Latest News
-
Shell and Phillips 66 are weighing the sale of their stakes in US Pipeline Explorer worth $3.5 billion, according to sources
Shell and Phillips 66 have been working on a possible sale of their stakes, which include the Explorer refined product pipeline. This deal could be worth around $3.5 billion. This move is a reflection of how the increased demand for energy infrastructure assets from financial buyers has driven up valuations, and encouraged owners to sell and reinvest in their core businesses or areas with higher growth. Shell and Phillips 66 hold approximately 61% of the legal entity that holds the pipeline. The pipeline transports gasoline, jet-fuel and other fuel products through the Midwest to?endpoints including the outskirts Chicago. Greenhill, an affiliate of Mizuho, and RBC Capital Markets have been hired to conduct an auction?process for stakes. Deliberations are currently in the early stages. Energy Transfer and MPLX are the owners of the rest of Explorer. The sources say that while the Shell and Phillips 66 shares are being marketed to prospective buyers, other stakeholder companies could contribute if there is a strong interest in acquiring the entire pipeline. Sources cautioned that there is no guarantee for any deal to be made involving Explorer stakes and spoke under condition of anonymity in order to discuss private discussions. Shell, Phillips 66 and MPLX refused to comment. Explorer, Energy Transfer and Mizuho??and RBC have not responded to requests for comment. CRITICAL INFRASTRUCTURE Explorer, a 1,800-mile pipeline system in service since the 1970s is a critical infrastructure. According to Explorer's site, the southern part of the system has a capacity of?660,000 barrels per?day, while the northern portion can handle?450,000 barrels?per?day. Explorer, along with the Colonial pipeline that transports fuel from Texas to northeastern United States, is considered one of the most important refined product pipelines in the United States. Colonial was sold to Brookfield Infrastructure Partners last year for around $9 billion. In the sale, the first group of shareholders put their stakes on the market before the remainder contributed their holdings to a?deal with the investment firm. In recent years, pipelines and other energy infrastructure has attracted significant buyer interest. Financial buyers are attracted to the cash flow generated by midstream assets. Industry players want growth in both assets and product offerings. (Reporting from David French in New York, Additional Reporting from Stephanie Kelly in London, Editing by Echo Wang & Nick Zieminski).
-
Ambrey reports that a drone hit a gas storage tanker in Egypt's Mediterranean Port.
Ambrey, a British maritime security firm, said on Wednesday that a drone had struck a U.S. owned gas storage tanker in Egypt's Mediterranean Port of Damietta. The company cited an initial assessment. The Egyptian petroleum ministry released a statement that confirmed the fire in the port, but did not mention a drone attack. Inchcape, a port services company, said in an unrelated message that two gas tanks had caught fire near Damietta. Three trading sources who were familiar with the incident confirmed that the drone struck a floating storage tanker named Energos winter, causing an explosion which spread to a second vessel called Gaslog 'Salem. Two different security sources have said that the drone was likely to be the cause of the explosion, which could indicate a new outbreak of conflict in the Middle East. The incident was not immediately attributed to anyone. Energos Winter, a floating storage unit and regasification (FSRU), has a storage capacity of 138.250 cubic meters. The U.S. firm?Energos Infrastructure owns the vessel. Wilhelmsen Ship Management is also a U.S.-based company that manages the technical, safety, and commercial operations. In a statement, Egypt's petroleum ministry said that a fire broke on a?gasification vessel and a storage ship at Damietta Port and was immediately dealt with under approved emergency response plans by firefighting teams and security. It said that the Petroleum Minister,?Karim Baadawi, went to the scene to supervise response efforts. The statement said that the fire did not cause any injuries or deaths and that emergency and technical teams were continuing to assess the impact and work on the response. Reporting by Jonathan Saul and Marwa Rashad; editing by Alex Richardson
-
Drones blamed for explosions at Egyptian Mediterranean port in possible spread of war
On Wednesday, explosions rocked a natural-gas loading port in Egypt, on the 'Mediterranean Sea. Ambrey, a British maritime security firm, said that a U.S. owned floating storage tanker had been struck by a drone in an attempt to spread a Middle East conflict. No one has claimed responsibility for the incident that occurred in the Egyptian port city of Damietta. On 'Wednesday, the United States and Saudi Arabia attacked Iran-backed paramilitary groups in Iraq. U.S. president Donald 'Trump promised to "beat the ****" out of Iran for firing on U.S. troops days after he stopped air strikes.
