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Saks Global emerges with a new name and lower debt
After nearly five months, luxury retailer Saks Global emerged from Chapter 11 bankruptcy on Friday. It now has a new ownership structure and corporate name as well as a smaller footprint of stores and less debt. After a restructuring that took place in the last few months, Saks has closed down most of its low-priced locations. The new company, Exemplar Luxury Group will be focusing on luxury retail. The reconstituted ELG board will consist of two representatives from each investment firm Pentwater Capital Management or Bracebridge Capital that worked with Saks in the restructuring process. Saks, which had been struggling with poor sales for over a year and accumulating debt, defaulted on vendor payments and filed for bankruptcy in January, sought protection from the courts. ELG announced on Friday that its debt was reduced by 75% in the restructuring. Richard Baker, a real estate tycoon, orchestrated the December 2024 merger of Neiman 'Marcus with the company. This caused inventory problems and cash shortages at?its stores. It also strained its relationship with key vendors like Chanel, LVMH, and Kering. Saks Global, with a $3.4 billion debt, filed for bankruptcy just a little over a year after its merger.
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Tanker seized from the shadow fleet near Marseille
Local authorities reported that an oil tanker believed to be part of Russia's shadow fleet was taken into the waters near Marseille, France, on Friday, just a day after it had been seized by France near Sicily. The Deliver is one of nine vessels that have been confiscated across Europe since the start of 2026. All are believed to have been used by Russia to evade Western sanction on its oil trade. The?Bouches du Rhone Prefecture reported that the boat was taken to Fos Gulf. It added that "it will be anchored at the disposal of the Marseille public prosecutor in order to investigate the alleged crime of sailing under false flag." According to TASS, the Russian embassy in France referred to the seizure as "another instance of piracy", and that it was "illegal and unacceptable" from the perspective of international law. According to a military source, the vessel was still flying under the 'Cameroonian flag' despite being formally removed from Cameroon registry weeks before. This meant that it was navigating without nationality, and in violation of 'international maritime law. The source claimed that this allowed France to board the ship and hold it. (Reporting and editing by Andrew Heavens; Dominique Vidalon)
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UN agency works to restart Hormuz Evacuations after Ship Attack
A top U.N. official announced on Friday that the United Nations was working with countries to resume the evacuating of hundreds of vessels and thousands of stranded seafarers in the Strait of Hormuz, after this effort had been halted earlier in the week. The U.N. International Maritime Organization announced on Thursday that it had "temporarily paused' its evacuation initiative following the attack on a container vessel operated by Taiwan-based Evergreen. IMO Secretary General Arsenio Dominguez said that 115 ships and around 2,500 seafarers were able to navigate through the strait, before evacuations ceased. Dominguez stated that he is working "vigilantly", and has been in contact with various parties, including Oman, Iran, the United States of America, "to find these assurances that were given at the beginning that vessels would not be targeted". He said that as soon as he received confirmation, they would be ready to resume the evacuation process. However, he did not specify a timeline for a restart. IMO CHIEF: EVACUATIONS TO COMPLETE WILL TAKE WEEKS Tehran reasserted on Friday its right to control the shipping in this critical waterway, and warned its Gulf neighbors against siding with Washington. Dominguez stated that his main contact in Iran is with the maritime authority and foreign minister. He said: "I must maintain the positive attitude that there is progress in this conflict, and at least ships are sailing safely through." He said that the IMO is investigating "the motives and reasons" of the attack. The evacuation plan included two "channels" for leaving the strait: either through Iranian waters to the north, or Omani waters to the south. The Traffic Separation Scheme adopted by the IMO in 1968 established routes through Iranian and Omani water?in this strait. The central section is not currently usable because of the presence, according to Dominguez, of around 80 explosive mines. He said that it would take "a few weeks" to evacuate the?just over 500 vessels still needing to be evacuated. The sooner we resume operations, the faster we can increase the number of people until the evacuation is completed. (Reporting and editing by Joe Bavier; Jonathan Saul)
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Iraq asks for a review of quotas as OPEC restores production allocations
