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EasyJet shares surge after European stocks hit record highs
EasyJet shares surged after a $7.34 billion take-private bid. The pan-European Index fell 0.35% at the close to 650.5 points. The index had reached a record high of 654.44 earlier in the day, after posting its best weekly performance since last mid-May. The index was dragged down by utilities and healthcare shares, which fell by 1.81% and 1.88% respectively. Shares of food and beverage companies also dropped 1.67%. The DAX in Germany, however, bucked regional weakness and climbed 0.15%, to a new record high. This was its fifth consecutive session of gains. The largest economy in the Eurozone, Germany, saw industrial orders rise more than expected in April. Investors largely ignored German stocks in Q2. In a recent note, Deutsche?Bank's analysts led by Maximilian Uleer (head of European equity strategy and cross-asset strategy) predicted that the tide would turn. The German mid-caps will benefit the most from the market, particularly those that are exposed to infrastructure spending. Investors also look forward to earnings season which could prove pivotal for the equities market?and give it fresh momentum if the results are stronger than expected. Mohit Kumar is an economist with Jefferies. He said that the upcoming earnings season will be a test of the AI theme, and it's likely to shape the performance of the market in the months ahead. There have been concerns raised about the excess capacity of AI and whether it can deliver expected returns. We are confident about the earnings season. "Capex remains strong, and as long money continues to flow AI-related industries should remain well supported." The data released Monday shows that euro zone retail sales rose by 1.6% in May, as expected. EasyJet was the top stock mover in the region, jumping 9.28%, after the British budget carrier agreed in principle to an?offer of a sweetened acquisition from U.S. Investment firm Castlelake. The offer valued the airline at up to PS5.5billion ($7.34billion). The Ukraine conflict is not showing signs of abating. Investors purchased defence stocks on the expectation that geopolitical tensions will help the sector. Exail jumped 2.12% after Thales reached an agreement to purchase the Gorge family’s controlling stake in drone technology company. Airbus gained 1.58%. Airbus?gained 1.58%. Industry sources say the planemaker has set a goal of 900 jet deliveries this year, after handing out more than 89 in June. Ferrari's stock rose 2.22% following the launch of a 12-cylinder limited edition model with a gearbox manual. J.P. Morgan upgraded Greece from "neutral" to "overweight", citing the expected inflows from certain Greek shares being included on the STOXX 600 Index later this year. Reporting by Johann M Cherian in Bengaluru, Tharuniyaa lakshmi, and Niket Nishant; editing by Harikrishnan Nair and Mrigank Dhaniwala
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Cuba's national electricity grid collapses for unknown reasons
Cuba's national grid collapsed at noon on Monday, according to the country's grid operator. Around 10 million people were left without electricity on the Caribbean Island. Grid operator UNE has said that it is investigating the cause of the blackout. Cuba has suffered from power outages for days and even hours in recent months, due to a decrepit electrical grid and the?U.S. The U.S. imposed an oil blockade that has?cut off the island's fuel supplies. Cubans who have been suffering from rolling blackouts in the Caribbean heat that makes it difficult for them to sleep or work, will be even more frustrated by this nationwide outage. Cuba has often struggled to keep the lights on during an economic crisis that has lasted for years, but under increasing pressure from U.S. president Donald Trump, the Communist-run government has entered a?territory it has never before been in. When the grid collapsed Monday, nearly?two thirds of the nation?was already without power.
