Latest News
-
Sydney is pounded by a 'Bomb Cyclone' with high winds and heavy rains
The "bomb-cyclone" that hit Australia's largest state, with strong winds and heavy rains, forced airlines to cancel flights within the country and prompted evacuation warnings for coastal communities. Authorities warned on Tuesday that the weather in parts of New South Wales would also worsen over the next 24 hour, with winds of up to 125 km/h (78mph) and up to 250mm (9.8 inch) of rainfall. Jihad Dib, Minister of Emergency Services, said that the size and scope of the system is "enormous". He said at a press conference held on Tuesday that the situation would worsen in the next 24 to 48 hours. Residents in areas at risk of coastal erosion are being warned to evacuate their homes. Minor flood warnings have also been issued for a number of communities along the Mid North Coast. The Sydney Airport website shows that Qantas Airways has cancelled 11 domestic flights from Sydney, and Virgin Australia 12 flights. No international flights were affected. Virgin Australia sent an email to say that the weather conditions in Sydney and Newcastle had affected some services. The Australian weather bureau described a "bomb-cyclone" or "bombogenesis" as a system of low pressure that forms quickly and causes the pressure to drop dramatically within a short time. The bureau stated that the weather system will shift to the Tasman Sea and then ease off by Thursday. Helen Reid, Senior Meteorologist, said that "damaging winds and large waves will continue to affect much of the coastline through Wednesday." She also warned that warnings would continue. The conditions will continue to improve into Friday, with just a few isolated light showers remaining on the east coast of the United States by the end the week. Reporting by Renju José and Christine Chen in Sydney, Editing by Jamie Freed & Louise Heavens
-
After a power cable failure, the high-speed train line in Spain's Andalusia is cut.
A power cable failure on high-speed trains between Madrid and Andalusia left passengers stranded overnight and into Tuesday morning. In Madrid and other southern Spanish cities, including Seville, world leaders were attending a United Nations Conference on Development Financing. Around 20 trains had been blocked or could not depart on Monday night, while another 10 were cancelled on Tuesday morning. A spokesperson for the state-owned railway infrastructure provider ADIF confirmed that traffic between Yeles and La Sagra was suspended at 8:30 pm (0630 GMT), after a catenary wire malfunctioned. He said that the cause of the malfunction is unknown and ADIF has postponed four times the return to service. The company has announced that trains between Madrid, Andalusian cities and other Spanish cities have been cancelled. ADIF has called upon regional emergency services for assistance and evacuation of stranded passengers. Some had spent hours trapped inside trains during a scorching heatwave that engulfed the country. As part of the government's push to decarbonise transportation, Spain has seen a rapid expansion of its high-speed network. It connects most of the major cities in the country, but it is susceptible to cable accidents as it crosses vast swathes that are sparsely populated. Early May, a copper cable theft caused the same line to be paralyzed for over 12 hours. Three operators operate the line, Renfe, a former state-owned monopoly, Ouigo, a division of French state railway operator SNCF, as well as Iryo, owned by a consortium that includes Italy's Trenitalia. (Reporting and editing by Saad sayeed; Inti landauro)
-
InPost parcel lockers to be acquired by Advent for a 3.5% stake
Bookrunners reported on Tuesday that a company controlled by Advent International, a private equity firm, had offered institutional investors an approximately 3.5% stake in the parcel locker firm InPost. AI Prime & Cy S.C.A., a company owned by Advent. InPost offered 17.5 millions shares through an accelerated placement at 13.25 euros per share. This represents a discount by 6% from Monday's closing prices of 14.1 euro in Amsterdam. The bookrunner stated that once the placement is completed, AI Prime will hold a stake of around 6,5% in InPost. In September 2024, the company sold a 4% stake to InPost at 17 euros per share. Advent bought the majority of InPost's shares in 2017. It was its largest shareholder up until it sold a portion to Czech investment company PPF Group. According to InPost, PPF is the owner of 28.75% of the parcel company. InPost, under Advent, has built a dominant position in Poland in the last few years, with automated parcel lockers scattered around towns and cities, and increased its international expansion. InPost shares have fallen by around 15% this year as a result of concerns that its biggest customer Allegro will become less dependent on InPost to deliver goods. Reporting by Anna Pruchnicka, Gdansk; editing by Milla Nissi-Prussak.
