Latest News
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New York City's major power line goes offline for the second time this July
The $6 billion transmission system that was designed to bring Canadian hydropower to New York City has been shut down a second time in the last month. This disrupted a clean energy project that was meant to reduce New York City's dependence on dirty fossil fuel generators. The 1,250 megawatt Champlain Hudson Power Express transmission line (CHPE) can provide up to 20% New York City electricity. Hydro-Quebec announced on Monday that the transmission line is offline because of a cable problem. Hydro-Quebec and private-equity company Blackstone Inc. developed the project. New York ISO's data, which controls the flow of electricity in the state grid, shows that the shutdown is expected to last until at least Friday. Hydro-Quebec has confirmed that the current cable problem with?CHPE is not related to a shutdown on July 1. The line began operation in May after a 15-year planning and development period. The energy demand in New York is expected to increase this week as temperatures reach 100 degrees Fahrenheit. According to federal data, the city's reliance on generators that have?the best pollution controls will be 6 times higher than those with the most advanced emissions controls due to CHPE's power outage. The 339-mile (546km) 'power line' stretches along the length of New York State from the Canadian border up to Astoria in Queens where the?energy is fed into the New York City grid. New ISO stated that its energy demand planning studies didn't assume CHPE was available to meet summer peak demand. "That's one of the reasons why the grid worked reliably during this heatwave earlier in August." While reserves were tight, we had enough generation and reliability resources to meet the demand regardless of CHPE status," New York ISO spokesperson Kevin Lanahan stated. (Reporting by Tim McLaughlin, Editing by Chizu Gregorio and David Gregorio).
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Sources say that Riyadh Air is looking at ordering 25-30 Boeing 787s as well as more Airbus.
Industry sources say that Riyadh Air is looking at acquiring between 25 and 30 additional Boeing 787 Dreamliners, by utilizing its contractual rights with the U.S. aircraft manufacturer. It may also increase its Airbus order list. The airline, which last week conducted 'its first commercial revenue flight', has ordered up to 72 Boeing Dreamliners by 2023. This includes 39 definitive orders and options for another 33. Sources said that Riyadh Air could announce its intention to convert the majority of these options into outright purchase as soon as next week at the Farnborough Airshow. However, they warned that details are still being discussed. Riyadh Air and Boeing declined to comment. Riyadh Air has also placed an order for?25 Airbus A350 - 1000 long-haul 'jets, with options to purchase another 25. Industry sources claim that some of those?orders may also be turned into firm orders. Airbus declined comment. (Reporting and editing by Louise Heavens, Tim Hepher)
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Hapag-Lloyd's outlook for the year is raised on the back of strong demand and freight rates
Hapag-Lloyd, the German'shipping company', raised its financial -year outlook on Monday. It cited strong market -demand and positive freight rate developments. Hapag-Lloyd now expects its earnings before interest tax, depreciation, and amortisation for the full fiscal year to range from $2.7 billion to $3.7 billion. This is up from the previous forecast of between $1.1 billion to $3.1 billion. The company has also increased its group's?earnings prior to interest and taxes (EBIT), for the year, to a range of $100 million to $1 billion. The forecast was subject to high uncertainty due to the volatility of freight rates, as well as major geopolitical issues. Hapag-Lloyd & Maersk will resume some sailings through the Suez Canal. This Asia-Europe trade route was abandoned by most shippers after Yemeni Houthi rebels destroyed vessels in 'the Red Sea. Shippers were forced to use the much longer route around Africa's Cape of Good Hope. However, firms are considering returning to the Red Sea Route. Shipping rates increased as a result of the longer trips?around Africa.
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US lawmakers debate whether to end twice-yearly clock switching
The U.S. House of Representatives will vote this week on a measure to extend daylight saving time year-round. Another group of legislators wants standard 'time to be permanent. The House Rules Committee will meet at 4:00 p.m. Monday, the House Rules Committee will meet to determine if any amendments are needed before the House takes up the measure this week. The House Energy and Commerce Committee approved the Sunshine Protection Act 48-1 on May 1. In March 2022, the U.S. Senate voted to permanently extend?daylight savings time but the House did not take up the issue due to opposition. Hawaii and Arizona don't observe daylight saving time. The supporters of the measure claim that the time change causes sleep disruptions, increased workplace injuries and car crashes. They believe that brighter evenings will also spur more economic activity in winter. Since the 1960s, daylight saving time has been implemented in the United States. This involves moving the clocks one hour forward during the summer months. Two lawmakers introduced the Sunshine for Our Kids Act last week. The act makes standard time the default time for all states, but allows them to opt in for daylight saving time if that is what they prefer. Reps Pat Harrigan, Mary Gay Scanlon and others argue that standard time is better for mornings to be in sync with the natural light?and circadian rhythms. Donald Trump has been aggressive in his push to end the?bi-annual clock-?switching. The U.S. Senate will need to decide again if it wants to consider the measure, which is opposed by U.S. Senator Tom Cotton of Arkansas, a Republican, and others. Cotton said that it would lead to absurdly late winter dawns and force many children to attend school in darkness. In World War II, the United States implemented a year-round daylight savings time. They did it again in 1975 to reduce energy consumption. It was unpopular, and Congress repealed the law later that same year. (Reporting and editing by Nick Zieminski.)
