Latest News
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Chinese agency gives Gazprom AAA rating
The Chinese rating agency CSCI Pengyuan gave a triple-A rating to the Russian oil giant Gazprom, which was blacklisted by the United States. Media reports said Beijing is preparing to reopen their domestic bond market for major Russian energy companies. "Gazprom’s rating reflects both its strategic importance and its legal ties with the Russian government," CSCI Pengyuan stated. It added that the firm's "strong business profile" as a global leader in the oil and gas industry, and its significant position on the Russian energy market, underpins its credit profile. The "AAA", with a stable outlook, rating came only days after Russia and China endorsed the Power of Siberia 2 Pipeline. Gazprom announced the news during Russian President Vladimir Putin’s visit to China. The Financial Times, citing anonymous sources, reported that senior Chinese financial regulators informed top Russian energy executives late last month that they would support the plans of their companies to sell "panda bond" renminbi. Before selling bonds in China, companies usually obtain credit ratings. CSCI Pengyuan cited the "high geopolitical risk" of Gazprom. This company was sanctioned in 2022 by the U.S. after Russia invaded Ukraine. The rating agency stated that "Sanctions, geopolitical disruptions and a decrease in the volume and revenue of gas exports in 2023 have negatively affected the company's operation." As the geopolitical environment continues to change, operational uncertainty persists. Last month, CSCI Pengyuan assigned an "AAA" rating to Zarubezhneft. This is a mid-scale, upstream oil company owned entirely by the Russian Federation. Shanghai Newsroom, Sumana Niandy (Editing)
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Hong Kong's schools and businesses are closed as Tropical Storm Tapah passes.
Hong Kong closed schools and businesses on Monday, as Tropical Storm Tapah passed within 170 km of the territory. The storm brought gale-force winds and heavy rain to the financial center. Some flights were cancelled. On Monday morning, the damage appeared minimal. Streets were mostly calm. There was no report of major flooding or landslides. The city's mass transit rail system ran at longer intervals. Hong Kong's Observatory stated that the Typhoon 8 warning, which is its third highest, will remain in effect until at least 11:00 a.m. (0300 GMT). The city's Education Bureau said that businesses can reopen after the signal is reduced, but the schools will remain closed for the entire day. On Monday morning, sustained winds of 101 km/h (63mph) were recorded at the airport of Lantau Island. Maximum gusts reached 151 km/h. At 4:55 am, the authorities also issued the Amber Rainstorm Signal, which is its lowest ranking in a 3-tier system. Schools in Shenzhen have also been closed. Reporting by Farah Masters; editing by Jamie Freed
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London Underground workers to begin week-long strike action
London Underground workers will begin rolling strikes Sunday. The action is expected to cause major disruptions for Londoners and bring the network to an end. The staff are staging a series staggered walksouts, so there will be almost no "Tubes" between Monday and Friday. The Docklands Light Railway that connects Canary Wharf with the City of London and its financial centre, the City of London will also not run on Tuesdays and Thursdays. The RMT union stated that the dispute was centered on pay, fatigue, shift patterns, and a reduction of the working week. Eddie Dempsey, RMT's General Secretary said: "They don't want a king-sized ransom but fatigue and shift rotations can have a serious impact on the health and well-being of our members." Transport for London operates the public transport network in London. The union said it would accept only a deal that led to a shorter working week. Staff typically work 35 hours. It claimed to have worked hard to resolve the conflict and offered staff a pay increase of 3.4%. Despite TfL's warning that there would be a severe disruption to train services, some trains in the capital are expected to run during the strike. TfL stated that trains are likely to be very busy. The strikes will also cause disruption to commuters and tourists. Coldplay, a British rock band, has rescheduled two concerts this week at Wembley Stadium, while U.S. singer Post Malone postponed two of his London shows until later in the year. (Reporting and editing by Christina Fincher.)
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Israel claims drone from Yemen hit arrivals hall of Ramon Airport
Israel's Airports Authority reported on Sunday that an Israeli drone, launched from Yemen, struck the arrivals area at Ramon Airport in the Red Sea town of Eilat. The airport said that takeoffs, landings and other operations were suspended. It was working hard to get back to normal as quickly as possible. On Sunday, the Israeli military announced that it was looking into the crash of an unmanned drone launched from Yemen which fell near the airport. The Israeli military stated that the incident is being reviewed without providing any details about the impact. The Israeli military did not say if the drone fell after being intercepted, or if it was a direct strike. Most domestic flights are handled at the airport near Eilat, a resort town on the border of Jordan and Egypt. Houthis, backed by Iran, have launched missiles and drones towards Israel from thousands of kilometers away in an act of solidarity they claim with the Palestinians. Israel retaliated against the Houthi by bombing areas in Yemen controlled by them, including Hodeidah's vital port. In its latest attack, Israel killed several senior Houthi officials including the head government. Since the beginning of the Gaza war in October 2023, the Houthis who control most of Yemen have been attacking vessels on the Red Sea. (Reporting and writing by Steven Scheer, Menna Alaa el-Din, Alexander Cornwell and Bernadette Baum; editing by Tomasz and Bernadette Janowski).
