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Texas grid warns of risks when data centers and crypto sites fail voltage testing
According to the Texas grid operator, several large data centers and crypto-facilities planning to connect to the Texas power grid ahead of summer peak demand failed to pass 'key reliability tests. This increases the risk of power failures just as electricity usage reaches its seasonal high. Data centers are causing power grids to be stressed across the United States. Data centers, unlike traditional industrial customers who tend to draw electricity steadily, are designed to disconnect from the grid as soon as there is a problem to protect equipment and maintain services. This makes them a potentially unstable and unpredictable force on grids that are already under pressure due to rising demand. The Electric Reliability Council of Texas, in a report dated 21 May, said that four groups of large electricity consumers, including data centers, were abruptly disconnected during a test of their ability to handle voltage disturbances. It can cause wider outages when large customers suddenly reduce their electricity use. ERCOT, which manages electricity in most of Texas said that it had reviewed approximately 20 gigawatts from large customers who wanted to connect to its system. This included eight projects, totaling about 3.9 gigawatts, which were aiming to begin before July 1. The company said that it had identified four large groups of power users who could trigger a demand trip of more than 5,000 Megawatts under certain fault conditions. These abrupt drops in demand were equal to the electricity consumed by a large city like Boston. ERCOT is currently reviewing test failures to develop plans for protecting the grid against?disruptions. ERCOT has made voltage ride-through failures a priority, as they are a growing risk with more data centers and crypto miners connected to the grid. ERCOT has recorded at least 26 instances since 2023 where data centers and crypto mining facilities were abruptly disconnected from the grid due to their inability to handle disruptions in electricity flow. A failed transformer in a west Texas substation caused 400 crypto-miners, oil and gas production and data centers to be unplugged without warning. According to ERCOT, the mass disconnection caused a surplus of nearly 1,700 megawatts, or 5% of total grid demand. It also forced 112 Megawatts to be shut down. ERCOT has tightened interconnection requirements and performance standards, and new rules have been introduced to ensure that such facilities are able to ride through voltage and frequencies disturbances without being disconnected. (Tim McLaughlin in Boston; Editing by Sanjeev Miglani)
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Finland suspects four persons in breach of subsea cables
The Finnish police, who are investigating the damage done to two subsea cables in the Baltic Sea last year, said that four people were suspected of a crime. Prosecutors will decide whether or not charges should be brought. Finland has seized a cargo ship, Fitburg, on December 31, 'while it was en route to Israel from Russia. They suspected that the cables from Helsinki to Estonia across the Gulf of Finland had been damaged. This is one of many incidents of this nature in recent years. The police?on Saturday said that they had investigated suspected aggravated crimes, attempted aggravated crimes, and aggravated interferences with telecommunications. They were referring the case to prosecutors in order to determine if any charges should be filed. The police said in a press release that the investigation had concluded with four suspects. Three of them remain under a travel restriction. After a series of power outages, telecommunications failures, and gas pipeline disruptions since Russia invaded Ukraine in 2022, the Baltic Sea region has been on high alert. NATO has increased its military presence by adding aircraft, frigates, and naval drones. (Reporting and editing by Terje Solsvik, Essi Lehto)
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Norway opposes tariffs and rejects US claims about forced labour
Norway's foreign minister has rejected a U.S. assessment that the Nordic country?failed? to prevent forced labor, adding?that?the allegation?was unfounded?and shouldn?t be used?by President Donald Trump?to justify new tariffs. The Trump administration proposed Tuesday tariffs of up to 12.5% on imported goods from 60 countries including Norway after concluding that they failed to curb the?trade in products made with forced labor, an assertion that many U.S. trading partners rejected. In a statement issued late on Thursday, Norwegian Foreign Minister Espen Barth Eide stated that "we strongly disagree" with the U.S. authorities' assessment of Norway not doing enough to stop forced labour. The Transparency Act was the first legislation in the world to prevent forced labour from being used to supply chains. Barth Eide said that he had told the U.S. authorities about this. Experts, business groups, and some human right groups say that Trump's threat to slap new tariffs on trading partners will not do much to combat?modern slave trade -- and may even make matters worse. (Reporting and editing by Terje Solsvik, Jagoda Darlandak)
