Latest News
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India launches rescue operations after bulk carrier sinks near east coast
The Indian Coast Guard reported that India's maritime rescue agency had lost contact with a cargo vessel flying the Panamanian flag, which sank near the eastern coast of India. According to Commandant Amit?Uniyal?, a spokesperson for Coast Guard, the vessel was manned by 24 people, 20 of whom were Chinese, three Myanmarese and one Bangladeshi. Uniyal reported that the Coast Guard dispatched?two vessels from Sri Vijaya Puram (formerly known as Port Blair) for a search and rescue mission. The Coast Guard has rescued two people from life rafts. The agency reported that a search and rescue mission was underway for seafarers aboard the vessel. According to government sources the Ocean Winner was carrying ore from India to Singapore after leaving India's eastern Paradip Port on Thursday. They added that 240 nautical mile away, the ship sank. The cause of the sinking is unknown. Captain Alekha Charan Sahoo said that he hoped for the best and prayed for the safety of all the crew on board. Reporting by Nidhi verma, Saurabh sharma, Jatindra dash, and Disha mishra from Bengaluru. Editing by Sharon Singleton, Rod Nickel, and Rod Nickel.
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Two US tanker planes leave Bulgaria one month after their deployment infuriated Iran
Bulgaria's defence ministry announced on Saturday that two U.S. aircraft, tankers, had departed the Bezmer base in Bulgaria. This comes nearly a month after their deployment angered Iran. The United States has been at war against Iran since February 28 and requested that their temporary deployment be made under an agreement governing the?joint use of military installations. Sofia rejected the charge made by Iran that their deployment would be complicity in "aggression" and "war crimes". Defense Minister?Dimitar?Stoyanov informed reporters that two U.S. KC-135 aircraft left Bulgaria 'on Friday. It was not possible to reach the U.S. authorities for comment immediately. Residents in the area protested the deployment of the aircraft approved by Bulgarian parliament on July 22. They feared that the planes could be attacked by Iranian missiles and drones. Stoyanov stated that all of the aircraft's flights during their temporary deployment were training missions over other countries, and that Bulgaria had "no direct threats to our national safety." He said: "We work in full coordination with the U.S. Government?and have prior?information. This is why our decisions are well-founded." (Reporting and editing by Timothy Heritage, Aleksandar Vasovic)
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Seven people killed in UK when vehicle traveling the wrong way strikes police car
The local police said that seven people, including two police officers, died in a crash on Saturday in the?northeast of England after a vehicle driving 'the wrong way' down a major highway hit a marked police vehicle. The incident took place around 3:39 am (0239 GMT), near the South Bank area, east of Middlesbrough. All occupants of both vehicles died on the spot. Cleveland Police Chief Constable, Victoria Fuller said: "This tragic incident will be felt throughout Cleveland and our communities as well as the entire policing community." The police force said that it was still investigating and working to identify all of the victims. As is standard in these cases, the Independent Office for Police Conduct will review the incident. Ireland's chief of police warned this week that following two recent head on crashes near Dublin in which five people died, some young drivers were driving wrong way on the motorway "for social network likes". A?parliamentary committee in Ireland has asked TikTok how it removes "content that appears to glorify dangerous and illegal behavior?on our streets". Ireland's media regulator issued a similar demand on Tuesday. (Reporting and editing by Alexandra Hudson, Joe Bavier, and David Milliken)
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South Korea ships test Arctic commercial route amid Western concern
On Saturday, a South Korean container vessel set sail?for Europe via arctic in the nation's first commercial trip on the route. The?nation is testing its viability and hopes to turn the southeastern port of Busan into a maritime hub. The PanStar Acro is expected to sail north hugging the eastern Russia's Kamchatka Peninsula, crossing the Bering Sea and taking the Northern Sea Route. It will stop in Felixstowe, Britain, Rotterdam, the Netherlands, and Poland's Gdansk before returning in a trip that should take between 40 and 45 days. President Lee 'Jae Myung made Arctic shipping for South Korea a priority, making it a "shipping powerhouse". Officials claim that this could transform Busan, and make the Arctic a regular trading route by 2030. The project could cause friction with Western allies who want to?keep Russia isolated? during its war in Ukraine. Seoul has spoken to Moscow about the trip, including whether or not the ship needs help if it gets stuck in the ice. The Oceans Ministry of South Korea and the Foreign Ministry of Russia did not respond when asked for comments. According to Norway's Center?for High-North Logistics, last year?88 ships made 103 transits along the route. This is up from 97 vessels in 2024 and 42 in 2022. These vessels were primarily from countries such as Russia and China. Scientists say that melting Arctic ice makes it easier to travel through the north, and the increased shipping speeds up global warming. PanStar, a South Korean container ship operator, has secured 837 TEU cargo on the government-backed trip. This includes auto parts and chemical products as well as 100 empty containers. A government official stated that the PanStar?Acro will flag off at around 8 pm (1100 GMT), depending on loading and other preparations.
