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Lawyer for Greek owner of cocaine-loaded ship seized in 2023 says that he denies the charges
His lawyer stated on Friday that the former Greek owner of a cargo vessel, which was seized by Spain 2023 after it was found to have carried more than four tonnes of cocaine and coffee beans from Latin America into Europe, denied any connection to drugs. The Spanish authorities found cocaine worth approximately $200 million aboard the Blume vessel, which was then Greek-operated and Togo-flagged, when they intercepted it in January 2023 off the Canary Islands. This was one of Spain's largest cocaine hauls for that year. The crew was arrested and Blume, the ship that had left Brazil to go to Russia, was taken by them to Tenerife. This week, Greece detained the former owner of Blume, 68 years old, along with his son, 24 years old, and a female. The suspects were brought before a prosecutor on Friday to answer charges, including running an international drug-trafficking group since at least 2021. Sakis Kehagioglou said that "the main investigation and potential trial will prove my clients' innocent", adding that the crew was convicted in the case. The detainees have not been named by the Greek authorities. Court documents seen by. Documents show that Blume had been monitored for a long time before it was intercepted. The British police received a tip-off about the drug operation on September 20, 2022. Spanish police examined Blume's records and concluded that the vessel matched the profile of ships involved in ship-to-ship drugs transfers. Tenerife police raided the ship on 18 January 2023 and confiscated 153 bags in a crewmember's cabin as well as a storage area. The documents stated that Greece's investigation found the ship bought by Rentoor Chartering in 2022 and operated by Dignatio Corp. Both companies are based on the Marshall Islands, set up by 68-year old suspect, an ex-police officer with a criminal history. The renamed ship was sold to Turkish company in may. (Reporting and writing by Yannis Soulieotis, Renee Maltezou, Editing by Sharon Singleton).
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Wall Street Journal, July 18,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. The U.S. Federal Trade Commission has reopened prior consent orders and revoked them for Exxon Mobil’s acquisition of Pioneer Natural Resources, and Chevron’s purchase of Hess. They cited a lack evidence of antitrust violations within the original complaints. China has threatened to block the sale of more than 40 ports, which include two in the Panama Canal, that are owned by Hong Kong based CK Hutchison, to BlackRock or MSC unless Chinese shipping company Cosco takes a stake. Union Pacific has begun early talks with Norfolk Southern to form the largest railroad in North America, but no deal is yet certain. CBS will terminate "The Late Show With Stephen Colbert", as well as its entire late night franchise, in May 2026 after Stephen Colbert's current contract expires. The U.S. Congress has approved a $9 Billion cut in federal spending for foreign aid and broadcasting. This was passed by the House with a vote of 216-213. After a Wall Street Journal article about a 2003 letter with Trump's birthday on it, U.S. president Donald Trump instructed Attorney General Pam Bondi that she should seek to release grand jury testimony from the Jeffrey Epstein case.
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Official: Indonesia is still negotiating the details and exemptions of the U.S. Tariff Deal.
An official revealed on Friday that Indonesia was still in the process of negotiating details of the recent trade agreement it reached with the United States, after the latter reduced tariff rates for the Southeast Asian nation. It is also seeking exemptions on its palm oil and nickel exports. Two countries have reached a deal on trade that has led to the reduction of proposed tariffs from 32% to 19%. This was the only deal that the Trump administration had reached before the deadline of August 1. Susiwijono Megiarso is a senior official in the economic ministry of Indonesia. She told reporters that both countries are still working out the finer details of their agreement. The 19% rate would be added to existing tariffs. He said that Indonesia had asked the United States not to levy the tax on its cocoa, nickel, crude palm oil, and rubber exports. U.S. tech products would also be exempted under Indonesia's rules for "local content", which requires companies to use local components when manufacturing. Indonesia is the largest palm oil producer in the world and is also the United States' biggest supplier, with 85% of the total imports to be made by 2024. Susiwijono stated, "This is an excellent opportunity. It will be a positive factor for us." The deal should support our exports. Susiwijono stated that Indonesia will also purchase jets from Boeing for its flag carrier Garuda Indonesia, and Pertamina, its state-owned energy company, will import energy from the United States subject to a business review. He said that all U.S. products imported into Indonesia would be subject to zero tariffs with the exception of pork and alcoholic beverages. Some U.S. products will also be exempt from import quotas. (Reporting and writing by Stefanno Sulaiman, Stanley Widianto, Editing by David Stanway).