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Brokers bet on winners of various sectors as the World Cup soccer tournament kicks off
Analysts predict that the 2026 FIFA World Cup in host countries will bring billions of dollars to their economies. This will be driven by an unprecedented surge in consumption, which will boost sectors as diverse as retail, athletic wear and tourism. The tournament is set to be held from?June 11, to July 19, and will be the biggest soccer event in history. It could drive consumer spending during a period when broader demand is fragile. According to FIFA's analysis of the socioeconomic impact, which was conducted in conjunction with the World Trade Organization (WTO), the first three-nation World Cup (WC), which includes the United States, Canada, and Mexico, is expected to bolster the global GDP by approximately $41 billion. Here are the stocks and sectors that brokerages believe will benefit from this once every four years event: HOTEL OPERATORS B. Riley estimates that a total 13.1 million World Cup visitors, including both ticketed and unticketed attendees generated 21.3 million hotel room nights across all online travel platforms. Analysts say that U.S. hotel chains Marriott, Hilton, and Hyatt, as well as the online travel platforms Airbnb and Booking Holdings, as well as Expedia, are likely to benefit from this event. Marriott expects World Cup momentum to continue into the third quarter. Airbnb predicts that hosts in New York, New Jersey and Boston will earn the most money during the World Cup. Airline Tickets Goldman Sachs thinks WC could have a?net positive' effect on U.S. Airlines. Goldman stated that "June tends to be a lower season for inbound leisure travel and corporate travel, while a significant portion of the peak outbound travel season occurs after the WC has ended." The war in Iran has caused a sharp increase in the price of jet fuel, forcing U.S. airlines to raise fares, which is causing budget-conscious Americans delay or cancel their summer vacations. BEER STOCKS Jefferies estimates that more than 1 billion pints will be consumed worldwide during the holiday season. This represents a 0.3% increase in?volumes for the industry. Markets such as the U.S.A., Mexico and Brazil are expected to improve. Analysts at Jefferies said that after five years of volatile beer prices, the market should improve in 2026. The timing of the tournament is also a plus. Roughly 75% of matches will be played in the U.S. while 84% of the matches involving participating countries are in the beer-drinking-friendly time zones, the analysts added. Bernstein, Goldman and Jefferies believe that Corona beer maker Anheuser-Busch InBev will be the main beneficiary. Anheuser-Busch InBev is the official beer sponsor of the WC. Heineken, world's second largest brewer, will also benefit from the exposure it has in Latin America and Europe. US RETAIL AND 'SPORTSWEAR Goldman predicts that a surge of merchandise demand by fans will push sales up at Dick's Sporting Goods, and Academy Sports. Analysts said that sportswear brands like Adidas, Puma, and Nike could benefit from increased brand exposure and marketing during the World Cup. Goldman pointed out that Adidas, the official sponsor of match balls, has sponsorship deals with multiple teams. This allows it to gain global exposure at the event. FOOD, RESTAURANTS, AND DELIVERY Citi said that traditional?grocers like Albertsons and Kroger as well as larger retailers such Walmart and Target are likely to benefit during the World Cup from increased household spending. Tourism and group viewings are expected to support a rise in restaurant demand. This could lift McDonald's Pizzas, Domino's Pizzas, Wingstops, and Chipotles, as well as food distributors like Performance Food Group, US Foods, and Sysco. MEDIA AND DIGITAL ?PLATFORMS Deutsche Bank analysts stated that they expect the men's World Cup in 2026 to generate the largest US advertising revenues ever. Morgan Stanley estimated that the tournament would generate between $300 and $400 million in advertising revenue to Fox, the broadcaster of the English-language rights. Deutsche Bank pointed out that Comcast's?Telemundo which holds the Spanish-language broadcast rights is another potential beneficiary. Citi stated that internet companies like?Alphabet?s YouTube and Meta Platforms?s Instagram could benefit from an increase in user activity. BETTING OPERATORS The World Cup is expected to increase overall betting volumes, and Deutsche Bank expects Flutter Entertainment to outperform DraftKings. Macquarie predicted that global wagers would exceed $50 billion, or nearly $0.5 billion each match. This is compared to the 35 billion dollars for the previous tournament in 2022.
