Latest News
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Macron claims that the French Navy has boarded a Russian-linked oil tanker
The French Navy boarded a Tagor oil tanker on Sunday, which was under international'sanctions' and sailing from Russia. French President Emmanuel Macron wrote about it?on X. He said that the operation was conducted in the Atlantic Ocean on the high seas with the help of many partners, including Britain, and in strict accordance with the laws of the sea. He added that it was unacceptable for ships circumventing international sanctions and violating the law of the sea to finance Russia's war against Ukraine. In a'separate' statement issued on Monday, the Maritime Prefecture of the Atlantic stated that the French Navy intervened on an oil tanker coming from Murmansk in Russia, more than 400 nautical miles (740km) west of the Brittany tip. This operation was to verify the nationality of an alleged false flag vessel. The team examined the documents after boarding the vessel to confirm suspicions about the irregularity in the flag flown. According to international law, and at the request of the Public Prosecutor, the ship 'was diverted.' The ship was not named by the prefecture. Both France and Britain have vowed to 'obstruct' ships that are linked to Russia sanctioned'shadow fleets, which pass through their waters. British Prime Minister Keir starmer announced that in March he had given permission for the UK military to board ships owned by a "shadow fleet". Shipping data, however, shows that dozens sanctioned vessels linked to Russia continue crossing UK waters.
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Maguire: The US gasoline market is set to be tested again after a near-record draw of stock.
The near-record drawdown of gasoline inventories in the United States is flashing a warning to fuel markets. The system is losing its buffer as seasonal demand is peaking. This combination doesn't guarantee shortages, but it increases the chances of unexpected price changes if something goes wrong with replenishing inventory during peak U.S. Driving season is upon us. U.S. gas prices have already risen by 50%, to near four-year highs, since the U.S. war with Israel against Iran began February 28. They currently average $4.33 a gallon. After 15 weeks of reductions in gasoline inventories, the national stockpiles are at their lowest level for this time of the year since 2014. A durable Middle East peace deal that restores tanker traffic quickly through the Strait of Hormuz may help to limit further price increases in the short term and prevent further steep reductions of U.S. gasoline stock. Any resumption of military hostilities which threatens to further hinder oil production and exports out of the Middle East is likely to spark a new rally in U.S. gas prices this summer. This will fuel cost-of-living concerns across the nation. Record Run EIA data show that the 15-week decline in U.S. gasoline stocks since mid-February?is equal to the longest stock draw on record which took place between mid-February 2012 and late May 2012. U.S. gasoline stocks are now around 211.5 millions barrels. This is down from 253 million barrels just before the Iran conflict began and 5.5% lower than the average five-year figure for this time of the year. If the stock continues to fall, 2026 will be the year that the national gasoline stocks are continuously reduced without being replenished. The next update of EIA stock data is scheduled for June 3. A further reduction is likely, given the fact that gasoline consumption in the country has been steadily increasing as families begin to go on summer vacations. At this time, domestic crude oil stocks are also experiencing a sharp decline due to the shortages caused by Iran's war. The U.S. crude inventories are expected to decline for a sixth consecutive week, the longest stretch of weekly oil decreases since 2024. RISE IN PROCESSING RATES As U.S. refiners increase processing rates to boost refined product output, further declines in crude stock are likely. The U.S. refined 16.9 million barrels last week. This was the largest weekly processing volume since November last year. It should lead to a rise in refined product sales. It is not clear if any of this extra supply will reach the domestic market. This is because many U.S. refining plants are designed to serve export markets, where gasoline and diesel prices can be higher than in the U.S. Retailers will most likely be able to buy up any excess fuel that makes it on the U.S. Market in order to meet domestic demand. The consumption patterns are likely to continue increasing as the end of the U.S. School Year marks the beginning of the busiest time for U.S. motorists, when families hit the road on vacations and for family visits. This rising demand is likely to result in further draws on U.S. gas stocks, which may lead to further increases in gasoline prices. These are already near multi-year records. The author is a columnist and he has expressed his opinions here. 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.
