Latest News
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Report: National Grid failures caused the fire that shut down Heathrow.
The failure of an electrical substation component that was not properly maintained caused the fire at Heathrow Airport in March, according to Britain's National Energy System Operator. Ofgem, Britain's energy regulator, said that it had launched a formal enforcement investigation into National Grid Electricity Transmission in response to the findings of the report. The Heathrow airport closure on March 21, the busiest in Europe, cost airlines tens and millions of pounds. It also left thousands of passengers stranded. The incident also raised concerns about the resilience and stability of Britain's transport infrastructure. The National Energy System Operator's report stated that "this review has seen evidence of a catastrophic failure in one of the high voltage bushings on the transformer at National Grid Electricity Transmission’s 275kV Substation". This was probably caused by moisture getting into the bushing and causing an electric fault. The report stated that National Grid's controls were ineffective and that they failed to recognize that no action was taken regarding an elevated moisture reading for 2018. Ed Miliband, the Energy Minister, said that the report is "deeply worrying". National Grid did respond immediately to a comment request. (Reporting and editing by William James)
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INDIA RUPEE-Rupee dips alongside Asian peers; tariff deadline, Fed cut path in focus
The Indian rupee fell slightly on Wednesday. It followed modest declines among its regional peers, while investors focused on an upcoming U.S. deadline for tariffs as well as clues about the future direction of the Federal Reserve’s benchmark policy rate. As of 11:15 am IST, the rupee was down about 0.2% at 85.6850 to the U.S. Dollar. Asian currencies were mostly lower as well, while the dollar index rose 0.1% to 96.7, supported by stronger-than-expected U.S. economic data that lent credence to the Fed's stance of being patient on cutting interest rates. Fed Chair Jerome Powell reiterated on Tuesday that the U.S. Central Bank plans to "wait" and "learn more" about the effect of tariffs on the inflation rate before lowering rates. The U.S. Non-Farm Payrolls Report due Thursday, and the developments in U.S. India trade negotiations are expected to give traders directional clues. A trader from a private bank told Reuters that the rupee will likely experience a two-way price movement, with resistance in the zone between 85.45 and 85.50. The persistent dollar bids by state-run banks at that level has also led traders to speculate that the Reserve Bank of India could be stepping up to absorb dollar inflows. Donald Trump, the president of the United States, said that the United States and India could come to a deal on trade, which would allow India to avoid the 26% tax announced in April, but paused until July 9. MUFG stated in a report that "we continue to forecast USD/INR moving lower due to domestic factors supporting the currency and a potential trade agreement with the U.S. with an implicit assumption of a geopolitical status quo." The firm anticipates that USD/INR will decline to 84 in the first quarter 2026. (Reporting and editing by Janane Vekatraman; Jaspreet Klra)
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China Communist Party magazine urges crackdown on price wars
A leading Chinese Communist Party publication has called for an end to unfair competition, which fuels price wars in different industries and reduces profits. It also criticised big companies and local governments. The Qiushi article, published on Tuesday, was the strongest warning the Communist Party has ever issued on the dangers of industrial overcapacity. It said that the phenomenon leads to "enormous loss of social resources" and unsustainable debt which could threaten long-term economic growth. The article was written under a pseudonym and focused on "involutionary competitiveness" where it stated that firms and local governments invested vast amounts of money to chase market shares in an environment with limited demand while failing to achieve revenue increases. The report highlighted industries like photovoltaics and lithium batteries as well as electric vehicles and ecommerce platforms. Qiushi stated that some companies cut corners to save money, compromising on the quality of their products. This, he said, discourages innovation and investment in R&D and damages consumer interests, as "bad money drives away good money." Some companies are expanding capacity while delaying payment to contractors and suppliers, which is squeezing out the entire industry chain. Qiushi stated that e-commerce platforms compete in price by using their advantage to put pressure on merchants who use them to reach customers. The magazine has also made some rare criticisms of local officials. It accuses them of "absence and overreach." It said that officials should intervene more, as the regulations haven't kept up with new business models and industries. The bankruptcy mechanisms are "imperfect" and prevent curbs on excessive supply. Some local governments that are focused on short-term economic growth attract investments by "artificially" creating policy havens with preferential taxation, fees, land use and subsidies, as well protectionist measures. Since years, many economists have warned Beijing that China's high levels of state-guided investments and subdued demand - due in part to a feeble safety net and severe rural-urban inequality - make it overly dependent on the export market for growth and create debt and deflation risk similar to those experienced by Japan in 1990s. Qiushi didn't mention deflation but warned China could suffer from "development path dependence". He also said that China needed to implement supply-side reforms, which would reduce excess industrial capacity as well as a strategy for expanding domestic demand. The warning was that it would take some time. The magazine stated that "Rectifying the 'involutionary" competition is a complex systemic engineering project which cannot be completed overnight or in a single decisive step." (Writing and Editing by Shri Navaratnam).