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Argentina recommends awarding the dredging contract to Jan de Nul, and local partners, despite US concerns
The Economy Ministry announced that the Argentine government had recommended awarding an important?dredging contract in Argentina to Belgian dredging firm Jan De Nul, and its local partner Servimagnus. Rep. Brian Mast, chairman of the U.S. House Foreign Affairs Committee, warned in May about the "malign influence" of China in the bid to win the major contract for Argentina. Jan De Nul, and its local partner Servimagnus, denied any Chinese ties. * The recommendation is for the concession to dredge the Parana River and maintain it, as this river carries 80%?of?the trade of the country. In a late-Thursday statement, the ministry recommended that DEME, a Belgian competitor company, be rejected. *?Jan de Nul - Servimagnus? scored 66.20 in the technical evaluation stage, compared to 42.14 points for DEME. The statement said that both firms had submitted identical tariffs and received the maximum score for the economic component. DTA Engenharia, a Brazilian company, was declared inadmissible after failing to provide the required bid-maintenance guarantees. Before a final?award, a seven-day period has been opened for formal 'challenges' to the recommendation. The ministry added: * "The awarding of the contract will end the process and bring an end to the deadlock in the construction work on the waterway." * The waterway is a 3,400-kilometer natural river transport route that runs along the Parana River and the Paraguay River. It's essential for importing soybeans to Argentina, which are used in the production of oil, meal and other products.
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UAE markets benefit despite the stalled US/Iran peace talks
The stock markets of 'the United Arab Emirates' closed higher on Friday. Dubai outperformed its regional peers despite the fading hopes of a diplomatic breakthrough between Israel and the U.S. Hezbollah, a militia backed by Iran, rejected a ceasefire on Thursday in?Lebanon and Israel announced it?wouldn't withdraw troops from the?country?undermining U.S. president Donald Trump's attempts to halt fighting?and achieve a peace?deal? with Tehran. Dubai's main index of shares rose by 0.9%, boosted by gains in the industrial and utilities sectors. Salik Company, a toll operator, increased by 1.6% while Emirates Central Cooling Systems grew 2.5%. Abu Dhabi's benchmark indices settled 0.3% higher, with the largest utility company Abu?Dhabi?National?Energy rising 6.2%. Alef Education's stock rose 1% following the?full migration to Microsoft Azure of its digital learning ecosystem with Core42's sovereign cloud capability. Brent crude was down?0.32% to $94.73 per barrel at 1232 GMT. (Reporting from Mohd. Edrees, Bengaluru. Editing by Shailesh. Kuber.)
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Pentagon: US forces board a sanctioned oil tanker in the Indian Ocean
The U.S. Indo-Pacific Command announced on Friday that U.S. forces had seized the stateless sanctioned oil tanker Davina in the Indian Ocean overnight. Washington has placed a sea blockade against Iran, while Tehran has fired at ships to stop them from?sailing? through the Strait of Hormuz and entering the Middle East Gulf. In recent months, U.S. forces intercepted "multiple commercial and petroleum tankers" in the Indian Ocean. Indo-Pacific Command posted on X that "we will continue to enforce global maritime law to?disrupt illegal networks and 'interdict vessels providing materials support to Iran wherever they operate". According to data from ship tracking, the Davina is a supertanker that can carry up to 2 million barrels of crude oil. The U.S. placed sanctions on it in October 2024 because it was involved in?oil trade with Iran. Ship tracking data on MarineTraffic showed that the vessel, also known as the Lenore was last spotted on June 5, off the southern coast of Sri Lanka. Separate shipping data revealed that the vessel's?draft indicated it was almost fully?laden with an oil cargo. (Reporting and editing by Doina chiacu and Joe Bavier; Reporting and Editing by Susan Heavey, Jonathan Saul)
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Swedish court orders that seized cargo ships can be transferred to Ukraine
A Swedish court ruled on Monday that the seizure of an unidentified cargo ship in 'the Baltic Sea' was legal and that it could be sent to Ukraine where it is suspected of transporting grain illegally from Russian-occupied territory. The Swedish coast guard and police seized the Caffa in March off the southern Swedish coast, claiming it was operating under a false banner and had violated maritime and ship safety laws because of its lack of seaworthiness. According to the ruling of June 4, a lawyer for the owner Caffa Shipping Limited had challenged the seizure, and asked for the vessel's?release. The court stated that Ukraine was seeking the ship in connection with an investigation of suspected war crimes, including the removal and appropriation of property from Russian-occupied territories. Hakan Larsson, public prosecutor, said that in an email to?, "the court confirmed that the seizure was legal and that the vessel could be handed over to Ukraine." The district court ruled that the alleged conduct may constitute a crime of war under Swedish law. This cleared the way for the vessel to be transferred and the evidence it contained to the Ukrainian authorities. Larsson stated that the decision must be legally binding before any transfer of ownership can occur, and added?that owners have three week to appeal. The lawyer for Caffa?Shipping did not respond immediately to a further comment request. The police reported that the majority of the 11 crew members of the 'Caffa were Russians at the time of the seizure. According to the ship tracking service MarineTraffic, the vessel is a general cargo ship measuring 96 metres. Reporting by Jagoda darlak. Terje Solsvik, Mark Potter and Terje Slsvik edited the article.
