Latest News
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Canada - June 9
These are some of the most important stories in selected Canadian newspapers. These stories have not been verified and we cannot vouch for the accuracy of these stories. THE GLOBE AND MAIL ** Canadian Prime Minister Mark Carney will announce the biggest increase in defence expenditures since the Second World War. This would allow Canada to reach NATO's target of 2% military spending this fiscal year. The Canadian clothing retailer Oak and Fort was granted court protection against its creditors. It blames its financial crisis on an ill-conceived expansion of its store and U.S. Tariffs. ** The union representing DHL Express Canada workers says that the company has locked out their members amid a simmering conflict which adds uncertainty nationwide parcel delivery and could test the new federal laws regarding the use of replacement employees. (Compiled Bengaluru Newsroom)
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Explosions and fires on cargo ships off India's Kerala Coast
Officials said that on Monday multiple explosions and fires occurred on a cargo vessel bound for India's financial center Mumbai, causing forty containers to fall in the Arabian Sea. Shekhar Kuriakose is the secretary of Kerala's disaster management authority. The WAN HAI 503, a Singapore-flagged vessel, met with an incident about 144 km off the coast. According to preliminary information, there were 22 employees on the ship. 18 of them jumped in the water and are now in rescue boats. He said that efforts were underway to save them, and added that the ship was not "currently sunk". The Indian Coast Guard shared pictures and videos on X showing a plume of smoke rising from the vessel, with some containers lying in disarray and open near the point at which the smoke was escaping. A public relations officer for the defence ministry said that a vessel was currently on fire and drifting. The explosions and the contents of the containers were not disclosed by the officials. Another container ship sank last month in an accident near Kerala, releasing 100 containers of cargo into the Arabian Sea. According to the directorate general for shipping, there was no oil pollution reported as a result of this incident. Reporting by Jose Devasia. Sakshi Dayal is the writer. Mark Potter (editing)
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Argentina's Milei insults Spanish PM Sanchez again
Javier Milei, the president of Argentina, insulted Spanish Premier Pedro Sanchez during an event in Madrid. This comes a year after another similar incident escalated into a diplomatic spat. Milei, at the Madrid Economic Forum on Sunday night, called for the "clobbering of the local bandit" without directly naming Sanchez. Sanchez's office refused to comment on the incident. Milei was elected in late 2023. A libertarian, Milei is a former TV pundit who has taken many maverick positions. She also made dramatic gestures such as smashing the pinata on live television. Milei called Begona Gómez, Sanchez's spouse at a Madrid event in May 2024 "corrupt". Milei's comment caused a diplomatic dispute, and the Spanish government recalled its ambassador to Buenos Aires after Milei refused an apology. Milei then doubled down, calling Sanchez "arrogant", a "totalitarian", and a "coward", despite Argentina keeping its ambassador in Madrid. Gomez faces a preliminary investigation into possible corruption and influence peddling. Both she and her husband deny any wrongdoing. Reporting by Inti Infantes and Isabel Landauro; Editing by Sharon Singleton
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Boeing plane returns to China as tariff war eases
Flight tracking data revealed that a new Boeing 737 MAX landed in China again on Monday. This was a sign that the U.S. aircraft manufacturer would resume deliveries to Chinese clients as Beijing and Washington eased their tariff war. Boeing announced at the end May that deliveries will resume in June, after tariffs are temporarily reduced for 90 days. After leaving Seattle, the plane was painted in the livery for Xiamen Airlines. It refueled in Hawaii and Guam on its way across the Pacific. Flightradar24, a tracking app, shows that Boeing originally sent the aircraft to Zhoushan, China, in March. It then returned to the United States by mid-April when Chinese airlines ceased to accept new Boeing aircraft. Boeing, Xiamen Airlines, and the Civil Aviation Authority of China did not respond immediately to requests for comments. China is a growing and important aviation market, representing about 10% of Boeing’s commercial backlog. On Monday, representatives of China and the United States are meeting in London to discuss a possible trade agreement. Boeing brought back at least three 737 MAX jets to the United States from Zhoushan in April, where they would receive final touches prior to delivery to Chinese airlines. The first jet to return is the same plane that landed Monday. Boeing had previously stated that customers in China wouldn't take delivery of new aircraft due to tariffs. It was also looking to resell dozens of planes. The planemaker did not send the planes to another location, even though they wanted to reduce inventory. Beijing has not stated why Boeing deliveries have stopped but claimed that Chinese airlines and Boeing were severely affected by U.S. tariffs. Boeing announced in April that it planned to deliver 50 jets to Chinese carriers throughout the year. Of these, 41 were already built or under construction. (Reporting and additional reporting by Sohie Yo; editing by Clarence Fernandez).