-
Maguire: US power pollution increases with increased coal use
The U.S. power industry has already reached its highest level in three years. However, emissions will continue to rise during the summer peak months due to increased use of air conditioners and coal and gas plants. According to Ember, the U.S. power industry's emissions due to the burning of fossil-fuels increased by 5% in the first five months 2025 to 640 millions metric tons. As gas prices have risen, power companies have reduced their natural gas usage. This has led to a 32 million ton increase in emissions. The increased use of air conditioners in homes and offices has led to a rise in electricity demand. These higher generation trends, in turn, will further increase the total pollution levels of the power sector even though electricity production from renewable sources like solar farms has reached record highs. COAL-HEAVY According to LSEG, the coal-fired electricity generation in the United States increased by 14% compared to the same period of 2024. This equates to 14,9 million megawatt hours. The main driver of this increase in coal usage was the steep rise in natural gas prices during the first quarter of the current year. This increased cost pressure for utilities and encouraged them to use cheaper coal in their generation mix. LSEG data indicates that Henry Hub natural Gas Futures, the main benchmark for U.S. Natural Gas, have averaged $3.53 per BTU (million British thermal units) this year. This compares with an average price of $2.15 BTU in the first half 2024. According to LSEG, the gas-fired electricity production from January to June decreased by 4.2%, to 31.8 millions MWh. The U.S.'s higher percentage of coal-fired power in the generation mix has a major impact on emissions. According to Ember, coal-fired power plants emit approximately 950,000 metric tonnes of carbon dioxide for every terawatt of electricity produced. This compares to about 540,000 tons CO2 per TWh for gas-fired power plants. It explains why fossil fuel energy output has risen much more than overall fossil fuel emission this year. Peak Period There are two distinct peak times of electricity use in the U.S. every year: heating during winter, and cooling during summer. Since more than a decade now, the amount of power used in the summer is greater than the amount needed for heating. This is because air conditioners use more electricity. The trend is expected to continue this year after the U.S. experienced record-breaking heatwaves in the second half of June. Further hot spells are predicted for July, August, and September. In order to meet this increase in electricity demand, utilities will require more power from all sources of production, but particularly from fossil fuels, which is needed to cover the majority of system usage at night, when solar generation ceases. Gas prices are still well above the levels of last year, so most power plants will continue to prefer coal over gas. This will lead to a new rise in power emissions. They are already at the highest level since 2022, and they are on track to reach their annual peak during the next few months as the power companies use all their power to meet the demand. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
-
Google: EU tech regulations are holding back innovation
Alphabet’s Google warns its critics and EU antitrust regulators on Tuesday that European Union rules designed to rein in Big Tech are hampering the innovation of European businesses and users. The U.S. technology giant will also ask regulators for more detailed guidelines to help it adhere to the rules and its critics provide proof of costs and benefits in order to prove their argument. Google faces pressure from the EU Digital Markets Act to respond to allegations that it favors its own services, such as Google Shopping and Google Flights, over those of rivals. Fines up to 10% of Google's global revenue could be imposed. Google announced more changes in its search results earlier this month to showcase rival products. However, critics claim that these do not create a level playing ground. Clare Kelly, Google's lawyer, will speak at a workshop organized by the European Commission. The event is intended to provide Google critics with the opportunity to ask questions. According to a copy her speech, she will claim that the changes made by Google after discussions with critics and the Commission have led to European users paying higher prices for tickets because they can't directly access airline websites. Kelly will say that European airlines, restaurants and hotels have reported a loss of direct bookings up to 30%, while users complained about cumbersome workarounds. Oliver Bethell will be Google's second lawyer. He will ask regulators for specific details on what the company must do and critics for hard evidence. He will say, "If we understand exactly what compliance looks, not only in theory but also taking into account on-the-ground experience, we can quickly and confidently launch compliant services across the EEA." The EEA includes the 27 EU member states, Iceland, Liechtenstein, and Norway. "We need assistance in identifying areas on which we should concentrate. Bethell explained that this means providing real evidence about costs and benefits we can discuss with the Commission. The workshop begins at 0700 GMT. Reporting by FooYunChee, Editing by Mark Potter
-
The INDIA RUPEE is on the rise, and near-tenor swap maturitys reduce central bank's forward books