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Maguire: Trump's efforts to bring coal back may be in ashes
The U.S. president Donald Trump has highlighted the coal industry as one of the key drivers for U.S. dominance in energy. However, there are no new coal plants currently under construction in America and utilities have found cheaper and faster ways to increase power supplies. In the early months of Trump's new term, the president has issued several executive orders as well as allocated federal funding to revive the coal mining and energy sectors. U.S. utilities prioritize renewables, battery power, gas, and nuclear energy over new coal-fired capacities based on cost and efficiency. The coal export market is also limited in growth potential. This is because Australia and Indonesia, who are much larger exporters, have a quicker and cheaper way to reach key buyers in Asia. Asia, however, has the only sustained increase in demand for coal. Even with the strong support of the federal government, it is likely that the U.S. Coal sector will struggle to achieve any sustained growth in the near-to-medium term due to the global shift towards cleaner energy sources. AVOIDING AGING OUT The U.S. has retired six times as many coal power plants than it has built in this century. This highlights the magnitude of the challenges facing even the most passionate coal bulls who are trying to revive the industry. Global Energy Monitor (GEM) data shows that between 2000 and 2024 in the United States nearly 166,000 megawatts of coal-fired capacity will be retired. Even though 26,000 MW worth of new coal plants in the U.S. have been built since 2000, Sandy Creek Energy Station was the first to come online more than a decade ago. According to Ember, this has led to a 42% drop in coal-fired power generation in the United States over the past quarter century. According to the U.S. Energy Information Administration, more than 80% all coal-fired power plants in the United States were built between 1950-1990. Over 75% of remaining plants have already exceeded their lifespan by 40 years or more. Some power networks delayed the closing of older plants, arguing that they would prevent a potential shortage of power. The Trump administration has also exempted a number of coal plants from the new emission standards that would otherwise have forced them into closure within the next decade. The power sector has been consuming less coal, as more plants are being retired and replaced with other types of generation. The Energy Institute reports that since 2000, the amount of coal consumed by the electricity sector has decreased by 65%. The utilities are not interested in building new coal-fired power plants because there are so many other options that generate electricity more quickly, cheaper and with less emissions. COAL CRUTCH EIA data show that the drop in coal-fired U.S. electricity has resulted in a sharp decline in domestic coal mining output. It has fallen by more than half since 2000, to just under half a billion tons in 2024. In 2023, the states with the highest coal production were Wyoming (237 millions tons), West Virginia (85.5 million tons), Pennsylvania (43.5 million tons), and Kentucky (28 tons). EIA data show that the decline in mine production has led to a steep drop in the number of coal miners. The EIA shows that this figure peaked in 2011 at around 96,000, but will fall to about 45,500 in 2023. Layoffs have affected every major coal-mining state, but some are harder hit than others. Kentucky's coal employment has dropped by more than 70% since 2011. Pennsylvania and Virginia also saw a drop of nearly half. EXPORT CHALLENGE These mass layoffs, affecting primarily Republican "red" state coal mines, have made the industry a powerful political force. Candidates are now able to highlight their pro-industry credentials. Trump has been a great example of this. The Trump administration, in addition to encouraging power networks in their use of coal for generation, has approved recent mine expansions in federal land to boost supplies to Japan and South Korea. Kpler data shows that 80% of the global coal consumption comes from Asia. This makes it a logical choice to target this region, given its buyers account for more than half of U.S. thermal coking coal shipments. The U.S. can only increase its market share so far in the region, since rival exporters like Indonesia have a huge advantage when it comes to shipping costs and times. According to LSEG, the journey time of a coal shipment from Westshore Export Port in British Columbia – the main exit port for coal mined throughout the Western U.S. – to Japan takes around 15 days. The journey from Indonesia's largest coal exporting point to Japan takes nine days. Indonesian coal exporters are able to offer a combination of lower coal prices and higher cargo volumes. This is a very attractive package for large scale importers. This means that U.S. suppliers will only be able eke out piecemeal deals with Asian buyers while larger exporters are able to secure more regular and large trade flows for utilities in the region. This will leave the coal mining industry struggling to sustain demand for its product, regardless of Washington DC's support. These are the opinions of the columnist, an author 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.
