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The Greek Parliament approves an investigation into the former Transport Minister over a deadly train accident?
The Greek parliament voted Thursday to create a committee that will conduct an investigation on a former minister of transport who was in charge of the railways before the country's biggest train accident ever, which occurred in 2023. Kostas Karamanlis is the second official in the conservative government led by Kyriakos Mitsotakis who will face an investigation for the tragedy that killed 57. Many Greeks see the crash as a sign of the neglect shown by the government over the years and the failure to address safety issues. In a secret ballot conducted early on Thursday morning, 154 legislators voted in favor of establishing a panel of parliament to decide if Karamanlis should be stripped of his immunity and indicted because he allegedly failed to provide adequate resources to maintain, modernise, and ensure the smooth operation of Greek railways while he was in office. Mitsotakis, who won re-election in 2023 has 155 legislators in the 300 seat parliament. This is the only Greek body which can lift the immunity of politicians and investigate them. The opposition parties claim that an upgrade to the safety systems of the trains, which had been delayed for years, could have prevented the accident. Karamanlis has denied all wrongdoing. He resigned following the disaster of 2023. Karamanlis claimed that he had done everything he could to improve the Greek railways during a 18-hour discussion before the vote. He said, "I won't hide behind any government majority or immunity." After mass protests in March over the crash, the Greek government has survived a vote of no confidence and promised to overhaul Greek railways by 2020. Christos Triantopoulos resigned as Deputy Civil protection Minister, who had been minister of state aid during the incident. He did so to support the parliamentary investigation into the handling the aftermath of this crash. (Reporting and editing by Kate Mayberry; Angeliki Koutantou)
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Eutelsat's shares soar on deal with French military
The shares of French satellite operator Eutelsat soared 10% on Thursday, after the company announced that it had signed an agreement with the French Government for a 10-year contract to provide connectivity to the French Armed Forces. The company announced in a late-Wednesday statement that the French military would have priority access to OneWeb's satellites, as well as maintenance and operational support. It said that the deal includes upgrading satellites to military grade use. Eutelsat shares rose as high as 21% early in the morning before reversing their gains by late afternoon. Eutelsat, the satellite provider that provides internet connectivity in Europe, has attracted unprecedented interest from European governments this year. According to a Eutelsat post posted on X, there is a "real desire" in the industry for sovereignty, said CEO Jean-Francois Fallacher at the Paris Air Show. The French Ministry of the Armed Forces stated in a press release that the agreement is part of a program to enhance its space communications, by complementing its Syracuse military Satellites in geostationary orbits with a constellation of low-Earth orbit satellites (LEO). Alessandro Cuglietta is an analyst at Kepler. The French Ministry also stated that the deal highlights the strategic importance of the IRIS2 program, an EU-backed satellite constellation set to launch in 2030. Eutelsat will benefit from the deal as it raises funds to fund a second-generation of LEO satellites, and fulfill its IRIS2 commitments. The number of satellites required is more than triple what was previously estimated, and the financing needed could be up to 2.2bn euros. ? The dollar is worth 0.8721 euro (Reporting and editing by Matt Scuffham, Edwina Gibbs and Anna Peverieri)
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Analyst: Ukraine gas imports are on the rise due to rising domestic prices
Analyst ExPro stated on Thursday that Ukraine's shortages of natural gas and high prices are driving the growth in fuel imports for both private businesses and state-owned energy company Naftogaz. After Russian bombardment, the country's storage sites are almost empty and it needs to import large quantities of gas in order to meet its heating requirements for 2025/26. ExPro's Report stated that gas prices have been increasing in Ukraine since the start of May. Prices on the domestic market are up by 26% from the beginnings of June. The consulting firm said that domestic gas prices soared sharply to over 31,550 hryvnias (757.34) per 1000 cubic metres on Wednesday, the highest since November 2022. The price gap between Ukraine and Europe is also growing, according to the report. On Wednesday, gas in Ukraine was trading at about 12 euros more per MWh than the Dutch TTF. This difference will likely encourage private companies in Ukraine to import natural gases," ExPro stated, adding that small amounts of gas were imported from Europe by private companies for the first month. ExPro reported this month that Ukraine has already imported 1.5 billion cubic meters (bcms) of gas this year from Europe. The report also stated that the gas reserves in Ukrainian storage sites exceeded 7 bcm by 6 June, but remain at their lowest level for the last 11 years. The government plans to store approximately 13 billion cubic meters of gas for the new heating seasons. (Reporting and editing by David Goodman.)
