Latest News
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PJM claims that emergency electricity conservation during the US heatwave kept power demand below record levels
PJM, the operator of America's largest power grid, said on Monday that the emergency conservation measures taken last week 'likely prevented electricity demand from exceeding a record set in 2006 as scorching temperatures gripped the eastern U.S. PJM is unable to meet the soaring demand caused primarily by energy-hungry new data centers. The soaring demand for electricity is primarily due to the expansion of energy-hungry data centers. This has led to fears about reliability during extreme weather conditions and increased prices in capacity markets that are designed ensure there's enough power available during peak demand times. According to preliminary data, PJM's peak instantlyaneous load on July 2 was 162,700 megawatts between 5 p.m. - 6 p.m. The total was still not far from the 2006 record of 165.600 MW. If PJM had not taken ?emergency electricity-reduction actions, like activating a so-called "demand response" program that pays participating users ?to lower their usage, the ?peak load would have been even higher, and would likely have surpassed the all-time PJM record, the operator said. PJM serves approximately 67 million Americans. Mid Atlantic and Midwest had warned of a possible demand that could surpass or challenge its all-time record for summer peak power, 165.6 gigawatts set in 2006. Weather forecasters called it a "heat-dome", but a hot and dry high pressure wave pushed temperatures dangerously high across eastern?U.S. Over the Independence Day Weekend. The heatwave caused homes and businesses to increase their air conditioning, increasing electricity consumption. The preliminary data shows that demand was 154,976MW between the hours of 5 pm and 6 pm on July 3, 145.098MW between 4pm and 5pm on July 4, 134,332MW between 6pm and 5pm on July 5, and a total of 134,332MW between 6pm and 5pm on July 5. The operator said that the load peaked Thursday and then dropped on subsequent days. They cited slightly milder temperatures and lower electricity consumption on weekends and holidays because businesses and other institutions are closed. (Reporting by Anjana Anil in Bengaluru; editing by Laila Kearney, Liz Hampton and David Gregorio)
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US agencies seize more than 600 drones near World Cup Sites
The Transportation Security Administration announced on Monday that U.S. agencies had seized more than 600 'drones' near FIFA World Cup venues, and fan zones since the tournament began on June 11,?the Transportation Security Administration. All aircraft operations (including drones) are prohibited on match days within a three nautical mile radius and up to nine hundred meters (914 feet) above the ground around stadiums, unless authorized by air traffic controllers. FBI reported that drones were seized in restricted airspace across all 11 U.S. host city cities. The FBI reported that over 70 drones were seized in Dallas, during five matches. The Federal Aviation Administration (FAA) has banned drones from flying above matches and fan gatherings in the United States. Drones are prohibited from fan gatherings within a radius of one nautical mile and up to 1,000 feet. The FBI has said that drone operators who violate restricted airspace can be fined up to $100,000 and face criminal charges, as well as the confiscation of their drone. FBI teams are stationed at World Cup stadiums in order to detect and disable unauthorised drones. Cristobal Torres, a 40 year old Mexican, was charged last week for flying a drone around the 'Dallas Stadium' ahead of a game. The Homeland Security Department installed new counter-drone defence systems on the U.S. Mexico border in Texas. In the past, there have been numerous drone accidents over major U.S. sporting events. There have been numerous drone incidents over major?U.S. sporting events. A man plead guilty in 2025 after being charged with violating defence airspace for flying a drone above a National Football League post-season game in Baltimore.
