Latest News
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Yemen's Houthis warn Saudi Arabia of their targets in response to Iran's flight to Sanaa
Yemen's Houthis claimed on Friday that their forces had engaged Saudi "warplanes", which they claimed 'attempted to stop an Iranian civilian aircraft from landing at Sanaa International Airport', according to the military spokesperson for the group Yahya Saarea. Sarea, an Iran-aligned group, warned they would "target Saudi airports and vital interest on land and sea" if Saudi Arabia continued to violate Yemeni airspace. He added that flights between Sanaa, Iran and Tehran would continue despite "possible consequences". Al Masirah TV, a Houthi-run channel, reported on Friday that an Iranian plane landed in Sanaa to fly the group's delegation to Tehran for the funeral of Iran’s late Supreme leader Ayatollah Ali Khamenei. Other passengers included more than 200 patients. Saudi Arabia led the military coalition which intervened in Yemen after the Iran-aligned Houthis took over the capital Sanaa in 2015. The Saudi-led coalition claimed early on Saturday that the Houthis' statements against the Kingdom were an attempt to "divert the attention" away from the group's "violations". It warned it would react firmly with "unprecedented force" against any attempts to attack the kingdom or violate Yemen's sovereignty. The Houthis demonstrated their missile and drone capabilities in Yemen's?war by attacking Saudi Arabia, targeting oil installations and critical infrastructure. Reporting by Eman Abohassira, Menna Alaa el-Din and Editing by Louise Heavens Philippa Fletcher David Gregorio
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Heatwave disrupts Fourth of Jule events in eastern US
The Fourth of July festivities were disrupted by a 'dangerous heatwave' that swept across large swathes of the central and eastern U.S. The Great American State Fair, which was a major event in President Donald Trump's celebration of the 250th anniversary of the United States, was also affected by the heat. The Great American State Fair was temporarily closed Friday afternoon as temperatures reached 101° Fahrenheit (38° Celsius). The organizers said that they expect the fair to reopen by?5 pm, with modifications such as cooling tents and spritzing stations. The emergence of the "heat dome," a system of high pressure that traps hot air over a large area, caused record-breaking temperatures to spread from the Midwest to the east of the U.S. earlier this week. More than 185 million people, or more than half of the U.S. population, were under heat alerts on Friday. National Weather Service reported that on Friday there were heat alerts for over 185 million people, more than half of the?U.S. In some parts of the nation, heat indexes can reach up to 115 F (46 C). Forecasters and government officials warned that this heat wave could be deadly. The government urged Americans to be hydrated and seek shade when attending public events and gatherings during the Fourth of Independence weekend. There were cancellations of events along the Eastern Seaboard during the Fourth of July weekend. This is when Americans usually 'gather to barbecues, parades, and fireworks displays in celebration of the 1776 Declaration?of?Independence. The Salute to Independence Parade in?Philadelphia was canceled due to extreme heat. The decision was made after temperatures reached 103 F in Philadelphia on Thursday. This tied a record set back in 1901. Heat-related disruptions were also felt in other parts of the region. Haddon Township in New Jersey canceled its annual Fourth of July parade. Watertown, upstate New York, cancelled its Independence Day concert. Boston officials have delayed the entrance to an annual riverside celebration of fireworks by four hours. The event was originally scheduled to begin at noon, but now it will start at 4 p.m. Reporting by Ahmed Aboulenein, Washington; Nathan Layne, New York. Editing by Mark Porter and David Gregorio.
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Heatwave disrupts Fourth of Jule events in eastern US
The Fourth of July celebrations were ruined by a 'dangerous heatwave' that swept through much of central and eastern U.S. On Friday, the heat wave forced officials to cancel or postpone dozens parades, concerts, and fireworks displays in celebration of the 250th anniversary of America. The Great American State Fair, a centerpiece event of President Donald Trump's efforts to celebrate the 250th anniversary of the United States of America on the National Mall of Washington was temporarily closed on Friday afternoon due to temperatures of 101 degrees Fahrenheit. Organisers have said that it is expected to reopen, weather permitting, at?5 pm, with modifications such as cooling tents and misting station. The National Weather Service reported that record-breaking temperatures reached the east coast of the United States from the Midwest this week. Over 185 million people received heat alerts for Friday. In many areas, peak heat indexes could reach?up to 115 degrees Fahrenheit. Forecasters and government officials warned that the heat wave was potentially deadly. They urged Americans to celebrate the Fourth of July outdoors, stay hydrated and seek shade, and be on guard for signs of heat illness. At least seven states have reported event cancellations, including a "major Independence Day Parade" in Philadelphia, as well as "events" in Maryland's Takoma Park, and Loudoun County in Virginia. Ahmed Aboulenein reported from Washington, Nathan Layne from New York and Mark Porter edited the story.