Iraq's Oil -Ministry announced on Friday that OPEC had 'begun slowly restoring Iraq’s prewar production allocations'. This'move', it claimed, would'strengthen Iraq's output 'capacity' and support the recovery of its oil industry. Baghdad, according to a state-run news agency, supports a reevaluation of OPEC's production quotas in order to reflect the conditions of member?states, including Iraqi economic and security circumstances. The statement said that Iraq's Prime minister Ali?Faleh Al-Zaidi has not spoken about the possibility of Iraq quitting OPEC. Sources with knowledge said that Iraq, OPEC’s second largest producer - after Saudi Arabia - and one of the five founding'members', had considered 'leaving the group if it did not allow Baghdad a significant increase in oil production. This would be a major blow to the Organization of the Petroleum Exporting Countries (OPEC), which was already hit by the departure of the United Arab Emirates less than two months earlier. Oil is the main source of income for the country, but this has decreased since the Iran war effectively stopped exports through the Strait of Hormuz. Iraq's Oil Ministry?said later on Thursday that reports suggesting Baghdad might consider?ending its membership to OPEC didn't reflect the official position of the Iraqi Government. The quota set by Iraq for July is 4.38 million barrels per day, but the current production is well below that due to the disruption caused by Hormuz. Reporting by Muayad Haeed, Writing and Editing by Muhammad Al Gebaly
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After the earthquakes in Venezuela, power outages have slowed down operations at key ports and plants
Sources said that an outage this week on a power transmission line in Venezuela's Central Region is slowing down efforts to restore?full services at a port, refinery, and petrochemical complex following earthquakes. Residents and sources said that many roads have reopened, and electricity has been restored to areas affected by the earthquakes. The death toll is now at almost 600, but residents and sources say the area closest to the epicenter, in the central region, remains largely without power. Sources said that the lack of electricity is preventing injured people from being transported, hospitals from operating, goods imported at ports discharged, aid distributed, fuel and petrochemicals produced, and fuel and petrochemicals manufactured. The 146,000-barrel-per-day ?El Palito refinery on Friday remained almost completely out of service due to lack of power, while the restart of ?the Moron Petrochemical Complex, the country's second-largest, was progressing slowly for the same reason, ?workers from those facilities said. They added that the?Planta Centro' and Termocentro' power plants located in central region were unable to restore the entire number of units in operation before the earthquakes. Separate sources reported that due to insufficient electricity, only partial operations were possible at Puerto Cabello on Friday. This left a queue of trucks waiting to receive and deliver imported goods. The La Guaira Port, where the Government used to receive an important portion of?imports remained closed. The authorities have given little information about the state of ports and industrial plants, but on Thursday they said that some power plants as well as the Moron Complex were trying to restart. Requests for comments from the oil and information Ministries and?utility Corpoelec were not immediately answered. The large infrastructure damage reported by social media and sources at Maiquetia airport has not yet been confirmed. However, some airlines have temporarily suspended flights or re-organized them to other airports around the country. According to a source close to the preparations, the government hopes to reopen Maiquetia in early July with limited services. Reporting by Tibisay Roma, Mircely Guianipa Mariela Nava Marianna Pararaga. Editing by Julia Symmes Cobb & Chris Reese.
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Norway's oil and gas production could drop by 12,000 boepd due to lockout, strike next week
The ongoing strike of oil service workers, and the lockout announced on Friday could cause Norway's oil and?gas?production to fall by about 12,000 barrels (of oil equivalent) per day next week. The industry group that represents employers said that four mobile rigs, 5 fixed installations, and?one intervening vessel had already stopped drilling and well operations due to the strike. A lockout that occurred on Saturday morning would force around 1,000 Safe 'union members who are covered by the 'well service agreement' to stop work. Safe had announced earlier on Friday that it would withdraw 63 more workers from the 500 employees employers wanted to retain 'due to safety-critical roles. Offshore Norway said that if the strike continued, the impact could be significant, with production losses reaching?120,000 Boepd by mid-July. It added that the strike would also impact Norway's ability to deliver new wells in 2026 and maintain production plans. Reporting by Nerijus Adomiaitis and editing by Louise Rasmussen
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Spiegel reports that Lufthansa may ground 40 jets because of fuel shortage.
