Latest News
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IFM Global offers a 'best and last' bid of $5.2 billion for Australia's Atlas Arteria
IFM Global Infrastructure Fund increased its bid to takeover 'Australia's Atlas Arteria a week ago, to A$7.40bn ($5.24bn). It called the revised offer its 'best and final proposal. IFM raised its offer for Atlas Arteria to A$5.10 from A$4.75. Atlas had rejected the previous bid a month earlier, calling it opportunistic. Atlas's bid price was announced at the end of April. The new offer represents a 17.8% increase. Atlas shares were up 0.4% to A$2.82 at 0015 GMT while the benchmark index rose 1.3%. The toll operator stated that a'report by an independent expert' also concluded the offer wasn't fair or reasonable. IFM's'statement' on Monday said that Atlas' independent directors' claims, 'that more value can be created by asset sales' are 'dishonest'.
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Manufacturers and unions warn that the UK is losing jobs to other countries due to high energy prices
A manufacturing group and a trade union warned that Britain risks losing?major industries due to high energy costs. They urged the government to do more to reduce?companies bills. In an industrial strategy announced a year earlier, Britain committed to reducing electricity costs in energy-intensive industries, by exempting these from certain green levies. Since then, the scheme has been expanded and retroactively applied. Industry group Make UK said a survey showed that more than half of its members had not seen any benefit from this strategy. A quarter of them had either moved their production overseas or were considering it. Stephen Phipson of?Make UK said that Britain faces deindustrialisation if manufacturers don't get relief from high prices. He called for the scheme to be extended?to all industries and?rolled-out more quickly. We cannot afford to delay our actions by political turmoil or further consultations. The Government must act immediately to save thousands of jobs in Britain. Keir starmer is facing discontent from his Labour legislators?after several U-turns. Some people are supporting Greater Manchester Mayor Andy Burnham in the event that he faces a leadership challenge, if he returns this week to parliament after a special elections. Starmer is under pressure from competing demands - such as those relating to defence and welfare - due to the 'Iran War. Phipson stated that extending the scheme to all companies would cost PS3 billion (about $4 billion) per year and eliminate 2.5 million jobs. The Trades Union Congress, a trade union federation, backed the call for greater relief. General Secretary Paul Nowak said the scheme should expand to "protect jobs and maintain factories and plants operating."
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Bousso: Iran's fragile deal with oil offers relief, but there are still risks associated with the Hormuz pipeline.
Energy exporters and buyers will breathe a collective breath of relief when the U.S. and Iran deal ends months of fighting by reopening Strait of Hormuz. The fragile calm could not prevent future outbreaks and it is unclear how soon or fully tanker traffic in the crucial waterway will return to normal. Iran and the U.S. announced an agreement late Sunday night to lift the blockade on the Strait of Hormuz. This is where a fifth of the world's oil and LNG flowed through before the February 28th war. Both sides are expected to sign the agreement on Friday. This is a 'good thing' for energy markets that are in a crunch, but it leaves open the major issues, such as the future of Tehran’s nuclear program, which sparked the U.S.-Israeli bombing campaign. This ambiguity leaves room for confusion, disagreements and renewed confrontation. In fact, tensions are already rising again. Iran's refusal to link any deal with Israel's campaign in Lebanon against Hezbollah has threatened to derail talks. The Iranian-backed militia have exchanged fire repeatedly with Israel including at the weekend. The status of Hormuz is not clear. The deal gives Tehran a powerful tool, even though both the U.S.A. and Iran are committed to lifting the blockade. Iran's willingness to and ability of blocking the Strait for months broke a decades old taboo. It now has the potential to do it again, or even threaten it in the future whenever it wants leverage over its Gulf neighbors or adversaries. This shift could have long-lasting consequences. Even after the flow of energy returns, it is likely that shippers and buyers will be more cautious. Already, some significant adaptations have taken place. Saudi Arabia has increased its exports from Yanbu, a Red Sea port, by three times since March. This is roughly 60% more than before the war. United Arab Emirates have also increased exports out of Fujairah outside the Strait. Even after the reopening of Hormuz, it is unlikely that Riyadh or Abu Dhabi will reverse their shifts in a complete manner. The shipping behaviour may also change. Charterers and tanker owners will likely reduce their time in the Gulf to avoid being stuck if tensions erupt again. This caution will be reinforced by high insurance costs and concerns about security. These factors indicate that transit through the Hormuz may not reach its peak pre-war of 20 million bpd anytime soon. In the months and years to come, a flow of 16 million bpd or more is more likely. This residual risk will help to support prices. Brent crude prices have fallen below $85 a barrel, from their March peak of $118. However, the higher geopolitical risks and complex logistics will likely prevent a complete unwind