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Electra to Safran: 250 turbogenerators for hybrid-electric EL9
?Electra announced on Wednesday?it 'has signed a production contract with France's Safran Helicopter Engines, for turbogenerators. The hybrid-electric aircraft start-up is looking to advance its certification efforts. The deal, according to the company, includes an initial purchase of 250 TG600 Turbogenerators. This will allow production to scale up to meet demand for the EL9 Ultra Short, a nine-passenger aircraft that is scheduled to take off in 'late 2027 or 2028. The agreement is a result of advanced air mobility companies locking in suppliers for critical aircraft systems, and seeking regulatory approval before commercial launches. Lockheed Martin Ventures, Honeywell-backed, Electra, and?Archer, Joby were selected as part of the Trump Administration's pilot program earlier this year, which aims to speed up the deployment of flying air cabs in the U.S. Electra’s deal with Safran extends a partnership that was first announced in the year 2023. It supports development and certification of the EL9 aircraft which is expected to enter service by 2030. Jean-Francois Sauer is the EVP Programs at Safran Helicopter Engines. Electra's CEO Marc Allen stated?in a?interview? that the deal for the turbogenerator was a significant milestone. There were 2,200 aircraft on the backlog, and 63 customers awaiting delivery. A turbogenerator is a combination of a gas turbine and one or more generators of electricity, along with a system for regulating voltage and electrical power. Allen said the program would 'give Electra an opportunity to fly a number of novel airspaces in urban areas and collect data that could support the efforts of the Department of Transportation, and the FAA. (Reporting from AnshumanTripathy in Bengaluru, editing by Vijay Kishore.)
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Farmers' union: Ukraine's Black Sea port loses a third of its grain export capacity
The main Ukrainian farmers' union has said that Ukraine has lost a third of its ability to export grain via its Black Sea ports because of the 'intensifying' Russian missile and drone strikes. Ukraine has been at war with Russia for more than four years, but agricultural exports such as grains and vegetable oil remain its biggest source of foreign exchange earnings. More than 90% are shipped through three ports located in southern Odesa. Odesa ports handled about?6 millions metric tons per month of cargo under a deal that allowed both countries to ship grains through the Black Sea. Moscow and Kyiv have both intensified their attacks on revenue-generating sources. Ukrainian forces are attacking Russian energy infrastructure, including oil tanks, and Russia has increased its attacks on Black Sea ports. In a report published late Tuesday, the UAC's trading department said that Russia has been repeatedly using ballistic missiles to strike?port infrastructure and terminals, as well as the entire transport logistic chain. It added that "on average, we are now able to ship around 4 million metric tonnes of grain per month." Ukraine's?ministry of economy was scheduled to meet on Wednesday for a discussion about the port attacks. RUSSIAN STRikes Cause Logistical Headaches for Traders Ukraine has in the recent seasons accounted about 6% of world wheat exports. And about 11% of world corn exports. This means that disruptions could impact global markets if they are prolonged. UAC has warned that while the ports continue to operate, they could suffer significant damage within a few months if the attacks continue at the same intensity and no repairs are carried out. Industry sources have told us that traders are having logistical problems. A senior industry official said that although the ports are not at a standstill, traders face problems with their procurement, sales and shipments. They also have to deal with cargo accumulations, high prices, and high freight. Ukrainian Railways data shows that exports and the number of grain railcars headed to Odesa ports fell 17% in the week from July 2-8 compared to the previous week. Kernel Holding, Ukraine's largest grain exporter, said that it had stopped operations at the Cronomorsk Port due to Russian attacks. Another industry source confirmed on Wednesday that four of the 13 large grain terminals at ports have stopped purchasing grain. According to analysts from the ASAP Agri consulting, "the general reluctance of ship owners" to dock at Ukrainian ports has also pushed up freight rates. Bohdan 'Kostetskyi', an analyst with Barva Invest and Ukrainian publication Agrotimes, claimed in an 'article that the grain storage capacity of Ukrainian ports has been reduced by a third. He said that the loss of 2.5 million tons per month in capacity at deep water ports had created a grain bottleneck, with certain volumes not being able to reach their export destinations.
