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The US will resume its grants to Nepal to fund two major infrastructure projects
Authorities announced on Monday that the United States has resumed funding two major infrastructure projects previously suspended after President Donald Trump suspended foreign development assistance. The U.S. Government Aid Agency, the Millennium Challenge Corporation, agreed to provide $500,000,000 in 2017 for a project to improve roads and build a transmission line in the Himalayan country. This is one of the poorest countries in the world. The projects were put on hold when Trump, on his return to the White House in January, ordered a 90 day pause in the foreign development assistance. This was pending an evaluation of the efficiency and consistency of the U.S. Foreign Policy. The U.S. Government has completed its review of assistance provided under the MCC Nepal Compact, according to a statement released by Nepal's Finance Ministry. The statement did not provide any details. "Information received has recommended the implementation of MCC Nepal Compact," it said. The transmission line was intended to promote the power trade between Nepalese and India's neighbour. The U.S. Embassy in Nepal confirmed this development in a tweet on its official X account, adding that "the project supports prosperity and regional security of energy by building transmission infrastructure for electricity and improving the road networks". Nepali authorities have announced that the projects will resume. The Finance Ministry did not mention seven other projects that were funded by USAID and stalled last February in the fields of education, health and agriculture. The Trump administration's funding cuts have led to the shutdown of USAID and the termination of thousands of its staff. Nepal's opposition parties said that the MCC grant would undermine sovereignty in 2022 as Kathmandu wouldn't have enough control over projects. The projects were approved by the Parliament in the same year, with a majority vote. (Reporting and editing by Jan Harvey; Gopal Sharma, reporting)
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Austrian OMV detects chloride contamination in Azeri oil
OMVs detect contamination before refinery arrival Eni, a company in Italy, also discovered contamination in its oil system Last week, news of contamination led to a four-year low in price differentials. By Robert Harvey LONDON, 28 July - Austrian oil group OMV found organic chloride in Azeri crudes that were scheduled to be delivered to its refineries. It said it prevented any disruption. Last week, organic chloride contamination was found in Azeri BTC cargoes. This caused price differentials to reach a 4-year low. It also delayed loadings at Turkey's BTC Ceyhan Terminal for several days. OMV stated in a statement released on Friday that the crude contaminated was discovered by its quality control procedures. The company said that the contaminated crude had not yet reached its refineries and that there had been no interruption in its refining or fuel supply to the market. OMV stated that it was working to secure other crudes from alternative sources in order to "ensure continuity of fuel supply" but did not specify what it intended to do with Azeri crude. The industry uses organic chlorides to increase oil extraction by cleaning oilwells and accelerating the flow of crude oil. However, the compounds need to be removed before the oil can enter pipelines. OMV stated that in large concentrations they can be hazardous to refinery equipment. Eni, the Italian oil company, said last week it detected organic chloride in oil in its system. (Reporting and editing by Robert Harvey, London)
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Budapest mayfly swarms are a result of the low Danube water levels
Due to a hot and unusually dry summer and low water levels, mayflies are more numerous and swarming along the Danube river banks in Budapest this year. They are attracted to the city lights and fill the air. Mayflies can be in the hundreds of thousands or even millions and they rush to reproduce as quickly as possible before they die. Mayflies only live for a few hours after hatching, and the abundance of these insects is directly related to the health the Danube. The swarming of Danube Mayflies is usually a phenomenon that occurs in August. This year, however, it started in mid-July and will last for several weeks. Their early appearance as huge swarms may be related to higher temperatures, say researchers. Gyorgy Kriska is an associate professor at Eotvos Lorand University, Budapest. "We've observed that mayfly swarms are more common in years with low water levels," he said. In early February, unusually low levels of water on the Danube, Europe’s second longest river, disrupted shipping. Kriska explained that low water levels encourage the growth of algae, which provides food for mayfly larvae. The river was so polluted that the mayflies didn't swarm in about 40 years. He said that they returned to the Danube in 2012, when it became cleaner thanks to wastewater treatment plants. Mayflies are a protected species. A single specimen is worth 10,000 forints (30 dollars). When mayflies are swarming upriver, they can get confused by the city lights and shadows from bridges. This causes them to lay their eggs on the riverbank rather than in the water. Hungarian researchers installed blue lights to help the pedestrians as much as they could. Kriska stated that "our lights keep them here... they continue flying in front of lamp... and crash to the water." This way, we will ensure that the next generation is not drowned and can survive. (Reporting and editing by Giles Elgood, Anita Komuves, Krisztina Feenyo)