Mali's Barrick hardball talks are being driven by two former Barrick employees
According to sources familiar with the discussions, two former Barrick Gold executives who have inside information about the Canadian miner's operations in West Africa help drive Mali's demand for a payment from the Canadian company of approximately $200 million.
Mamou and Samba Toure were both employed by Randgold in Mali, now part of Barrick, which is a mining firm.
Mali's military government, which seized in December three metric tonnes of gold worth approximately $245 million from Barrick, has given miners until Saturday midnight to respond to their demands.
According to a source with knowledge of the situation, it wants Barrick pay back taxes totaling 125 billion CFA Francs ($199m) according to a source.
Source: If the deal is finalised Mali will return the gold seized and release the four Barrick executives who have been detained since November.
Barrick has publicly announced that he is a member of the Barrick
rejected
The charges brought against its employees are not specified. According to the court documents reviewed by, these include money laundering and funding of terrorism.
Barrick declined to answer any questions regarding the current status of the negotiations, and the Mali mines ministry also did not respond.
The dispute will have ramifications on global miners, foreign investors and others who have invested billions of dollars in West Africa. They are now being forced to follow a different set of rules because the military governments of Mali Niger and Burkina Faso want a larger share of mining revenue.
Beverly Ochieng is senior analyst at Control Risks for Francophone Africa. She said that the standoff with Barrick shows just how far governments led by military forces in the Sahel region are willing to go in order to force foreign operators to adhere to new regulations aligned with their pursuit of resource nationalism.
We spoke with more than 20 people, including mining executives and consultants, diplomats, and people who had direct knowledge of the discussions, to get a better picture of the negotiation. Sources requested anonymity due to the sensitive nature of the situation.
Nine people with knowledge of the situation say that the two Toures form part of a small group on the Malian front, including junta chief Assimi Goita and the Minister of Finance and Economy Alousseini Sanou.
They are not related, despite sharing a common surname. Samba Toure was older than the other two men by several decades and was West Africa Operations Director at Randgold. Mamou worked as underground manager at the Loulo Mine.
Sources said that Mamou is the most influential negotiator in Mali due to his close relationship with the powerful Finance Minister Sanou.
Mamou’s Iventus consultancy won the contract for auditing foreign mining companies in Mali. This led to the new mining code of 2023 and the renegotiation of the miner's contracts. Samba works now for him in the consultancy.
Mamou is the current boss, said a former co-worker. Samba's technical and managerial expertise was still crucial to decision making. "The decisions are made more by Samba than Mamou."
Mamou responded to detailed questions by saying that gold production has not benefited the Mali people as it should for many decades. Mali is Africa’s second largest gold producer.
He said, "It's only natural for the state to ask for a correction." "The state made great efforts to reach an accord, which is the reason all other companies reached an agreement with state."
Samba Toure has not responded to a comment request.
ACRIMONIOUS TALKS
Barrick's talks have been acrimonious, while other Western miners, including Canada's B2Gold, Allied Gold, and Australia's Resolute, have reached deals with Mali over the past few months.
Legal disputes, arrests, nationalisations, and threats are being used by the military governments of Mali, Niger, and Burkina Faso to strengthen their ties with Russia and gain greater control over gold and uranium.
Ochieng of Control Risks, however, said that this did not mean Western operators would be unwelcome. She said that several western mining companies were allowed to expand their operations and acquire new assets, provided they met the latest taxation and regulatory demands.
The Mali junta, which will take power in 2020 has pledged to examine its mining industry so that the state can benefit from gold prices at record highs.
Some companies, such as B2Gold, were able to reach an agreement quickly. Some companies, such as Australia's Resolute whose CEO was arrested while in Mali to hold talks, took a little longer.
B2Gold said it would proceed with its planned investments at its Fekola complex this year after achieving the deal. Resolute said on Thursday that its deal with the Mali government would allow for better collaboration as the mine is developed.
The relationship with Barrick deteriorated in the last year. Barrick paid 80 million dollars to release four Malians who were arrested by the authorities in September. Mali demanded more payments, as it is owed a total amount of $350 million.