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Minister: Georgia will take full responsibility for the development of a major Black Sea deep water port
Georgia's economy minister announced on Monday that the country will be taking over full development of the country's first deep water port on the Black Sea. This is the first definite indication that the Chinese-Singaporean consortium has pulled out of the project. Anaklia Deep Sea Port, originally planned as an important infrastructure link connecting Asia with Europe a decade earlier, has been plagued by delays since the Georgian Government in 2020 canceled a contract awarded to a Western-led group?to build it. The port will be the most ambitious infrastructure project in the country to date. It aims to handle approximately 7.8 million tons of cargo each year. Due to the conflict in Ukraine, the Middle Corridor route through the South Caucasus is becoming more appealing to Western countries. 'LANDLORD' ?MODEL After cancelling the contract?won?by the Western-led consortium, Tbilisi chose a Chinese state owned consortium led by China Communications Construction Company and its Singapore registered unit China Harbour Investment for the construction of the Anaklia Facility. The government retained 51% of the consortium's shares. The project has essentially stalled. The Georgian Economy Minister Mariam Kvrivishvili announced on Monday that Anaklia will be developed under the "landlord model" by the Georgian government, and the government would allow multiple countries to participate as partners. The Interpress news agency cited Kvrivishvili as saying that this "will create the best conditions to attract cargo into the port, and consequently for its most effective operation." She said, "Georgia is particularly interested in investment from China and Central Asian countries as well as Azerbaijan. CCCC didn't immediately respond to a comment request outside of office hours in Asia. Kvrivishvili stated that the government intends to invest $7 billion by 2032 in the transportation and logistic sectors, including the port as well as in modernising highways and railways. Lucy Papachristou, Jan Harvey (Editing)
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Eight people killed by landslides in Rohingya camps in Bangladesh
Officials said that heavy rains caused landslides in refugee camps located in southern Bangladesh. At least eight Rohingya Muslims, including women and young children, died and others were injured. After fleeing the 2017 crackdown by Myanmar's Buddhist majority, more than 1.2 millions Rohingya now live in overcrowded refugee camps in Cox's Bazar. They are accused of being "outsiders" in Myanmar. The majority of families live in makeshift huts constructed from bamboo and plastic sheets, on steep deforested slopes that are particularly vulnerable to landslides. FLEED PERSECUTION AND LOST FAMILY DUE TO LANDSLIDE The landslides struck four different locations in the camps and buried shelters beneath mud and debris as residents slept. Police said that a Bangladeshi man died and two members of his family were injured after a part of the hillside fell onto their home in Cox's Bazar. Ali Ahmed lost three members of his family when the bamboo and tarpaulin hut he was using to shelter them in was destroyed by a landslide. "Fire Service personnel saved us but my father, mother and younger brother didn't survive." We fled Myanmar to escape persecution in 2017. "I've now lost my family in Myanmar, and I have no idea what the future holds for me." Tumpa Das said that the continued rainfall increased the likelihood of landslides. Thousands of refugees are still living in unstable slopes. Rohingya Refugee Mohammed Taher said that fear is spread through the camps every time heavy rain begins. "Thousands of Rohingya refugees live in bamboo and tarpaulin huts built on unstable hillsides where even minor landslides can turn into a deadly catastrophe." Officials said that authorities have already relocated 1,000 Rohingya refugees to safer areas from areas prone to landslides and are planning a move of several thousand more in phases. Mohammed Mizanur Rahman is Bangladesh's commissioner for refugee relief and repatriation. He said that awareness campaigns were also being conducted in the camps, to reduce the possibility of more casualties. The renewed fighting in Myanmar's Rakhine State raised concerns about a "fresh influx" of Rohingya refugee across the border. Bangladeshi authorities have increased monitoring along the border amid reports that people are gathering near the border to try and enter the country. The Bangladesh?Meteorological Department forecasts more heavy rains in the?coming days, prompting officials to be on high alert for landslides and other flash floods. Landslides, flooding and other natural disasters are frequent during the monsoon in refugee camps. They can cause death and damage to homes, roads, and other infrastructure. (Reporting and editing by Kate Mayberry and William Maclean; Ruma Paul)
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Fuel shortages in Russia are causing Russian drivers to lose patience.
