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The INDIA RUPEE is on the decline as trade concerns keep Asia FX at a defensive position
The Indian rupee, along with other regional currencies, weakened on Wednesday as the dollar strengthened on the backs of new tariff threats by the United States. These included a 50% tax on copper imports, and a 10% tax on BRICS countries. As of 12 noon IST the rupee was trading at 85.8375 per dollar, a drop of about 0.2% for the day. Asian currencies fell between 0.1% to 0.3%, with the offshore Chinese Yuan hovering around a two-week high. In Asia, the dollar index was quoted at 97.6. Donald Trump, the U.S. president, announced overnight that he would impose a tariff of 50% on imported copper and levy levies against semiconductors and pharmaceuticals. He also said a tariff of 10% on BRICS imports was coming "pretty quickly". Threats come as countries try to reach deals with the White House before August 1, when country-specific levies will be implemented. The market has become less receptive to tariff threats despite the uncertainty that persists. This is because traders have accepted the notion that the threats are a tactic for negotiation. In a recent note, Michael Brown, Senior Research Strategist at FX brokerage Pepperstone, said that the markets have become immune to Trump's tariff talk. Participants are also willing to believe Trump is bluffing. The regional equity markets traded mixed, with India's benchmark indices BSE Sensex (Sensex) and Nifty 50 (Nifty 50) being little changed. Minutes of the Federal Reserve’s June policy meeting are expected to be released later today. This will provide clues about the future direction of U.S. interest rates, amid the uncertainty caused by tariff policies and inflation. (Reporting and editing by Jaspreet K. Kalra)
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InPost purchases Spain's Sending in order to expand its delivery network throughout Iberia
InPost, a parcel locker company, has announced that it has acquired Spanish delivery firm Sending in order to expand its presence on the Iberian Peninsula. It will also integrate the 24-hour delivery service provided by Sending. Why it's important InPost has gained traction in other countries after establishing a stronghold on its native market, Poland. Sending is the latest in a strategy of pan-European growth, which began with the acquisition of Yodel earlier this year. By the Numbers InPost, at the end of its second quarter, had 3,000 automated package machines (APMs) and 9,000 pickup and drop-off locations in Spain and Portugal. By the end of the year 2025, InPost plans to expand its network by adding 1,000 more lockers in the region. KEY QUOTE In a statement to the press, InPost CEO Rafal Bzoska stated that this move would not only increase our reach, but also help accelerate our growth in our innovative outside-the-home delivery services. (Reporting and editing by Milla Nissi - Prussak).
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Marseille Airport closed as firefighters continue their battle against wildfire
The intensity of a wildfire which had spread to the northern outskirts (or périphéries) of France's second largest city, Marseille, decreased overnight on Wednesday. However the airport remained closed while firefighters continued their battle against the flames. Residents who were told to remain in their homes out of safety have been allowed back out. In a social media post, Marseille Mayor Benoit Payan announced that the 16th arrondissement was no longer in lockdown. He added: "I urge all Marseille residents, to be extremely cautious in this area as the emergency services are working hard." Officials in the area said the airport will close to commercial flights, prioritising air resources. However, some roads may reopen to allow emergency services access. Officials said it was too early for hundreds of residents to return who fled the wildfire. The flames were fanned up to 70 km/h (43mph) by the winds, which sent plumes of smoke over this southern coastal city. Georges-Francois Leclerc, the regional prefect of Leclerc's region, said that the fire had burned through 700 hectares (2.75 square miles), but there had been no reported fatalities and hundreds had been saved. The Interior Minister Bruno Retailleau said to reporters late Tuesday night that the fire was moving quickly. Recent climate change has caused wildfires to be more destructive in Mediterranean countries. Fires have raged this week and last in Athens, Crete, and northeastern Spain.
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Wall Street Journal, July 9,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch for the accuracy of these stories. After advisers, including Treasury Secretary Scott Bessent, told him that he could achieve trade agreements with more time. After vowing to reinforce Kyiv's defenses against Russian attacks in recent days, U.S. president Donald Trump may send an additional Patriot air-defense systems to Ukraine. Kevin Hassett, the White House's economic adviser, is a serious candidate to become the next chairman of the U.S. Federal Reserve. Apple named Sabih Khan, an insider, as its Chief Operating Officer on Tuesday, replacing Jeff Williams as part of the long-planned succession. Kristi Noem, Secretary of Homeland Security at the Department of Homeland Security, announced Tuesday that the Transportation Security Administration would no longer require travelers removing their shoes for security checks in U.S. Airports. U.S. agriculture secretary Brooke Rollins announced Tuesday that the administration would work with state legislators to prohibit sales of U.S. agricultural land to buyers from China or other countries of concern. She cited national-security concerns.