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Muslim group condemns Texas's request for federal investigation of airport wash facilities
Texas Governor Greg Abbott?on Friday requested a federal probe into airport facilities to determine if ritual washing was performed before islamic prayers. A Muslim advocacy group referred to this as an "anti-Muslim" political stunt. Abbott, in a letter sent to the Department of Justice urging it to review immediately the ablution stations at Dallas-Fort Worth International Airport (DFWIA) and George Bush Intercontinental Airport (GWIA), criticized them for being discriminatory. Abbott's office stated that because airports receive federal funding, they are required to adhere to a number of conditions. This includes complying with all applicable laws against discrimination. Before daily prayers, many Muslims wash their arms, legs and faces. The Texas chapter of the Council on American-Islamic Relations (an advocacy group) said that these?are not spaces for Muslims only, any more than nursing rooms or interfaith prayer rooms are 'Christian-only.' "These are accommodations that are open to all travelers, but are primarily used by the Muslim community." This is not discrimination. This is how accessible public infrastructure should look," CAIR Texas said in a press release. Abbott threatened to revoke funding for the state airports last week after referring them to Sean Duffy, U.S. Secretary of Transportation. Abbott stated that DFW has abandoned its plans to build more ablution stations as a result of this referral. The airport announced?this past week that it had determined the benefit originally expected may not be realized if more ablution stations are built. World Population Review reports that there are 4.5 million Muslims living in the United States, including more than 300,000. U.S. rights activists?say Islamophobia is on the rise since September 11, 2001 attacks in New York and Washington, D.C., and recently due to anti-immigration policy, white supremacy, and?the aftermath of Israel's Gaza war. Rights advocates have also documented a spike in anti Muslim messaging and rhetoric during U.S. campaigning, as Muslim American politicians rose to high office. Republican governors of Florida and Texas have branded CAIR as a terrorist organization. The group has opposed Republican President Donald Trump’s crackdown on immigration, and pro-Palestinian demonstrations. CAIR and civil rights groups denounced these claims, and claimed that Republicans were trying to incite fear towards Muslims.
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If the court approves, US Postal Service will issue rules to tighten up mail-in voting.
