Latest News
-
Bild: Germany blames Moscow for Tuesday's airport drone incident
Bild reported that the German ministers of interior and foreign affairs plan to announce on September 2nd that Russian intelligence services were behind an attempted drone attack against a Ukrainian cargo aircraft at Leipzig/Halle Airport in early August. In its online edition, Bild cited a number of security sources. A spokesperson for the government and the interior ministry declined to make any comments. The 'foreign ministry didn't immediately respond to an inquiry for comment. News?outlets Welt am Sonntag?and?Politico Sunday?reported that the German government was preparing to hold Russia accountable for the attempted drone strike in Leipzig/Halle, a significant air freight hub. It also said it would be preparing countermeasures against Moscow. Some German lawmakers have pointed the finger at Russia. Russia launched a full scale invasion of Ukraine in 2022. The Russian Embassy in Berlin dismissed these accusations as "fabricated provocations" and "a new wave of anti-Russian hysteria".
-
The search for a missing son in Nepal was finally over after a family spent four days searching for him
Ayush Khadka, a 21-year old civil servant from Nepal, was missing for four days after floodwaters ravaged the district of Rasuwa. His family desperately searched for signs that he was still alive. The Khadkas are among the thousands of 'families' who cling to hope in the chaos caused by a 'glacial -collapse, which sent a deluge unprecedented of ice and rock, mud, and debris through the valley towns and villages of Nepal and China. Ayush spoke to his family the night before, and the next morning, Ayush's social media account showed him online. This small sign gave the family the hope that he survived. When reports of extensive destruction were released on August 26, families immediately began a search that would prove to be futile. Ganesh Khadka, his paternal Uncle, waited for two days near the Nepali Army Maithali Barrack, in Nuwakot. This was one of the primary coordination points near the flood-ravaged area. Ganesh says that despite sharing Ayush’s name, work place, and last known location with officials, they received little response. In an attempt to find out more, the relatives desperately tried to reach Timure, the heavily flood-affected town where Ayush was stationed hundreds of kilometers from the Salyan district home. But the roads were destroyed and the government had commandeered all private helicopters for rescue operations. Laxmi, Ayush’s maternal aunt was looking for him about 200 km away (124 miles), in Chitwan. Bodies had been swept downriver by the flood, and were now being recovered. Unbeknownst to the majority of family members, authorities recovered a body believed to be Ayush on the day the disaster occurred. The disaster has left at least 939 dead and about 4,000 people missing. Laxmi went to a temporary holding center on August 27. There, photographs of bodies recovered were displayed for relatives' identification. She was immediately drawn to one image. She said, "I was 70% certain it was him." Muna Khadka, Ayush's distraught mother, was not shown the photo by the family. They examined every detail. A mole on Ayush's left side of the chin, and his beard looked identical. The family also recognized a black religious thread known as a "buti" that was worn on his left arm, but had moved to his wrist. They were still unsure and the search for Ayush went on for several days. A FAMILY RACE AGAINST THE TIME Information was often fragmented and received through unofficial channels. Distances between Salyan and Kathmandu, Nuwakot and Chitwan, as well as the border region, complicated any attempt to determine what happened. As authorities prepared to mass bury unidentified corpses, the uncertainty grew even worse. The Khadkas feared that victims of distant districts would be buried in Chitwan before their relatives could reach the area and identify them. Ayush's family did not tell Ayush’s mother that her son had died until August 30, which was four days after the flooding. They left Salyan around 1 am the next morning and traveled through the night towards Chitwan. After hours of driving, they arrived in Chitwan at 8 a.m. They were exhausted but determined to get the final confirmation. Standing before the recovered corpse, they confirmed that many people had already feared. About 35 relatives gathered hours later on the Narayani River's banks to cremate the young man, whose family spent days trying to find a different result. Laxmi remarked, "We were thrilled when he was born and even happier when he passed his civil service exam at such a young time." "And now he's left us in tears."
-
Maguire: A US energy dashboard that tracks price drivers, demand and output.