-
Telecom Italia's second-quarter earnings core meet expectations
Telecom Italia's (TIM) second-quarter 'core earnings' were broadly in line with expectations on a Wednesday, as the growth of TIM’s?Brazilian?unit and enterprise division accompanied a resurgence of growth within its home market. The results are 'the first since TIM’s board unanimously approved a?takeover?offer by its largest shareholder Poste Italiane on?July 18, in a deal valued at a telecommunications kingpin worth?more?than 13 billion euros. Earnings before interest, taxes, depreciation, and 'amortisation following leases' (EBITDA AL) of the former phone monopoly for the three-month period ending June 30 rose to 998 millions?euros ($1.14billion), compared to a company-provided consensus analyst estimate of 995million?euros. The group's performance was boosted by Brazil and TIM Enterprise, as well as the domestic revenue.
-
Airbus Q2 profits boosted by jet deliveries and defense demand
Airbus maintained financial ?and industrial forecasts as it unveiled stronger-than-expected second-quarter ?revenues and core profits on Wednesday, lifted by higher jetliner ?deliveries and gains in defence. The 'world's biggest planemaker'reported its?quarterly operating profit increased 54% to 2,43 billion euros while revenues grew 28% to 20,53 billion euros. This was due to a surge in deliveries of commercial aircraft following a slow year-start. Analysts expected the profit figure, which was widely watched, to be 2.19 billion Euros on revenues of?20.25 billion. The quarterly update was released just days after Airbus expressed greater confidence in the ability to?increase production? as a battered aerospace sector begins to turn the corner with regard supply disruption. The company aims to achieve a near-doubling of profits as well as a stronger return for shareholders by 2029. Airbus delivered 237 aircraft in the second quarter of this year, up by 39% compared to the same period last time. The financial forecasts for the year remained unchanged, including an operating profit adjusted to 7.5 billion euro. Airbus maintained its goal of increasing A320-family production to between 70 and75 planes per monthly by the end of 2027. After that, it will stabilize at 75 per month. ?But the company dropped references to Pratt & Whitney engine manufacturer as 'the decisive factor' in the ramp-up. The RTX subsidiary said at the Farnborough Airshow that disruptions in engine maintenance were easing. Airbus reported a quarterly profit of 357 million euros in Defence and Space, driven by both 'higher sales volumes and better profitability? as Europe's spending spree continues. Boeing, a rival company, reported on Tuesday a bigger-than-expected loss for the quarter but also generated favourable free cashflow. This was due to its progress in implementing turnaround plans. (Reporting from Tim Hepher & Florence Loeve).
-
US sanctions on Iran's oil companies and insurers
Treasury Department of the United States announced that the United States issued another round of sanctions against Iran on Wednesday, targeting Iran's efforts "to monetize the Strait of Hormuz". The United States designated 10 entities, and eight more tankers. It said that six of the entities targeted by sanctions are based in China. According to Fox News, the sanctions were a response to a pledge made by U.S. president Donald Trump on Wednesday, to strike Iran hard. This was after the U.S. army announced that it had intercepted?multiple ballistic missiles fired by Iran towards American forces in Middle East. On Wednesday, the United States and Saudi Arabia struck Iran-backed militias in?Iraq. Treasury's Office of Foreign Assets Control has designated two companies, the Persian Gulf Marine Insurance Co.?and HormuzSafe Marine Services Authority. It said that both firms were essential to an Iranian scheme aimed at extracting digital assets and revenue from ships transiting the Strait of Hormuz via various insurance policies. The regime is in desperate need of cash, said Treasury Secretary Scott Bessent. Bessent, referring the Islamic Revolutionary Guard Corps, said that the United States would not allow Iran's terrorism and aggression to be funded by international shipping or the IRGC. The new sanctions are part a larger push by the Trump administration to use both economic tools as well as military strikes to increase pressure on Iran. This is a war that is deeply unpopular and has brought down Trump's approval ratings. "The Iran War demonstrates that the current administration will use U.S. military and economic power in concert," said Jess Hoversen. He is now the chief economist of Column, an online platform bank. She said that OFAC has moved rapidly to designate maritime infrastructure, currency exchange infrastructure and procurement networks even while the U.S. Military has increased its attacks. Hoversen stated that the Treasury is operating at a high operational pace, and that combining targeted sanctions with military strikes could be a template for future conflicts. OFAC sanctioned more than 100 vessels that were part of Iran's shadow navy, which was used to maintain oil revenues despite international sanctions. Reporting by Andrea Shalal, Daphne Psaledakis and Susan Heavey. Writing by Susan Heavey. Editing by Bill Berkrot.