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US LNG producers soar after EU agrees to annual purchases of $250 billion
The shares of U.S. developers of liquefied gas surged on Monday in premarket trading after the European Union committed to buy $750 billion of the super-cooled fuel within the next three year as part of an sweeping trade agreement. NextDecade Venture Global and Cheniere Energy all jumped between 7.8% and 8.8%. The deal is a boon for American LNG exporters who are expanding to meet the growing demand for cleaner burning fuels. As part of the framework agreement announced on Sunday, the EU committed to purchasing $250 billion in U.S. Liquefied Natural Gas annually as it seeks to reduce its dependency on Russian gas. As global prices rose, the demand for LNG exports increased, partly due to disruptions in supply and sanctions related to Russia's invasion of Ukraine in 2022. The agreement imposes an import tariff of 15% on most EU products, which is a smaller blow than the markets expected. Ashley Kelty is an analyst with Panmure Liberum. She said, "Terms of EU-U.S. Trade Deal were in the forefront. The 15% tariff level was better than expected (30% had been mooted earlier)." This should reduce the drag on industrial activity in both countries. Kelty did note that the deal may have an impact on gas prices. Kelty, a Kelty Energy analyst, said that the EU's desire to purchase more U.S. oil will lead to more U.S. imports of LNG in the future. This could signal a glut. Before the bell, shares of U.S. gas producers Expand Energy & EQT Corp rose 1.6% & 3% respectively. (Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)
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Singapore Airlines' first quarter profit drops as Air India losses weigh
Singapore Airlines reported a 58.8% drop in its first-quarter net profits on Monday. Losses in associated companies including Air India and lower cash reserves were the main reasons. Air India was the main reason for losses, as the city-state flag carrier posted a loss of S$122m from its associated companies. Air India began accounting for equity in December of last year, after Vistara was fully integrated into Air India. Air India's performance was not included in the comparison of prior years. Singapore Airlines reported a net profit of S$186 (144.89) million for the three months ended June 30. This compares to S$452 millions a year ago and Visible Alpha's consensus estimate of S$463.2million. The revenue for the third quarter increased 1.5%, to S$4.79billion. (1 Singapore dollar = 1.2837 Singapore Dollars) (Reporting and editing by Sherry Phillips and Shilpa Majumdar in Bengaluru)
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Sources say that Malaysia's MMC port is lining up investors for its October IPO.
MMC Port Holdings is looking to finalise the cornerstone investor list as soon as August. This will be in advance of an October listing on Bursa that could raise more than $1.5 billion. According to LSEG, the IPO would be Malaysia’s biggest since IHH Healthcare’s $2.1 billion debut back in 2012 and Southeast Asia’s largest since Indonesian technology firm Bukalapak raised $1.55 billion in 2021. Sources said that the country's largest port operator, MMC Corp., which is a fully owned subsidiary, has been in discussions with over 20 cornerstone investors. Cornerstone investors tend to be large institutional funds who commit to purchasing shares before the IPO is open to the public. The strong lineup will boost confidence and improve sentiment on the Malaysian IPO market. According to LSEG's data, the market raised $751.2 in the first six months of 2025. This is up 17.9% compared to a year ago. Sources said that both domestic and international institutions were involved in the discussion, including BlackRock and UBS Asset Management. Malaysia's largest fund management company Permodalan Nasional Bhd, and the Employees Provident Fund, the country's largest pension fund. Sources declined to name themselves as the information was private and ongoing discussions. MMC Port, and its parent company, did not respond immediately to an email request for comments sent on Monday. BlackRock, PNB, and EPF did not respond immediately either. UBS declined comment. Reports in February indicated that MMC Port could raise over 6 billion ringgit by the second half 2025. The company that operates five ports on the Straits of Malacca - one of the busiest shipping routes in the world - filed a draft of a prospectus at the Securities Commission Malaysia late June, without specifying a timeline or the size of the IPO. MMC Port reported a 9.2% decline in net profit in 2024 to 636.6 millions ringgit despite an almost 10% increase in revenue at 4.36 billion Ringgit. The proceeds from the IPO are going to MMC Corp., which intends to sell up to 30% of its port unit. MMC Port won't receive any money from the listing. $1 = 4.2250 Ringgit (Reporting and editing by Kirtoultra Donovan; Yantoultra ngui)
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Ukraine signs Transbalkan Gas Deal with Azerbaijan SOCAR