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Homeplus to be revived by emergency funding from MBK Chairman
MBK Partners chairman Michael Byungju 'Kim offered a 'personal guarantee' of 200 billion won (134 mln) for a emergency financing for MBK Partners-owned supermarket chain Homeplus if its lender agreed to provide the funding needed for the retailer’s turnaround. Homeplus' corporate restructuring proceedings were terminated by a South Korean court in early?this year after the retailer failed to secure funding to implement their restructuring plan. Homeplus may re-enter the rehabilitation process if?lender Meritz Financial Group accepts?the proposed at a board meeting on Thursday. Media reports claim that if the retailer does not file for bankruptcy, it could happen as soon as this week. Mertiz Financial is not available to comment after regular business hours. Homeplus is South Korea's 2nd largest retailer, and it employs about 25,000 people. MBK Partners, Meritz and the governing?Democratic Party are under increasing pressure to provide 'emergency funds' and devise ways to keep Homeplus running. The ruling?Democratic party is expected to hold a parliamentary inquiry?on July 27.
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Visual Investigation-The U.S. Army Veteran and the Mystery Boeings Flying Sudan's War Routes
On Wednesday, a visual investigation was published that showed that a 'fleet of aging Boeings operated by 'companies controlled by U.S. military veteran Steven Shaulis flew to the logistics hubs used during the Sudan War by the Rapid Support Forces. Outside the?world of business, Shaulis is a 63 year old U.S. Army Special Forces veteran who heads the CADG company based in Singapore, a global organization that holds a number of?U.S. United Nations contracts for decades. The investigation found that behind the scenes, Shaulis controlled firms operated at least three Boeing aircraft to fly to key logistic hubs used the Sudanese Paramilitary Rapid Support Forces accused of atrocities committed in the Darfur region. No evidence was found that 'Shaulis, or any of his businesses have been sanctioned by authorities or face allegations of wrongdoing. Click here to read the visual investigation. Reporting by Alexander Dziadosz in Cairo,?Reade Levenson and David Lewis, and editing by David Clarke Brian Thevenot Sarah Cahn.
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Australia's Perpetual receives a sweetened bid of $1.75 billion from EQT
Perpetual?of Australia said on Wednesday that it received a'sweetened, non-binding' takeover offer from EQT AB of Sweden. The proposal valued the financial services provider in Australia at A$2.50billion ($1.75billion). Under the revised proposal, EQT will buy all Perpetual shares at?A$22.07 each, a nearly-22% premium over the firm's closing price on July 1. This was before the company?disclosed EQT’s initial approach to market. The latest offer is higher than EQT’s?earlier A$2.45billion proposal that Perpetual?rejected because it did not reflect the value of the company. The board stated that it was evaluating the revised offer, but warned there was no guarantee it would lead to a?binding transaction. The new takeover attempt marks the latest attempt at acquiring the?140 year-old financial services company, which has been able to fend off?several rivals in recent times. It rejected a A$1.7 billion takeover bid in 2022 from a consortium that included portfolio manager Regal Partners. The following year, it turned down an A$3.1 billion offer from its largest shareholder Washington H Soul Pattinson.
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Memo shows that former DP World boss Bin Sulayem is now in charge of Malaysia MMC Port.