-
Delta will offer DraftKings on all flights but not betting
Delta Air Lines announced on Wednesday that it would offer a sports prediction game in partnership with DraftKings. However, the company will not allow gambling on its flights. The airline stated that the game is open to all passengers over 21 years old and allows players to win Delta gift certificates. However, it does not allow betting, deposit functionality or financial risk. Last year, the?U.S. Senator Richard Blumenthal asked the companies to not allow gambling aboard, citing a 1962 law which prohibits gambling on commercial planes. In order to entertain passengers, airlines are now offering more content in the air. This includes games, movies and live TV. Delta claims that sports content consistently ranks as one of the most popular categories on its platform. Delta first announced its planned collaboration with DraftKings early in 2025. The new sports game will begin on Wednesday, and it is exclusively designed as an entertainment experience for Delta Sync Wi Fi. Delta announced that SkyPicks would launch with Major League Baseball matches, followed by NFL contests later in the year. The game involves passengers making predictions about real matchups. Delta Sync WiFi is required to play the game on a mobile device or personal device, and not on seatback screens. To unlock the questions, customers must either sign in with their DraftKings account or register one. The questions will include head-to-head competitions, game-winner selections and top performers on individual contests?and monthly leaderboards. According to a 2025 Pew Research poll, 22% of adults have bet on sports personally in the last year. This is up from 19% just three years ago. David Shepardson is reporting; Sharon Singleton, Emelia Sithole Matarise and Sharon Singleton are editing.
-
Canada - July 29,
These are some of the most popular stories in selected Canadian newspapers. The?top stories from selected?Canadian newspapers are listed below. The GLOBE and MAIL – Zijin Gold & Allied Gold abandoned a C$5.5 billion (3.90 billion) buyout? of the Canadian miner. Instead, the?Chinese firm took a 9.2% stake? for around $295 million. Dominic LeBlanc, Canada-U.S. trade minister is back in Washington this Week as Ottawa seeks to avoid the imposition on punishing new tariffs for August 19, and advance broader trade negotiations. Apotex Health is the sole manufacturer of generic Ozempic in Canada for the next few months after a manufacturing problem at an Indian facility forced at least two competitors to withdraw. National Post - Jazz Aviation, which is primarily contracted to Air Canada has reached a tentative agreement with its flight dispatchers. This will avoid any potential disruption of labour ahead of the long holiday weekend. (Compiled by Bengaluru Newsroom)
As the Middle East conflict escalates, airlines cancel more flights
The global air travel industry is still severely affected by the Iran war, which forced the closures of major Middle Eastern hubs such as Dubai, Doha, and Abu Dhabi. This left tens and thousands of passengers stranded and thousands of flights disrupted.
The following is a list of the most recent flights by airline alphabetically:
AEGEAN AIRLINES
The largest Greek carrier has cancelled flights from Tel Aviv to Baghdad, Erbil, and Beirut through the early morning arrivals on March 25, and flights from Beirut to Erbil. Flights to Dubai, Abu Dhabi and Riyadh are cancelled until evening arrivals on March 19.
AIR BALTIC
AirBaltic, a Latvian airline, said that all flights from and to Tel Aviv were cancelled until March 28. Through March 16, all flights to and out of Dubai were cancelled, including the Dubai-Riga flight scheduled for March 17.
AIR CANADA
The Canadian airline cancelled all flights from Tel Aviv to Dubai and all flights from Dubai to Tel Aviv between May 2nd and March 28th.
AIR EUROPA
Spanish Airlines has cancelled all flights from Tel Aviv to March 11, 2019.