Spiegel reported that Lufthansa has prepared contingency plans for a fuel shortage. This is in response to the conflict in Iran, which will have an impact on the shipments of 'energy through the Strait of Hormuz. Spiegel reported that Lufthansa's CEO, Carsten Spohr, briefed his employees on Friday at an internal event. He pointed out a dramatic worsening in the crisis. It said that the management had prepared two "contingency plans" which would allow up to 40 planes to be grounded if an emergency occurred. Spiegel reported that the grounding was not yet certain. Spohr said at the event, "Today, we've decided to define a?package. The cancellations will begin at least in July, and possibly not until winter. Early summer bookings are unlikely to be affected by the cancellations due to high booking volume. Lufthansa did not immediately respond to a comment request. (Reporting and editing by Matthias Williams, Friederike Heine and Thomas Seythal)
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Former Italian railways chief begins 5-year prison term for 2009 disaster
Former head of Italy's State Railway Company, 72 years old, has begun a 5-year prison term for a derailment in 2009 that killed 32 people. This case highlights the issue of managerial liability and the slow pace of Italian justice. Mauro Mauretti was CEO of Ferrovie dello Stato when a train carrying goods came off its track as it passed Viareggio station in Tuscany. The cargo of liquefied gases exploded and caused a massive fire to spread throughout the station. Moretti received a seven-year prison sentence in 2017 after a long initial trial. Moretti did not serve his sentence because in Italy, sentences are rarely enforced before an appeals process has been completed. In the years that followed, Moretti's sentence was reduced to five-years and became final on Thursday. In an interview published Friday, Moretti said that "this sentence sets a horribly?dangerous precedence regarding the responsibility of managers." He said that he would be going to prison "with my head high" and "hoping that it will not be for very much time." The young man is likely to ask for an early release because of his age and will serve the majority of his sentence at home by doing "community service". Moretti was charged with "culpable rail disaster" and "culpable blaze". Courts held him accountable, as a senior executive, for failures systemic in infrastructure maintenance, safety protocols, and risk management. In 2014, he left FS to become the CEO of a state-controlled 'defence group Finmeccanica. Later renamed Leonardo. He held this position until 2017, when he was convicted of his first offense. On Monday, a court will hear the?283rd trial hearing in Genoa, regarding the collapse of the Morandi Bridge in 2018, which resulted in the death of 43 people. The?most-known defendant of the 57 is?Giovanni Castellucci who was CEO of motorway operator Atlantia during the disaster. The prosecution has requested an 18-year sentence for multiple manslaughter. He has denied all charges. (Reporting and editing by Crispi Balmer, Gavin Jones, Emilio Parodi)
Libya's first oil company to be owned by a private firm is growing in the shadow of eastern commander
According to U.N. experts and shipping records, a Libyan company that is linked to a powerful faction in eastern Libya has exported at least $600,000,000 worth of oil since May. This marks the end of the National Oil Corporation’s monopoly over exports.
The little-known Arkenu Oil Company was established in 2023 and is the first private Libyan oil company to ship. This means that some of the oil revenue of Libya will likely be diverted away from the Central Bank of Libya.
Since the fall of Muammar Gaddafi, Libya has been divided by armed groups. It is now largely split between an internationally recognized government in Tripoli, located in the west, and a rival administration, controlled by Khalifa Hastar's forces, in the east.
The central bank of Tripoli has been at the center of many disputes, mainly over the distribution and use by that institution of the oil revenues. Haftar's troops, who control the majority of Libya's fields, have shut down production and exports periodically, most recently last August, to make sure money flows east.
Arkenu's ownership could not be determined. In a report submitted to the Security Council on Dec. 13, a U.N. expert panel said that Arkenu is indirectly controlled by Saddam Haftar. He is one of Khalifa Haftar’s sons.
Charles Cater is the director of investigations for The Sentry, a global investigative and policy organization.
For this article, we also interviewed Libyan experts, diplomats, traders, and reviewed over two dozen documents including letters from oil companies, government decisions, and bills of lading.