Barrick generated $949m in revenue in the first nine-month period of last year from its operations in Mali.
Bristow announced in early November that it had agreed to offer Mali 55% economic benefits from the Loulo-Gounkoto mining complex, similar to the agreement struck by the miner with Tanzania five years earlier.
Mali demanded that the remaining amount be paid in one go, rather than in installments. Mali began to block Barrick's imports in early November.
Mali claims that Barrick still has 125 billion CFA Francs to pay after discounting VAT credits.
Mali issued a warrant of arrest for Barrick CEO Mark Bristow in December 5 after four Barrick employees were again detained when no payment was received.
Contacts continued in the background. On Dec. 6, a source who spoke with Barrick senior management said that Barrick was on the verge of paying a second 50 billion CFA tranche. The payment never materialized and the conversation ceased. On Tuesday, formal talks resumed.
Freddie Brooks is a metals & Mining analyst at BMI. A FitchSolutions Company. He said that Barrick, under Bristow, had the highest level of tolerance for operational risks among major miners.
He said that if they failed to negotiate a deal with Mali's junta military, it wasn't for lack of effort.
CLASHES WITH BRISTOW
Samba Toure left Randgold nine years ago, after an argument with Bristow who was the CEO at that time.
Samba's rift grew after he resigned and was denied the right to sell his Randgold shares, based in London.
Mamou Toure left Randgold after a dispute in 2015 with Bristow regarding the use of foreign contractors.
Barrick declined to comment on the circumstances surrounding the Toures departure.
Mamou's company Iventus Mining won the consulting contract when the government announced that it would audit the mines. Two sources claim that Samba Toure was the one who led the audits.
Samba became chairman of the board in 2022 after Mali established a state-owned mine, SOREM. Mamou was appointed as a member.
However, the influence of Toures cannot be denied. Last summer, junta leader Goita grew frustrated with the negotiations and brought in the director of state security, Modibo Kone, one of the five colonels-turned-generals who lead the junta, one source said. Kone's participation in the talks was confirmed by a second source.
According to a source familiar with these talks, at least once, the Finance Minister has taken over the negotiations and told Mamou to step down when he had gone too far in his requests.
Five sources claimed that the Mines Minister, a technocrat without any military ties, had been marginalized. Mamou, however, denied this, pointing out that the ministry has two members on the commission. He said that the commission receives its orders both from the Finance Ministry and the Mines Ministry.
The Mali finance ministry and the presidency have not responded to any requests for comment. The state security service could not be reached.
Special Forces Raid
Stockpiles of gold were increasing in the "gold room" located at Loulo-Gounkoto's complex, despite exports being banned.
According to a court order dated Jan. 2, Barrick had just over 3 tons of gold in its vaults as of Dec. 27.
Unannounced, a helicopter arrived at the landing strip of the mine complex in mid-morning Jan. 11. One source said that four special forces soldiers and a customs officer, along with two officers from the state mining department and other plainclothes personnel, disembarked the helicopter and handed paperwork to Barrick employees authorizing them to seize gold.
The source added that the second shipment was made in the evening.
The gold that Barrick's mines seized is currently in the vaults at the Banque Malienne de Solidarite, a state-owned bank in Bamako. The bank declined comment.
Barrick, the company that confirmed the seizure, has announced it will suspend operations at Loulo-Gounkoto.
According to the Jan. 2, order, the seizure of Bristow's and other Barrick employee's property was taken as a precautionary measure in connection with the money laundering charges and other unspecified crimes against Bristow.
Two sources claim that Barrick has resisted the government's request to migrate to the 2023 mining code due to increased taxes.
Barrick's mining license will be renewed next year. The government has indicated that it may refuse the permit.
A source who had previously consulted with the Malian government said that the government wanted leverage in the negotiation while the company was looking to secure a long-term contract renewal at favorable terms.
The person stated, "I don't think they trust each other but no one is interested in a split-up."
Some investors are predicting a difficult road for Barrick Mali. They even think the company may lose its assets.
Martin Pradier is a materials analyst with Veritas, a Toronto-based investment research firm that covers Barrick. The exchange rate is $1 = 626.7500 CFA francs. (Additional reporting from Tiemoko and Fadimata in Bamako. Writing by David Lewis, Portia Crowe and Daniel Flynn. Editing by Silvia Aloisi, Veronica Brown, and Daniel Flynn.
(source: Reuters)