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PJM, the largest US power grid, intensifies emergency measures to prevent blackouts
PJM, the largest U.S. power 'grid operator, said?Friday he was on a federal alert for reducing electricity consumption in his territory due to generator failures, massive overloading of?its transmission lines and a spike in ac usage from prolonged sweltering temperatures. PJM said it had told utilities that they could reduce the electricity supplied to customers if they were under contract. PJM serves 67,000,000 people in the Mid-Atlantic, South, and Washington, D.C. area. This week, spot wholesale electricity prices in Northern Virginia, the home of the largest 'collection of data centres in the world, soared past $2,000 per megawatt hour. This compares to a?about 40?per MWh if PJM was not in distress. According to industry analysts and PJM operations data, the surge in prices is mainly because it's becoming expensive to supply power accross congested high voltage power lines.
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Alupar and Axia win power transmission projects in Brazil
A consortium led by Brazilian power company Alupar secured the largest lot in Friday's power transmission auction in Brazil, while Axia Energy won the other three projects. The consortium of Alupar, the Infra II Investment fund and other partners'secured' the installation of underground transmission in the metropolitan area of Sao Paulo with a proposal that offered to take 48 percent of the maximum revenue the project could generate. The auctioned lots on Friday were the most expensive, with the highest?investment expected at 1.1 billion reais (212.9?million). Axia Energia was awarded the remaining projects in Sao Paulo state, Mato Grosso state, and Mato Grosso do Sul with 668 million reais of required investment. According to the results released in Sao Paulo by the B3 stock market, Axia's winning offers offered a discount of more than 50% on the?allowed revenue in three cases. Brazil reauctioned four 'power transmission projects' after MEZ Energia - a company which had won concessions for 2020 and 2021 - failed to progress with them.
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Ivory Coast increases renewable energy with new solar power station
Ivory Coast opened a solar power plant of 52.4 megawatts (MW) on Friday as part of its 'efforts' to increase the % share of regenerative energy in their electricity mix, and achieve climate goals by 2021. The world's biggest cocoa producer wants to be a major energy supplier in West Africa. It aims to use 46% renewable energy by 2035. Ivory Coast has an installed capacity of approximately 3,000 MW. Most of this power is generated by oil and gas plants. It exports electricity to Ghana, Burkina Faso. Benin, Togo, and Mali. At the opening ceremony, Mines Minister Mamadou Sangafowa Coulibaly stated that "Today's Ceremony fits perfectly with Ivory Coast's strategy... to accelerate its energy transition through diversifying the electricity mix by expanding renewable energy capacity." According to PFO Africa, which is a 100% Ivorian infrastructure investment group, the Ferke Solar Plant?will?supply electricity for 370,000 households and directly serve about 2,000,000 people in primarily?the northern Ferkessedougou Region?. Construction ?of the plant was ?financed by PFO ?Africa subsidiary PFO Energies and it will operate on a Build-Own-Operate-Transfer basis. (Editing by Ayen deng Bior, Editing by Emelia sithole-Matarise).
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Yemen's Armed Forces Threaten Saudi Targets over Iran Flight to Sanaa
According to a military spokesperson, Yahya Saarea, Yemen's armed force alleged that they had confronted Saudi 'warplanes' attempting to prevent an Iranian civilian aircraft from landing in Sanaa International Airport. Sarea reported that the Iran-aligned group had warned they would "target Saudi airports and vital interest on land and sea" if Saudi Arabia continued to violate Yemeni airspace. He added that flights between Sanaa, Yemen and Tehran would continue despite "possible" consequences. Houthi Al Masirah TV reported earlier on Friday, that an Iranian aircraft had arrived in Sanaa. The group's delegation was then flown to Tehran for the funeral of Iran's Supreme Leader Ayatollah Ali Khamenei. Among the passengers were more than 200 patients. Saudi Arabia led a coalition of military forces that intervened militarily in Yemen in 2015. This was after Houthis, who were aligned with Iran, seized Sanaa as the capital. The Houthis demonstrated their drone and missile capabilities in attacks against Saudi Arabia, which targeted oil installations and other vital infrastructure. (Reporting and editing by Louise Heavens, Philippe Fletcher and Eman Abouhassira)
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CMA CGM ship damaged by missile in the Hormuz Strait could be scrapped, CEO states
The CMA CGM container vessel that was damaged by a'missile' in the Strait of Hormuz early in May may be sent to scrapyard, according to its chief executive. The CMA CGM San Antonio was attacked by a missile. Several members of the crew were injured and evacuated. The ship was one of the dozens of commercial ships that were?struck' during the Iran War. Rodolphe Saade, Chairman and CEO of CMA CGM, said at a business meeting in southern France that the car was "so damaged" that they were considering scrapping it. San Antonio, which had been stuck in the strait since a few weeks, has now been brought to safety. He said that the group did not intend to send ships back to the Gulf at this time. The Iranian side was advising against it. Saade, whose family controls CMA CGM, has reiterated his opposition against transit fees to use the Hormuz Strait. These are a few of the?unresolved questions in U.S. - Iranian peace talks. CMA CGM was the third largest 'container shipping' line in the world at the beginning of the Iran War, which virtually closed the waterway. Saade stated that CMA CGM wants to see four more vessels leave the zone. In a French press interview, the CEO said that some of their vessels are intended to be used in the Gulf.