In the months to come, U.S. energy markets will be closely monitored due to new geopolitical tensions with Iran and increased demand for power from manufacturing, data centers, and electrification. These forces require that we track not just crude oil and gasoline prices but also fuel production in the U.S., as well as inventories, power costs, and other factors. Changes in any of these indicators can have a rapid impact on households and businesses. They may affect inflation, economic activity, and overall growth. Below is a chart that shows the main trends in the U.S. Energy landscape. PRICING POWER This dashboard gives a general overview of the major energy costs that U.S. businesses and consumers face. Crude oil is influenced by geopolitical and global supply-demand trends. Gasoline, diesel, and electricity prices show how these trends affect transportation, industry, and households. The combination of all four indicators can provide an early indicator of changes in energy market conditions as well as inflation pressures. FUEL FIXATION Gasoline is the most popular transportation fuel in the United States. It has a direct effect on consumer spending and sentiment. The balance between supply and demand can be determined by changes in refinery outputs, fuel inventories, and pump prices, particularly during periods of high driving when low supplies can translate quickly into higher prices. Diesel fuel is often seen as the engine that drives the U.S. economic system. Diesel fuel is used to power most long-haul trucks, rail freight and agricultural equipment, as well as heavy machinery in the construction and industrial industries. Monitoring diesel production and inventories can provide a real-time measure of economic activity and supply chain conditions. It also helps identify inflation risks, as higher diesel prices can increase transportation and distribution costs across the economy. GAS POWER Natural gas is the most important fuel for U.S. electricity generation and also one of the fastest-growing commodities exported by the U.S. Monitoring production, LNG exports, LNG storage levels and prices can provide insight on whether the rising demand at home and abroad is being met by a sufficient supply. This has implications for electricity rates, industrial competitiveness, and energy security. ELECTRIC CHARGES Power prices are becoming an important?indicator of the economy as electricity demand is increasing from data centers, manufacturing, and electrification. Monitor costs for residential, commercial, and industrial users to determine which sectors bear the most burden of rising energy demands and infrastructure investments. It is important to keep track of the changes in electricity prices, fuel demand, and emission trends. Understanding how electricity is generated is increasingly important as the power demand?increases. The rapid growth in natural gas, solar and wind generation, along with the decline of coal, has reshaped U.S. energy markets and changed the fuel mix needed to meet the rising electricity demand. Overall, at a time when geopolitical conflicts can quickly alter global fuel supply and rising electricity consumption is reshaping the domestic energy consumption patterns, it has become important to have a broader view of the U.S. Energy System. These indicators can be used to detect changes in the direction of the economy, inflation and business activity. These are the opinions of a columnist, "the author". You like this column? Open Interest (ROI) is your new essential source of 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.
-
Kyiv reports that Russia has hit port export facilities in the Odesa region of Ukraine.
Overnight, Russia has attacked Ukraine's port infrastructure as well as a border crossing to Romania in the southern Black Sea region of Odesa. The Ukrainian president Volodymyr Zelenskiy stated that the strike "deliberately destroyed a border crossing on the border with Romania as well as export equipment." Ukraine's emergency services said that the attack also targeted energy infrastructure and caused a fire in a residential building where one person was injured, without giving any further details. Russia has increased the number of drone strikes and the intensity of those strikes in recent months on the export infrastructure of the Odesa Region, which is home to Ukraine's main Black Sea ports, as well as major Danube River ports Reni?and Izmail?. The Russians have blocked 90% of Ukraine's seaports. Kyiv has been forced to divert cargo to Danube River ports that are less capable and railway crossings along the western border. The Ukrainian border service announced?on? Tuesday that during the overnight strike Russia attacked and damaged an Orlivka checkpoint for ferry services on the border with Romania. The service issued a statement saying that "processing of vehicles and citizens through this checkpoint has temporarily been suspended." According to a monitoring agency, the Odesa area experienced more than 300 "air-raid" alerts during August. These alerts lasted for a total of 238 hours. Rail officials claim that constant air raid alerts and attacks against facilities are "significantly complicating" their operations. Ukrzaliznytsia, the Ukrainian railway operator, said that it had increased grain delivery to the Danube ports in preparation for future exports.
-
Deep-sea search team helps in Cyprus ferry disaster
A team of specialists equipped to search in deep waters is due to arrive on Tuesday from Turkey as emergency crews continue their efforts to locate 20 people who are missing after a ferry capsized near northern Cyprus. Eight people were killed when the double-hulled ship began taking in water, and flipped over shortly after it left the port of Kyrenia with 267 passengers on board. Boats in the area picked up survivors who clung to a part of the overturned hull. However, some reports suggest that passengers could have been trapped in compartments as the boat flipped. Missing children are included in the list. The wreck is located at a depth of 500 meters (1,640 feet) below the surface of the ocean. This is beyond the local resources' reach. Tufan Erhurman, leader of the Turkish Cypriot community in Cyprus, said that the team will bring specialist equipment to explore the wreckage and surrounding seabed. Erhurman, a?reporter on Monday, said that "Intervening in the seabed was not possible at this time with our resources. But from tomorrow it will be possible." The situation is still unclear. It's not clear if any of the missing are trapped in the boat. On social media, it appeared that people were still trapped in one of the compartments while others waited for help perched on the tip of boat. Turkish Cypriot officials said that the vessel was in possession of a valid certificate for seaworthiness. The ferry was described as a catamaran with a wide body that was violently lurching before it?crash back into the water. Nine people involved in the operation of the vessel were remanded in custody by a court on Monday for three days, to help police with their investigations.