According to a memo obtained by the media, Sultan Ahmed Bin Sulayem will be taking over as the new CEO of?Malaysian company MMC Port Holdings. The group chief executive is leaving his post immediately. Emirati bin Sulayem is now the executive chairman of MMC. He resigned in February from Dubai's DP World after the Department of Justice released emails between Jeffrey Epstein and the company. Bin Sulayem did not comment publicly on the emails he exchanged with Epstein who died in prison in 2019 while waiting to be tried for'sex trafficking' charges. Bin Sulayem was not immediately available. The MMC memo dated July 12 did not provide a reason or a date for the permanent replacement of Azman Shah Mohd Yousof. It was not possible to determine the date Bin Sulayem, a veteran Dubai ports executive,?was named executive chairman of MMC Ports. MMC didn't immediately respond to an inquiry for comment about?the content of the memo. Azman didn't immediately answer the phone or leave a message. PORTS GIANT MALACCIA STRAIT MMC Ports, Malaysia's largest group of port operators, has seven ports located along or near Strait of Malacca. This narrow sea lane connecting the Indian Ocean to the Pacific is crucial for global trade. The strait is a major shipping chokepoint. According to the U.S. Energy Information Administration, the strait is one of the most important oil transit routes in the world. MMC Ports was expected to pursue an IPO that could have been Malaysia’s largest in over a decade. However, the company reported in October it had?delayed its planned listing. The memo from July 12, addressed to MMC Port Management and the chief executives at its operating ports, stated that 'all matters which would have previously been sent to the group CEO, should now be directly sent to Bin Sulayem’s office. It said that "Azman ceased to be the Group?Chief executive officer of MMC Port with immediate effect." The memo stated that the interim reporting line was designed to?maintain leadership, governance, and decision-making across the group'. Bin Sulayem stated in the memo that he expects operations and strategic project to continue without disruption and that the firm will maintain its business momentum while ensuring continuity and stabilty across MMC Ports. DP World announced on February 13th that Bin Sulayem, one of the largest port and logistic companies in the world, had resigned. Essa Kazim was named as chairman, and Yuvraj Nrayan, group CEO. Reporting by Yantoultra NGi in Singapore and Rozanna Latti in Kuala Lumpur. Editing by Martin Petty, Sam Holmes and Sam Holmes.
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Drones, AI, and white paint: Europe races against the heat to protect its infrastructure
White paint is a simple, yet effective, solution to the aging infrastructure of Europe's railways, which are buckling under record temperatures, melting roads and straining power grids. Drones, AI-powered sensors and AI-powered sensors, to name a few, have been used to inspect tracks. Workers at the Oslo Airport in Norway sprayed water on the tarmac to 'keep it cool'. The temperature was expected to reach 30 degrees Celsius, 10 degrees above the normal average for this time of the year. The country is adjusting to the rising temperatures in Europe, which are fueling wildfires and killing thousands. Infrastructure is also under increasing pressure. Jorn Arvid remark, an operating engineer for Norwegian airport operator Avinor said that the asphalt in Norway must be able to withstand extreme cold temperatures as well as moderately warm temperatures. The airport is currently testing a heat-resistant asphalt. The fire brigade sprays 9,000 litres on the runway's key areas, as the surface can be damaged by high temperatures and softening under the weight of planes. Many of Europe's roads, and rails, which were built decades ago, are struggling to keep up. Climate Monitor reports that temperatures in Western Europe were 5.5 C higher than average on Wednesday. Chris Dodwell is the co-head at Impax Asset Management's sustainability centre. He said that our infrastructure was not prepared for extreme weather events. In a report from 2025, leading central banks predicted that extreme weather events such as heatwaves, droughts, and floods could reduce the GDP of the euro zone by up to 4.7% by 2030. HIGHER TEMPERATURES CAN INDUCE MORE FLOODS AND STORMS Europe's rails have been hit hard. A report by the EU in April revealed that over 70% of rail managers reported a growing number of disruptions due to?extreme climate. Weather-related disruptions between 2015 and 2024 amounted to one to three years' worth of rail service in the region. Heat can cause points, signals, and power to fail. Extreme weather caused by high temperatures is a?even greater disruption. The most important issue for rail networks are not heat waves themselves, but thunderstorms, strong wind and landslides, which often follow them, said Oliviero Baccelli. As a result, climate-related events have already caused significant disruptions in Italy's railway network, especially on Alpine routes. Northern European countries, such as Britain, face special challenges due to the fact that their rail infrastructure is designed for a smaller temperature range than southern European networks. John Lawrence, the chair of IET Railway Technical Network said that many rail components and system were "in essence frozen" in time. He said it would cost a lot to heatproof an entire network, but operators are exploring new sleeper designs that are more stable and using technologies like AI and drones?to "speed the amount of track which can be monitored and inspected". Network Rail in Britain has committed to investing? Network Rail has pledged to invest? Some operators use traditional methods of heat reflection, which are not expensive. Stockholm's Transport Authority spent around 100,000 Swedish Crowns ($10 300) to paint sections of metro tracks white in May and Junie to reduce the risks of track buckleling. HEATWAVES "MORE INTENSE AND LONGER LASTING" Martin Wilson, Engineering Director at the French rail equipment manufacturer Alstom said that Europe could "learn from" transport systems like the Riyadh metro and Dubai tram which are designed to run in temperatures over 50C (122F). He said that heatwaves today are more intense, frequent and lasting longer. "Rising temperatures are a growing challenge to rail systems in Europe." The pressures on roads are similar. According to engineers, northern European highways were designed to resist damage caused by freeze-thaw cycles. In contrast, southern countries like Spain use asphalt mixes better suited for prolonged summer heat. As countries struggle with colder winters as well as hotter summers, finding the right balance is getting harder. Jose Pablo Saez Villar, of the Spanish Civil Engineers Association said that planners and roadbuilders in northern Europe may need to change their approach. RATP, the Parisian transport operator, has created a contingency heatwave unit and will be preparing an adaptation plan to climate change by the end this year. Officials in Norway say that the warmer and wetter climate is changing how infrastructure is designed. Grethe Vikane is the head of climate and social development at the Norwegian Public Roads Administration. So they can cope with both the current challenges and the expected consequences of climate change.