Daria's car, with a nearly-empty tank, kept stalling in the long line of a gas station in Leningrad Region?which is around St Petersburg. Russians face long lines to refuel in the former imperial capital of Russia, along the Baltic Sea and into Siberia. Ukrainian strikes against?Russian?energy infrastructure are squeezing domestic fuel supplies, testing public morale. "I'm not sure if I will make it to the gas station." Daria laughed nervously, "I'll have to leave my car here since they don't sell canisters of fuel." Others in the queue complained about how long lines had become part of their "daily lives". "We feel that the fuel situation is becoming tighter. That's it. Viktoria said, "It's sad," like Daria who gave only her first initial. In June, most Russian regions implemented fuel restrictions that limited the amount of gasoline or diesel drivers could purchase at one time. Filling stations are regularly out of fuel and display 'Out Of Order' signs at the pumps. Late in June, President Vladimir Putin pledged to take measures to stabilize the market. Meanwhile, the authorities have called for calm and said that supply chain issues were being addressed promptly. The shortages continue to be disruptive despite these assurances. According to the Levada Center's monthly survey, Russians cited Ukraine's drone attacks at long range and fuel shortages as the most notable events in June. People are getting very angry In the same survey, the percentage of respondents who said they felt that the country is on the right track dropped to 52% in May from 61%. It also revealed that the number of respondents who approve of Putin's presidency dropped to 74% in June. This is the lowest level since Russia's beginning of the war in Ukraine, in early 2022. "People are getting very angry. The heat, long queues and the difficulty of refuelling are all contributing factors. Many people's air conditioning does not work. "Some people feel unwell even in the queues", said Nikita as he waited to refuel at a Moscow gas station. Nobody knows how long this will continue. Kyiv continues its drone campaign targeting energy targets. It says this is to increase the costs of 'war for Russia' and to pressure it to make peace. Ukraine's military announced on Monday that it had 'hit oil refineries' in Russia's Yaroslavl region and Leningrad overnight. Russia has repeatedly targeted Ukraine's energy grid during the conflict, which is now in its fifth-year. This has caused widespread power outages, and heating shortages throughout winter.
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Sources: RPT-Iran explores oil sales to Japan; buyers want longer sanctions waivers
Iran has started talks with Japanese firms under a U.S. sanction waiver that allows?it resume oil sales. However, prospective buyers are?seeking longer waivers and reassurances regarding ship safety. The waiver was part of the 60-day talks between Washington and Tehran, and it expires on August 21. Two Iranian sources declined to identify themselves due to the sensitive nature of the matter. They said that three Japanese buyers are considering possible crude oil purchases in Iran. This would be their first purchase since 2019. A Western industry source with knowledge of the situation said that Japanese and Iranian officials were initially in talks about oil sales. Unknown to him was any such issue. An official from Japan's Ministry of Economy, Trade and Industry, which oversees the fuel supply infrastructure, confirmed that he had no knowledge of it. The U.S. Treasury and Japan's Foreign Ministry did not respond immediately to comments. Japan, South Korea and European countries stopped purchasing Iranian oil after U.S. sanctions were tightened in 2018 following President Donald Trump’s withdrawal from the Iran nuclear agreement. China is Iran's largest buyer in recent times. HORMUZ RISKS A separate METI official said in June that any Japanese purchases would be the responsibility of private companies. However, it was not clear whether such deals could proceed due to shipping times and current contracts. Officials added that the safety of all tanker trips would have to be guaranteed. According to a senior Iranian official, any agreement would require that the U.S. extend its current waiver due to the time it takes for shipping between Japan and Iran. Officials added that cargos will be loaded on Iran's Kharg Island using?Japanese operated tankers. An Iranian senior oil ministry official said that Iran's national company NIOC has approached its traditional customers, including Japan, and asked them to resume purchasing if a deal is concluded and sanctions are lifted. The Iranian oil ministry has not responded to a?request for comment. It is far from certain that the Strait of Hormuz will be safe for ships to pass through once a permanent peace agreement between Washington and Tehran is signed. Last week, Iranian forces attacked a container ship in the Strait of Hormuz. The?elite Revolutionary Guards of Iran have stated that all transits of the strait must be cleared first with them. According to the U.N. shipping agency, there are an estimated 80 floating mines in the central part the waterway. A senior official with a major Japanese oil refining company said that securing insurance would be the greatest challenge. Trade sources and analysts said that the current temporary U.S. sanction waiver is unlikely to attract orders from Asian refiners with large inventories, which leaves independent Chinese refineries, as the primary buyer.