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Kazakhstan President replaces Ministers of Defence and Transport
Kassym Jomart Tokayev, the president of Kazakhstan, replaced two ministers from his government on Sunday, including that of transport, whom he had previously criticised for delays in modernising infrastructure. According to the decrees posted on his website, he fired Defence Minister Ruslan Zhaksylykov. He replaced him with Zhaksylykov’s deputy and Air Defence Forces Chief Dauren Kosanov. Tokayev, who met Kosanov Sunday, gave him several orders, including enhancing the army's readiness for combat, increasing the capabilities of Special Operations Forces and modernising its infrastructure. Zhaksylykov was previously the deputy interior minister and the head of the National Guard. He was appointed Defence Minister after civil unrest in 2022, which had been triggered by the removal a fuel price cap. The authorities were forced to call troops from an alliance led by Russia of former Soviet countries to quell a protest that grew into a widespread protest against economic hardship and corruption. Tokayev has also dismissed Transport Minister Marat Karabayev, whom he had reprimanded for transport and logistical problems in May. Karabayev's successor is still unknown. The reasons for the reshuffle were not revealed by the president. (Reporting and writing by Tamara Vaal, editing by Alexandra Hudson).
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After the presidential election, Poles march to demand equality for LGBTQ+ after fears are raised
On Saturday, thousands of Poles marched in Gdansk's northern port to show their support for the LGBTQ+ Community amid concerns for its future following the election of nationalist candidate Karol Nawarocki. Participants waved the rainbow flags as well as the blue, white, and pink banners that represent the transgender communities. Many participants carried placards with messages like "Love is Love" and "12 Years Together - When Civil Partnership?" Wroclaw, a western city, also hosted a parallel Pride event. Nawrocki's support by the conservative Law and Justice party (PiS), has caused alarm among LGBTQ+ activists. While in power between 2015 and 2023, PiS made opposition against what it called "LGBTQ+ ideologies" a key part of its program, framing them as a danger to traditional values in a predominantly Catholic country. Agata, a 23-year old student, said: "I was devastated. "I'm scared. "I don't know how our future will look." While LGBTQ+ issues were not as prominent in Nawrocki’s campaign as they were in the one of his PiS-backed successor Andrzej duda's in 2020, Nawrocki’s platform included promises to resist “ideology in school" and to oppose adopting same-sex couples. He stated that marriage is between a man a woman, and while rejecting civil partnership, he expressed his willingness to discuss the legal recognition of a "close" person, regardless of their sexual orientation. A pro-European coalition, which came to power in the year 2023, introduced a bill that would legalise civil partnership. The bill's fate is uncertain, however, as the presidency has veto powers. Agata expressed her hope that a civil partnership law could be implemented, but said it was unlikely to happen during Nawrocki’s presidency. She said, "I want to see more equality in society and in our country."