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EasyJet shares surge after European stocks hit record highs
EasyJet shares surged after a $7.34 billion take-private bid. The pan-European Index fell 0.35% at the close to 650.5 points. The index had reached a record high of 654.44 earlier in the day, after posting its best weekly performance since last mid-May. The index was dragged down by utilities and healthcare shares, which fell by 1.81% and 1.88% respectively. Shares of food and beverage companies also dropped 1.67%. The DAX in Germany, however, bucked regional weakness and climbed 0.15%, to a new record high. This was its fifth consecutive session of gains. The largest economy in the Eurozone, Germany, saw industrial orders rise more than expected in April. Investors largely ignored German stocks in Q2. In a recent note, Deutsche?Bank's analysts led by Maximilian Uleer (head of European equity strategy and cross-asset strategy) predicted that the tide would turn. The German mid-caps will benefit the most from the market, particularly those that are exposed to infrastructure spending. Investors also look forward to earnings season which could prove pivotal for the equities market?and give it fresh momentum if the results are stronger than expected. Mohit Kumar is an economist with Jefferies. He said that the upcoming earnings season will be a test of the AI theme, and it's likely to shape the performance of the market in the months ahead. There have been concerns raised about the excess capacity of AI and whether it can deliver expected returns. We are confident about the earnings season. "Capex remains strong, and as long money continues to flow AI-related industries should remain well supported." The data released Monday shows that euro zone retail sales rose by 1.6% in May, as expected. EasyJet was the top stock mover in the region, jumping 9.28%, after the British budget carrier agreed in principle to an?offer of a sweetened acquisition from U.S. Investment firm Castlelake. The offer valued the airline at up to PS5.5billion ($7.34billion). The Ukraine conflict is not showing signs of abating. Investors purchased defence stocks on the expectation that geopolitical tensions will help the sector. Exail jumped 2.12% after Thales reached an agreement to purchase the Gorge family’s controlling stake in drone technology company. Airbus gained 1.58%. Airbus?gained 1.58%. Industry sources say the planemaker has set a goal of 900 jet deliveries this year, after handing out more than 89 in June. Ferrari's stock rose 2.22% following the launch of a 12-cylinder limited edition model with a gearbox manual. J.P. Morgan upgraded Greece from "neutral" to "overweight", citing the expected inflows from certain Greek shares being included on the STOXX 600 Index later this year. Reporting by Johann M Cherian in Bengaluru, Tharuniyaa lakshmi, and Niket Nishant; editing by Harikrishnan Nair and Mrigank Dhaniwala
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Cuba's national electricity grid collapses for unknown reasons
Cuba's national grid collapsed at noon on Monday, according to the country's grid operator. Around 10 million people were left without electricity on the Caribbean Island. Grid operator UNE has said that it is investigating the cause of the blackout. Cuba has suffered from power outages for days and even hours in recent months, due to a decrepit electrical grid and the?U.S. The U.S. imposed an oil blockade that has?cut off the island's fuel supplies. Cubans who have been suffering from rolling blackouts in the Caribbean heat that makes it difficult for them to sleep or work, will be even more frustrated by this nationwide outage. Cuba has often struggled to keep the lights on during an economic crisis that has lasted for years, but under increasing pressure from U.S. president Donald Trump, the Communist-run government has entered a?territory it has never before been in. When the grid collapsed Monday, nearly?two thirds of the nation?was already without power.
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Minister: Georgia will take full responsibility for the development of a major Black Sea deep water port
Georgia's economy minister announced on Monday that the country will be taking over full development of the country's first deep water port on the Black Sea. This is the first definite indication that the Chinese-Singaporean consortium has pulled out of the project. Anaklia Deep Sea Port, originally planned as an important infrastructure link connecting Asia with Europe a decade earlier, has been plagued by delays since the Georgian Government in 2020 canceled a contract awarded to a Western-led group?to build it. The port will be the most ambitious infrastructure project in the country to date. It aims to handle approximately 7.8 million tons of cargo each year. Due to the conflict in Ukraine, the Middle Corridor route through the South Caucasus is becoming more appealing to Western countries. 'LANDLORD' ?MODEL After cancelling the contract?won?by the Western-led consortium, Tbilisi chose a Chinese state owned consortium led by China Communications Construction Company and its Singapore registered unit China Harbour Investment for the construction of the Anaklia Facility. The government retained 51% of the consortium's shares. The project has essentially stalled. The Georgian Economy Minister Mariam Kvrivishvili announced on Monday that Anaklia will be developed under the "landlord model" by the Georgian government, and the government would allow multiple countries to participate as partners. The Interpress news agency cited Kvrivishvili as saying that this "will create the best conditions to attract cargo into the port, and consequently for its most effective operation." She said, "Georgia is particularly interested in investment from China and Central Asian countries as well as Azerbaijan. CCCC didn't immediately respond to a comment request outside of office hours in Asia. Kvrivishvili stated that the government intends to invest $7 billion by 2032 in the transportation and logistic sectors, including the port as well as in modernising highways and railways. Lucy Papachristou, Jan Harvey (Editing)
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Eight people killed by landslides in Rohingya camps in Bangladesh