Naftogaz, the state-owned Ukrainian oil and gas company, has signed a first agreement with Azerbaijan’s SOCAR for importing a small amount of natural gas from Azerbaijan via the Transbalkan route. "For the first time, a test shipment of gas is being delivered through the Transbalkan route along the Bulgaria-Romania-Ukraine corridor," Naftogaz said in a statement on its website. The Ukrainian company stated that the agreement was only for a small amount of gas and did not give a time frame. In a statement, Serhiy Koreteskyi, CEO of Naftogaz was quoted as saying: "This is a small but strategic important step which paves way for long-term collaboration." In May, Ukraine announced that its energy regulator approved a mechanism for gas imports that would avoid high transit fees on gas imported through the Transbalkan Pipeline from Greece to Ukraine. Since a series devastating Russian missile attacks this year that significantly reduced the domestic gas production, Ukraine has been facing a severe gas shortage. Ukraine imports its gas via Slovakia, Hungary and Bulgaria. However, due to the higher transit fees, it has not yet used this southern route. Gas from LNG terminals located in Greece is also transported through Bulgaria, Romania, and Moldova. Svitlana Grynchuk, the new Ukrainian Energy Minister said that this is another example of successful energy diversification. This is a crucial factor for ensuring reliable heating preparations and smooth operation. She said that the route was "extremely significant" for Ukraine as it provided access to liquefied natural gas at Greek LNG terminals and Turkish LNG Terminals, Azerbaijani pipeline gas and Romanian pipe gas, as well as potentially Bulgarian offshore oil and gas. According to a Ukrainian industry source, Ukraine carefully tracks the origin of its gas in order to avoid Russian fuel being delivered. The source said, "This is Azerbaijani Gas. It is controlled." The source stated that we will continue to develop the cooperation. Energy experts in Ukraine have expressed concerns that Russian gas may be present in the gas supplied from the south. ExPro, a Ukrainian analysis company, said earlier this month that Ukraine had more than 9 billion cubic meters (bcms) of gas stored underground as of 17 July. It plans to accumulate approximately 13 bcms for the winter heating season of 2025/26. The report noted that reserves were down 13.9% compared to the same period in last year, and at their lowest level for the past 12 years. (Reporting and writing by Anna Pruchnicka, Pavel Polityuk and Max Hunder. Editing and proofreading by Toby Chopra and David Holmes.
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Sources say that India's third biggest airport operator is looking to close a bond in October for more than $500 mln,
Three sources said on Monday that India's Bangalore International Airport Ltd. (BIAL) intends to raise more than 46.3 billion rupees (535 million dollars) through a second tranche bond by early October. The company that operates the third busiest airport in the country raised 43,62 billion rupees earlier this month through the sale 15-year bonds with a coupon rate of 8.15%, payable monthly. Sources added that BIAL would raise funds in its second tranche, at the same rate as it did for the first transaction. All sources asked to remain anonymous as the discussions are still confidential. The company didn't immediately reply to an email asking for comment. Crisil Ratings India Ratings & ICRA have all given the bonds a AAA rating. Two sources confirmed that SBI Capital Markets arranged the first tranche and will arrange the second as well. Sources said that the second tranche of bonds will also have a maturity of 15 years and be private placed, and not auctioned through the electronic bond platform. One source said, "The deal was completed with the participation of banks, insurance companies and funds focused on infrastructure," According to the person, money raised would be used to refinance existing debts and for new capital expenditure. According to an ICRA Report, BIAL plans to spend 155 billion rupees on capital expenditures for capacity expansion over the financial years 2026-2030. It is estimated that the passenger handling capacity will increase to 80-85 millions passengers annually from its current 51.5 million. ($1 = 86,5200 Indian Rupees) (Reporting and editing by Nivedita Battacharjee; Khushi Mhotra & Dharamraj Dhutia)
Sources: Several US executives will visit China this coming week
Two sources familiar with the trip said on Monday that a high-level delegation from the United States will be visiting China to meet senior Chinese officials. The trip is being organized by the U.S. China Business Council (USCBC).
The visit coincides the latest round U.S. - China trade negotiations, which are taking place in Sweden from July 27-30. Vice Premier He Lifeng of China will be meeting with U.S. officials for a fresh round of economics and trade discussions.
One of the sources who were briefed about the trip stated that the delegation would be led by FedEx CEO Rajesh Sundermaniam, the chair of the Council's Board.
South China Morning Post reported on the visit first, Sunday. It said that Boeing executives would be among the delegation.
Could not confirm the other CEOs in the delegation, or who they would be meeting. Boeing refused to comment and referred all questions to USCBC.
One source said that the U.S. government did not participate in the organization of the visit.
Sources have previously said that the trip coincides with Beijing and Washington's efforts to hold a summit of their leaders this year. This is likely to happen around the time the APEC forum takes place in South Korea between October 26 -November 1.
USCBC didn't respond to our request for a comment immediately. USCBC organised similar trips to China for American CEO delegations between 2023 and 2024.
Subramaniam led the trip to 2024, which included meetings with He, Foreign Minister Wang Yi and executives who discussed market access.
China has until August 12 to come up with a lasting deal with the White House, or face higher U.S. Tariffs.
Sources have previously said that U.S. officials will likely extend the deadline for another 90 days, as both sides strive to reach a comprehensive agreement.
A longer extension would help prevent further escalation, and create the conditions for a possible meeting between Trump and Chinese president Xi Jinping. (Reporting and editing by Kate Mayberry; Additional reporting by Sophie Yu)
(source: Reuters)