demand. Grid operators are increasingly in need of resources to balance intermittent supply as solar and wind power enters the system. Evening demand can spike sharply after a daytime surplus. Long periods of cloudiness or low wind can cause large generation deficits. The greater the amount of renewable energy that is available in the system, then the more valuable it will be to have resources ready to respond quickly if the renewable output drops. Gas and renewables, from this perspective, are complementary technologies rather than direct competitors. When available, solar and wind can provide electricity at a low cost. Gas is a reliable alternative to solar and wind when they are unavailable. This partnership helps to explain why many areas continue to add renewable generation while simultaneously relying upon gas-fired capability to maintain system stability. DEMAND GROWTH CHANGES ALLTHING Gas is also likely to stay in place because the U.S. power grid is facing a challenge that it hasn't faced for years: a rapidly increasing electricity demand. After a decade or so of relatively flat consumption rates, utilities now have to scramble to accommodate data centres, artificial intelligence infrastructures, semiconductor manufacturing, industrial relocation efforts, and transportation electrification. The industry is increasingly predicting sustained growth in load through the 2030s. To meet the demand, you need a generator that can be quickly deployed and that operates at high rates of utilization. Construction timelines for nuclear projects are often long. Permitting and completing transmission projects can take many years. While large-scale storage is expensive, most U.S. power plants are several decades old and face supply chain bottlenecks. Gas plants are a familiar technology, with mature supply chains, and a long history of operation. These advantages are of great importance to utilities that face immediate reliability issues. ECONOMICS STILL MATTERS Economic arguments are also compelling. U.S. Natural Gas Prices have been relatively low for most of the last decade, thanks to shale gas production. Gas-fired plants are relatively cheap to build when compared with other alternatives, such as nuclear power generation. It is also important to note that a large part of the fleet already exists. Utilities don't need to spend money on new systems in order to continue using assets already built and connected to grid. The economic inertia suggests that natural gas will continue to be a major component for the electricity sector. This does not mean that the energy transition has stalled. In the coming decades, wind, solar and batteries will account for an increasing share of U.S. electric supply. There is a difference between a fuel that loses market share and one that becomes irrelevant. The growth of natural gas in the US power sector is no longer undisputed. Its combination of?abundant domestic supply, existing pipeline, affordability, and unmatched operational versatility gives it a claim to being indispensible that no other resource has currently. The grid of the future may be cleaner and renewable than that of today. If reliability is a non-negotiable requirement, then natural gas will remain a key component of the grid. These are the opinions of the columnist, who is also an author. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. 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DHL confirms its outlook and bolsters the buyback program after Q2's beat
DHL, the German logistics group, increased its share-buyback program by EUR 500 million ($ 577 million) and reiterated its yearly forecasts following its second quarter results that exceeded market expectations. The group announced that the program, which was launched in 2022, will now be worth up to EUR6.5billion and run until 2027. DHL's revenue for the second quarter rose by 13% from a year earlier to EUR22.4 billion. This was above analysts' expectations of EUR20.41 billion in a consensus provided by the company. The group stated that the increase in fuel prices was due to higher fuel costs and higher shipment volumes by 'DHL Express. These results show that logistics companies benefit from a volatile trading environment marked by geopolitical tensions, tariff uncertainty and shifting supply-chain routes. DHL was one of the first major European logistic companies to increase its outlook for 2026 in July. It has since been joined by peers like Hapag-Lloyd, Maersk, DSV, and Kuehne und Nagel. Rico 'Luman, senior analyst for ING in the area of logistics and 'automotive, said that the Middle East -conflict would support the direction of logistics service providers until 2026 even if a resolving is?reached this year.
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Russian strikes on Kyiv region kill 14 and damage warehouses according to responders
Emergency service officials reported that overnight, Russian strikes in Ukraine's capital of Kyiv resulted in 14 deaths, 27 injuries and damage to warehouses. The military administration reported that seven sites in the 3 million-person capital were pounded by an attack that began at midnight. In Kyiv, authorities reported that one person was killed and 24 injured. Buildings were also damaged. "There could be more people underneath the rubble," wrote Mayor Vitali Klitschko on Telegram, after rescuers rescued two people from the wreckage of a warehouse that was destroyed during the attack. Search and rescue operations continue. He added that an ambulance driver was one of the 24 injured. Four of those are still in critical condition. The Russian defence ministry announced on Wednesday that it had struck supply centers and logistic hubs in Kyiv, and the surrounding area, accusing these of being used to military purposes. Klitschko claimed that the attack caused fires to spread in storage and warehouse areas. However, initial reports that an apartment building of 20 stories was on fire proved false. He said that a large fire broke out in the city's suburbs and that debris from a missile fell next to a residential building. The Kyiv Military Administration said that the attack had caused an ammonia leaking, which emergency crews are tackling. Witnesses heard "explosions" throughout the city. Klitschko claimed that air defence units were scrambled in order to repel the attack. In the last few weeks, Russia has intensified its attacks on Kyiv. Several of these have occurred in the last?month. Ukraine has hit the logistics hub of Russian retailer Wildberries in Russia. This is one more damage it has caused recently. Could not independently verify all reports. Russia and Ukraine both deny that civilians were targeted in the conflict that was sparked by Russia's full scale invasion of Ukraine on February 20, 2022. Reporting by Jekaterina Glubkova and Ron Popeski; Editing by Sanjeev Mglani and Kate Mayberry, Clarence Fernandez
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Cathay Pacific reports its best first-half profits since 2010.