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Russia strikes Ukraine with the biggest air strike of the war and sets a government building on fire
Ukrainian officials reported on Sunday that Russia had launched the largest air strike of the war against Ukraine over the weekend, causing the main government building in central Kyiv to catch fire and killing four people including an infant. Volodymyr Zelenskiy, the president of Ukraine, said that the drone barrage and missiles killed four people, and caused extensive damage in the north, the south, and the east of the nation, including Zaporizhzhia and Kryvyi Righ, Odesa and Sumy, and Chernihiv. Zelenskiy, in a recent post on X.com, said that such killings are a deliberate act and a war prolongation. He also called for allies to reinforce Ukrainian air defences. Witnesses reported that just after sunrise, thick smoke was seen rising from the top floor of the main Government Building, located in historic Pecherskyi District, as it burned. Residents in Kyiv gathered on the street to inspect the damage done to their apartments. Rescue workers were battling to put out the fires. The attack highlighted growing pessimism among Ukrainians and their allies about the possibility of a quick end to the war. Russian President Vladimir Putin, who has been resisting calls for ceasefires and emboldened due to stronger relations with China, refused any call for a truce. Donald Trump has, on the other hand, expressed increasing frustration towards Moscow ever since he met with Putin last month. However, he has not imposed tougher sanctions against Russia. He said that he is still working on the security guarantees for Ukraine, which he believes will help end the deadliest conflict Europe has seen since World War Two. Kyiv’s European allies have pledged to stand by Ukraine both politically and militarily. However, concrete offers of help, including the possibility for troops on the ground are still being discussed. Zelenskiy stated that he spoke to French President Emmanuel Macron about coordinating diplomatic efforts and next steps as well as contacts with partners. WAR'S LARGEST DRONE BARAGE The Ukrainian Prime Minister Yulia Shvyrydenko stated that it was the very first time during the war the main government building of Kyiv has been attacked, a symbolic blow to an area well-defended in the city. In a blog post, Polish Prime Minister Donald Tusk stated that the Russian attack against Kyiv's Government showed that "continued delaying of a strong response (against) Putin and attempts to appease him make no sense." The Ukrainian air force reported that Russia launched 805 drones and 13 missiles at Ukraine over night, while Ukrainian defence units shot down 751 drones as well as four missiles. This was the largest number of drones Russia used to attack the nation since Moscow launched its full scale invasion in February 2022. According to Tass, the Russian defence ministry claimed that it had conducted strikes against Ukraine's military industrial complex and transport infrastructure. Both sides deny targeting civilians. Timur Tkachenko is the head of Kyiv’s military administration. He said that a baby's body had been pulled out of the rubble at the Darnytskyi District, where an apartment building with four floors was damaged. He said a young woman also died in the attack. The district is located east of the Dnipro River. Interior ministry reported that more than 20 people had been injured in the attacks against the capital. The air alerts in Kyiv, and its surrounding area, lasted more than 11 hour. Klitschko reported that several floors in a nine storey residential building in Kyiv's Sviatoshynskyi District, located west of the city, were partially destroyed. He said that falling drone debris caused fires to start in two nine-storey and a 16 storey apartment buildings. UKRAINE TARGETS RUSSIAN ENERGY Svyrydenko urged the world and Ukraine to increase their weapons arsenals in response to Russian aggression. Svyrydenko stated, "We will rebuild buildings." But lost lives can't be brought back. "Our people are terrorized and killed by the enemy across the country on a daily basis." Ukraine's Defence Ministry said that a meeting of Kyiv’s allies is planned for the next week. Air defences and supplies to support Kyiv’s deep strikes against Russia will be discussed. Ukraine's military claimed it had attacked the Druzhba pipeline in Russia's Bryansk Region, causing "comprehensive damage" to the oil pipeline during an overnight attack. This is part of an overall strategy to target Russia’s vast energy complex. It is the backbone of the Russian economy and is used to fund the war. Vitalii Maletskyi, the mayor of Kremenchuk in central Ukraine, said that dozens of explosions also rocked the city, cutting off power to some residents, and damaging a Dnipro River bridge. Officials from the city of Kryvyi Rih in central Ukraine said that Russian attacks on Kryvyi Rih targeted urban infrastructure and transport, but there were no reported injuries. Oleh Kiper, the regional governor, said that in Odesa's southern city, residential buildings and civilian infrastructure were damaged. Fires broke out in several apartment complexes. He said three people were injured. (Additional reporting from Pavel Polityuk in Kyiv, Yuliia Dysa in Melbourne, and Valentyn girenko in Kyiv; editing by Mike CollettWhite and Alex Richardson.