Officials said that heavy rains caused landslides in refugee camps located in southern Bangladesh. At least eight Rohingya Muslims, including women and young children, died and others were injured. After fleeing the 2017 crackdown by Myanmar's Buddhist majority, more than 1.2 millions Rohingya now live in overcrowded refugee camps in Cox's Bazar. They are accused of being "outsiders" in Myanmar. The majority of families live in makeshift huts constructed from bamboo and plastic sheets, on steep deforested slopes that are particularly vulnerable to landslides. FLEED PERSECUTION AND LOST FAMILY DUE TO LANDSLIDE The landslides struck four different locations in the camps and buried shelters beneath mud and debris as residents slept. Police said that a Bangladeshi man died and two members of his family were injured after a part of the hillside fell onto their home in Cox's Bazar. Ali Ahmed lost three members of his family when the bamboo and tarpaulin hut he was using to shelter them in was destroyed by a landslide. "Fire Service personnel saved us but my father, mother and younger brother didn't survive." We fled Myanmar to escape persecution in 2017. "I've now lost my family in Myanmar, and I have no idea what the future holds for me." Tumpa Das said that the continued rainfall increased the likelihood of landslides. Thousands of refugees are still living in unstable slopes. Rohingya Refugee Mohammed Taher said that fear is spread through the camps every time heavy rain begins. "Thousands of Rohingya refugees live in bamboo and tarpaulin huts built on unstable hillsides where even minor landslides can turn into a deadly catastrophe." Officials said that authorities have already relocated 1,000 Rohingya refugees to safer areas from areas prone to landslides and are planning a move of several thousand more in phases. Mohammed Mizanur Rahman is Bangladesh's commissioner for refugee relief and repatriation. He said that awareness campaigns were also being conducted in the camps, to reduce the possibility of more casualties. The renewed fighting in Myanmar's Rakhine State raised concerns about a "fresh influx" of Rohingya refugee across the border. Bangladeshi authorities have increased monitoring along the border amid reports that people are gathering near the border to try and enter the country. The Bangladesh?Meteorological Department forecasts more heavy rains in the?coming days, prompting officials to be on high alert for landslides and other flash floods. Landslides, flooding and other natural disasters are frequent during the monsoon in refugee camps. They can cause death and damage to homes, roads, and other infrastructure. (Reporting and editing by Kate Mayberry and William Maclean; Ruma Paul)
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The Supreme Court's decision to dismiss the challenge by the Netanyahu government has reignited a judicial dispute
The government of Benjamin Netanyahu has threatened to 'fight' a Supreme Court decision regarding a media regulator. This is a return to a judicial dispute which shook Israel in the months before Hamas' attack on October 7, 2023. This decision is made ahead of the national elections expected to be held by late October. What did the government say? In a Sunday statement, the government stated that the Supreme Court's ruling of June 17, regarding the composition and membership of the Second Authority for Television and Radio, was an example of judicial overreach. Justice Minister Yariv Karhi and Communications Minister Shlomo Karti said that such a decision will not be respect. Levin was the leader of the 2023 government push to limit the Supreme Court's powers, which caused mass protests and was halted after Hamas attacked. In recent months, however, Netanyahu's nationalist-religious coalition has revived some parts of the judicial overhaul plan. What does the declaration mean? Critics argue that the declaration has a broader significance because it undermines democracy and the rule of law in the state. The critics say that the declaration could also plunge Israel into chaos, and even a constitutional crisis, by pitting Israel's executive against its judiciary. Dina Zilber said that "apparently nothing really happened but in essence something very dramatic happened," Israel's former assistant attorney general. Zilber claimed that the government had used its formal executive powers for the first-time to ignore a court's order. This was "a severe blow to rule of law and separation of powers." Analysts have pointed out that Netanyahu's coalition has been pushing to regulate the market for media and to clamp down on public radio. The 'government' objected so strongly to the court ruling because they wanted more control over the media and communication markets in Israel, said Tehilla Altshuler, a media and technology expert at the Israel Democracy Institute. What is the political context? Israel will hold elections in late October, though the exact date is yet to be determined. Opinion polls show that Netanyahu's right wing coalition is likely to lose the election. Netanyahu's Likud is expected to conduct primaries before the election. Ministers who are vying for the top position may try to score points with their voters by highlighting actions against the judiciary or media. Netanyahu's coalition has often portrayed both as left-wing, elitist institutions. WHAT HAS NETANYAHU SAY? Netanyahu has not yet publicly spoken about the government's declaration. Yossi Fuchts, his Cabinet Secretary, 'downplayed' the rhetoric of Levin and Karhi. He said that the government's statement did not call for the disobedience of the court's ruling but instead a sharp criticism?of the court. Netanyahu is very concerned about the media and judiciary because he's on trial for corruption charges. He denies them. Two of the criminal cases concern alleged regulatory favors given to media moguls. Netanyahu has portrayed his trial as a left-wing witch hunt meant to topple a democratically-elected right-wing leader. WHAT HAS BEEN THE REACTION? The critics claim that the government is attempting to divert attention away from the security failures of the October 7, 2001 attack, and the heavy burden that more than two decades of war in Gaza, Lebanon, and Iran have placed on Israelis. Isaac Herzog, Yair Lapid, and Gali Baharav Miara, the Attorney General of Israel, have all condemned the declaration made on Sunday. They warned that it undermined democracy and the rule-of-law. Lapid claimed that the government is trying to weaken courts in advance of the elections. Maayan, Emily Rose, and Dedi Haiun contributed to the reporting; Maayan, Emily Rose wrote the article; Sharon Singleton edited it.