The U.S. The U.S. USPS stated that it was issuing the 95-page rule so it could be implemented for the next election if a judge lifted their injunctions. USPS will not deliver ballots to states that don't comply with the new rules. USPS final rule requires that states provide a list of voters who have received mailed ballots. The U.S. District Court Judge Indira Talwani of Boston has blocked USPS from adopting the rules that President Donald Trump ordered ahead of November's elections, which will determine control of Congressional seats. Trump, who is a Republican and a member of the Republican Party, signed the executive order on March 1, after calling for stricter voting rules by mail. He also claimed that the reason behind his defeat in the 2020 elections was widespread voter fraud. The order, which was published late Friday night, will be officially published on 26 August. However, USPS will not take any action to implement it unless the court lifts its injunction. USPS directed questions to the White House. If the rule is implemented, USPS won't collect or record party membership, nor will it inspect the ballot content. Postal workers will also not be authorized to open mail that has been sealed against inspection. USPS will keep data on the outside of the envelope including the address and barcode information. USPS Postmaster-General David Steiner defended this plan in June. He said that the Postal Service is making sure "we match what a state thinks they are sending to what gets sent." Democrats and many states have said that USPS has no authority to change the rules of elections. It is also too close to an election for any major changes. The new rule, announced on Friday, would require that states provide the USPS with the names and barcodes associated with their mail-in votes for federal elections. USPS stated earlier that it "will assist in determining adherence to federal laws and facilitate law enforcement." (Reporting and editing by William Mallard, Muralikumar Aantharaman and David Shepardson)
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Costs of transmission constraints on the largest US grid will reach $6 billion by 2026
The grid's independent monitor said that congestion costs for PJM, America's largest power grid, jumped 43% in the first half of the year to $6 billion as a result of escalating high-voltage transmission line overloads. According to Monitoring Analytics' independent market monitor, PJM, transmission bottlenecks during stressful events such as storms are the main cause of the rise in wholesale electricity prices. According to the report of the Market Monitor, price adjustments for transmission restrictions were $6 billion. This is up from $2.1 in the previous year. The report stated that the $3.9 billion increase in the cost of natural gas fuels was dwarfed by the $2 billion increase. Costs will eventually be reflected in monthly bills for consumers as the PJM'market' struggles to keep up with the booming demand of power from data centers and electric vehicles, heat pumps and heat pumping stations. According to the market monitor, PJM "often" assumes that transmission lines are less capable than they actually are and, as a?result, charges penalty fees incorrectly 94% of time. PJM disagreed with the analysis of the watchdog. PJM issued a statement saying that the (market monitor) was wrong to claim that PJM reduced transmission line ratings in order to trigger penalties. "PJM was unable to reproduce and/or verify the assertions made by the (market monitor)." PJM provides electricity to 67 million customers in a region that stretches between Washington,?D.C. and Chicago. PJM's wholesale real-time cost to meet electricity demand during the first half of this year was $29.4 Billion, compared with $20.4 Billion in the first half of 2025. During the first six months of 2026, the number of 'five-minute periods during which PJM high-voltage transmission lines of 500-kilovolts exceeded or hit operating limits jumped to 8,920 from just 1,865 the previous year. The violations occurred primarily during a winterstorm, according to the market monitor. According to PJM market data, other impacted?areas include metro Baltimore and Delaware. According to PJM data, other impacted 'areas' include the metro Baltimore area and Delaware. The report stated that the average real-time wholesale 'electricity cost across PJM increased to $72.54 per Megawatt Hour in the first half 2026 from $51.75 a megawatt hour a previous year, an increase by $20.79 per MWh.
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El Nino returns: What it means for global trade and the Panama Canal
El Nino, just two years after the most severe drought in the history of the Panama Canal forced ships to wait for weeks for passage, and triggered multimillion-dollar bidding wars for transit slots. Now El Nino threatens again the rainfall that feeds this waterway. El Nino is strengthening and reservoirs are shrinking. The industry is preparing for another disruption on one of the most important waterways in the world. Some?ships have already taken long detours through Africa. The Panama Canal Authority reversed its previous promise to limit 'passage' as it prepares for an El Nino that is longer than usual. 1. Where does the canal receive its water from? The Panama Canal, unlike the Suez Canal (in Egypt), relies on the use of fresh water for the operation of three sets a locks. This artificial waterway stretches 80 km (50 miles) between the Pacific Ocean and the Atlantic Ocean. Operation depends on two manmade reservoirs: Gatun and Alajuela Lakes. These lakes release millions of liters per transit, allowing ships to be raised and lowered through gravity-fed locks. 