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EasyJet's journey from launch to takeover:
The announcement?on Sunday of a PS5,50 billion ($7.34billion) deal by U.S. investment company Castlelake to acquire British budget airline easyJet would be a new chapter for the carrier's 31-year history. Here's an overview of the?major milestones in?easyJet history: Stelios Ioannou, founder of the company, launches low-cost flights from London Luton Airport in Scotland to Glasgow and Edinburgh. 2002 Acquisition of rival Go Fly. Acquisition of rival GB Airways. 2011 - 2013 Modernising fleet with 135 Airbus aircraft. 2020 COVID-19? Forces 4,500 job reductions and fleet shrinkage. Rejects Wizz Air's takeover offer and raises $1.7 Billion from existing shareholders February - March 2020 EasyJet warns that fuel shortages and higher fares are caused by the Iran conflict. May 29, 2026 Castlelake, a Minneapolis-based aviation investment firm, has revealed that it is "considering" an offer to buy EasyJet. June 12, 2026 Castlelake?privately?submits a takeover proposal of PS5.60 per share. June 16, 2026 EasyJet rejects Castlelake’s bid June 17, 2026 Castlelake is back with a PS6.00 per share private bid. June 20, 2026 EasyJet's board rejects Castlelake’s second proposal. This prompts it to raise its private offer to PS6.25 per share. June 21, 2026 EasyJet's third proposal is rejected by Castlelake, which EasyJet calls "cheap". June 22, 2026 Castlelake makes its PS6.25 per share offer public and claims that the structure will satisfy EU?majority ownership regulations. June 23, 2026 Castlelake submits a private fourth offer of PS6.50 per share, easyJet revealed later. June 25, 2026 EasyJet has said that it rejected the bid, but is willing to share some internal data with Castlelake if they can get a better bid. The deadline is July 5. July 5, 2026 EasyJet, Castlelake and Castlelake announced a deal in principle for PS6.90 per share. This would value the airline at PS5.5 Billion on a fully-diluted basis. $1 = 0.7490 pounds (reporting by Neeshita B. and Nithyashree B. in Bengaluru; additional reporting by Bipasha D.; editing by Rashmi. Aich. and Cynthia Osterman.)
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Wall St Week Ahead: Investors watch for Fed clues and earnings signs, as tech wobbles
Investors will be looking for clues this week about the?likelihood of imminent interest-rate increases and the early signs of an important earnings season to gauge the strength of U.S. stocks'?rally. This week, the second half of the year 2026 began'much like the first half did' with the rocky performance of "heavyweight" technology shares affecting major indexes. The minutes of the Federal Reserve's last month's meeting as well as earnings reports from Delta Air Lines, PepsiCo and other companies could be new indicators for a market that has been shaky in recent weeks due to its tech-fueled rally. The market has seen gains over the last few months thanks to tech shares, and in particular semiconductors. The benchmark S&P 500 rose 14.9% during the second quarter, which ended on Tuesday. This was its best quarter since 2019. In recent months, this group has seen a dramatic swing, with steep drops to end the week. Over the last month, other sectors such as financial, industrial, and healthcare stocks have done well, giving investors hope of a healthy market rotation that will lead to broader gains. Joe Mazzola is the head trading and derivatives strategist at Charles Schwab. He said, "I'll be watching that over the next few weeks to see if or not this broadening continues." If you start to see a prolonged pullback of some technology winners, will that mean the market is going backwards? INVESTORS SEEK RATES CLUES FROM FED MINUTES. The outlook for interest rate?has changed from expectations of equity-friendly rates cuts at the beginning of the year to projections for hikes in the next months. These expectations of rate hikes were slightly reduced on Thursday after a less-than-expected job report. Following the Federal Reserve's meeting last month, which was led for the first time by Kevin Warsh as chairperson, hawkish bets were on the rise. He said the Fed would be focused on price stability and inflation that is above its 2% target. The minutes of that meeting are expected to be released on Wednesday. Warsh warned that the Fed would not be able to control the markets and had ceased providing any guidance as to what it might do in the short term. This could make the minutes of future Fed meetings more significant. Matthew Miskin is the co-chief investment strategy at Manulife John Hancock Investments. Investors and markets will be asking: what is the new Fed Chairman and the updated (Fed Policymaking Body) looking for in order to determine where rates are headed from here? Investors said that a key issue was how Fed policymakers viewed the inflationary impact energy prices. Energy prices had been declining since the spikes caused by the Iran war. The extent of the divisions among Fed officials is another important topic. Bonds can be more attractive to investors than stocks if interest rates rise. This is because higher interest rates increase borrowing costs for both consumers and businesses. LSEG data showed that Fed fund futures at the end of Thursday indicated roughly equal odds that?the Central Bank would raise rates before its September meeting. The Labor Department's data on Thursday showed that U.S. employment