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Defense companies sign agreements at NATO Industry Forum
Defense companies from NATO member countries gathered in Ankara, Turkey on Tuesday to attend an industry forum that was held along with the annual summit of the alliance. Here are some of the latest deals: SAAB, the Swedish defence equipment manufacturer, said NATO would begin formal negotiations to acquire up to 10 GlobalEye early warning and control airborne aircraft. CEO Micael Jönsson said that the company could begin deliveries as early as 2030 and that the final price would be between $400 million and $450 million for each aircraft. LOCKHEED MARTIN AND RHEINMETALL On 'Tuesday, the two 'defence companies' signed a Memorandum of Understanding to produce ATACMS missiles jointly in Germany. This would be the first time that the short-range missile has been manufactured outside of the United States. NORTHROP GUMMAN NATO Secretary general Mark Rutte announced that allies would buy up to five MQ-4C Triton surveillance drones from Northrop Grumman. Norway, Finland Germany and Denmark signed a letter of intention for the purchase. Rutte'said that AIRBUS NATO would launch a strategic?airlift?fleet of A400M transport aircraft and expand their existing A330 MRTT?and tanker /transport fleet by an additional aircraft. ISAR AEROSPACE The German company Isar Aerospace has signed a contract to provide access to launch infrastructure and services at Spaceport Nova Scotia, and to improve the orbital launch readiness of Spaceport Nova Scotia. This was announced by NATO in a press release.
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Oil Gains after Vessel Attacks near Strait of Hormuz
Prices of oil rose Tuesday after reports of an attack on vessels near the Strait of 'Hormuz rekindled fears that shipping along the vital energy transit route could be disrupted. Brent crude futures rose 89 cents or 1.24% to $72.88 per barrel while U.S. West Texas intermediate crude gained 71 cents or 1.04% to $69.26 per barrel at 0939 GMT. Ole Hansen, analyst at Saxo Bank, said: "This morning's dominant theme is the shooting of a ship in the Strait of Hormuz." This is bringing back some geopolitical risk premium into the price. It's not much compared to what we've seen before, but it is the main factor?behind bids in the market." If there is any further increase, $75 would be the next level to consider ahead of $80. A tanker flying the Saudi flag was damaged in the Strait of Hormuz, near the coast of Oman. This happened after a tanker carrying Qatari Liquefied Natural Gas was also struck. Four sources familiar with the situation said that a Qatari LNG tanker sustained significant damage when it was struck as it?travelled through the Omaniside?of the Strait on Tuesday. This follows reports that Iran's Revolutionary Guards had fired missiles overnight at ships passing through the waterway. Iran's Foreign Minister said that if U.S. threat continue, then talks to reach a final agreement between Tehran and Washington won't take place. This comes after U.S. president Donald Trump threatened to "finish the deal" without a deal. Investors monitor the talks between the U.S. Shipping data shows that Japan will get a boost in Middle East crude supplies this month, as two more Japanese-owned supertankers containing Saudi oil were exiting the Strait of Hormuz Tuesday. Societe Generale has said that the oil market will shift from a deficiency to a surplus by 2026. This is because supply growth will outpace slower demand growth. Bank of America cut its oil forecasts from $83 to $75 per barrel for the fourth quarter 2026 and from $79 to $73 on average in 2027. It also said that inventories would gradually recover, but volatility was likely to remain high. Five sources familiar with the matter have confirmed that Saudi Arabia is considering expanding its crude oil pipeline capacity to 'the western Red Sea Coast. This would allow the kingdom, and perhaps its neighbours, to transport more oil, without having to use the Strait of Hormuz. Reporting by Anushree Mathur and Pranav Mukherjee in Bengaluru, and Emily Chow and Barbara Lewis in Singapore. Editing by Jacqueline Wong Jamie Freed Barbara Lewis
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Saudi Arabia is considering expanding oil pipelines to the Red Sea, according to sources