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Greek PM: Only US can engage Israel in discussion with Iran
The United States is the only country that has the power to negotiate with Israel and Iran, as both countries continue to exchange air attacks. This was the statement made by the Greek Prime Minister KyriakosMitsotakis on Wednesday. "Europe alone lacks the necessary influence to bring all parties to the table (for negotiation)." Only the United States is capable of doing that. Mitsotakis stated in an interview at an energy conference held in Athens that he believes it's up to President Obama to decide the path. A German diplomatic source said that the foreign ministers from Germany, France, and Britain will hold nuclear discussions with their Iranian counterparts on Friday at Geneva. Mitsotakis stated that "we are all concerned by any factor which will cause inflation to rise and disrupt the energy markets in a significant way." He also said that Greece was very concerned about the safety and security of the 180 Greek-flagged ships and Greek-owned vessels which sailed around the Persian Gulf when Israel attacked Iran for the first time last week. The largest oil tanker fleet in the world is owned by Greeks. Shipping sources reported on Wednesday that maritime agencies are advising commercial ships to avoid Iran's water around the Strait of Hormuz. (Reporting and editing by Peter Graff. Angeliki Koutantou)
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Local newspaper Economic Times reports that India will send the black box of a crashed plane to US.
Local newspaper Economic Times reported Thursday that India would send the black box recovered after the fatal crash of an Air India aircraft to the U.S. The ET reported that the recorder suffered heavy external damage as a result of the post-crash fire, making it impossible for the data to be extracted in India. This was based on the testimony of people who were aware. Aircraft Accident Investigation Bureau of India (AAIB), did not respond immediately to the request for comment. Air India refused to comment. Indian authorities are investigating last week's crash of a Boeing Dreamliner operated by Air India, which killed 241 onboard and 30 people on the ground, making it the worst aviation accident in the past decade. The black box is made up of two parts - the cockpit voice recorder and flight data recorder. The black box provides crash investigators with crucial information, such as altitude and speed data, and conversation recordings between pilots that can help determine the probable cause of a crash. The ET reported, citing sources, that data from the flight recorder would be extracted by the Washington-based National Transportation Safety Board laboratory and shared with AAIB. Reporting by Hritam Mukerjee, Bengaluru. Editing by Eileen Soreng & Tasim Zahid
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Algeria bids for 240,000 T of corn that was likely not awarded in the previous tender
On Thursday, European traders reported that the Algerian state agency ONAB had issued a tender for a purchase of up to 240.000 metric tons animal feed corn. They said that the deadline for submitting price offers to the tender is on Thursday, June 19. The traders stated that the new tender was viewed as an indication that Algeria had not made a purchase during a previous auction for 240,000 tonnes of corn, which closed on tuesday. Algeria issued corn tenders every week in May and June, but trading houses were said to be very few. According to traders, delays in the unloading of ships in Algerian port caused sellers to incur heavy financial costs. Some traders claim that they view the repeated corn tenders not as an indication of actual demand but rather as a price check. The traders reported that the latest tender called for six consignments ranging from 30,000 to 40 000 tons, which would be shipped between July 15 and 31. The new tender is open to corn from anywhere in the world. Traders said that a series of previous tenders seeking only corn from Argentina and Brazil ended with no significant purchases. (Reporting and editing by Kim Coghill, Michael Hogan)
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Maguire: Asia's one and only LNG hotspot could be about to heat up.
The first half of 2025 saw a record-breaking drop in imports of LNG to Asia, as trade tensions and slowing growth cooled the demand for super-chilled fuel. Taiwan is the only Asian country that has not yet reached 2025. Fortunately for LNG exporters, Taiwan will be able to reduce its dependence on gas following its closure of its final nuclear reactor in October. In fact, the forecasts of a period of temperatures above normal this summer could cause Taiwan's thermal energy needs to rise sharply in the months ahead, possibly leading to a new surge in LNG orders from Taiwan's electricity producers. SINGLE STANDOUT Data from commodities data firm Kpler show that, except for Taiwan, all of the major LNG importers from Asia reduced their LNG purchases compared to the same period last year. This widespread drop in demand in a region that imports two-thirds all LNG has put several LNG exporters in a difficult position, resulting in a 16% decline in Asia LNG spot price So far, this year. In 2025, five of the six biggest LNG importers are located in Asia, namely Japan, China South Korea India and Taiwan. These countries collectively registered a 16 million metric-ton drop in LNG imports in the first half year of this year, compared with the same months in the previous decade. Kpler data show that Taiwan has seen a modest increase of 100,000 tons in LNG order from last year. There are several reasons why Taiwan's appetite to buy LNG may continue to grow in the months ahead. NUCLEAR CUT Gas demand is primarily driven by the need to replace power lost due to the recent shutdown of Taiwan's only remaining nuclear reactor. Around the middle of the last month, Unit 2 of the Maanshan Nuclear Reactor was disconnected from Taiwan’s grid. This marked the end of 40 years of nuclear power in Taiwan. Ember data show that power firms have been preparing for the nuclear shut down for months. They have reduced their nuclear-powered electricity production accordingly, from 1 TWh per month in 2020 to 0.7TWh by April. Taiwan's coal and gas plants produce around 7.5TWh per month each, allowing power companies to easily accommodate the nuclear cutbacks. Solar farms, which produce around 1.5 TWh per month during the summer months, have helped to offset the loss in nuclear power generation. HOT SPELL In order to meet the system demand, which is likely to be higher in summer due to increased cooling needs, Taiwan's utilities are going to need to use all of their available resources. Ember data show that between 2022 and 2024 Taiwan's total electric demand increased on average by 23% from April to July. It went up from 22.4 TWh per month to 27,4 TWh per month. Natural gas and coal will be the main sources of power for this additional demand. They already provide around 46% of total electricity and 35% of total electricity respectively. This year, the challenge is that demand may be higher than anticipated due to forecasts of temperatures above normal for an extended period this summer. According to LSEG forecasts, the average temperature in Taipei is expected to be around 28.4° Celsius (83.1° Fahrenheit). This forecast is about 5% higher than the average long-term for that time period and indicates that air conditioners will be used in Taiwan at a high level. This suggests that Taiwan’s coal and natural gas plants may face an influx of capacity usage above normal, which could result in a faster-than-normal withdrawal from gas and coal stocks. This is good news for LNG producers, who were disappointed with the demand in Asia this year. However, they may be about to enter a period where Taiwan will drive a stronger interest in Asia. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Vietnam's central bank has said that it can borrow from foreign lenders more money if necessary.