-
Kenyan aviation workers end strike disrupting flights, officials claim
Kenyan aviation?workers have called off a strike which disrupted flights in the country's main international airport and other airports. Transport Minister Davis Chirchir, and Aviation Workers Union head Moss Ndiema announced this on Tuesday. The strike by air traffic controllers, mainly on Sunday and Monday, caused several delays at the main Jomo Kenyatta International Airport. In a joint statement, they stated that the?union, airport and civil aviation authorities and low-cost carrier Jambojet had signed a?return to work agreement to end the strikes while negotiations continue on all outstanding issues. Chirchir stated on Tuesday that "we have examined various?issues...with very clear guidelines...on how we will deal with the three CBAs" (collective bargaining agreements) which had been suspended since 2015. The Kenya Aviation Workers' Union had stated that their strike was a result of long-standing grievances with the Kenya Civil Aviation Authority and airport operator Kenya Airports Authority. Ndiema said at a press briefing that "we are calling off our strike and pleading with members to begin the normalisation operations, restoring service." "We are asking those on duty to start clearing flights." KAWU Secretary-General Ndiema said previously that the union wanted a court-backed intervention. He cited the lack of collective bargaining agreements at the Civil Aviation Authority and delayed salary reviews. The Nairobi main airport was experiencing a disruption that lasted into the second day of Monday. Passengers reported waiting hours for updates. Due to the Nairobi disruption, airlines operating routes to and from Rwanda, Burundi Tanzania, Uganda, Somalia, and Mauritius had to cancel or reschedule their flights.
-
The oil boom in the Americas will last longer than the Iran conflict
Oil producers in the Americas, from Canada to Argentina have enjoyed a windfall by capturing market shares lost by Middle Eastern exporters during the Iran War. This renewed focus on global energy security could transform this crisis response into a long-lasting structural change. Since the Iran War and the closing of the Strait of Hormuz six months ago, which affected?roughly one fifth of global oil supply?, the production of oil in the Americas is now a viable option to the Middle East. This is a 'one of the most dramatic changes to the global energy scene in decades. The closure of Hormuz?immediately triggered?a scramble?to replace lost Middle Eastern barrels. America emerged as the main beneficiary. According to Kpler, crude exports in the region, which stretches from Canada to Argentina, are at a record high of 11,7 million barrels a day (bpd). This is up from 10,3 million bpd a year ago and almost double what they were a decade earlier. Brazil is second with 2.5 million bpd, while the U.S. exports average 4.4 million bpd. Asia has taken in most of the extra crude oil from the Americas. Imports from the Western Hemisphere into the continent have risen since the Iran War began. They are expected to reach a new record of 5.4 million barrels per day in August. This compares with an average 4 million barrels per day in 2025. The diversification of the economy was not planned, but rather a result of necessity. The shock has revealed the dangers of an over-dependence on Middle Eastern supply. The lesson of Asia's past wars may last a long time. Even if Gulf Exports recover eventually, Asian?importers may want to avoid becoming overly reliant on any one region. This is especially true for a region with high conflict risk and vulnerable maritime chokepoints. It is more costly to source more crude from the Western Hemisphere because Gulf crude has a geographical advantage. This cost is often viewed as a premium for avoiding future geopolitical turmoil. AMERICAS ASCENTANT The remarkable increase in oil and natural gas production in the Americas during the last decade has made this shift possible. The U.S. Shale Revolution, which transformed the global oil market and made the U.S. world's biggest producer in 2018, surpassing Saudi Arabian and Russian production, was the primary driver of the expansion. U.S. oil production is expected to reach an all-time record of 21 million barrels per day (bpd) in 2025. This will account for about one fifth of global output. Other countries have also seen a significant increase in production. According to the IEA Brazil will reach a record 4.3m bpd by 2026. This is an increase of 480,000 bpd over last year. Canada, meanwhile, continues to increase its oil-sands production capacity. Guyana has become one of the fastest growing producers in the world, while Argentina continues to increase output from its Vaca Muerta shale, which is one of the biggest unconventional resources outside North America. In 2027, the combined North American and Latin American oil production will average 30.5 millions bpd, while Latin American oil output is projected at 9.3 million. According to IEA figures, this would be a 50% increase for the region in the last decade. North America has spent many years developing production capacities, export terminals and pipelines. The Middle East oil crisis couldn't have happened at a more opportune time for its producers. The MATCH IS MADE IN HORMUZ Hormuz has provided a unique opportunity for these suppliers. Asia is largely responsible for this shift. The Americas account for 30% of the global seaborne crude oil exports. The Americas won't replace Middle Eastern suppliers entirely in Asia. But they could continue to erode Gulf's market share. Since decades, Asia has imported Middle Eastern oil because of its proximity. Tankers sailing from Brazil or Japan could spend up to 60 days at the sea, which is about three times as long as the Gulf transit time. These longer journeys tie up fleets and increase freight demand and shipping cost. Tanker rates have risen as crude oil has taken the long way to Asia. According to LSEG, rates for a VLCC carrying 2,000,000 barrels reached a record of $640,000 per day. This is more than triple the pre-war level. Asian refiners are willing to accept higher transport costs for increased energy security. In a volatile world, reliability may matter just as much as the distance. Few producing regions can compete with the Americas in terms of a variety of crude grades. You can find them. These barrels are available. You can get them. These are becoming more abundant. The Americas can't replace the Middle East because it has much larger reserves and lower production costs. What began as a temporary reaction to the Iran War is now looking more like a permanent realignment in global oil trade, one that may last long after missiles have stopped flying over the Gulf. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn 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 seven days a weeks.