Saudi Arabia may expand the capacity of its crude?oil pipeline to the western Red Sea coast, according to five sources familiar with the matter. This would allow the kingdom, and perhaps neighbours, to 'transport' more oil without having to cross the Strait of Hormuz. The East-West Pipeline was constructed in the early 1980s, and it has been crucial ever since the Iran War and the subsequent halt of shipping through the Strait of Hormuz. The ship can carry up to 7,000,000 barrels of crude per day to the Red Sea Port of Yanbu. In May, Aramco's CEO said that approximately 5 million barrels per day are exported and 2 million barrels per day feed refineries along the west coast. Talks with neighbouring countries Sources said that the kingdom has begun preliminary discussions with its neighbours regarding the expansion of the capacity?of the pipeline by as much as 2 million bpd. Uncertainty surrounded Aramco’s capacity expansion plans. Would they involve upgrading existing infrastructure, or building a new pipeline? According to one source, the capacity increase will include a second smaller pipe for oil products. Kuwait, Bahrain, and Qatar lack routes to bypass Hormuz, while Iraq's pipeline from Turkey is plagued by disputes and frequent shutdowns and runs below capacity. Kuwait Petroleum Corporation CEO, Sheikh Nawaf Al-Sabah, told the Atlantic Council Global Energy Forum that "we are in discussion with our brothers in Saudi Arabia and the emirates about how to expand their pipeline system to accommodate Kuwaiti barges." Two sources stated that the expansion could be between 1 and 2 million bpd. Refined products are also being considered. Another source stated that it would take years and cost billions to change the Saudi crude pricing mechanism. Iran's blockade forced Gulf producers shut down as much as 12,000,000 bpd. Prices soared. After a preliminary U.S./Iran agreement last month, flows?have partially resumed but remain below prewar levels. Kuwait declared force majeure back in March, and Bahrain's refinery Sitra was hit by Iranian missiles multiple times. The recent talks between Saudi Arabia, Kuwait, and Qatar about new pipelines reflect a broader strategic reality. "The conflict has focused regional minds on the dangers of relying on Hormuz alone," said Zaid Bebagi, managing director at Hardcastle Advisory in London. Aramco refused to comment, while the Saudi Arabian and Bahraini government communication offices,?the Iraqi Oil Ministry and QatarEnergy didn't respond to immediate requests for comments. Qatar, which exports primarily LNG, faces greater technical obstacles and is looking at several alternatives, including Saudi Arabia, according to three sources. The UAE has finished half of the 'new West-East Pipeline, which will double crude oil capacity from Fujairah to Fujairah once it is operational in next year. The existing Abu Dhabi pipeline can carry up to 1.8 millions bpd. One industry source stated that an expansion by Saudi Arabia could indicate the next phase in the Saudi-UAE rivalry will be a race for the top of oil production and, therefore, a race towards the bottom prices.
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could have an impact on individual stocks or the markets in?France or Benelux. French airline 'Air - France' has extended the suspension of flights to Beirut to July 20, and suspended flights from Dubai to July 6. Flights to Riyadh, Tel -Aviv and Riyadh have been resumed. EIFFAGE: French group Eiffage has acquired 80% of the construction businesses of 'Baatz Group in Luxembourg. This business generated EUR142 million revenue by 2025. EPC Groupe: French construction company EPC Groupe has won a contract for underground work as part of "a hydroelectric project" in France. The project is expected to last 24 months. OLYMPIQUE LYONNAIS has extended the contract of midfielder Corentin tolisso until 2029. SAINT-GOBAIN : French building materials firm Saint-Gobain has acquired Xypex - a leader in waterproofing solutions - and is expected to complete the deal in Q4 of 2026. Pan-European market ?data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ ?STOXX ?index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top ?25 European pct gainers....................... Top 25 European ?pct losers........................ Main stock markets: Dow Jones ............... Wall Street Report ..... Nikkei 225............. Tokyo ?report............ London report ........... Xetra ?DAX............. Frankfurt items......... CAC-40................. ?Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a glance Top News ............. Equities.............. Main Oil Report ........... Main currency report .....