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Three killed in Russian attack on Ukraine's Odesa as Moscow and Kyiv fight over Black Sea
On Wednesday, Russia and Ukraine intensified their battle for control of the Black Sea and important trade routes. Moscow killed three people during an attack on Odesa in the Ukrainian port and Kyiv used drones to strike Russian shipping. Oleh Kiper, the Governor of Odesa Region, said that an "massive" Russian missile and drone attack on southern Ukraine continued for a 5th day. The attack targeted civilian, industrial, and port infrastructure. Ukrainian authorities reported that three people died and at least another three were injured in a Russian missile attack on a seven storey residential building?in Odesa. In recent days, Russia has intensified its attacks on Ukraine’s deepwater Black Sea port in the Greater Odesa region. These ports handle most of Ukraine's grain and other goods and are crucial to the wartime economy. Ukraine has intensified its campaign against Russia to disrupt the?logistics of Russian forces in areas Moscow occupies, in southern Ukraine. It also aims to isolate Crimea which Russia annexed back in 2014. Kyiv’s top commander of drone forces said that Ukrainian drones struck 20?Russian ships in the Black Sea over night. Robert Brovdi said, "Now Black Sea," on Telegram. He added that 116 ships have been hit in the Sea of Azov during this month. STRIKES DISRUPT SEA SHIPPING OF AZOV Sources say that the Ukrainian attacks forced Russia, which is the world's largest grain exporter to restrict shipping on the Sea of Azov -?a route where about a quarter of the grain it exports passes. They said that shipping remained restricted Tuesday. The Russian defence ministry announced on Wednesday that Moscow continued its overnight strikes?on Ukrainian ports, which it claimed handled cargoes for Ukrainian military. The report said that a number?of targets in the?ports?of Odesa and Chornomorsk, and four vessels that were said to be delivering cargoes to Ukraine's military in the ports of Chornomorsk?and Dnipro-Buh had been struck. Kiper stated on Tuesday that in an evening drone attack on port infrastructure, two people had been killed. He said that a civilian vessel flying the Marshall Islands flag was damaged by the attack. Kernel, Ukraine's largest grain exporter, halted its operations at Chornomorsk port after Russian attacks. Another Russian strike damaged a vegetable oil terminal near Odesa, the company said late Tuesday. The Russian Foreign Minister Sergei Lavrov called the attacks on ships in the Sea of Azov "terrorism", while the Russian Agriculture Ministry acknowledged that the exports could be diverted onto other routes.
Maguire: The hydro-boom in Turkey helps to extend Europe's gas shortage.
Turkey's energy producers have gained an unexpected advantage: water.
Hydroelectric production has soared, allowing utilities to reduce natural gas consumption by over 75% from January to May. This has led to significant reductions in power sector emissions and reduced the reliance on imported fuel.
The shift has been dramatic. According to Ember's data, between January and May, the hydro output increased by nearly 60% compared to a year ago, while gas-fired production dropped more than 40%.
The surge in hydro power generation, along with a record solar and wind output enabled 'clean energy sources' to account for over 60% of Turkey’s electricity mix, for the first time. This marks a significant energy transition milestone for t he fast-growing Turkish economy.
The consequences of the coup extend beyond Turkey's borders.