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Maguire: Turkey's clean energy growth is bad for the gas market bulls
Turkey is among the fastest-growing markets for power in the world. Natural gas and LNG exporters have targeted the country as an important potential growth market. They may be disappointed by the rapid expansion of Turkey's clean energy supplies. Solar capacity has increased dramatically in Turkey, and last month solar electricity production surpassed gas-fired electricity for the first time. The country's very first nuclear plant will be starting up production within the next few months. Turkey has also deployed utility-scale battery systems to store excess power from wind farms and solar farms, which can be dispatched at times of peak demand. It aims to achieve 80 gigawatts hours (GWh), or storage capacity for batteries by 2030. The combination of increasing clean energy supplies and expanding storage capacity is likely to limit Turkey's usage of gas and fossil fuels for power production. Gas market bulls may need to look elsewhere to find growth potential. GROWTH PATH The World Bank's data shows that the Turkish economy has grown by 4.7% per year on average since 2019. This is four times faster than the Eurozone and almost twice as fast as the global economy during the same period. Data from Ember show that the country's demand for electricity grew by 14% between 2019 and 2024. This is in stark contrast with the roughly 5% decline in demand in the European Union during the same period. According to Ember, the Turkish electricity demand is primarily driven by government spending on infrastructure, heavy industry, and manufacturing. The total will reach 340 Terawatt Hours (TWh), in 2024. Re-shoring certain heavy industries, such as steel and cement production in Germany, has also contributed to the increase of energy consumption in Turkey over the past few years. GAS CUTS Gas-fired power generation in Turkey has been declining for the last three years despite this steady increase in power usage. According to Ember, coal-fired power plants are the largest source of electricity in Turkey. They accounted for 36 percent of the country's electricity supply last year. The key to the coal industry's survival has been cheap shipments coming from Russia. Since 2022, when it was sanctioned for its invasion of Ukraine, Russia has had difficulty finding willing buyers. In order to ensure that Turkey's electricity suppliers continue to purchase coal, Russian coal exporters discounted their prices in comparison with other coal vendors. As a result, they have gained a majority share of Turkey’s coal purchases starting 2022. Data from commodity intelligence firm Kpler show that Russia has provided roughly 88% (or more) of Turkey's imports of coal so far in 2025. This compares to a share of approximately 24% between 2018 and 2021. The steady supply of coal has led to a reduced demand in Turkey for natural gas, which is more expensive. Gas-fired power plants supplied only 19% the electricity in Turkey last year. Solar farms (7%) followed by wind farms (11%) as the next biggest electricity sources in Turkey. On the Rebound? The Turkish gas-fired electricity generation has risen by 52% in the first half 2025 compared to the opening half 2024. This has given gas market bulls reason for optimism. The recent gas-fired electricity generation peaks are still below the previous production spikes. This suggests that Turkey's energy firms are hesitant to rely too heavily on gas. Solar power continues to grow, with the output of solar and wind farms reaching a record 30 percent share in electricity last month. The first of four reactors planned for Turkey's first Nuclear Power Plant is expected to begin production in the next few months. Once the Akkuyu power plant is operational, it will supply utilities with clean energy that can be used on demand instead of coal or gas power to balance system needs. Global Energy Monitor (GEM) reports that nearly 90% of 13,000 megawatts of new capacity is coming from clean sources. Nuclear plants are the single largest source of new capacity being developed in the near future, with 4,800 MW. GEM data indicates that solar farms, with 1,336MW, and wind farms, with 2,460 MW, represent the second largest share of capacity. Clean energy sources will make up more than half the total capacity of Turkey's electricity firm once completed, with only 890 MW new gas and 700 MW new coal capacity. This leaves very little room for natural gas to make a sustained contribution to the Turkish energy mix even if Turkey's growth in power demand continues to exceed that of regional and international peers. These are the opinions of the columnist, an author for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. 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 LinkedIn, X.