The Indian rupee edged up Tuesday, following regional peers as well as the dollar index's fall to a 3-year low amid persistent concerns over U.S. fiscal policies and trade. The Reserve Bank of India released data after the close of the market on Monday showing that its FX forward book had shrunk to $65.2 billion by the end of the month, from $72.6 billion the previous month. Data is released one month after the event. Reserve Bank of India’s aggregate short dollar positions in FX futures and forwards reached a new record in February, amid dollar selling interventions by the central banks to support the rupee. The rupee is up about 2.5% from its all-time low in February of 87.95, thanks to the dollar's weakness. The central bank's short dollar position was likely affected by the maturity of the near-term swaps, which were worth $7.4 billion for the bucket up to one month in April. The RBI has opportunistically revalued some of its short dollar positions, while also allowing some positions to mature, said B. Prasanna. The dollar index fell to its lowest level in many years on the back of concerns over the U.S. budget deficit and the uncertainty surrounding trade agreements with major countries. As of 10:20 am IST, the rupee had risen 0.2% to 85.59 US dollars. U.S. Treasury secretary Scott Bessent warned Monday that as the deadline of July 9 approaches, countries may be informed about sharply increased tariffs. White House officials said an update was due "very soon" on the trade agreement with India. (Reporting and editing by Jaspreet K. Kalra)
-
Sydney flights affected by heavy rain, winds and flood alert
The Australian weather bureau has warned that a low-pressure system off the coast could cause flash flooding to occur in certain parts of Australia's southeast. The Sydney Airport website shows that Qantas Airways has cancelled 11 domestic flights from Sydney, and Virgin Australia 12 flights. No international flights were affected. Virgin Australia sent an email to say that the weather conditions in Sydney and Newcastle had affected some services. The Bureau of Meteorology in Australia said that wind gusts of 125 kph, or 78 mph, may be experienced in Sydney's coastal areas later on Tuesday. Rainfall of 120 mm, which is roughly the average for July, can also fall in certain places within six hours. Gabrielle Woodhouse, a weather bureau forecaster, told reporters that the system was "quite dynamic and quite vigorous" and they expected conditions to worsen through the afternoon. This means we are at a higher risk of flash floods and the potential for heavy falls over a short time period. Woodhouse stated that the weather system will shift into the Tasman Sea and then ease off by Thursday. The state's emergency services have reported that more than 1,000 volunteers were mobilised to respond to this weather event. Renju Jose, Sydney; Jamie Freed, editing)
-
France and Spain agree to tax private jets and premium flyers
On Monday, a group of countries, including France, Kenya and Spain, pledged to tax private jets and premium-class flights in order to raise money for climate action. Despite the fact that many wealthy nations are reducing their official development assistance to developing countries and extreme weather events are becoming more frequent, others have looked for new funding sources, such as taxing polluting industry. The announcement made on the first day of the U.N. Development Summit in Seville, Spain was the first from the "Sevilla Platform for Action", which aims to implement the new global financing framework that had been agreed before the event. In a press release, the Spanish Prime Minister Pedro Sanchez's office stated that "the aim is to improve green taxation as well as foster international solidarity through more progressive and harmonised taxes systems." The Global Solidarity Levies Task Force announced that the European Commission will provide technical support to the initiative. Sierra Leone, Benin and Antigua-Barbuda were also co-signatories. In November 2023, the task force will be launched to investigate new forms of taxation to support developing countries in their efforts to decarbonise themselves and protect themselves from climate change. In a recent task force report, they said that in addition to an aviation tax that could raise billions, other sectors could be taxed, including shipping, oil and gasoline, cryptocurrency, and the super-rich. Kenyan President William Ruto stated that "many of these ideas are not novel, as other countries have had levies like this." What we need is political will. We can't keep on talking about the need for change without actually implementing it. "The world is watching, and it expects real results." Rebecca Newsom, of the environmentalist group Greenpeace, called the move an "important step" towards making sure that those who abuse this sector and are not taxed fairly pay their fair share. She said that it was "obvious", the next step, to hold oil and natural gas companies accountable. Reporting by David Latona from Seville, and Simon Jessop from London; editing by Mark Potter and Paul Simao
German energy shift powered mainly by fossil fuel cuts: Maguire
Germany's power sector is depending on cuts made to nonrenewable fuel source use for the lion's. share of current decarbonisation efforts, but will need a. continual jump in tidy generation to make sure a long lasting shift in. power production away from polluting fuels.