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Overnight, Ukrainian drones strike a refinery and pipeline
Russian and Ukrainian authorities confirmed that Ukrainian drones struck energy targets in several Russian regions over the weekend, including an oil pipeline pumping station and an oil refinery. This was part of an intensifying campaign against Russian infrastructure. Ukraine's General Staff reported that it struck the Saratov refinery along the Volga River, causing an?large fire. Roman Busargin, the Saratov Regional Governor, said via Telegram that "civil Infrastructure" was damaged by the strike. He did not provide any further details. The Russian Defence Ministry said that it had shot down 216 drones over night. Kyiv also said it had struck the?Lazarevo pumped station in the Kirov area, northeast of 'Moscow, and around 1,300km from Ukrainian-held territory. This pumping station serves the Surgut - Gorky -Polotsk pipe, which ships Russian oil from Siberia into Belarus. Alexander Sokolov, regional governor of Kirov region, said that drones hit an installation in the area but did not provide any further details. Belgorod's governors reported three civilians were injured. Ukraine said that it had struck military targets as well as fuel storage in the Rostov Region. Sergei Aksyonov, a Moscow-backed Crimean Peninsula governor, said that authorities were?introducing restrictions on the sale of petrol. Ukraine has been attacking fuel infrastructure near Crimea in southwest Russia for months. Ukraine's air force said that Russia launched 229 drones over night, of which 212 were shot down in the north and east of Ukraine. (Reporting and editing by Kevin Liffey, David Holmes and Felix Light)
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Austrian protesters close vital motorway linking Germany to Italy
Thousands of local residents closed down 'Austria Brenner Motorway' on Saturday. The Brenner is a vital north to south?corridor between Germany and Italy. They were protesting against the?tourists and trucks that are always clogging their roads. Karl Muehlsteiger was the leader of the protest, the mayor of Gries am Brenner. Gries am Brenner is one of the towns that are in the shadows of the Wipp Valley, a narrow valley with steep sides, and giant concrete stilts. Since?decades, the issue of excessive traffic and pollution in the valley that leads to the Brenner pass has been a source for tension between Austrians and Germans. Local authorities have taken various measures in Austrian 'Tyrol' to stop the flow of traffic, which has often prompted protests?across border. "You're making history!" Austrian news agency APA reported Muehlsteiger telling a crowd of 3,000 protesters that gathered at the motorway to symbolically block it, after police had cordoned both ends of corridor. The cars that arrived there turned around and left. Even though it was a holiday in some German states (including Bavaria), the eight-hour closure from 11 am did not cause chaos as many feared. Local media reported that trains passing along the same route were crowded. The local road, which runs parallel to the motorway from town to city was also closed for all traffic except locals and local traffic. A suspected arson attack overnight on electrical control units disrupted rail travel between Peri and Dolce near Verona?on Verona Porta Nuova - Brenner?line. Investigators were looking into possible links to radical environmentalist or anarcho-insurrectionist groups. (Reporting and editing by Kevin Liffey; Additional reporting in Rome by Crispian B. Balmer; Reporting by Christian Mang & Francois Murphy)
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Munich Airport briefly stops flights over drone sighting
The police and airport authorities confirmed that flights were halted at Munich Airport for an hour on Saturday morning after a pair of pilots saw a drone. A spokesperson for the airport said that during the shutdown, more than 20 flights which were due to land in Munich were diverted to another airport. Two pilots flying separate planes on the airport tarmac saw a drone hovering over the airport at around 9 am (0700 GMT). This prompted the closure, according to the witnesses. The flights resumed an hour after the first one. A police spokesperson stated that "extensive police operation, including a helicopter search of the area affected,?produced no results". The shutdown was lifted at 10:05 am, they added, after a thorough investigation into the incident had been launched. In October of last year, drone sightings caused more disruption at Munich airport. They forced several shutdowns in rapid succession. (Reporting and writing by Elke Ahlswede, Francois Murphy, Editing by Ros Russel)
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Five people are killed and over 40 injured in a chain-reaction crash on a Virginia highway
State police reported that five people died and over 40 were injured, including three critically, when a tour vehicle plowed into a sport-utility vehicle on a U.S. highway in Northern Virginia early Friday morning, triggering a chain reaction crash. Police said that a preliminary investigation revealed that the driver of the motor coach failed to slow down as it approached slower traffic in an area where construction was taking place along Interstate 95. This is a major highway corridor running north-south through the region. The bus then slammed a Chevrolet Suburban into another vehicle, and the Acura SUV. According to a press release from the state police, an Acura caught on fire. The accident occurred around 2:35 am?EDT on the southbound lanes of I-95, in Stafford County. This is about 45 miles southwest from Washington, D.C. The motor coach charter company E&P Travel in North Carolina operated the bus that carried about 34 passengers, including its driver, between New York City and Charlotte, North Carolina. Four of the five fatalities were in the Acura that was on fire - a man aged 45, a woman aged 44, a girl aged 13 and a boy aged 7 - all from Greenfield Massachusetts. According to police, the fifth person killed was a woman aged 25 from Worcester, Massachusetts. She was in a Chevy Suburban that had been hit by the bus. Police?stated that 44 people, including the driver of the bus, were injured and taken to hospitals in the area for treatment. Three of those patients are listed as being in a critical condition. Matthew Demlein, a spokesperson for the state police, said that charges are pending against the driver of the bus in relation to the accident. He declined to provide further details. Steve Gorman, Los Angeles; Sanjeev Mikleni, editing.