Arkenu's website and LinkedIn profile indicate that the company is headquartered in Benghazi. This city, located in eastern Libya, has a Mediterranean port with a terminal of oil under Haftar’s control.
Two sources claim that the company was founded in early 2023, by former employees of state-owned National Oil Corporation.
Arkenu website, but never received a response. A spokesman of the Libyan National Army (which Haftar commands) was also contacted without a response.
OPEC MEMBER
According to a U.N. Report, Saddam Haftar became chief of staff for the army's ground force in May of last year. This gave him control over the country's relations with its neighbouring countries, as well as its economic interests.
Arkenu's first connection to oil exports was when the Arabian Gulf Oil Company, a subsidiary of NOC awarded it ownership of a cargo in May. A letter dated 11 July seen by was the proof.
Arkenu exported seven more oil cargoes since then. Its total exports from May to December 2024 will be 7.6 million barrels based on shipping records and worth approximately $600 million if Brent crude average monthly prices are used.
Exxon Mobil, the U.S. oil giant, bought one of the cargoes destined to Italy on October 28, according documents and data reviewed by LSEG and Kpler.
According to a person with knowledge of the situation, Exxon purchased the cargo not directly from Arkenu but from another trader.
Unipec is the trading arm for China's Sinopec - the largest refiner in the world. At least two of these were destined for Britain or Italy.
Sinopec didn't respond to a comment request. It wasn't immediately clear whether Sinopec purchased the cargoes from Arkenu or another trader.
Requests for comments from the NOC, AGOCO, and central bank were not answered. The oil ministry refused to comment.
Libya, Africa's second largest oil producer, and a member of the Organization of the Petroleum Exporting Countries, has been in chaos since Gaddafi was overthrown, but oil exports remained under the control of the central government.
The NOC still accounts for a large part of Libyan exports. It has operated independently in this volatile country and maintained political neutrality.
Based on Kpler's data and calculations, it shipped 264 million barrels worth $21 billion in the same time period for Arkenu’s eight shipments.
SARIR AND MESSLA FIELD
Payments are made for NOC crude cargoes in dollars at the Libyan Foreign Bank, New York. Then they are transferred to the Tripoli Government's central bank account.
Shipping documents indicated that payments for Arkenu cargoes were to be made into accounts at the Dubai-linked state bank Emirates NBD, and Banque de Commerce et de Placements SA, both in Geneva. The documents did not indicate whether payments had been made to these accounts or where the money might have been deposited.
Emirates NBD stated that it could not confirm or deny client relationships because of internal policies and regulatory requirements. Banque de Placement confirmed or denied any client relationships in accordance with its policy.
U.N. experts say Haftar has the support of Egypt, Russia and United Arab Emirates.
He spent 20 years in the U.S. before returning to help rebels overthrow Gaddafi. He launched the Battle of Benghazi in 2014 and it has been his stronghold since then. His forces have a tight hold on the east of Libya where the majority of the main oilfields of the country are located.
Arkenu, in addition to being allowed to export crude oil, was also made a part-owner of the Sarir and Messla major oilfields. This is according to a letter from the NOC dated 10 July, during the tenure then NOC chairman Farhat Bengdara who resigned last week.
The letter didn't give any details about the partnership. AGOCO, a subsidiary of NOC, runs the two fields. They account for around 300,000. barrels of high-quality crude per day - same grade that Arkenu exports.
Cater, of The Sentry, said that there was no evidence to suggest that Arkenu had performed any development or services at the Mesla oil fields. Arkenu’s claims of hundreds of millions in NOC payments, made as oil export cargoes to Arkenu, raise serious suspicions of corruption.
Arkenu became a partner in the development of three smaller oilfields, Sultan and Latif (in Libya's east) and Tahara (in the west), according to an November 2023 cabinet resolution.
According to the U.N. Report, members of armed groups were appointed to different posts at the NOC as part of a reshuffle. This included setting up a separate office responsible for service contracts with private companies.
The U.N. report stated that "among them was an arrangement with the first privately owned oil company in Libya, Arkenu Oil Company."
(source: Reuters)