2. El Nino and the Panama Canal: Why is it important? The weakened winds can cause the reservoirs to dry up as a result of the warm water in the Pacific Ocean. Samuel Munoz is an associate professor at Northeastern University of Civil and Environmental Engineering. He said that, when reservoirs are low, the authority that controls the canal must reduce the number of ships that it allows to pass through in order to conserve water. This reduction "creates disruptions of the shipping system that ripple throughout the global economy." 3. Why are these water resources vulnerable? The Smithsonian Tropical Research Institute's monitoring system in Panama has been recording some of the highest air temperatures ever since May. May, June, and July all posted record or near-record average monthly temperatures. Steven Paton, the monitor who runs the network, said that rainfall in Panama during this period was below average. He added that some stations report record lows or values near records, especially around the canal. 4. What is the Panama Canal Authority doing? Starting September 4, the Panama Canal Authority will cap daily?transit slots at 34 vessels and reduce that number to 32 by September 15. El Nino is expected to continue, and water levels are predicted to fall further. This could force the authority to tighten up again. The measures are similar to those taken in 2023-24, when drought reduced daily transits down to 22 ships according to official statistics. For the fiscal year 2026 (October to September), the canal recorded an average of 35 to 34 daily transits. 5. What impact does this have on shipping? Panama Canal Authority acknowledged, without providing further details, that some ships that transited the canal recently "paid amounts exceeding one million dollar at auction to meet specific market needs." 6. What are the alternatives? Rohit Rathod is a senior analyst for Vortexa and a senior oil industry analyst. He said that many shippers take the long route around Africa because they don't have long-term slots packages or large auction budgets. He said that so far, in August, about half of the gas carriers headed to Asia chose the Cape of Good Hope instead of the Panama Canal. This is the highest percentage for the past decade. A large gas tanker traveling from Houston to Japan would take about 26 days to pass through the Panama Canal, but it would take 45 days just to go around Cape of Good Hope. 7. What are the long-term options being considered? Panama is considering a longer-term solution: a reservoir at Rio Indio. The Panama Canal Authority claims that this would provide water to more than half of the population and ensure the operation of the canal for the next fifty years. It would also improve conditions for nearby communities. Environmental activists have been instrumental in blocking First Quantum Mining's contract. Some argue that the reservoir is unnecessary and suggest alternatives, such as Lake?Bayano. 8. What is the difference between this El Nino and previous ones? The Climate Prediction Center of the U.S. National Oceanic and Atmospheric Administration issued a forecast last week that El Nino was strengthening. It said there is a greater 90% chance of an "extremely strong" event in the Northern Hemisphere during the fall and winter of 2026-2027. Clarksons Securities stated in a recent research note that "El Nino has now emerged as a major risk" to a sector already struggling with capacity constraints and geopolitical conflicts in the Middle East. (Reporting from Stefanie Eschenbacher, Mexico City; Elida Moreno, Panama City; editing by Emily Green and Sanjeev miglani).
Gulf crisis affects Australian and New Zealand companies, from airlines to banks
The U.S. and Israel war against Iran is causing financial stress for companies in Australia and New Zealand. Higher fuel prices are causing inflation, affecting consumer and business confidence and weighing on corporate earnings.
Some of the companies in Australia and New Zealand have reported an impact on their business from the Middle East conflict.
Air New Zealand
New Zealand's Flag carrier predicted its largest annual pre-tax loss in four years two months after withdrawing their earlier 2026 forecast, as the Iran War pushed up jet oil prices, increasing costs and adding pressure from weak demand, fleet constraints, and increased costs.
Air New Zealand forecasts its annual pre-tax losses between NZ$340 and NZ$390 ($201.8 million-$231.5 millions), a change from last year's NZ$189million profit.
Air NZ announced a price increase in March after suspending its 'earnings forecast for the full year.
Auckland International Airport
Auckland International Airport in New Zealand said that flights to the Middle East from Auckland were affected.
In March, the number of passengers on Middle Eastern routes dropped by 81% and seat capacity fell by 73% compared to a year earlier, according to airport operator.
a2 Milk:
New Zealand's A2 Milk has cut its profit forecast for fiscal 2026 as higher freight costs resulting from the conflict, and temporary disruptions in the supply chain have affected the availability of the infant formula under the China label on its largest market.
Cleanaway Waste Management:
The company's full-year earnings forecast was cut by A$20,000,000 ($14.17million), due mainly to higher costs, reduced activity and timing differences of cost recovery.
Cochlear:
Cochlear, an Australian manufacturer of hearing implants, has lowered its profit forecast for 2026 due to a?weaker trade in developed markets'. The company cited slower surgical volumes and consumer sentiment as reasons.