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Castlelake considers offer for British low-cost carrier EasyJet
Castlelake L.P., a U.S. investment firm, said on Friday that it was in the early stages of considering an offer for British budget airline easyJet. This sent the 'airline’s U.S. traded shares up nearly 10%. Castlelake stated in a press release that no approach had been made to easyJet's board and it was impossible to predict whether or not an offer would be made. According to UK takeover regulations, Castlelake must submit a firm bid by the 26th of June or abandon a deal. EasyJet announced the news a week ago, after warning that its outlook for the full year was 'uncertain' due to the Iran War driving up fuel prices and bookings being weaker during the summer peak season. According to LSEG's data, the?company is worth 3.02 billion pounds. The carrier's share price closed Friday at 398 pence and is down more than 22% for the year. As the Strait of Hormuz is constrained, the Iran conflict has disrupted global aviation. Jet fuel prices have risen by more than 80% in just a few months, forcing airlines to increase fares, reduce capacity, or accept'margin pressure. Castlelake entered into talks with Spirit Airlines in January, months before the bankrupt airline permanently ceased flight operations. Merit AirFinance is an aviation lending platform that was launched by the investment firm in 2013. It has $1.8 billion of deployable capital and aims to offer debt financing for airlines and aircraft lessors. EasyJet, in 2021, rejected an offer by rival 'Wizz Air. Instead, it raised $1.7 billion from shareholders, and went 'it alone' in an industry that is struggling to recover from pandemic.
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US Postal Service wants to force states to provide lists of voters
The U.S. As part of a new rule proposed on Friday, the Postal Service will require that states provide a list of voters who have received mailed ballots. This comes one day after an?internal judicial?judge refused to block immediately President Donald Trump's executive order. USPS's proposal was published in the Federal Register and would require that states provide the USPS with the names of voters who received mailed ballots. However, it would not be applicable to primary elections. The public has 30 working days to provide feedback on the plan. Postal Service proposes that states must also apply unique barcodes to outbound and return ballot mail envelopes. They say this "will facilitate law enforcement efforts" as well as help ensure adherence to federal laws. Carl Nichols, a U.S. District Judge in Washington, declined on Thursday to block Trump's order of March 31 regarding?mail-in votes but did not state if it was legal. A Boston judge has scheduled a hearing on Tuesday for a separate lawsuit brought by Democratic state attorneys against Trump, USPS and other parties challenging the voting order. The order directed that the federal government use data to verify the eligibility of voters in each state, ordered the Postal Service only to deliver mail-in ballots to those on the approved list. It also required states to keep election records for five years. A group of Democratic Senators claimed that the order sought to illegally transform USPS into an election administration agency, with the authority to determine who could vote by mail and establish ballot specifications. Trump, who is a Republican, has been promoting the false claim for years that his defeat in the 2020 election was due to widespread voter fraud. He has also called for tighter voting rules by mail ahead of the midterm elections of November. Trump will oust?Postmaster-General Louis DeJoy in?March 2025. David Steiner, the current Postmaster General of the USPS, has warned that USPS may run out money as early as next year.
California county sues Meta over scam ads
Santa Clara County in California has filed a lawsuit against Meta 'Platforms', alleging that it profited off of Facebook and Instagram ads promoting frauds. This is in violation with California's laws on false advertising and unfair business practice.
The lawsuit, filed on Monday at Santa Clara County Superior Court in California on behalf of California residents, accuses social media giant Facebook of tolerating fraudulent advertising worldwide. The lawsuit seeks civil damages, restitution and an order that Meta refrain from unfair business practices.
The complaint cites leaked internal documents that were first reported last year and alleges that the company earned as much as $7 Billion in revenue annually from "high-risk scam ads" which clearly show signs of fraud.
Meta, according to the county, did not crack down on fraudulent advertisers but tolerated it and even set up "guardrails" that would block any scam reduction efforts should they be too expensive.
Meta has stated that it will defend itself.
Andy Stone, Meta's spokesperson, said: "This claim is based on reporting that distorts or motives of ours and ignores all the actions we take every day to combat scams."
"We fight aggressively against scams both on and off our platforms, because they are not good for us or those who rely on our service."
All the more allegations
Santa Clara claims that Meta contributed materially to the epidemic of fraud. It alleges that Meta allowed middlemen to sell ads protected from enforcement and targeted scam ads to users who clicked on similar bogus offers in the past. The county claimed that Meta's artificial intelligence systems, which are based on 'testing', often help unethical marketers create?ads to scam.
Tony LoPresti, County Counsel for the county of San Diego, said: "The misconduct by Meta has reached a new level and must stop." As civil prosecutors, we in Silicon Valley have a duty to hold tech companies accountable.
The county claims that Meta's assurances about its?antiscam efforts are a component of its alleged misconduct. The county claims that Meta misled the public by claiming that its anti-scam initiatives are top priority, and that it reviews ads rigorously for violations of platform policy.
Santa Clara's filing says that Meta, based on information and belief can adjust the amount of scam ads allowed on its platforms to help it achieve its revenue goals or smooth out its earnings.
Santa Clara County Counsel has partnered with three law firms to assist in the lawsuit against Meta. These are Renne Public Law Group, Bishop Partnoy, and Bernstein, Litowitz, Berger and Grossmann. LoPresti stated that the county would retain control of the decisions made in the case and that the firms would only be paid for winning the case.
(source: Reuters)