According to the Energy Institute's report, Turkey is Europe's fourth largest gas consumer. This pullback in demand reinforces a regional trend that sees a decline in gas consumption and reliance on renewable energy.
Turkey's lower use of gas has allowed it to inject more into storage facilities rather than burning it in power stations, helping to limit Europe’s overall gas inventory drawdown in 2026.
HYDRO TAKING CENTER STAGE
This year, the Turkish power system has been dominated by a resurgence in hydropower.
The hydro generation during January-May totaled 46.33 Terawatt Hours (TWh), the highest ever recorded for this period. This is up from 29.03TWh in the same period of 2025. That's a gain?of almost 60% or 17.3TWh.
This increase was almost as much as Turkey's total electricity generated by gas from January to May (17.48TWh). It shows the impact of the surge in hydroelectricity on the Turkish power system.
In the first five months of this year, hydro output was higher than that of coal and natural gas. This makes water the largest power source in Turkey.
Hydro's share in total electricity supplied by utilities grew to 33.2%, up from 20.8% one year ago. This is the highest level since January-May 2020.
The dam operators were able to maximize production despite the increasing demand for electricity, thanks to the favorable weather conditions and high reservoir levels.
The total electricity generated in Turkey from January to May was a record-breaking 142.44 TWh, up from 140.88TWh one year ago. This means that Turkey produced more power while simultaneously reducing fossil fuel use.
GAS SETBACK
Natural gas has been the principal victim of?the hydroboom.
The gas-fired generation dropped to 17.48 TWh from 29.42 a year ago, a 40.6% decline. Gas's share in total generation fell from 20,7% to 11,9%, a record low.
According to Ember data, in absolute terms, the gas generation has fallen by 12?TWh compared to the previous year. This is the biggest year-to date decline for at least seven consecutive years.
The fall was most pronounced in the spring when hydro production soared.
The average gas-fired generation was about 2 TWh per month between March and May, compared to more than 4TWh for several months during the same period in last year.
The coal generators are also being squeezed.
The coal-fired production fell 16.1% on an annual basis to 38.14 TWh. This is the lowest output in over a decade.
CLEAN POWER MILESTONE
Hydro is not acting alone.
Turkey's wind power generation increased from 14.95 to 17.97 TWh between January and May, whereas solar energy production increased from 13.31 to 13.98.
Hydro, wind, and solar combined to produce 86.25 GWh of clean electricity, compared with 65.52 GWh one year ago. Clean sources provided 61.2% all electricity compared to 46.8% in the same period of 2025.
The fossil-fuel production fell more than 25% to 56.19TWh, down from 75.36TWh.
The impact on the environment of the drastic cuts in fossil fuel generation is substantial. The power sector's emissions from fossil fuels have fallen by more than 21% to 47.91 metric tons CO2 equivalent, down from 61.01 metric tons the year before.
Storage BOost
The lower gas consumption has also created another benefit: more fuel for storage.
Turkey is able to store additional gas underground instead of using large amounts of imported gas for power plants.
According to LSEG, the year-to-date injections of storage have reportedly been 18% higher than last year's levels. This is a significant development, especially at a moment when Europe is working hard to replenish its inventories following a strong withdrawal season.
By storing gas in Turkey, Turkey reduced the pressure on the European gas system as a whole and helped to limit the inventory drawsdowns throughout the region.
This could be as significant as the decline of power-sector gas use.
Turkey is a transit and consumption market, so any changes in the gas balance will have a greater impact on regional supply dynamics.
BROADER TREND
The experience of the Turkish people is also part of a larger story that's unfolding in Europe.
Renewables continue to reduce the role of gas in electricity generation across the region whenever weather conditions are favorable.
European policymakers spent years trying reduce exposure to volatile imported gases through increased renewable deployment, efficiency improvements and electrification.
The gas consumption in Europe is still well below the pre-crisis level despite periodic increases tied to weather conditions and electricity demand.
The transformation of Turkey's power sector to hydro-led is one of the most obvious examples of this trend by 2026.
Turkey's gas demand has decreased, but total electricity production?has increased.
This suggests switching fuels rather than demanding destruction.
This is perhaps the most encouraging sign for a continent that still tries to reduce its dependence on imported gas.
These are the opinions of the columnist, who is also an author. This column is great! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
(source: Reuters)