growth was slowed dramatically in June. This helped to calm some fears of a rate hike. "If the Fed becomes more restrictive and begins a tightening process, this is a risk for the market and valuations", said James Ragan. He is co-CIO at D.A. Davidson. "I think it's important to get more information about what the Fed is thinking." SEASONAL PIVOTAL EARNINGS The release of services and manufacturing activity could clarify the inflation trend in a week with relatively few economic data releases. In recent months, stocks have recovered from the declines caused by the U.S./Israeli conflict over Iran. The S&P 500 has risen more than 9% since 2026 while the Nasdaq Composite, which is heavily tech-oriented, has risen 11%. The market's rise was fueled by the surprising strength of first-quarter corporate earnings. This has raised the bar as the second-quarter report season heats up this month. Next week, two early reports will be released: Delta and the snack and beverage manufacturer PepsiCo. Both offer different perspectives regarding consumer spending trends. According to LSEG, IBES, the S&P 500 is expected to grow earnings in the second quarter by over 24%. Keith Lerner is the chief investment officer of Truist Advisory Services. He said that if the north star is earnings, then the most important thing to do for earnings season is to confirm the earnings trajectory this year, and ensure the upward momentum will continue into next year. (Reporting and editing by Michelle Price, David Gregorio and Lewis Krauskopf)
The Supreme Court's decision to dismiss the challenge by the Netanyahu government has reignited a judicial dispute
The government of Benjamin Netanyahu has threatened to 'fight' a Supreme Court decision regarding a media regulator. This is a return to a judicial dispute which shook Israel in the months before Hamas' attack on October 7, 2023.
This decision is made ahead of the national elections expected to be held by late October.
What did the government say?
In a Sunday statement, the government stated that the Supreme Court's ruling of June 17, regarding the composition and membership of the Second Authority for Television and Radio, was an example of judicial overreach.
Justice Minister Yariv Karhi and Communications Minister Shlomo Karti said that such a decision will not be respect. Levin was the leader of the 2023 government push to limit the Supreme Court's powers, which caused mass protests and was halted after Hamas attacked. In recent months, however, Netanyahu's nationalist-religious coalition has revived some parts of the judicial overhaul plan.
What does the declaration mean?
Critics argue that the declaration has a broader significance because it undermines democracy and the rule of law in the state. The critics say that the declaration could also plunge Israel into chaos, and even a constitutional crisis, by pitting Israel's executive against its judiciary.
Dina Zilber said that "apparently nothing really happened but in essence something very dramatic happened," Israel's former assistant attorney general. Zilber claimed that the government had used its formal executive powers for the first-time to ignore a court's order. This was "a severe blow to rule of law and separation of powers." Analysts have pointed out that Netanyahu's coalition has been pushing to regulate the market for media and to clamp down on public radio. The 'government' objected so strongly to the court ruling because they wanted more control over the media and communication markets in Israel, said Tehilla Altshuler, a media and technology expert at the Israel Democracy Institute.
What is the political context?
Israel will hold elections in late October, though the exact date is yet to be determined. Opinion polls show that Netanyahu's right wing coalition is likely to lose the election. Netanyahu's Likud is expected to conduct primaries before the election. Ministers who are vying for the top position may try to score points with their voters by highlighting actions against the judiciary or media. Netanyahu's coalition has often portrayed both as left-wing, elitist institutions.
WHAT HAS NETANYAHU SAY?
Netanyahu has not yet publicly spoken about the government's declaration.
Yossi Fuchts, his Cabinet Secretary, 'downplayed' the rhetoric of Levin and Karhi. He said that the government's statement did not call for the disobedience of the court's ruling but instead a sharp criticism?of the court.
Netanyahu is very concerned about the media and judiciary because he's on trial for corruption charges. He denies them. Two of the criminal cases concern alleged regulatory favors given to media moguls.
Netanyahu has portrayed his trial as a left-wing witch hunt meant to topple a democratically-elected right-wing leader.
WHAT HAS BEEN THE REACTION? The critics claim that the government is attempting to divert attention away from the security failures of the October 7, 2001 attack, and the heavy burden that more than two decades of war in Gaza, Lebanon, and Iran have placed on Israelis. Isaac Herzog, Yair Lapid, and Gali Baharav Miara, the Attorney General of Israel, have all condemned the declaration made on Sunday. They warned that it undermined democracy and the rule-of-law. Lapid claimed that the government is trying to weaken courts in advance of the elections. Maayan, Emily Rose, and Dedi Haiun contributed to the reporting; Maayan, Emily Rose wrote the article; Sharon Singleton edited it.
(source: Reuters)