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Iraq is considering Oman pipeline as a way to boost crude exports and storage, according to SOMO chief
Iraq may build a pipeline for crude oil export to Oman. This would allow it to market Iraqi oil globally, and supply a planned storage area in the sultanate. Ali Nazar, SOMO's Director general, said that there was already an agreement in principle. Future contract negotiations will include discussions about the route and capacity of the pipeline. Nazar, speaking at an energy forum held in Baghdad, said that the pipeline would transport crude oil to a storage facility integrated at Ras Markaz. The initial capacity is expected to be 10 million barrels. He added, "We are eager to move forward to make sure the tanks have strategic value as well as being consistently supplied with Iraqi oil on a daily base." Nazar stated that the pipeline could either be maritime and pass through the Gulf or it could be overland depending on the results of a feasibility report comparing the two options. SOMO announced on Saturday that it had signed two Memorandums Of Understanding with Oman’s OQ Group. One of the agreements was to develop a storage facility in Ras Markaz. The second MoU allows OQ Trading, with the help of both sides' commercial and administrative expertise, to market Iraqi crude internationally. (Reporting and writing by Muayad Haeed; editing by Susan Fenton).
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The tanker containing Russian Arctic LNG sanctioned leaves Chinese port
Ship tracking data revealed that a tanker carrying liquefied gas from Russia’s Arctic LNG 2 project, sanctioned by the United Nations, had left a Chinese port a day after docking there. The LSEG data from Sunday indicated that the Russian Voskhod LNG Tanker was sailing to the south after leaving an LNG terminal at the port of Tieshan, in China's southwest region of Guangxi. LSEG data revealed that the Russian flagged tanker with a cargo of 150 000 cubic metres of LNG was loaded at Arctic LNG 2 in Gydan, northern Siberia, on July 19. The cargo is the third from the project sanctioned to dock in China, after the tanker Arctic Mulan arrived in Beihai LNG Terminal in late August. Arctic LNG's cargo on the Arctic Mulan is the first to reach a final user since its start-up last year. It was not possible to determine immediately if LNG was discharged in Tieshan. Reporting by Farah Masters in Hong Kong, Editing by Clarence Fernandez
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Report: Cable problems likely to be behind deadly Portugal funicular crash
According to an initial report, a problem with a cable caused a Lisbon funicular rail popular with tourists, to hurtle down the hill. It crashed into a house, killing 16 people, and injuring 22 others. After leaving the track, the yellow tram-like carriage that carries people up and over a steep slope in the Portuguese capital hit a building on Wednesday. It was only a few metres away from its identical twin at the base of the steep hill. The Office for Air and Rail Accident Investigations in Portugal released on Saturday its first investigation report into the crash. The report stated that the cabins "had not travelled more than six meters" before they "suddenly ceased to be balanced by the cable connecting them". "Cabin No. "Cabin No. "Cabin No. "Cabin No. The report stated: "The brakeman of the cabin immediately applied both the pneumatic and hand brakes to try to stop the movement." The cabin continued to accelerate down the slope despite the brakeman's efforts. The report stated that an examination of wreckage revealed "the connecting cable gave way" at attachment point of the cabin on top of the hill. The final report will be released later.
Officials are concerned about the increasing number of drone incidents near US stadiums and airports.
U.S. officials informed a Senate Committee on Tuesday that more than 3,000 drone incidents have occurred near American airports in the past three years, including 11 aircraft that took evasive actions to avoid collisions. Steven Willoughby is a Homeland Security Department counter drone official who said that drone incidents can cause significant delays near airports. He told the Senate Judiciary Committee in California and Texas, in two cases, drones have collided into aircraft performing critical response missions during emergency situations. Officials have also expressed concerns over the use of drones to attack and at major sporting events.
Willoughby stated that the Secret Service has been tracking hundreds of drones that have violated temporary flight restrictions to protect the President and others since 2018.
He also said that within 500 meters of U.S. border, more than 27,000 drones will be detected in 2024. Senators and administration officials say Congress must change laws to strengthen penalties for drone usage and give federal agencies expanded authority to combat malicious drones.
Justice Department officials stated at the hearing that drones pose serious threats to large gatherings, but the FBI could only cover a fraction. The FBI's events covered represent less than 0.05% of over 240,000 events in recent years that could have authorized counter-drone security. Reporting by David Shepardson
(source: Reuters)