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Mayor of Moscow: Russian air defences shot down four drones heading for Moscow
The mayor of Moscow said that Russian air defences destroyed four Ukrainian drones heading for Moscow on Saturday. One of the main airports in the capital temporarily stopped outgoing flights. The mayor, Sergei Sobyanin, said that emergency services are working on the site of the drones which have fallen but did not give any information about potential damage. The Defence Ministry reported that 94 drones were destroyed in the air over Russia on Saturday night, and another 45 between 8am MSK (0400 GMT), and 1350 MSK. The Rosaviatsia Aviation Authority in Russia said that Saturday, the outgoing flights from Sheremetyevo Airport were temporarily suspended before being lifted. They cited "restrictions" on the airspace of Moscow as well as high winds. Rosaviatsia reported that incoming and departing flights were temporarily halted at airports across Russia, including Pulkovo Airport in St Petersburg, due to safety concerns. (Reporting and editing by Lucy Papachristou)
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Liverpool players carry red wreaths to Diego Jota funeral
Diogo Jota, a soccer star from Liverpool, died along with his brother, in a car accident on Thursday. On Saturday, his Liverpool teammates, as well as local residents, attended the funeral in a small Portuguese village. Liverpool's captain Virgil Van Dijk and goalkeeper Caoimhin Kelleher, as well as manager Arne slot, were all present and past teammates who attended the Gondomar service for Andre Silva and the striker. The English Premier League players carried into the chapel two floral tributes, one in the form of a shirt and the other in the colour red. Jota's shirt, worn by Van Dijk, has the number 20 in white flowers. One wore the number 30 worn by Jota, whose brother played in Portugal's 2nd division for FC Penafiel. The teammates entered the church silently, dressed in black with their heads down. The only sound that could be heard was the applause of the crowd. Rute Cardoso arrived with her family. She had married her childhood sweetheart Jota just weeks before the tragic accident. Jota was surrounded by hundreds of Gondomar residents, a small village in northern Portugal, where she grew up. Manuel Linda, Bishop of Porto presided over the private service for close family members and friends. Linda's emotional homily to Jota, his parents, his wife, and their three children said that "solidarity of love is stronger than death". The service was also attended by teammates of the Portuguese national squad, including Bernardo Silva, Bruno Fernandes and both who play in the English Premier League. Jota’s death, at age 28, sent shockwaves through the soccer world and beyond. Condolences poured in from leaders across the country as well as the entire sport. After midnight on Thursday, the brothers' Lamborghini was believed to have veered from the road as they drove to a ferry to Britain. The police suspected that a tyre burst. Reporting by Graham Keeley & Sergio Gonclaves. Mark Potter edited the story.
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Japan braces for more quakes, authorities dismiss doomsday hype
The Japanese government warned on Saturday of the possibility of further strong earthquakes occurring in waters southwest from its main islands. However, it urged people not to be misled by unfounded predictions. Authorities evacuated residents on Friday from islands near the epicenter of a 5.5 magnitude quake that struck off the tip the southernmost island of Kyushu. The quake that occurred on Thursday was strong enough to make it difficult to stand. It was one of over 1,000 tremors that have been recorded in Kagoshima Prefecture islands in the last two weeks. This has fueled rumours that were sparked by a comic-book prediction of a disaster that would strike the country in this month. Ayataka Aybita, Director of the Japan Meteorological Agency’s earthquake and tsunami monitor division, said that it was difficult to predict an earthquake's exact location, time or magnitude with the current scientific knowledge. Ebita said at a press briefing that "we ask people to base their understandings on scientific evidence". Some travellers have avoided Japan because of the manga. The manga has been interpreted by some as a prediction of a catastrophe on Saturday. The latest data shows that arrivals from Hong Kong - where the rumours are widely spread - were down 11% from last May. This year, Japan saw record numbers of visitors. April's record-breaking monthly number of 3.9 millions travellers was a record. Ryo Tatsuki is the artist of the manga "The Future I Saw", which was first published in 1999, and then re-released 2021. In a press release issued by her publisher, she said that she "was not a prophet". Japan is one of the most seismically active countries in the world. About one-fifth (or more) of all earthquakes with a magnitude of 6 or higher occur in Japan. (Reporting and editing by William Mallard in Tokyo, with Tim Kelly reporting from Tokyo)
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CANADA-CRUDE-Discount on Western Canada Select unchanged
On Friday, the discount between West Texas Intermediate and Western Canada Select futures remained unchanged. WCS for August in Hardisty (Alberta) settled at $10.30 per barrel below the U.S. benchmark WTI according to brokerage CalRock. The price was flat compared to Thursday's trading. Due to the U.S. Independence Day holiday, trading volumes were low. Independence Day is a holiday in the United States. The summer and the return to road construction season is a strong season for Canadian heavy crude. This crude is used by U.S. refiners to make asphalt. * The WCS Discount has increased slightly since last week, when wildfires in Canada’s oil-producing areas led to temporary tightening. The price of Canadian crude oil remains historically high, partly due to the Trans Mountain Pipeline expansion that increased the country's ability to export oil to Asian markets. The global oil futures market fell slightly on Friday due to low trading volume, as traders awaited the OPEC+ meeting this weekend and anticipated that the member countries would decide to increase their output. Amanda Stephenson reports from Calgary.