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How US buyers of critical mineral bypass China's Export Ban
According to records from customs and shipping, at least one Chinese company is involved in this trade. China is the largest supplier of antimony, gallium, and germanium used in semiconductors, telecommunications, and military technology. Beijing banned the export of these minerals to America on December 3, following Washington's crackdown against China's chip industry. The shift in trade flows highlights the struggle for vital minerals, and China's struggle for enforcement of its curbs. It is competing with the U.S. to achieve economic, military, and technological dominance. Trade data shows that U.S. shipments are being rerouted via third countries, a problem which Chinese officials have admitted. Three industry experts, including two executives from two U.S. firms who claimed to have obtained restricted minerals in China recently, confirmed this assessment. Customs data shows that the U.S. imported 3,834 tons of antimony oxides between December and April from Thailand and Mexico. This was almost three times more than the previous years combined. Thailand and Mexico, on the other hand, jumped into the top three markets for Chinese antimony exports this year. This is according to Chinese data up until May. In 2023, which was the last year of exports before Beijing began to restrict them, neither country made it into the top 10. According to RFC Ambrian consultancy, Thailand and Mexico both have one antimony smelter. The latter was only reopened last April. According to RFC Ambrian, neither country has significant quantities of antimony. The U.S. is on track to import antimony, germanium, and gallium at the same or higher levels than before the ban. However, prices will be higher. Ram Ben Tzion is the co-founder and CEO at Publican's digital platform for vetting shipments. He said that although there were clear signs of transshipment in trade data, it was not possible to identify companies involved. He said, "It is a pattern we are seeing and it is consistent." He added that Chinese companies were "super-creative" in their efforts to bypass regulations. In May, China's Commerce Ministry stated that "unspecified" overseas entities had "colluded" with domestic lawbreakers to circumvent its export restrictions and that stopping this activity was vital to national security. It did not respond to any questions regarding the change in trade flows that occurred since December. Similar questions were not answered by the U.S. Commerce Department or Thailand's Commerce Ministry, nor Mexico's Economy Ministry. The U.S. does not prohibit American buyers from buying antimony, germanium or gallium of Chinese origin. Chinese companies can export the minerals to other countries than the U.S. with a valid license. Levi Parker, founder and CEO of U.S. based Gallant Metals told us how he gets about 200 kg gallium per month from China. He did not name the parties because of the possible repercussions. Firstly, agents who buy in China purchase material from the producers. He said that a shipping firm then routes the packages via another Asian nation, with re-labeling as art supplies, iron, or zinc. Parker stated that the workarounds were neither perfect nor inexpensive. Parker said that he would import 500 kg of rice regularly, but large shipments could attract scrutiny. Chinese logistics companies are "very cautious" about the possible repercussions. BRISK TRADE Thai Unipet Industries is a Thailand-based branch of Chinese antimony manufacturer Youngsun Chemicals. According to previously unreported records, the company has done brisk business with the U.S. over recent months. According to 36 bills recorded by ImportYeti, Export Genius and ImportYeti, Unipet shipped 3,366 tonnes of antimony-based products from Thailand to America between December and may. This was about 27 times more than the volume Unipet transported in the same time period last year. They do not always indicate the origin of raw materials. The records do not provide specific proof of transshipment. Thai Unipet could not be reached for a comment. A person answered when I called the number for the company listed on the shipping record. She said that the number did not belong to Unipet. No response was received when I mailed my questions to Unipet’s registered address. Youngsun Chemicals - Unipet's parent company - did not respond to any questions regarding the U.S. shipment. Unipet's U.S. shipments were purchased by Texas-based Youngsun & Essen. Before Beijing's antimony trioxide ban, Youngsun Chemicals imported the majority of its antimony from Youngsun Chemicals. Jimmy Song, the president of Youngsun & Essen, did not respond to questions regarding imports. China launched a major campaign against the smuggling and transshipment of minerals that are critical in May. Offenders may be fined and banned from exporting in the future. James Hsiao of the Hong Kong-based law firm White & Case said that serious cases could also be classified as smuggling and lead to jail sentences exceeding five years. He said that Chinese laws are applicable to Chinese companies even when transactions take place overseas. Hsiao said that in cases of transshipment the Chinese authorities could prosecute sellers who failed to do enough due diligence to identify the end-user. For those willing to risk it, there are big profits to be made overseas where the shortages of gallium, antimony, and germanium have sent prices to record highs. China's antimony and Germanium exports are still lower than before the restrictions. Ben Tzion, a Beijing-based economist, says that Beijing must now ensure that its export control regime is effective. "While all of these policies are in place, the enforcement is a totally different scenario," said he.
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Sources say that the preliminary report on the Air India crash is expected to be released Friday.