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INDIA RUPEE - Rangebound patterns tighten the rupee's relationship with Indian stocks
Investor sentiment has been clouded by a combination of muted portfolio flows and lingering uncertainty about U.S. Tariffs. The rupee's 30-day index correlation with the Nifty 50 benchmark has risen to 0.66. This is the highest level seen since mid-May. It shows that the currency is more sensitive to movements in local stocks. The Nifty 50 fell by 0.6% on the day. Meanwhile, the rupee dropped to 86.2025 U.S. dollars per rupee as of 10:50 am IST. This is a 0.1% drop. Losses in financial stocks led to a divergence between local and regional equities. Asian currencies were mixed, while the dollar index remained unchanged at 98.5. The rupee's implied volatility for the next month has fallen to a low of just over 4%, and the India VIX stock volatility index has dropped to 11.6 from 14 a few months ago. A trader from a state-run banking institution noted that foreign portfolio flows have been muted as well, which has contributed to the rangebound price movement. Apurva Swarup is a vice president of Shinhan Bank India. She said that both the local equity markets and the FX market are "lacking a clear direction at the moment", referring to rangebound movements. Swarup said that news on the U.S. India trade deal is important to monitor, as it may push the stock market and the rupee out of the ranges they are currently in. Donald Trump, the U.S. president, said this week that the United States was very close to reaching a deal with India. The reciprocal tariffs on exports from each country to the U.S. will be implemented starting August 1. Dollar bids by foreign and local banks on the day weighed heavily on the rupee. Traders also pointed to an increased demand to purchase dollars at the daily benchmark rate.
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Oil prices remain unchanged as Iraqi outages and tariff concerns clash.
The oil price was little changed Friday, despite the fact that it had risen in the previous session. This is due to fears of a possible decline in demand amid uncertainty over U.S. tariff policies and concerns about drone attacks on northern Iraqi fields. Brent crude futures fell 4 cents or 0.06% to $69.48 a barrel as of 0239 GMT. U.S. West Texas Intermediate Crude futures were down 3 cents or 0.04% to $67.51 a barrel. Prices rose $1 on both contracts on Thursday after four days of drone strikes on oil fields in Iraqi Kurdistan, which shut down half the region's production. The market has also been buoyed by seasonal travel demand. JPMorgan analysts stated that in the first two week of July, the global oil demand averaged 105.2 millions barrels per daily (bpd), an increase of 600,000 bpd compared to a year ago and in line with expectations. The market is still impacted by the uncertainty surrounding the final U.S. Tariff Policy, which it appears will not be resolved until after August 1. This is in addition to plans from major oil producers that they will remove their production cuts, increasing supply when the summer season in the Northern Hemisphere ends. Brent and WTI have both fallen over 1% this week. In a recent note, ING analysts stated that "near-term fundamentals of oil remain supportive." The market is expected to remain tight for the remainder of this quarter before improving in the final three months. Two energy officials reported that the oil output in semi-autonomous Kurdistan has been reduced by 140,000 to 150,000 barrels a day. This is more than half of the region's usual output of 280,000 bpd. Although no group has claimed responsibility, officials have pointed to Iran-backed groups as likely sources of the attacks on oilfields this week in Iraqi Kurdistan. Iraq's Federal Government announced on Thursday, despite the attack, that Iraqi Kurdistan would resume oil exports via a pipeline into Turkey after a 2-year halt.
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Trump nominates former Delta pilot for international aviation post
The White House announced on Thursday that President Donald Trump has nominated former Delta Air Lines captain Jeffrey Anderson as the U.S. Ambassador to the International Civil Aviation Organization. This move was opposed by the largest airline pilots union. This nomination comes at a time when some U.S. Senators are calling on the Trump Administration to lobby the Montreal-based U.N. Civil Aviation body to raise the mandatory retirement age of airline pilots to 67. Since July 2022, when C.B. The pilot "Sully Sullenberger" who successfully landed an Airbus A320 in New York's Hudson River after hitting a flock geese in 2009 stepped down. The Air Line Pilots Association (ALPA), a union that represents over 79,000 pilots in 42 U.S. airlines and Canadian carriers, has criticized Trump’s nomination of Anderson. They have called him unqualified. The union stated that "it appears that Mr. Anderson’s only qualification for the position is his support for a position that would make the United States an outlier in global aviation and cause chaos in pilot labor and international and domestic flights operations." Congress rejected last year a proposal to raise the mandatory retirement age for airline pilots from 65 to 67. In a press release, the White House defended Anderson’s nomination. It noted that he is a decorated veteran Naval aviator who has decades of experience in aviation safety as a Delta pilot and ALPA negotiator. ICAO is a major player in aviation safety worldwide. ICAO is a non-policing organization that uses consensus to establish standards for everything from seat belts to runways. The agency was formed after the United States invited over 50 allies in 1944 to agree on a common system of air navigation. The 193-nation organization will hold its triennial meeting from September 23 through October 3, this year. (Reporting and editing by Jacqueline Wong, Jamie Freed, and David Shepardson)
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What is the fuel switch at the heart of the Air India crash investigation?