The Middle East War has increased the risk of order cancellations and delivery delays, as well as a higher exposure to receivables. This will also worsen margin pressures and increase restructuring costs.
Fletcher Building
Fletcher Building in New Zealand said that it is 'indirectly exposed to the Middle East conflict through supply chains, freight lines, energy costs and the wider economic impact of construction demand throughout Australasia.
Construction materials manufacturer expects to increase prices in all divisions. Plastics, where the company claims immediate exposure is present, will experience price increases of up to 36%. Other divisions can expect a 1%-5% increase.
Flight Centre Travel:
Flight Centre Travel, an Australian corporate travel manager, said that hostilities in Middle East temporarily disrupted international travel patterns. It estimated a profit impact of A$10,000,000 on its leisure segment in April.
The firm expects foreign exchange headwinds to occur in the fourth quarter due to the translation of overseas profits, given the strength the Australian dollar. Its cost margin also fell from 9.2% during the third quarter, as it implemented measures such as freezing support roles.
Fonterra:
Fonterra, the New Zealand dairy company, said that the conflict could impact its supply chain and increase its inventory and costs during the second half of the year. It also contributed to the volatility in global commodity price.
National Australia Bank
National Australia Bank expects to incur a credit impairment charge of A$706 ($504.44 millions) in the first fiscal half of 2026.
NAB stated that the volatility of interest rates in the second quarter, the weakening New Zealand dollar, and the increase in provisioning would result in a reduction of the common equity tier one capital ratio for the group by approximately 20 basis points on March 31.
The company also plans to apply a discount of 1.5% to its dividend reinvestment program for the first half to raise A$1.8 billion and help strengthen its balance sheet.
Orora:
Orora, a packaging company, has lowered its earnings forecasts for its French subsidiary Saverglass. It also cancelled its share-buyback program citing war impacts.
Due to the closures of shipping routes, the company also stopped bottle production in its glass production plant at Ras al-Khaimah (United Arab Emirates).
Qantas:
Qantas Airways is Australia's national carrier. It has raised its fuel costs outlook for the second part of the year by up to A$800m. However, it says that its planned A$150m share buyback program has yet to begin, citing the volatile and sharply increased jet fuel prices.
Qantas has raised fares to offset the rising cost of its flights and shifted them towards stronger routes, such as Paris or Rome, where demand is still strong. They have also reduced their domestic capacity in the second quarter by approximately 5 percentage points.
Qube Holdings
Qube estimates that the Middle East conflict will have an impact on its EBITA of between A$10 and A$20 million for fiscal 2026.
The logistics firm stated that recent events could encourage an increase in investment in alternative energy projects which would be beneficial to the company.
Virgin Australia
Virgin Australia expects a rise in fuel costs of between A$30 and A$40million ($21.39 to $28.52million) during the second half fiscal 2026.
In mid-March, the airline announced that it would be adjusting its fares due to the rising costs in the aviation industry.
Westpac:
Westpac, Australia’s second largest bank by assets, has said that energy market shocks were causing profit pressures in the first half the financial year ending March 31. This led the lender to increase its credit provisions.
Westpac's net margin for its Treasury and Markets division has been?weaker due to interest rate volatility related to the conflict. A weaker outlook is already leading credit provisioning up.
Westpac has increased its provision for bad debts since the COVID-19 pandemic.
Woolworths:
Woolworths, Australia's largest grocery store, has said that the Middle East conflict is creating significant uncertainty for both customers and suppliers. This will increase the already high cost of living.
Fuel price pressures, customer retention investments and fuel price increases will all affect the firm's forecasted growth in the domestic food segment for fiscal 2026.
Woolworths has also announced that it will freeze the prices of 300 household staples from May 1 for a period of three months. This is due to cost pressures imposed by Australian suppliers as a result conflict.
Worley:
Worley estimated that the negative impact of the Middle East Conflict on its underlying EBITA in fiscal 2026 will be between A$30 and A$40 Million.
The Australian engineering company warned that it would not be able to grow its underlying EBITA by more than 5% in fiscal 2026 but it continued to aim for higher revenue growth than fiscal 2025.
(source: Reuters)