UAE markets slide after reopening from a two-day stop during Iranian attacks
The stock markets in Dubai and Abu Dhabi reopened on Wednesday after a two day pause following Iran's unprecedented missile and drone attacks against the Gulf?nation.
U.S. troops continued non-stop operations against Iran, as Israel launched wide-ranging attacks on Iranian missile and air-defense targets; a U.S. commanding officer said that the campaign was running ahead of schedule.
The UAE Capital Markets Authority shut down the ADX on March 2, and DFM March 3. This was a step that went beyond usual closures for holidays and mourning.
The combined market cap of both exchanges is approximately $1.1 trillion.
The trading of billions of dollars worth of listed assets was frozen as investors waited for clarity about the extent of the damage caused by the weekend strikes in airports, ports, and residential areas of both emirates.
Dubai's main stock index fell 4.7% intraday, its largest drop since May 2022. Blue-chip developer Emaar Properties led the declines with a 4.9% fall, while budget airline Air Arabia declined 5%.
The tourism industry and airlines rushed to react to the more than 20,000 flight cancellations. Governments also moved quickly to repatriate travelers stranded across the Middle East.
Top lender Emirates NBD dropped 5%.
First Abu Dhabi Bank, Abu Dhabi's largest lender, lost 5%. Dana Gas, TAQA and other energy stocks were each down 5%.
Aldar Properties fell 5%.
ADNOC, which is the parent company for the entire fuel distribution, logistics and drilling chain, came under pressure. The entire complex was sold at the same time.
Both exchanges announced that they will temporarily lower the price limit of securities to -5%.
The Abu Dhabi Securities Exchange has instructed listed companies to assess their?financial exposure and operational risk and immediately disclose any material information which could influence investor decision.
Abu Dhabi Commercial Bank plunged 4.9%. Abu Dhabi Commercial Bank, the UAE's third largest lender in terms of assets, said that it had restored its mobile app following a disruption which also affected its contact center. However, some features are still being reinstated.
Ahmad Assiri is a research analyst at Pepperstone. He said that the closure sent a message to investors that regulators prefer orderly price discovery rather than a volatility rollercoaster.
As markets re-price global and regional events from the past two days, traders should be prepared for a volatile phase of price discovery. Assiri said that volumes may be higher than average, as pent up orders "hit the tape".
Assiri stated that the UAE's reopening will follow a similar pattern to the Saudi market, which has recovered from the initial shock of a 5% drop on Sunday to record gains by Tuesday.
Saudi Arabia's benchmark?index?rose 1% on course to continue the previous session's gain, led by an increased of 0.9% Al Rajhi Bank, 3%, while petrochemical manufacturer?Saudi Basic Industries Corp. trimmed early gains to trade at 1.2%. However, the company is expected to suffer a massive loss in 2025.
This result was due primarily to impairments and loss relating to divestment assets in Europe and America.
Jabal Omar Development, which operates the Jabal Omar hotel and property complex within walking distance from the Grand Mosque of the Muslim holy city of Mecca, has advanced by about 5% following a sharp rise in its annual profit.
Budget airline Flynas grew by 2.1%.
However, oil major Saudi Aramco fell 0.7%. Oil prices rose 3% after the U.S. and Israeli war against?Iran disrupted Middle East supply. However, the pace of 'gains' slowed compared to previous sessions as President Donald Trump suggested that the U.S. -Navy could escort ships through the Strait of Hormuz.
Qatar Islamic Bank, a company that has risen by 1.1%, boosted the index in Qatar by 0.6%. Industries Qatar, however, fell by 1.3% after the petrochemical manufacturer announced plans to suspend or cut certain products.
The index in Muscat fell by 0.7%, while the index in Bahrain was down by 0.8%. The Kuwaiti index eased 0.2%.
Egypt's blue chip index fell 1.6% outside the Gulf. (Reporting and editing by Ateeq Sharif in Bengaluru, Clarence Fernandez, Toby Chopra and Sumana Nady)
(source: Reuters)