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Graffiti artist accused for scaling Australian bridge tower to paint giant cartoon bird
The Australian police arrested an Australian man on Tuesday for allegedly climbing a tower of a cantilever bridge that is 460 feet high and painting a cartoon bird. Instagram footage posted from Bolte bridge, near the city's business district, shows a man hanging his legs off the top of the tower. In subsequent posts he requested lower taxes in Australia, and that a?peanut butter sandwich delivered by drone be sent to him before he came down. The police were unable to comply with the demand, and a lane was closed on the bridge. This caused commuters' traffic to be disrupted. Paul Hogan is an acting sergeant at the?Victoria Police. He said that a 22-year old?man had been arrested after descending from a tower. The man is accused of spray painting an exterior wall. "As the morning progressed, the man allegedly did not follow the police's direction to come down," said he. According to a police statement, significant resources were deployed at the site, including uniformed officers, highway patrol agents, a critical event response team, as well as Search & Rescue and Water Police. The graffiti on this bridge is reminiscent of a symbol called 'Pam the Bird', which has appeared on many buildings in Melbourne over the past few years, including the heritage-listed Flinders Street Railway?station. The police report did not mention what finally convinced the man to come back down. The Instagram account posted: "The audacity of flying a drone with no sandwich." (Reporting and editing by Michael Perry, Edwina Gibbs and Alasdair pal in Sydney)
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Richard White, co-founder of Australia's WiseTech, steps down from his position as executive chairman
Australia's WiseTech Global?admitted on Tuesday that Richard White, co-founder, would step down from his executive position, effective immediately. Raelene Murphy was appointed independent chair. Murphy, who was appointed to the board of directors at the beginning of '09, became the lead independent director before taking on her new position in May. As of 0028 GMT, shares of WiseTech had risen by as much as 8.2%. They were trading at A$38.28. White stated that recent media attention to WiseTech is a distraction from its strength. "Further I am aware that personal attacks against me in the media, which are not connected to the performance of our Company but have the potential to encourage short-selling activity." Since allegations about White’s personal life were first made public in late 2024, shares in the company have been under pressure. Late in June, reports said that the Australian Federal Police was investigating White for alleged allegations that he had exploited an?immigrant's status? for sex as well as provided false information on a visa application.
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Data shows that Japan-owned supertankers are heading to the Strait of Hormuz, carrying Saudi Arabian crude oil.
Shipping data from LSEG & Kpler revealed that two more Japanese-owned supertankers, carrying 'Saudi Arabian crude, were headed to the Strait of Hormuz on Tuesday to 'exit the gulf, joining a fleet previously stranded ships who left a day before. LSEG data revealed that one of the tankers was owned and managed by Nippon Yusen KK, and the other by Kawasaki Kisen Kaisha. Kpler data revealed that each of the tankers?loaded two million barrels Saudi crude on 1 March. The 'companies' did not immediately respond to requests for comment. This latest move would increase the volume of crude on board vessels linked to Japan that leave the Strait of Hormuz this week from 16 million barrels, thus reducing the amount of stranded oil in the Gulf. Six very large crude carriers, loaded with 12,000,000 barrels of Middle Eastern crude, two chemical tanks, a vehicle transporter, and a container ship, all linked to Japan, left the Strait on 'Monday. The tankers were carrying crudes that came from 'Saudi Arabia, United Arab Emirates and Qatar. They were loaded between late February and early March. Mitsui O.S.K., a Japanese shipping company, manages the majority of these vessels. Lines (MOL). Lines (MOL).
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The death toll in Venezuela earthquakes has risen to 3,535, while thousands of people remain displaced
Authorities announced on Monday that the death toll in Venezuela's twin earthquakes has risen to 3,535. Nearly 18,000 people are still homeless, more than a month after the disaster hit the capital and coastal areas. Jorge Rodriguez, a top lawmaker in Venezuela, said that the latest official count showed 16,740 injured people and 17,854 without housing following the June 24 earthquakes. The quakes measured magnitudes of 7.2 and 7.4 and were seconds apart. New figures show the extent of the catastrophe in and around Caracas, La Guaira - the area most affected by the quakes - as well as the damage to the surrounding areas. Venezuela's vice president for social affairs said that at least 12,800 people were staying in 80 shelters throughout Caracas and La Guaira. HEALTH RISKS OF TEMPORARY SHELDERS Dr. Mauricio Calderon, an advisor to the Emergency Operations Center at the Pan American Health Organization, in Washington, warned about the growing health risks in these temporary sites. Cerpa said that