German power generators cut fossil fuel-powered output by. 19% through the opening half of 2024 from the same months in. 2023, information from LSEG programs.
That compares to just a 2.1% increase in clean power generation. from the first half of 2023, and shows that power companies are. primarily relying on cuts to fossil fuel use to make development. versus energy shift goals.
Those cuts to fossil fuel use have assisted slash German power. sector emissions, which amounted to 70 million metric lots of. co2 (CO2) for the first 5 months of 2024 compared to. 88 million loads during January to May of 2023, information from think. tank Cinder programs.
But slow commercial activity has suggested that general. power demand overalls are also down up until now this year, which has. enabled power suppliers to decrease overall generation by more than. 6% compared to the first half of 2023.
If Germany's manufacturing and commercial activity picks up. momentum over the rest of 2024, overall power requirements may climb. in tow and could put pressure on power suppliers to increase. output from fossil fuels to meet that additional need.
COAL CUTS
Coal-fired generation took the brunt of the nonrenewable fuel source. output cuts, coming by just over 17% in the very first half of 2024. from the exact same months in 2015.
To make up for lower coal-fired generation, output from. natural gas plants increased by 5% in January-June 2024 from the. first half of 2023, while generation from oil-fired plants rose. 12% and coal-derived gas plants increased output by 3.7%, LSEG. data shows.
Entirely, total generation from nonrenewable fuel sources contracted by. 19% during the very first half of 2024, and follows a 24% contraction. in the entire of 2023 from the year before.
CLEAN BULK
The drop in nonrenewable fuel source generation has led to clean. source of power protecting a majority share of Germany's power. generation mix every month considering that December 2022.
The share of clean power in Germany's power generation mix. reached a brand-new high of 64.6% throughout the first half of 2024,. compared to 59.3% during the same months of 2023 and an average. share of 61% for 2023 as a whole.
That stated, power firms have been unable to offset all the. cuts to fossil fuel use with growth from tidy energy sources,. especially after Germany shut its nationwide atomic power plant fleet. in April 2023.
Nuclear reactors had actually accounted for around 8% of total power. generation in 2022, so the total cessation of such a notable. source of clean energy has actually been tough to replace.
Wind farms have emerged as Germany's biggest source of clean. power, and accounted for an average share of 37% of total power. generation in 2015, according to LSEG.
Solar is the 2nd biggest source of German tidy power,. and generated around 17% of all power last year, while hydro. possessions produced around 4%.
SEASONAL SWINGS
Throughout the very first half of 2024, wind power generation climbed up. 7.6% from the exact same duration in 2023, while solar generation increased. by 12.8% and hydro output climbed up 5.4%.
Solar output is liable to climb up further during July and. August during the height of summer, and might account for around. 30% to 35% of overall power generation during those months.
Nevertheless, generation from wind farms and hydro dams. traditionally dip during the summer months due to slower wind. speeds and lowered water flows from reservoirs.
For power producers who need to preserve power materials. all the time, the drop off in wind and hydro output may set. the phase for greater generation from natural gas plants,. especially if German production activity gets steam.
And any such increase in gas-fired output might in turn open. the German power sector to allegations of backsliding on power. clean-up commitments.
To guard against that in the future, power firms will require. to substantially increase overall generation from tidy sources. and likewise substantially raise the storage capacity that can. bridge periods of decreased clean generation.
The build-out of a totally tidy power generation system. might take several more years and continued high levels of annual. financial investment in tidy generation and battery building.
Till then, further periods of clean power development followed. by flare ups in fossil-fired output appearance likely.
<< The opinions revealed here are those of the author, a. columnist .>
(source: Reuters)