Sources briefed by U.S. officials on their early assessment of the evidence said that a cockpit recording of the dialogue between the two Air India pilots that led to the crash last month confirms that the captain stopped the fuel flow to the plane's engine. Here are some facts about the engine fuel switches. They describe their function in the aircraft, and how they moved on an Air India flight. What are fuel switches? These switches regulate the fuel flow to a plane's engine. Pilots use them to shut down engines or start engines manually on the ground. Experts in aviation say that a pilot could not accidentally move fuel switches feeding the engines. If moved, however, it would immediately cut off the engine's power. According to John Cox, an aviation safety expert from the United States, there are separate power systems and wirings for the fuel shutoff switches and fuel valves that they control. Where are the fuel switches located? The fuel control switches are located under the thrust levers on a Boeing 787-8, which is equipped with two GE engine in Air India's instance. The switches have a spring loaded mechanism that keeps them in place. The pilot must first lift the switch and then change it from cutoff to run. There are two different modes: 'CUTOFF" and "RUN". What happened on the fatal AIR INDIA flight? According to the flight recording, after a few seconds of takeoff, both switches were switched from "RUN" to "CUTOFF", one after the other, with a one-second time difference. The engines started to lose power as a result. On the cockpit voice recording, one pilot is heard asking the other pilot why he has cut off the fuel. The report stated that "the other pilot replied that he had not done so." The report failed to identify the remarks made by the captain of the flight and those by the first officer. Sources briefed about U.S. officials early assessment said that the first officer, who was in control of the 787 at the time, asked the captain to explain why he had moved the fuel switches so that they starved the engine of fuel. He then requested that the captain restore fuel flow. According to the preliminary report both switches were in the "RUN" position and found at the crash scene. The report stated that when fuel control switches from 'CUTOFF to RUN' are moved while the aircraft is flying, the control system of each engine automatically manages a sequence for relighting and restoring thrust, including ignition and fuel injection. John Nance, an aviation safety expert from the United States, said that "no sane person would turn off those switches in flight", especially when the plane was just beginning to climb. (Reporting from Abhijith Gaapavaram, New Delhi; Dan Catchpole, Seattle; editing by Jamie Freed).
Report says future low-carbon material projects will need funding of $1.6 trillion.
A report on Thursday said that $250 billion has been allocated for the production of low-carbon material in sectors with heavy emissions, such as chemicals and fuels. However, future projects requiring low-carbon material will require more than five-times this amount of funding.
Mission Possible Partnership report said that newly industrialised countries like Indonesia and Morocco had already secured a quarter of the $250 billion invested in clean industrial plants.
The report stated that 69 projects were in operation, using clean energy for the production of materials.
The report also tracked $1.6 billion of projects announced, but not yet funded, with the newly industrialized "sunbelt countries" accounting for 59%, while the United States, the European Union and China each accounted for 18%.
Faustine Delasalle is the CEO of this organisation. She said, "The new generation energy-intensive industrial plant will move to places where there are abundant, reliable, affordable, and clean electricity sources to produce materials chemicals, and fuels."
The MPP, a non-profit organization based in the United States that aims to promote the growth of the low-emissions industry with the support of the Bezos Earth Fund (BEF) and the World Economic Forum.
Delasalle said that the new industrial sunbelt is set to surpass Western nations in ammonia sectors, creating major ripples across the global economy.
The Industrial Transition Accelerator was established at the COP28 Summit in Dubai in order to encourage investment in green projects. Delasalle also serves as executive director of the ITA.
According to the report, green ammonia (used as fertiliser) and sustainable aviation fuels are the fastest-growing sectors of clean industry.
The report stated that in the metals industry, there are 33 projects for primary steel plants with near-zero emissions, but 90 more projects must be funded by 2030 to achieve net-zero goals. Aluminium has 44 projects, but requires 165, it said. Reporting by Eric Onstad. (Editing by Jane Merriman.)
(source: Reuters)