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French President Macron announces 'historic' Airbus/Malaysia Airlines deal
French President Emmanuel Macron announced on Friday that Airbus and Malaysia had signed a historic agreement, while Macron was hosting Malaysian Prime Minister Anwar Ibrahim in Paris. Macron said that such deals showed the importance of trade between France, Asia and Europe as Europe prepares to face possible tariffs by U.S. President Donald Trump. "I think of the projects that have been signed in key minerals, rare earths, with Carester, which just opened a new factory in Lacq region, transport, with this historic collaboration between Malaysia Airlines, and Airbus and the energy sector," said Macron. This week, industry sources reported that Airbus is close to winning a Malaysia Aviation Group order for additional A330neo long haul jets. Airbus was our main focus. "AirAsia has another 50, and Malaysian Airlines 20," said Ibrahim. (Reporting and editing by Jean-Stephane Brosse)
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US Air Force suspends SpaceX project on Pacific atoll report says
According to an article published this week by Stars and Stripes (an independent publication of the U.S. Military), the U.S. Air Force suspended plans to test hypersonic cargo deliveries using a remote Pacific island. The suspension was a result of reports that biologists and other experts claimed that the project could harm seabirds nesting at the Johnston Atoll Wildlife Refuge, an unincorporated U.S. Territory located nearly 1,300 km southwest of Hawaii. Air Force said that it would conduct an environmental assessment on the project. However, publication of a draft report was delayed due to opposition from environmental groups. SpaceX and the Air Force did not immediately reply to comments. A spokesperson for the Air Force told Stars and Stripes that the Air Force was looking at alternative locations to host the program. The story appeared in the newspaper on Thursday. Although the Air Force hasn't announced any private partners, it is likely that commercial rockets such as those manufactured by SpaceX will be used in this program. The program would test rocket landing reentry vehicles that could deliver 100 tons of cargo anywhere on Earth in 90 minutes. This program would revolutionize military logistics, making it possible to quickly move supplies into remote locations. The 14 tropical bird species on the atoll could not withstand the pressure, say biologists and other experts who worked there. It is part of the Pacific Remote Islands Marine National Monument. SpaceX has affected birds in other protected areas. SpaceX's Starship rocket was launched in Boca Chica in Texas last year. The blast caused the destruction of nests and eggs by plover shorebirds. Musk, the billionaire, ended up in legal trouble for his company and joked that he wouldn't eat omelets in Boca Chica for a whole week as compensation. (Reporting from Washington by Valerie Volcovici, Timothy Gardner and Matthew Lewis. Editing by Matthew Lewis.)
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Kyiv blames Russian attack for power cut at Ukraine's Zaporizhzhia Nuclear Power Plant
The U.N. nuclear watchdog reported that all external power lines supplying Zaporizhzhia Nuclear Power Plant, which is occupied by Russia, were down Friday. Ukraine blamed Russian artillery for the destruction of the last powerline. The International Atomic Energy Agency reported that Europe's largest nuclear power plant is now running on diesel generators. It has not been operating, but it still needs power to cool its nuclear fuel. IAEA warned repeatedly of the danger of a catastrophic incident at Zaporizhzhia. This is a city located near the frontline of the Ukraine war. The six reactors have been shut down but the nuclear fuel still needs cooling, and this requires constant power. IAEA reported on X that "Ukraine’s ZNPP has lost all offsite power today at 17:36, the 9th time in military conflict and the first since late 2023." The ZNPP relies on its emergency diesel generators to provide power, highlighting the extremely precarious situation in nuclear safety. German Galuschenko wrote on Telegram, Ukraine's Energy Minister, that a Russian strike cut off the plant. "The enemy has struck the powerline connecting the temporarily occupied nuclear plant (Zaporizhzhia) with the integrated energy system of Ukraine." The IAEA and the Russian management of the plant did not initially give a reason for the shutdown. "The reason for the disconnect is being clarified. The station's equipment is safe and under staff control. The management installed in Russia said that no violations of safety conditions had been observed. Reporting by Francois Murph, Ronald Popeski and Peter Graff.