to pre-war $60 levels. The Flood of Relief Reopening the Hormuz will lead to a multi-phased adjustment of global energy flows. First, the Gulf will be the source of this wave. The first wave of tankers will be those stranded in the Gulf during the blockade. They will start to leave almost immediately, supplying energy-starved countries and markets. Kpler estimates that around 60 million barrels worth of crude oil and refined products remain in floating storage inside the Gulf because they are unable to leave through Hormuz. Then, an influx will follow of vessels headed toward the Gulf in order to reduce Middle Eastern onshore inventory and restore export programs. Normalisation of logistics will take some time. Supply chains may take up to 60-90 days to fully rebalance due to the long distances travelled, congestion in ports and scheduling bottlenecks. It takes about three weeks to travel from the Middle East to Asia. This means that the resumption in shipments won't bring immediate relief to the most vulnerable markets. The impact of the conflict on global oil supplies will still be significant, even if it is not immediate. The regional producers can bring back 11 million bpd in oil production that was shut down during the conflict. They will also be able reactivate refining capacity and LNG export capability. Some volumes may return in a few weeks, but the complete recovery could take longer. It is difficult to restart fields, refineries, and export terminals following prolonged outages. Infrastructure damage caused by the war may take months, or even years, to repair. A RESILIENT BUT?STRETCHED MARK Reopening the plant also comes at an?important time for supply-demand equilibrium. The summer in the Northern Hemisphere is usually the time when global fuel consumption peaks, due to increased travel and air conditioning. The return of Middle East oil will, therefore, initially only slow down the rapid decline in global inventories. According to the U.S. Energy Information Administration, oil stocks dropped at an average of?5.3m bpd from March to May. Remember that the market has been surprisingly resilient during this conflict. The combination of commercial and strategic stock releases, increased U.S. imports, weaker Chinese demands, and partial easing sanctions on Russian crude and Iranian oil helped to cushion the shock. These measures did not eliminate the economic damage but they kept it manageable, effectively buying time for global economies. This time was quickly running out, as inventories were dangerously low. The U.S. and Iran agreement is not a moment too early. The agreement, by obscuring the underlying issues at the core of the U.S. - Iran conflict, does not reduce the risk of a new confrontation. The message for oil markets is clear: although the acute risks from the supply shock are over, the structural vulnerabilities revealed during the war will remain. 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.
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State highway patrol reports 12 deaths in Missouri plane crash
Law enforcement officials reported that 12 people died in the crash of a private plane on Sunday in Butler, Missouri. Missouri State Highway Patrol reported that the crash happened near Butler Memorial Airport about 60 miles south of Kansas City. The?agency posted on X that "at this time, reports indicate that all occupants (12 in total) have died." A spokesperson for Bates County Emergency Management confirmed to local TV station Fox4 that the victims included 11 skydivers and one pilot. Bates County Sheriff Chad Anderson told reporters that the plane had taken off from Butler Memorial Airport and crashed shortly after. Anderson stated that the plane was not a commercial airliner. It was a local aircraft that took off from a local airport. Anderson said at a press conference that "this appears to be an accidental." He said that family members of the victims were present when the crash occurred. Anderson?said that officials from the?U.S. Federal Aviation Administration were at the'scene of a crash, and National Transportation Safety Board Investigators are on their?way. Anderson said that multiple local fire departments as well as?coroners offices responded to an emergency call shortly before 11:15 a.m. (1630 GMT) As of Sunday afternoon, authorities were still 'working to identify the victims and notify their families. (Reporting and writing by Gnaneshwarrajan; editing by Sergio Non, Edmund Klamann and Christian Martinez)
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Iraq has asked Turkey for an extension of the Kirkuk-Ceyhan pipeline agreement by at least one year
Ali Nizar, head of Iraqi state oil marketer SOMO said on its official website that Iraq has asked Turkey to extend the current Kirkuk-Ceyhan pipeline agreement for a minimum of a year in order to give more time to negotiate. Since the beginning of June, Iraq has exported 12,000,000?barrels? of crude oil through its southern ports. Ali Nizar, the SOMO's chief Ali Nizar, said that the Iraqi Government had requested Ankara for more time to?talks about a replacement contract covering the main export route. The long-standing Turkey-Iraq Crude?Pipeline??Agreement that governs the exports via the Kirkuk-Ceyhan Pipeline is due to expire?on?July 27, 2019. Baghdad is still in talks with Ankara about a new draft of the agreement. Reporting by Muayad Suadi, Ahmed Rasheed and Ahmed Tolba; writing by Ahmed Tolba from Cairo; editing by Barbara Lewis
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Minister: Saudi Arabia and Turkey want to build a railway link with Jordanian and Syrian.