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Horse racing-Lambourn wins Epsom Derby for O'Brien
The front-running Lambourn won the Epsom Derby in its 246th edition on Saturday. It was Aidan O'Brien's 11th victory in this race, which is a new record. Lambourn was 13-2 when he entered the race. He set off at a blazing gallop, and under Wayne Lordan he broke away from the rest of the field to stay unchallenged until the finish line. The Epsom Derby, which is run over a horseshoe-shaped course, is the ultimate test of speed and stamina for thoroughbreds. The Lion in Winter and Delacroix were not the favourites of O'Brien. Delacroix was ridden by Ryan Moore. O'Brien dismissed claims that the colt had been overlooked during the preparation for the race. He said: "Wayne was aggressive right out of the gate, he gained a good position." "I knew that Wayne was not going to give back any of the inches he had gained, and it would be difficult to beat him." O'Brien, the Derby's most-successful trainer, won the Oaks and Derby double after Minnie Hauk, the fillies' Classic winner on Friday, beat the previously unbeaten favorite Desert Flower to third place. Lambourn’s win was also the first British Classic victory for jockey Wayne Lordan, who has been working at Ballydoyle since around eight years. He said, "I knew that he'd had a good run, and his ears were pricked, but he still had plenty of energy left. I knew anyone who got to me had to be in great shape, or it would be a tough time for them." It is the best race for a jockey who wants to get started. All you want to do in life is win the Derby." Lazy Griff (50-1), who had been tracking the leaders along the inside rail of the track, finished second. Charlie Johnston, the trainer of the colt, said before the race that he hoped more rain would fall on the colt. He said, "We were delighted to see him in Chester. His preparation was interrupted and we knew that he would be ready for anything he did on that day. And he also had a smoother transition into this." Tennessee Stud, the 28-1 long shot for trainer Joseph O'Brien's son Aidan, came in third. Ruling Court, 2,000 Guineas champion, withdrew from the race because of the predicted rain. However, the rain held off until the Derby.
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Trump signs an order to boost US drone defenses and boost supersonic flights
The White House announced that President Donald Trump signed executive orders on Friday to strengthen U.S. defences against drones, and to promote electric air taxis as well as supersonic commercial planes. Trump's three executive orders sought to allow drones to be used routinely beyond the sight of the operator - an important step in enabling commercial drone delivery - reduce U.S. dependence on Chinese drone companies, and advance test electric vertical takeoff-and-landing aircraft. The order will boost eVTOL companies such as Joby Aviation and Archer Aviation. Trump has established a federal taskforce to ensure U.S. sovereignty over the skies of America, to expand restrictions on sensitive sites, to expand federal technology to detect drones instantly, and to provide assistance to local and state law enforcement. Michael Kratsios is the director of the White House Office of Science and Technology Policy. He said that Trump wants to deal with the "growing threats of criminal terrorists and the foreign misuse of drones" in U.S. Airspace. We are protecting our borders against national security threats in the air and with major public events like the Olympics and World Cup coming up. The National Football League said that the executive order was crucial to protect fans. Over the last few years, a growing number of drones has flown in restricted airspace at our games. The NFL stated that this executive order was the most important step taken to address this issue. Congress should also act. Sebastian Gorka is the senior director for counterterrorism in the National Security Council. He cited threats against major U.S. sports events and the use of drones by Russia in its war in Ukraine. Gorka stated that "we will increase our counter-drone capability and capacity." We will enforce the current laws more aggressively to deter evildoers as well as idiots. Last year, the issue of suspicious drones gained significant attention after a spate of sightings of drones in New Jersey. Each month, the Federal Aviation Administration receives over 100 reports of drone sightings near airports. Drone sightings can disrupt flights and sporting events. Trump has also ordered the FAA lift an old ban on supersonic flights over land, which was imposed in 1973. Environmentalists have criticized supersonic aircraft for burning more fuel than subsonic planes per passenger. Kratsios stated that "the reality is Americans should be able fly from New York City to Los Angeles in less than four hours." The advancements in material science, aerospace engineering and noise reduction have made supersonic overland flight possible. It is also safe, sustainable, and commercially viable. The order instructs FAA that supersonic speeds will be lifted as long as the aircraft does not create an audible boom on the ground. Boom Supersonic, a manufacturer of aircrafts, welcomed the decision. Blake Scholl said, "The race to supersonic speed is on, and a new age of commercial flights can begin." After 27 years, the Concorde was retired by Air France and British Airways in 2003, ending the era of commercial supersonic flight. Officials confirmed that the Trump orders did not ban any Chinese drone companies. Former President Joe Biden had signed legislation last year that would have banned DJI and Autel Robotics, both based in China, from selling drones to the U.S. DJI is the largest drone manufacturer in the United States, selling more than half of commercial drones. Reporting by David Shepardson, Washington Editing by Matthew Lewis
US LNG export supremacy tested as Europe's need wilts: Maguire
The United States has remained the largest exporter of liquefied natural gas (LNG) up until now in 2024, but a steep drop in offering costs and a sharp swing in export volumes to crucial markets is likely screening exporter cravings to stay on top.