Nguyen Thi Hong, governor of the central bank, told the parliamentary on Thursday that Vietnam could borrow more money from foreign lenders to boost its economic growth. Southeast Asia's industrial hub needs investment funds to accelerate its infrastructure development. This includes new power plants, high-speed rail systems, airports, and highways. Hong stated that the central bank could also increase its 16% credit growth target for this year, if necessary, because Vietnam is looking to boost its investment in order to reach its economic growth goals of at least 8 percent this year. Hong stated that "we can arrange enough funding (for investments) while ensuring safety of the public debt and external debt." Hong stated that it was "too risky" to continue to rely solely on the funding provided by the local banking system, noting the total lending of the local banks at the end of 2024 was equal to 134% GDP.
Mideast conflict turbocharges diesel prices, squeezing Europe: Bousso
The conflict between Israel and Iran has increased global diesel prices. Gains have outstripped the increase in crude oil prices. This highlights the vulnerability of Europe's diesel-heavy consumers, even though the refiners are rewarded.
Benchmark Brent crude has risen 10% to more than $76 per barrel since the Israel-Iran War began on June 13. This reflects investor concerns over a potential disruption in supply, especially issues related to Strait of Hormuz – a narrow waterway that connects Iran and Oman and through which a fifth of crude oil and refined petroleum products pass.
The speculation that U.S. president Donald Trump would join Israel's election campaign has heightened concerns over escalation, which could lead to an energy shock around the world.
In Europe, diesel prices are on the rise. Since June 12, the benchmark European ICE low sulphur gasoil price has risen by nearly 15%. The rally of the past few days was based on the recent strengthening of diesel prices, which were a result from robust global demand as well as low inventories across Europe and America.
According to Kpler, the Middle East will be a major diesel exporter in 2024. This represents 17% of all diesel imports by sea. Kuwait, United Arab Emirates, and Saudi Arabia are the main exporters. They have invested in increasing their domestic refinery capacity to meet exports in recent years.
According to the International Energy Agency, diesel, which is used in Europe for both private and commercial transport as well as for industrial purposes, will account for 44% (or 13.5 million barrels per day) of the total oil demand in the region in 2024.
According to the IEA, Europe imported more than 1.2 million bpd of diesel last year. This is about a fifth the total consumption of diesel in the region. The IEA says that Europe's dependence on diesel imports leaves consumers and businesses in the region highly vulnerable to any disruptions in global diesel shipments, which could happen soon.
The price increase has also been a good thing for European oil refiners.
According to LSEG, European diesel refining profits have risen over 30% since the Israel/Iran conflict started. This is their highest level in more than fourteen months. It is noteworthy that the increase in crude oil prices coincided with this rise, since refining margins are usually inversely related to feedstock costs. The European refiners, on the other hand, are benefiting from the fact diesel prices have increased faster than crude.
RUSSIA LOOPHOLE
The market is also facing long-term volatility, as the Middle East tensions have a significant impact on the short-term outlook for diesel prices in Europe.
The European diesel market has undergone a major shift since the European Union (EU) and Britain (UK) banned Russian oil imports to the region following the Russian invasion of Ukraine, in February 2022. According to Kpler, the share of Russian diesel imported into the region dropped from 40% to less than 1% in 2018.
In order to replace Russian diesel imports, purchases were made from the Middle East and Turkey. These'substitutes,' however, were often refined Russian crude oil, especially diesel from India. This was possible because Western sanctions had limited the price of Russian oil.
The European Union has now proposed a ban on imports of refined oil products from Russia. A ban of this kind would be difficult to monitor and implement, as refiners use a mixture of crude grades to produce refined products.
In the short and long term, there are both uncertainties in the European diesel market. This means that significant volatility is expected for a while to come. This column is interesting to you? Check out Open Interest, your new essential source for global commentary on financial markets. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
(source: Reuters)