Abdulkadir Uraloglu, Turkish Transport Minister, said that Turkey and Saudi Arabia are planning to build a railroad to connect?the two nations with Jordan and Syria within the next three to four years. He added that other Gulf countries will also be joining the project. Uraloglu told Al Jazeera that the railway will help ease future problems caused by the disruption of Strait of Hormuz due to the war in Iran. A memorandum signed last week between Ankara, Saudi Arabia and Riyadh on logistics and railways describes the project. Uraloglu stated that in the first phase, the rail link would allow the transportation of goods, natural gas, oil and people between Saudi Arabia and Turkey, Syria, Jordan and Europe. He added that later, the United Arab Emirates (UAE), Kuwait, Qatar and Oman would also be included. "A train departing from Saudi Arabia from Riyadh has already reached?several areas of Saudi Arabia. This is a plan to get it from Jordan and Syria to Turkey. Uraloglu said that the route would carry all types of cargo to Europe. He said that the route from Saudi Arabia up to Jordan's borders had been completed. On the Turkish side the link from Islahiye in the southeast of Turkey to Kilis, and Gaziantep near the border with Syria, has also been completed. He said that this?leaves an gap of about 400 km (248.55miles) between Syria?and?Jordan. Uraloglu stated that in addition to the commercial trade, the railway could be used for the annual Muslim Hajj pilgrimage. After the fall of Bashar al-Assad in 2024, the Turkey, which borders Syria, built strong ties with the government?in Damascus and said that it would help rebuild the country. Uraloglu said to?Al Jazeera that a financial plan for the rail project would be?drawn up. The investment will include $100 million for the reconstruction of the route between Turkey's Aleppo and Syria, creating a link directly to Damascus. (Reporting and editing by Barbara Lewis; Tuvan Gumrukcu)
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UK anti-Islam Robinson detained briefly under terrorism laws
Tommy Robinson, a British anti-Islamist activist, said that he was detained and his phone confiscated at Heathrow Airport on Saturday. This came after he had posted a lot?online for a week about 'racist and antiimmigrant riots? in Northern Ireland. Robinson, whose actual name is Stephen Yaxley-Lennon said on X that he was detained on Saturday night for about three hours, under the Counter-Terrorism and?Border Security Act. He said, "My phone was seized by?police", on X. Please help me start my legal defense fund. Robinson tweeted about the violence in Belfast that spread after a viral video showed a brutal stabbing attack on a man who lost an eye. A Sudanese has been charged with the attempted murder of a man. The police have stated that they do not consider the attack to be terrorism. In the days following, rioters attacked 'homes and businesses of ethnic minorities or foreigners in what the British Minister?for the Province called racist thuggery. Local politicians have said that far-right online agitators helped coordinate or promote violence. A?police spokesperson said that officers stopped a man in his 40s on Saturday at Heathrow Airport, after he returned?to Britain from Russia via Turkey. The man's communication devices were confiscated and he was interviewed by police officers. The spokesman confirmed that he was released. (Reporting and editing by Barbara Lewis; Kate Holton)
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Manhattan erupts in chaos after Knicks victory, with a World Cup bus on fire