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Canada's Oil Sands Alliance signs agreement to advance Pathways Carbon Capture and Storage Project
The Oil Sands Alliance, the Alberta government and the federal government of Canada announced on Monday that they had reached an agreement for the 'Pathways carbon capture and storage 'Project. This was a condition set by the government to'move forward with the new West Coast oil pipe. The Oil Sands Alliance said that the Pathways Project, when operational, will be able to transport and safely store approximately 6 million metric tonnes of CO2 per year by the mid-2030s. Early July, Canada announced plans to build a pipeline from Alberta to the Pacific Coast. This would allow the fourth largest oil producer in the world to have greater export capacity to Asia. It would also reduce its dependence on the United States. Mark Carney has tried to strike a balance between Alberta's goal of increasing oil production and?environmental concerns. He has said repeatedly that federal support for the new crude pipeline in Canada depends on oil sands producers in Canada implementing a large-scale project to capture and store carbon emissions. This would reduce emissions from Canada's most polluting sector. The biggest Canadian oil sands companies -- Suncor Energy and Canadian Natural Resources, Cenovus Energy Imperial Oil, ConocoPhillips Canada, ConocoPhillips Canada, Cenovus Energy -- proposed the Pathways Project in 2022 but refused to assume?the cost of its construction. The initial estimate was C$16.5 billion. However, the companies and the government have agreed to scale down the project and build it in phases. The government-owned Trans Mountain ?Corp will build a new 1-million-barrel-per-day pipeline in coordination with Pembina Pipeline Corp PPL.TO. Pembina will have a 10% stake during construction and the opportunity to increase that up to 10% after the project is operational. The government of Premier Danielle Smith has stated that construction could begin as soon as September 2027.
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First time in Brazil, container ship is refueled with ethanol
The container carrier, operated by CMA CGM, refuelled?with the ethanol during a port stop in Santos, Brazil. This is the first time this type of fuel has been used to move the engines of deep-sea vessels in Brazil. CMA CGM IRON received 650,000 liters anhydrous alcohol from Brazilian ethanol and Sugar merchant Copersucar in a refueling service provided by Danish marine services group Bunker One. The CMA vessel, one of the 12 vessels operated by the group, is equipped with a trifuel engine. This engine can run on any combination of bunker fuels or methanol. The CMA vessel is a tiny part of the 700-vessel fleet, but it's used to test lower-carbon fuels. "We view bioethanol as an additional solution to reduce greenhouse gas emissions. The Santos test facility shows that bioethanol can be used in a safe and efficient manner under real commercial conditions, said Christine Cabau Woehrel. "We want to demonstrate with this operation that the ethanol is already available as a solution to decarbonize maritime industry", said Copersucar?Chief executive Tomas Manzano. Copersucar manages the Evolua Etanol distributor, which is owned by dozens of sugar and ethanol producers in Brazil. The company estimates that ethanol reduces carbon emissions from a vessel by 70% compared to bunker fuel derived from oil. However, they said that the price was higher. The companies believe this could be offset by creating and selling carbon credits. Marine?transportation is one of those sectors that are harder to reduce carbon emissions. The International Maritime Organization has a?net-zero carbon goal for 2050. The IMO has not yet reached an agreement with companies on legally binding measures. This makes any initiative like CMA's a voluntary one. Reporting by Marcelo Téixeira, Editing by Chizu Nômiyama
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UN shipping agency opposes any fees in the straits after Trump plans Hormuz fee
The?U.N. The 'U.N. Trump stated in a post on Truth Social that the process would start immediately. He did not elaborate. A spokesperson for the United Nations said, "We're aware of this post and are awaiting more details." International Maritime Organization. "We've always maintained a consistent stance against fees - IMO is opposed to charging fees for the passage through straits that are used for international navigation." There is "no legal basis" to introduce tolls for transiting through a strait. Officials from the shipping industry expressed their concern at?the newest development. They added that, in their opinion, such a move would violate international law. "How will this make it safer for people to travel through the water and what guarantees will this provide?" One official who declined to be named said about Trump's position. (Reporting and editing by Sharon Singleton, Susan Fenton, and Jonathan Saul)
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Residents say that gunmen have killed at least 18 people, in the state of Benue, Nigeria.
Residents and local officials reported that gunmen had killed at least 18 people in Nigeria's northern state of?Benue in a weekend assault. This prompted a protest march by angry locals, who blocked the roads to protest against the violence. Benue is a frequent site of conflict between farming communities, cattle?herders and armed groups. These conflicts are often fueled by competition for land and resources. Udeme Edet, Benue Police spokesperson, gave a lower toll of deaths for the attack that took place in the early hours of Sunday morning. He said: "Eight people were killed and five others wounded." Residents in Otukpo Nobi, a community within the Otukpo Local Government Area said that armed men who were suspected by the?locals as Fulani herders opened fire between 3:30 and 4:30 a.m. Maxwell Ogiri, the local government chair, 'linked the violence to the murder of the head of the herders association two weeks ago. The attack was not immediately claimed by any group. Women and youths protested in 'the town of Otukpo. Reporting by Ahmed Kingimi and Hamza Ibrahim; Writing by Chijioke Ahuocha; Editing Helen Popper
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)