The United States delivered a record 56.9 million metric tons of LNG throughout the first eight months of 2024, according to Kpler.
That went beyond the 54.3 million lots from Australia and 53.7 million heaps from Qatar throughout that duration, and marks just the second straight year that U.S. exporters have actually topped worldwide export rankings.
Nevertheless, a more than 25% drop in average LNG export prices during the very first half of 2024 from the very first half of 2023 dealt a heavy blow to export earnings, which dropped by $4 billion from the opening half of 2023 to $13.2 billion, data from the U.S. Energy Details Administration (EIA) reveals.
That was the lowest half-year earnings overall since the first half of 2021, and marks a more than $12 billion fall from the second half of 2022 when U.S. export incomes from LNG peaked. The challenge of greatly falling earnings was intensified by a. sharp reconfiguration in export volumes to key markets, which. saw shipments to relatively close markets in Europe come by more. than 20% while sales to more distant Asia rose by over 40%.
Continued soft LNG need in Europe and further growth in. Asia may evaluate the willpower of U.S. exporters to remain the. world's biggest LNG sellers, as several remote Asian markets. can be more inexpensively provided by other sellers.
EUROPE'S FLUCTUATE
Europe's sudden jump in need for LNG because Russia's. intrusion of Ukraine in 2022 snarled gas pipeline streams. to the area has actually been the main catalyst behind the ascendancy. of the U.S. LNG export market.
From 2018 through 2021, U.S. LNG exports to Europe balanced. around 15 million loads a year, according to Kpler, but leapt to. around 55 million tons annually in 2022 and 2023 as Europe's. power firms scrambled to change lost Russian gas by whatever. ways essential.
U.S. exporters enjoyed to assist fill the gas space, lifting. overall export volumes by 95% from 2019's total by the end of. 2022.
Europe's share of the total U.S. LNG traffic likewise approximately. doubled, from around 37% from 2019 through 2021 to nearly 70% in. 2022.
An approximately 44% drop in deliveries to Asia throughout 2022 from the. year before likewise enabled U.S. LNG sellers to focus on Europe. over all other customers, and profit from the unprecedented. supply shock that roiled worldwide gas markets throughout that period.
COOLING OFF
U.S. LNG shipments to Europe scaled even greater heights in. 2023, however the tone has changed in 2024, with shipments from. January through August dropping by 22% from the very same months in. 2023.
An essential motorist behind that slowdown has actually been a sharp climb in. European power generation from renewable energy sources, which. stay a concern for Europe's power companies moving forward.
Solar and wind power's share of electrical power generation in. Europe jumped from around 16.4% in 2022 to 20.5% up until now in 2024,. according to Coal.
To make way for the greater renewables generation, fossil. fuel generation's share dropped from around 44.6% in 2022 to. 36.6% up until now this year.
Coal-fired power has been the primary nonrenewable fuel source that. has been cut in Europe, but gas generation's share has. likewise decreased, from around 26% in 2022 to 22% so far this year.
PIVOT
Lower gas reliance throughout Europe is bad news for U.S. LNG. exporters.
To offset lower sales into Europe, U.S. exporters may. attempt to grow share in Asia, which is a clear brilliant spot for. global gas sellers.
Nevertheless, other major exporters consisting of Qatar and Australia. boast far lower shipping distances to crucial Asian markets, on top. of competitive gas liquefaction charges.
Deliveries to India, for instance, can take 5 times longer. from Cove Point in the U.S. than from Ras Laffan in Qatar, LSEG. data shows.
And Australia can ship LNG to southern China in under nine. days, compared to 35 days from the U.S. East Coast.
The U.S. LNG tanker fleet has the ability to handle such long. distances, but the stretched-out turn-around times would consume into. exporter incomes, and might lead to the LNG export sector. dialing back shipments to only the biggest purchasers.
That sharper focus would help maintain earnings for the. sector, but might lead to the U.S. losing the leading LNG exporter. area to its main rivals that have expansion plans already in. location to serve fast-growing regional markets.
<< The viewpoints revealed here are those of the author, a. columnist .>
(source: Reuters)