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. ADP Airport Operator ADP has confirmed its targets for 2025. Ageas, a Belgian insurer, has acquired Saga Underwriting Business. Bloomberg reports that AIRBUS, a French aircraft manufacturer, has delivered 60 aircrafts to date. ARGAN Commercial landlord Argan has confirmed its financial targets for 2025. COLAS Bouygues subsidiary Colas won a contract for the renovation of a road in Alaska. FRANCE/POLITICS - French Prime Minister Francoise Bayrou has survived a no-confidence vote in the French parliament, Tuesday. The far-right National Rally lawmakers (RN) refused to support a motion brought by his left-wing opponents. FRANCE/POLITICS/MACRON/PUTIN: Russian President Vladimir Putin had a "substantial" phone call with French President Emmanuel Macron on the Iran-Israel conflict and Ukraine, the Kremlin said on Tuesday, the first such exchange between the two leaders since September 2022. GTT LNG Shipping Company GTT has received an order for six LNG-fueled container ships. SD Fiber and SPIE Construction Company signed a deal to purchase each other. STELLANTIS Stellantis, the European head of the franco-italian automaker, said that the company may have to close some factories due to the possibility of heavy fines from the European Union for failing to meet CO2 emissions targets. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones ............... Wall Street Report ..... Nikkei 225............. Tokyo report............ London report ........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a glance Top News ............. Equities.............. Main Oil Report ........... Main currency report .....
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BHP signs charter agreements with COSCO for dual-fuelled ammonia vessels
The mining giant BHP Group announced on Wednesday that it had signed contracts with China’s COSCO Shipping to charter two Newcastlemax bulkers powered by ammonia and dual fuel. Two vessels will be delivered in 2028, and chartered for five years. The vessels will be primarily used to transport ore from Western Australia into Northeast Asia. These vessels can reduce greenhouse gas emissions by at least 50 per cent and up to 95 per cent on a per-voyage basis compared to a conventionally-fuelled voyage, if they run on lower or low-to-zero GHG emissions ammonia, according to BHP. As part of its plans to reduce shipping emissions, the mining giant has previously stated that it will receive its first bulk carrier powered by ammonia in 2026. Shippers are looking at alternative fuels to reduce carbon emissions. However, it will take some time for the adoption to be scaled up.
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MMC Port is getting closer to launching Malaysia’s largest IPO in the last 13 years
The website of the Securities and Exchange Commission showed that MMC Port Holdings had filed a draft prospectus at the securities regulator on Wednesday. This could have been Malaysia's largest IPO in the last 13 years. The draft prospectus revealed that MMC Corp., the parent company, which owns MMC Port Holdings at 100%, would sell up to 30% of its stake in the port operator during the initial public offering. In February, it was reported that MMC Port could earn more than 6 billion Ringgit ($1.43billion) in the second half this year. This information came from two sources who were familiar with the situation. This would be the largest IPO in Malaysia since IHH Healthcare, a private hospital operator, listed for $2.1 billion in 2012. According to the draft prospectus, MMC Port will offer up to 4,27 billion shares in its IPO, which includes 3.99 billion for institutional investors, and 286.1 millions for retail investors. The draft prospectus didn't specify the IPO size nor the launch date. MMC Port didn't immediately respond to an inquiry for comment. The draft prospectus shows that the net profit fell 9.2% from 701.13 millions ringgit to 636.56 in 2024, but revenue increased nearly 10% to 4,36 billion ringgit. MMC Port is not expecting any profits from its IPO, but remains confident about the strength of its finances. The draft prospectus stated that "our board believes our company does not currently require additional equity financing for our business." Reporting by Yantoultra ngi; Editing and proofreading by Muralikumar anantharaman.
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Qantas Australia confirms cyber attack at customer contact center, data exposed
Qantas Airways, an Australian airline, confirmed on Wednesday that a cyber-attack had occurred at one of their contact centers. The attack affected customer data. The company stated that the breach was caused by a cybercriminal who targeted a call center and gained access to a third party customer service platform. Qantas stated that the platform has around six million service records of customers, but didn't mention if the accounts are also located outside Australia. Initial review confirms that the system contains names, emails, phone numbers and birth dates of customers, but not financial data such as credit card numbers or passport numbers. Qantas released a statement saying that they were still investigating the extent of data theft. They expect the amount to be substantial. It added that "no frequent flyer account was compromised, nor were passwords or PIN numbers accessed." The airline stated that the system was contained and would not affect its operations or safety. The company also alerted the Australian Federal Police and the Australian Cyber Security Centre, "given the criminality of this incident." The Australian Federation of Pilots and the Australian Cyber Security Centre, as well as the Office of the Australian Information Commissioner, did not respond immediately to our request for comment on the issue. (Reporting and editing by Mohammed Safi Shamsi, Rashmi aich and Shivangi lahiri from Bengaluru)
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US sources claim that Iran has made preparations for the mining of the Strait of Hormuz.