-
New Zealand and the US fund Cook Islands port upgrades
New Zealand and the U.S. are jointly funding a major upgrade to a World War Two-era port on an atoll in the Cook Islands, said the three governments on Tuesday. This is a new sign of Western efforts in the Pacific region, which is being increasingly influenced by China. Washington will contribute $50 million, and New Zealand NZ$17.5million ($10 million), to the project. Wellington will implement the project in coordination with Cook Islands and U.S. According to the statement, the upgrade at Omoka, also called Tongareva on Penrhyn is designed to improve ship?landings, increase access to services, and strengthen the transport and economic connections for the northern Cook Islands. According to Christopher Landau, the U.S. deputy secretary of state, Penrhyn’s airstrip and port were built by American personnel more than 80 years ago. The airfield was used for moving personnel, supplies and supporting aircraft that were?passing through the region during World War Two. Landau said in a statement that "through transformational infrastructure projects such as this one, we make the United States and our partners safer, stronger and more prosperous." He said that the project was built on the critical-minerals agreement signed with the Cook Islands earlier this year. Mark Brown, Prime Minister of the Cook Islands said that the port project demonstrates economic resilience, as it will facilitate emerging industries such as potential seabed mining or enhanced fishing capabilities. Brown stated that "this project will play an important role as the northernmost port of our country." The U.S. is investing in order to counter Beijing's growing diplomatic, economic, and security footprint in Pacific. Small island states are becoming more important as they compete for strategic influence. China has increased its engagement in the region through?agreements on infrastructure, trade, and security. In February 2025 the Cook Islands signed a comprehensive partnership with China, which included "cooperation on maritime issues, infrastructure and seabed minerals". This agreement led to a bitter dispute with New Zealand with whom the Cook Islands has a free-association. Cook Islanders are New Zealand citizens, but they consult with New Zealand on matters of foreign affairs. Wellington claimed it was not adequately consulted about the agreement, and halted NZ$18.2 millions in development funding. The Cook Islands and New Zealand signed a Defence and Security Declaration that clarified the?methods of consultation between the two parties on?defence- and security-related matters. Winston Peters, New Zealand's Foreign Minister, said that the relationship between these cousins was now on its strongest footing. Peters, in response to a query about whether China planned to upgrade the Penrhyn Airfield, said this was not going to happen due to New Zealand's special relationship to the Cook Islands.
Sasol's earnings increase 9% due to higher oil prices and fuel sales volume
The South African petrochemical company Sasol reported on Tuesday that its annual profit had increased by 9%, boosted?by a rise in crude oil prices and a higher volume of?fuel sales.
Sasol's headline earning per share, a measure of profit, was 38.31 rand (2.38 dollars) for the year ending June 30 compared with 35.13 rand in the previous year.
The company that uses coal and gas to make synthetic fuels?and chemicals said a 7% rise in the Brent crude oil price average helped boost its income.
Brent crude prices soared in February after Israel and the U.S. launched attacks against Iran. The price of oil has remained high and volatile due to the ongoing conflict in the Strait of Hormuz and disruptions caused by it.
Sasol skipped a dividend payment once again as its net debt of $3.3 billion remained over the policy limit of $3 billion.
Sasol, one of the most carbon-intensive companies in the world, and its Secunda coal to liquids facility is considered as one of the biggest single-site sources for greenhouse gas emissions worldwide.
The company intends to decarbonise its industrial processes by using lower-carbon feedstocks such as green hydrogen and natural gas.
Sasol's goal is to reach 2,000 megawatts of renewable energy capacity by 2030. This will be based mainly on long-term agreements for power purchase with independent suppliers.
The company has said that it has so-far?contracted 1,370MW of the?renewable power supply?, with 510MW?of this already operational. This could save them up to 550 million rand per year.
(source: Reuters)