Cathay Pacific Airways announced a record-breaking first-half profit on Wednesday, as strong demand for passengers and cargo offset the higher fuel prices. Hong Kong's flagship carrier saw its net profit rise 71%, to HK$6.24billion ($795.59m), for the six-month period ended June 30. This is the second highest in the company's history. Last month, the airline forecast a profit for the first half of the year in a range?of HK$6 to HK$6.5billion. In a recent statement, Cathay Chairman Guy Bradley stated that the summer travel demand is expected to be strong into the third quarter. "We are cautiously optimistic about the rest of the year. This is subject to the Middle East situation, and other macroeconomic indicators." Cathay's revenue grew 25.3% to HK$68 Billion, and its profit margin grew from 6.7% to 9.2%. Hong Kong Airlines has been one of the most successful carriers in Middle East due to disruptions. Travellers were rerouted from Gulf hubs. However, these tailwinds have waned over recent months as Gulf carriers restored flights and began competing more aggressively for passengers. Cathay's results are impressive, but the industry is facing a difficult cost environment as a result of the Iran War. According to the International Air Transport Association, jet fuel prices will average $152 per barrel this year. This is nearly 70% above levels in 2025. Cathay reported that its jet fuel costs almost doubled from the first to the second quarter. Fuel surcharges partially offset the cost increase. Bradley stated that "we expect the impact of high?fuel prices to continue throughout the remainder of the year, and we are alert to changes in the geopolitical situation and the?market environment." Air India and rival Singapore Airlines both posted quarterly losses in the quarter ended June 30, despite record revenues. The loss was attributed to high fuel prices. ($1 = 7.8432 Hong Kong Dollars) (Reporting and editing by Jamie Freed; Reporting by Julie Zhu)
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China relaxes its controls on fuel imports for the second month in a row, according to sources
Five industry sources familiar with the matter have confirmed that China has eased its limits on refined fuel exports in August for a second time. Refiners were given temporary approval to ship 2.7 millions metric tons of fuel to destinations other than Hong Kong and Macau. Due to the short timeframe for spot sales, refiners can also rollover some of their August allowances into September. The August 'programme' is expected to be 3.6 million tonnes, including shipments to Hong Kong as well as jet fuel refuelling at Chinese airports for international flights. Estimates say that the total amount of jet fuel sold in July, including sales to Hong Kong as well as shipments to Hong Kong, could have increased by up to 2.5 million tonnes. The quotas include gasoline, diesel fuel and jet fuel. The National Development & Reform Commission (NDRC), which oversees the 'fuel quotas', did not respond immediately to a comment request. China began reducing fuel exports in March, and continued to do so through June. This was done to protect domestic fuel supplies amid disruptions caused by the Iran 'war. Reporting by Siyi Liu, Trixie YAP and Chen Aizhu. Additional reporting in Beijing by Sam Li. Editing by Muralikumar Aantharaman and Tom Hogue.
Sinograin auctions off two-thirds its soybeans to make room for US cargoes
Sinograin, China's state stockpiler, sold 67% of its 501,000 metric tons of soybeans at a second auction held in recent weeks on Wednesday. The company is trying to make space for U.S. cargoes.
Sources said that soybeans from the 2022-2025 crop sold on average at a price of 4,013.5 Yuan ($594.84) a ton. Deliveries are scheduled between October and December.
Sinograin's?previous Friday auction -- the largest since January -- sold about half?the 504,000 metric tons of imported soybeans?at a price of 4,033 Yuan per ton.
Traders have said that they expect the stockpiler state to continue auctions in the next few weeks. China is expected meet its commitment to purchase?25 millions tons of U.S. soy beans annually until 2028.
The U.S. Department?Agriculture confirmed Tuesday private sales of 132,000?U.S. The U.S. Department of Agriculture confirmed private sales of 132,000 tons of?U.S. soybeans on Tuesday.
Sources reported that the sale was made after Beijing purchased an unusually large amount of U.S. soya beans on Friday. On Monday, the?USDA confirmed a part of the deal.
(source: Reuters)