A World Cup bus caught fire and a teenager was wounded by a gunshot in chaotic scenes that broke out in Midtown Manhattan late Saturday night as basketball fans poured onto the streets to celebrate the historic victory of the New York Knicks in the NBA Finals. After spilling from packed bars and outdoor venues and chanting, "Knicks in Five!" some fans fired smoke grenades and set off fireworks. Fans celebrate their team's win in the fifth of seven possible games by setting off fireworks and firing smoke grenades. The New York Knicks are yet to win a championship since 1973. This was their third finals appearance after losing in 1994 and 1998 - both times to the Houston Rockets and the San Antonio Spurs. They won on Saturday night. WORLD CUP SHUTTLE BIKES SWOUNDED A New York Police officer reported that a 17 year old was shot in the leg at 2 am during celebrations in Times Square. He added that three persons of interest had been taken into custody. As the celebrations continued into the evening, hundreds of mainly young people swarmed around a convoy consisting of 15 shuttle buses, after they had transported soccer fans to the area of Times Square from the first World Cup match between Brazil and Morocco which ended in a tie. Some of them climbed on the roofs, sat inside the bus and drove it. According to a journalist who saw the bus in flames, one of the yellow buses that the city hired to transport soccer fans had been set on fire. The incident was not reported as a serious injury. Three more shuttle buses have been badly damaged by the crowds. The Brazilian soccer team and Knicks supporters joined together on the top of a bus to wave their national flags. A man walked among the crowds with a bleeding facial injury, but it was not clear what had caused it. Youssef Sabbr, a 49-year-old Canadian with Moroccan descent who got off a World Cup bus before it became surrounded by a crowd, said: "They're expressing their joy, a bit violently. But it is what it Is." Sabbr stated that "that's what happens everywhere in the world when teams win." The police move in to arrest fans After holding back for two hours, police in riot gear moved in and chased fans through the streets. The Knicks home court, Madison Square Garden, was cleared by officers riding on horses. Carol Marino in her fifties, an estate agent in New York was taking a break on the sidewalk after watching a game in a bar. "Oh my god. She said that the celebrations were like New Year's Eve 'time twenty'. Other fans jumped on traffic lights and scaffolding, hugged, and played the?drums. Dean and Christina Smiros, a couple from New York who have both been Knicks supporters for their entire lives, were delighted to see the team win their first championship in their lifetime. Christina stated, "They haven't won since we were born." (Reporting and editing by Helen Popper; Ed Ou, Maria Tsvetkova).
Japanese shippers await details on Hormuz reopening, mine clearance
Japanese shippers welcomed the U.S. - Iran peace 'agreement' on Monday, which will reopen Strait of Hormuz. However, they are waiting for more details of the agreement?and the clearance of mines before allowing their ships to pass the chokepoint.
The association claims that 38 vessels with Japanese connections are still stranded on the Strait of Hormuz.
The U.S. and Israeli war against Iran, which began on 28 February, has largely halted shipping through the strait. This is the transit route of?roughly a five percent of the world’s oil and liquefied gas supply?alongside vital products such as aluminum and urea.
The global oil price fell by?4% after U.S. president Donald Trump and Iran’s deputy foreign minister announced that they had reached an initial agreement to end the conflict and resume traffic through the Strait of Hormuz.
A spokesperson from the Japanese Shipowners' Association stated on Monday that the group was happy with the peace accord, but wanted to "wait for more concrete details", which they expected to receive by June 19, the date the U.S. and Iran?pact will be signed in Switzerland.
The spokesperson stated that there had been reports of mines being laid in the area. She added: "Given this situation, we can't just say, 'Right now, let's go,' based solely on the news about the agreement."
Nippon Yusen is the largest shipper in Japan. It said that it hoped to return operations to normal as soon as possible. However, a spokesperson stated it was still too early to comment about the schedules of Japan-linked vessels stuck?in Gulf.
He refused to say how many ships of the company remain in the Gulf.
(source: Reuters)