Two U.S. officials claim that the Iranian military loaded mines on vessels in the Persian Gulf in late November. This move heightened concerns in Washington about Tehran's plans to blockade Strait of Hormuz in response to Israel's attacks against Iranian sites. Officials who spoke on condition of anonymity in order to discuss sensitive intelligence issues said that the previously unknown preparations took place some time after Israel's initial missile attack against Iran, which occurred on June 13. The mines were not deployed in the Strait, but the loading suggests that Tehran was serious about shutting down one of the busiest shipping routes on the planet. A fifth of all oil and gas exports pass through the Strait of Hormuz, and a closure would have likely pushed up energy prices worldwide. The global benchmark oil price has fallen by more than 10% in recent months, largely due to relief that the U.S. strike on Iran's nucleus facilities did not cause significant disruptions in oil trade. Iran's Parliament reportedly supported a measure on June 22 to block the Strait of Hormuz. This was shortly after U.S. forces bombed Iran's three most important nuclear sites to try to cripple Tehran’s nuclear program. Press TV in Iran said that the decision was not final and the Supreme National Security Council of Iran would have to decide. Iran has threatened to close the Strait over the years, but never carried out that threat. It was impossible to pinpoint the exact time that Tehran had loaded the mines during the Israel-Iran war, which if used would have stopped the ships from passing through the main thoroughfare. The mines may have been detonated since then, but it is not clear. Sources did not reveal how the United States determined the mines were placed on the Iranian vessels. However, such intelligence is usually gathered by satellite imagery, clandestine sources, or a combination. A White House official was asked to comment on Iran's plans. He said: "Thanks for the President's brilliant implementation of Operation Midnight Hammer and his successful campaign against Houthis and maximum pressure campaign the Strait of Hormuz is open, freedom of movement has been restored and Iran has significantly been weakened." The Pentagon didn't immediately respond to an inquiry for comment. The Iranian Mission at the United Nations did not immediately respond to a request for comment. Key THOROUGHFARE Two officials stated that the U.S. has not ruled the possibility of a ruse in loading the mines. Officials said that the Iranians may have loaded the mines in order to fool Washington into thinking that Tehran is serious about closing down the Strait. Iran's military may have been preparing for the worst in case the Iranian leaders had given the order. The Strait of Hormuz is located between Oman, Iran, and the Gulf of Oman in the south. It also connects the Persian Gulf to the Arabian Sea. The shipping lane is only 2 miles wide either way. It's 21 miles (34km) wide at the narrowest point. Saudi Arabia, Kuwait, Iraq, and the United Arab Emirates are all OPEC countries that export the majority of their crude oil via the strait. This is primarily to Asia. Qatar, one of the largest LNG exporters in the world, sends most of its LNG via the strait. Iran exports the majority of its crude oil through the passage which, in theory, limits Tehran's desire to close the strait. Tehran has invested significant resources in ensuring it is able to do this if necessary. The U.S. Defense Intelligence Agency reported that Iran had more than 5,000 mines in its arsenal as of 2019. These could be quickly deployed by small boats with high speeds, according to the estimate at the time. Fifth Fleet of the United States, based in Bahrain is responsible for protecting trade in the region. The U.S. Navy typically keeps four mine countermeasure ships, or MCM vessels in Bahrain. However, these vessels are now being replaced by a different type of vessel, a littoral battle ship, or LCS. This vessel also has antimine capabilities. In the days before the U.S. strike on Iran, all anti-mine vessels had been temporarily taken out of Bahrain to prepare for a possible retaliatory assault on Fifth Fleet Headquarters. Iran's immediate response was a missile strike on a U.S. base in Qatar. Officials in the United States have not, however, ruled out any further retaliatory actions by Iran.
Sydney's wild storm disrupts flights and leaves thousands without power
The wild weather system that pounded Sydney on Wednesday for a second consecutive day brought down trees, and cut off power to thousands in Australia's Southeast.
The website of Sydney's airport shows that Qantas Airways, Australia's largest airline, and Virgin Australia have cancelled together at least 55 domestic flight in and out on Sydney Wednesday. Some international flights are delayed.
Sydney's rail services were also disrupted. Authorities urged people to avoid travel that was not essential.
Be very careful. Dallas Burnes, the chief superintendent of New South Wales Emergency Services, told ABC News that it's a wild world out there.
We expect a busy day as people see the damages from last night.
Meteorologists describe a coastal low-pressure as a bomb cyclone, which smashed Australia’s southeast coast over night with wind gusts exceeding 100 kph. This caused trees to be uprooted and power lines damaged. In some areas, a month's rain fell in just six hours.
The air pressure drops dramatically within a short time due to the weather phenomenon.
Outage data shows that after the storm over night, more than 35,000 properties in New South Wales, Australia’s most populous State, are still without power.
Flooding and falling trees have closed several roads in the Illawara region of the state, south of Sydney. Central Coast residents were ordered to evacuate due to coastal erosion, and dozens of warnings for wind damage and flooding remain.
The system is expected to ease and move towards the Tasman Sea on Thursday, before conditions worsen again through Wednesday.
The National Institute of Water and Atmospheric Research in New Zealand said that the low-pressure system may bring strong winds and heavy rain to the North Island of the country on Thursday and through the weekend. Reporting by Renju José in Sydney, editing by Lincoln Feast.
(source: Reuters)