Three sources told us on Tuesday that a preliminary report about the crash of the Air India jetliner in June, which killed 260 passengers, is likely to be released this Friday. This could give early insights into the worst aviation accident in the past decade. The report of Indian investigators is expected to be released on Friday. However, sources familiar with the matter have warned that plans may change. It's also unclear how much information will be included in the document. This comes approximately 30 days after June 12th tragedy. Sources spoke under condition of anonymity as they were not authorized to speak with media. The London bound Boeing 787 Dreamliner crashed after taking off from Ahmedabad. It started losing height when it reached an altitude of about 650 feet. 241 people were killed on board, and the remainder on the ground. Air Current, an aviation publication, reported Tuesday that the investigation into the Air India Flight 171 crash focuses on the movement and position of the switches for the fuel controls on the Boeing 787. This is after analyzing the flight data recorders and voice data records. Air Current reported that the people claimed the information available on the black boxes couldn't rule out or confirm improper, inadvertent, or intentional actions which preceded or were followed by the apparent loss in thrust before the crash. The majority of air crashes are the result of multiple factors. Last month, it was reported that the investigation is focused at least in part on engine thrust. The Aircraft Accident Investigation Bureau of India, which is the lead investigator under international standards, did not immediately respond to a comment request outside normal business hours. Earlier, ANI News in India reported, citing reliable sources, that the AAIB investigators had submitted the preliminary report about the crash to civil aviation ministry. Could not confirm immediately the report. After the crash, it took investigators about two weeks to download data from flight recorders. The Indian government only held one press conference and took no questions. Two senior sources confirmed that India has reversed its earlier decision, reported by, to prevent an U.N. aviation inspector from joining the investigation. After a request from the agency, a specialist of the U.N. International Civil Aviation Organization was granted the status of an observer. ICAO refused to comment and added in a press release that any discussion about "cooperative arrangements" would require the authorisation of the state. The crash has put in doubt the ambitious campaign of the Tata Group to rebuild Air India's fleet and restore its reputation after it takes over the carrier from the government by 2022. India's development plans are based on the growth of aviation. New Delhi says it wants India to become a global aviation hub that creates jobs, similar to Dubai, where much of India's international travel is currently handled. The recent plane crash will be discussed by a panel of Indian legislators. They have invited industry and government officials from India to answer their questions. Reporting by Kanjyik in Bengaluru; Allison Lampert and David Shepardson, in Montreal and Washington; and Mrigank and Jamie Freeda.
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Research shows that battery electric cars emit 73% fewer emissions than conventional vehicles
According to the International Council on Clean Transportation, battery electric cars sold in Europe emit 73% fewer greenhouse gases over their lifetime than gasoline equivalents. The ICCT stated that other powertrains such as hybrids and plug in hybrids show marginal or no progress when it comes to reducing climate impact. Why it's important After the European Parliament backed a softerening of rules, European automakers may have more time to meet EU C02 emission targets for cars and vans. They could also reduce the potential fines. The ICCT stated that only battery electric cars could deliver the large-scale emissions reductions needed to tackle Europe's most pollution-producing transport mode. Passenger cars account for almost three-quarters the sector's emission, according to the ICCT. The research firm added that while hybridization has some benefits, they are small compared to the savings in emissions from battery electric cars, making it inadequate for meeting long-term climate goals. By the Numbers The company stated that plug-in and hybrid cars emit only 20% and 30% less emissions over their lifetime than gasoline. This is because plug-ins use electricity much less than was previously believed. ICCT stated that Europe's electricity mix decarbonizes faster than expected. By 2025, renewable sources of energy are projected to make up 56% (an 18-point jump) of the electricity generated in Europe. KEY QUOTES Marta Negri is a researcher at ICCT. She said that battery electric cars are cleaner than expected in Europe and perform better than all other technologies including hybrids and pluggin hybrids. She added that "this progress is due in large part to the rapid deployment of renewable energy across the continent, and the greater efficiency of battery-electric cars." (Reporting and editing by Matt Scuffham; Amir Orusov)
Qantas confirms that personal data of more than a million passengers was leaked during a breach
Qantas Airways in Australia said that in one of Australia's largest cyber breaches, more than a half-million customers' phone numbers, birth dates or addresses were accessed.
According to the airline operator, four million other customers' names and email addresses were also stolen during the hack.
Qantas, which disclosed a cyberattack to the public last week, said that after removing duplicate records, the database breached contained the unique personal data of 5.7 millions customers.
Qantas stated in a press release that there is no evidence to suggest any data about customers was released. The company is monitoring the situation closely.
Vanessa Hudson, CEO of Qantas Group, said that "since the incident we have implemented a number additional cyber security procedures to further protect our customer's data and continue to review what occurred."
The breach is Australia's highest-profile cyberattack since 2022 when telecommunications giant Optus was attacked, and the health insurer Medibank. These incidents led to mandatory cyber resilience legislation.
(source: Reuters)