AIR FRANCE KLM
Air France has canceled flights from and to Tel Aviv, Beirut and Riyadh until March 10 and from and to Dubai and Riyadh till March 11, including one flight departing from Dubai.
KLM has suspended flights from and to Dubai, Riyadh, Dammam and Riyadh until 10 March. Flights to and from Tel Aviv have been suspended for the rest of winter.
CATHAY PACIFIC
Hong Kong Airlines has cancelled all flights to and from Dubai, and Riyadh until March 14.
The U.S. airline has cancelled flights between New York and Tel Aviv until March 22, as well as Tel Aviv and New York.
EL AL ISRAEL AIRLINES
The El?AL? and Sundor flights from Israel to the United States were cancelled up until 2 am local time on Wednesday, March 10th.
EMIRATES
The UAE airline announced that it would operate a reduced schedule of flights until further notice.
ETIHAD AERWAYS
From March 6, the UAE carrier will resume limited commercial flights between Abu 'Dhabi and several key destinations.
FINNAIR
The Finnish airline has cancelled Doha flights and Dubai flights up until March 29, and will avoid the airspaces of Iraq, Iran Syria and Israel. The airline will send at least one plane to Muscat to take customers back home on March 10 and more flights are planned later this week.
British Airways, owned by IAG, has cancelled all flights from Tel Aviv to Doha, Amman, Abu Dhabi and Bahrain through March 7. The schedule for flights to Doha, Doha, Doha, Doha, Doha, Doha, Doha, Doha, Doha, Doha, Doha was reduced to Larnaca. The airline will also fly BA customers out of Muscat between March 9-12. Other services were not updated immediately.
Iberia Express - IAG's low cost airline - has cancelled all flights between Tel Aviv and Tel Aviv until March 10.
ITA AIRWAYS
ITA Airways has extended the cancellations of flights to and from Tel Aviv till March 22. Dubai cancellations were extended until March 10.
JAPAN AIRLINES
Japan Airlines has suspended all flights between Tokyo and Doha scheduled to run from 28 February until 21 March, as well as Doha-Tokyo flights up until 22 March.
Polish Airlines has cancelled all flights between Tel Aviv, Dubai and Poland until March 28.
LUFTHANSA GROUP
The German airline group that includes Lufthansa and Austrian Airlines as well as Swiss, Brussels Airlines and Swiss Airlines suspended flights from Tel Aviv to Beirut until March 28 and Amman to Erbil by March 15. Flights from Tehran to Dubai, Abu Dhabi and?Dammam were suspended until April 30.
MALAYSIA AIRLINES
Malaysia Airlines suspended all flights from and to Doha until the 13th of March. The airline resumed its normal flights to and from Jeddah, Madinah and other destinations on March 8.
NORWEGIAN AIR
The Norwegian airline will begin flying to Tel Aviv from June 15 instead of April 1, and to Beirut on April 4, as previously planned.
PEGASUS
The Turkish Transport Minister announced that Pegasus Airlines had removed Iran flights up until March 20. Turkish Airlines also cancelled Amman?and Beirut flights through March 12, and returned through March 13. The Turkish airline has also cancelled flights from Kuwait, Bahrain Doha Dubai Abu Dhabi Sharjah Riyadh Dammam and Dammam until March 9, and returns through March 10.
QATAR AIRWAYS
The airline operates a limited schedule of flights to and from Doha. It plans to start operating some flights on March 9 following a temporary authorization from the Qatar Civil Aviation Authority.
SAUDIA AIRLINES
Saudia suspended flights to Amman, Kuwait and Abu Dhabi until 10 March, and Moscow and Peshawar flights until 15 March. The Saudi airline said that flights to Dubai would be partially resumed 'on a limited timetable.
TURKISH AIRLINES
Turkish Transport Minister said that Turkish Airlines had removed Iran flights until March 12. The Turkish transport minister added that Turkish Airlines had cancelled all flights to Iraq, Syria and Lebanon until March 13.
WIZZ AIR
The low-cost carrier suspended flights from and to Israel, Dubai Abu Dhabi, and Amman until March 15. (Compiled by Josephine Mason and Jamie Freed; reporting by bureaus. Editing by Barbara Lewis and Louise Heavens; Christian Schmollinger; Matt Scuffham; and Milla Nissi Prussak.
(source: Reuters)