the establishment of temporary camps or shelters is a common event following an earthquake. These health risks are due to overcrowding and limited ventilation. They also include issues with water and sanitation, inadequate food handling, and improper waste management. Cerpa stated that the immediate priority is to address "respiratory infection, diarrhea, skin disease, wound infections and dengue as well as vaccine-preventable illnesses such as tetanus measles rubella diphtheria pertussis polio and tetanus." Delcy Rodriguez, the acting president of Venezuela, has defended her government's handling the disaster in the face of growing frustration among Venezuelans. They have described it as inadequate and late. International rescue committees and other global humanitarian organizations have also criticised the government's reaction. Rodriguez announced that security forces had been deployed as soon as the earthquakes occurred and a new unit was being created to help deal with future emergencies and natural disasters. AUTHORITIES BURROW EARTHQUAKE VICTIMS Witnesses saw forensic workers and trucks transporting coffins on Monday in La Guaira, while machines dug trenches at an open area marked with white crosses where authorities were burying bodies. The Ministry of Communication and Information of Venezuela did not respond immediately to a comment request. Some graves were marked with numbers and some with names, according to photos published in the Spanish newspaper El Pais. Cerpa stated that PAHO and World Health Organization provided?technical guides and body bags as well as three refrigerated container for body management in the port of La Guaira as well as two crematoriums at other locations. The United Nations has said that it will continue to increase its aid operations in coordination and cooperation with the government of Caracas. U.N. spokesperson Stephane Dujarric said to reporters that "some search and rescue teams continue to be deployed in affected areas while other specialized engineering and medical teams continue to arrive." Cerpa said that the national health authorities are evaluating vaccination campaigns for temporary shelters on the basis of risk, vaccine availability, and national guidelines.
NATO allies discuss Hormuz tensions and mission with Gulf Arabs
On Tuesday, NATO foreign ministers are scheduled to meet their Gulf Arab counterparts in order to discuss the current stalemate regarding the reopening of the Strait of Hormuz. This will include a Franco-British initiative for a multilateral maritime mission which Iran has rejected so far. Ministers from Bahrain Kuwait Qatar and United Arab Emirates will attend the meeting, which is taking place on the sidelines a NATO summit being held in Ankara. This comes after weeks of tensions along the Strait of Hormuz despite a temporary U.S. Iran peace agreement.
SHOWING SUPPORT FOR GULF ARAB NATIONS
UKMTO, the United Kingdom Maritime Trade Operations agency, reported early on Tuesday morning that a 'tanker' was hit east of Oman Limah. Axios had reported that Iran's Revolutionary Guards had fired at least two rockets at commercial vessels?transiting through the Strait of Hormuz.
Maxime Prevot, the Belgian Foreign Minister, said that the Iranians had targeted the Gulf countries directly this spring, including Bahrain, Kuwait and Qatar. "Their stability is inextricably tied to ours." He added that the issue goes beyond just the Strait of Hormuz, no matter how important it is for "Europe's security of energy".
TRUMP CRITICIZES NATO ON HORMUZ
After the United States and Israel launched a military operation against it in February, Iran began blocking the waterway. The passage is still difficult despite the mid-June interim agreement, which has driven up oil prices and shipping costs, as well as put pressure on global supply chain.
NATO allies avoided direct involvement in this conflict and instead focused on plans outside of the alliance to reopen this strait through which a fifth or more of the world’s oil supplies normally pass.
Donald Trump, who is due to arrive in Ankara on Tuesday evening, has criticized NATO allies' reluctance?to contribute to efforts to reopen this waterway.
IRANIAN BACKING IS NEEDED FOR THE FRANCO BRITISH MISSION
The European nations said that they did not want to get involved in the war which was started without their consent, but were ready to help secure the Strait after the war.
France and Britain are leading efforts to form a coalition of?roughly 12 countries? that will guarantee safe passage across the Strait when tensions subside or the conflict is settled. However, any long-term agreement would require Iranian consent.
Iran has consistently opposed any 'foreign military presence' in the region and dismissed last week remarks made by French President Emmanuel Macron indicating that the mission would continue.
In the area, several NATO allies operate warships, minehunters and support vessels.
Paris and London are hoping to announce an initial mission within the next few days in the Gulf of Oman. This waterway connects the Arabian Sea with the Strait of Hormuz, and is bordered by Iran and the UAE.
A Franco-British statement issued on July 3 stated that "The Sultanate of Oman agreed to work with United Kingdom and France in order to ensure the safety of navigation within its sovereign territorial waterways." (Reporting and editing by Andrei Khalip, John Irish)
(source: Reuters)