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Minister says Canada is waiting for private sector action on Pacific crude oil pipeline
Tim Hodgson, Canada's Minister of Natural Resources, said that the federal government had not received any private sector proposals to build a crude pipeline from the Canadian interior to the Pacific Coast. Hodgson stated in an interview with Calgary that the federal government has begun "concrete talks" with different proponents for projects that may be approved under the new legislation passed by the Canadian Senate at the end of June. The bill aims to accelerate approval of natural resource and infrastructure project, as part of Prime Minister Mark Carney's campaign promise to transform Canada’s economy against U.S. Tariffs. Hodgson refused to divulge specifics on the ongoing discussions, stating that the government had done its part in providing project proponents with the clarity they needed to invest. He said, "Now the private sector is responsible for making those decisions." Alberta Premier Danielle Smith stated in June that the province was working on presenting the federal government a proposal and route for an upcoming new crude oil pipeline from Alberta to Port of Prince Rupert, British Columbia. Smith stated that the pipeline will be constructed in conjunction with the Pathways Alliance project for carbon capture and storage. Canada has been trying to diversify its oil exports in order to become less dependent on the United States. However, it has had difficulty finding private companies that are willing to build a pipe. Hodgson said Friday that, if a tidewater pipeline is to be built, it will be in conjunction with the Pathways Project, which was proposed by an oil sands consortium to reduce emissions within Canada's energy industry. The project could cost anywhere between C$10 billion and C$20billion to build. In recent years, the major Canadian oil pipelines faced regulatory delays and legal challenges that led to the cancellation of some projects, and spiraling costs in others. Enbridge, Canada's largest pipe-line company, stated in an email statement sent last week that it would require significant changes to provincial and federal legislation -- including changes to Canada's industrial carbon policies -- before considering a new pipeline. Hodgson refused to comment on whether the government might consider modifying or eliminating certain environmental and regulatory policies to encourage a proposed pipeline. (Reporting from Amanda Stephenson, Calgary; Editing and proofreading by Daniel Wallis.)
-Ancora demands U.S. Steel Board records and escalates proxy battle
Ancora Holdings, an activist investor, is requesting access to documents from U.S. Steel. This includes board minutes and financial documents. The letter was seen by, which reveals that the investor has intensified its campaign to replace certain board members of U.S. Steel as well as its chief executive. Ancora launched a boardroom battle against U.S. Steel last month, as the iconic American firm fought in court to save a planned merger between Japan's Nippon Steel. The company wants the U.S. Court of Appeals overturn the order of former U.S. president Joe Biden that blocked the merger citing national-security concerns. U.S. Steel said that it would have to lay off workers and close factories if the deal was canceled.
Ancora’s decision to issue a “books and records” request demonstrates how the activist uses one of the available legal tools to win a potentially bitter battle in the boardroom.
Ancora sent Megan Bombick Associate General Counsel Securities & Corporate Secretary, U.S. Steel, a letter in which it said that U.S. Steel should investigate "potential wrongdoing" relating to "the futile (lawsuit of) the company and "the unusual (trading plan) of the CEO (David Burritt).
Ancora, according to the letter is seeking information to determine if the board violated their fiduciary duty by filing the suit and whether Burritt “tried to trade on material information that was not public.” U.S. Steel described Ancora's letter as a "distraction" that repeated its baseless allegations. A representative of the company said that the board has "been and remains unwavering" in its commitment to act in the best interest of all stakeholders including stockholders. U.S. Steel would review the request and respond "in accordance with applicable law and regulations."
Investor currently holds less than 1% of U.S. Steel, which is approximately 500,000 shares. However, it has stated that they plan to significantly increase their position. The market value of the company, once the largest steel producer in the world, is $8.7 billion. Ancora will hold a conference call with investors to discuss the campaign on Wednesday at 10 am.
Ancora, a group of activists, nominated nine candidates for the 12-member board of U.S. Steel last month, including a senior executive who might replace the CEO. The activist wants the company also to drop its lawsuit asking a federal appellate court to overturn Biden’s decision to cancel the $14.9 billion transaction.
Ancora, in a letter to U.S. Steel, argued that by pursuing this lawsuit, U.S. Steel hurts shareholders. It also stated it wanted management and the board of directors to focus on fixing the company.
The letter stated that "By continuing to litigate (the Petition for Review), the Board wastes time and resources in their desperate hope that the Merger will bring them significant personal benefit."
According to a letter, Ancora gave the company until the 24th of February to provide typically confidential documents relating to the proposed merger between Nippon and Burritt Trading Plan.
It is looking into whether the directors and officers "breached the fiduciary duty to the company and stockholders". They also want to know more about Burritt trading U.S. Steel shares "in relation with merger discussions", and how he made use of his 10b5-1 predetermined plan, which allows insiders the ability to sell their stock. Donald Trump, the U.S. president, said earlier this month that Nippon would make a bid in the form of a sale instead of an investment. A Japanese government spokeswoman said earlier this month that Nippon was considering a radical change from its previous plan of trying to buy U.S. Steel. Prime Minister Shigeru ishiba also called the decision to stop the deal as "unjustified political interference."
Ancora already identified Alan Kestenbaum as the ideal replacement for Burritt. Kestenbaum was previously the CEO of Canadian steel firm Stelco. Stelco, a Canadian steel company, was acquired by Cleveland-Cliffs in the past year.
The date of the company's annual meeting has yet to be set. Last year, it was held on 30 April.
Ancora has won board seats at a number big companies. Earlier this year, Norfolk Southern shareholders elected Ancora nominees to three board seats. Norfolk Southern promised to work with Ancora in order to find a new director, to avoid a fight with the company. (Reporting and editing by Aurora Ellis, Chizu Nomiyama, and Svea Herbst Bayliss)
(source: Reuters)