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Fuel shortages in Russia are causing Russian drivers to lose patience.
Daria's car, with a nearly-empty tank, kept stalling in the long line of a gas station in Leningrad Region?which is around St Petersburg. Russians face long lines to refuel in the former imperial capital of Russia, along the Baltic Sea and into Siberia. Ukrainian strikes against?Russian?energy infrastructure are squeezing domestic fuel supplies, testing public morale. "I'm not sure if I will make it to the gas station." Daria laughed nervously, "I'll have to leave my car here since they don't sell canisters of fuel." Others in the queue complained about how long lines had become part of their "daily lives". "We feel that the fuel situation is becoming tighter. That's it. Viktoria said, "It's sad," like Daria who gave only her first initial. In June, most Russian regions implemented fuel restrictions that limited the amount of gasoline or diesel drivers could purchase at one time. Filling stations are regularly out of fuel and display 'Out Of Order' signs at the pumps. Late in June, President Vladimir Putin pledged to take measures to stabilize the market. Meanwhile, the authorities have called for calm and said that supply chain issues were being addressed promptly. The shortages continue to be disruptive despite these assurances. According to the Levada Center's monthly survey, Russians cited Ukraine's drone attacks at long range and fuel shortages as the most notable events in June. People are getting very angry In the same survey, the percentage of respondents who said they felt that the country is on the right track dropped to 52% in May from 61%. It also revealed that the number of respondents who approve of Putin's presidency dropped to 74% in June. This is the lowest level since Russia's beginning of the war in Ukraine, in early 2022. "People are getting very angry. The heat, long queues and the difficulty of refuelling are all contributing factors. Many people's air conditioning does not work. "Some people feel unwell even in the queues", said Nikita as he waited to refuel at a Moscow gas station. Nobody knows how long this will continue. Kyiv continues its drone campaign targeting energy targets. It says this is to increase the costs of 'war for Russia' and to pressure it to make peace. Ukraine's military announced on Monday that it had 'hit oil refineries' in Russia's Yaroslavl region and Leningrad overnight. Russia has repeatedly targeted Ukraine's energy grid during the conflict, which is now in its fifth-year. This has caused widespread power outages, and heating shortages throughout winter.
S&P 500 and Nasdaq end sharply higher after Broadcom rally
Broadcom - and other chip stocks - rallied on Monday as investors 'bought shares of companies that are related to artificial intelligence, which?are hoped to drive a robust second quarter earnings season.
Broadcom's stock jumped when Apple and the chipmaker agreed to extend their agreement through 2031 for the development and supply of a range custom chips.
After two consecutive sessions of losses, the Philadelphia SE Semiconductor Index gained.
This is a market where a lot people are left out. Jake Dollarhide is the chief executive officer at Longbow Asset Management, located in Tulsa. He said that if you are not invested in certain technology names or semiconductors, you will miss out on this entire rally. "I believe it's an extremely?tenuous rallie. The risk is there, especially if the Fed keeps raising interest rates.
SK Hynix, a South Korean company, was scheduled to debut this week on Nasdaq. This is due to the massive demand from investors for AI-related chips.
Microsoft shares dropped after the tech giant announced it would cut about 2,1% of its workforce - or 4,800 jobs.
The market says that Microsoft cannot afford its entire CapEx, and there is no 'clear' return on capital invested yet. Thomas Hayes is the chairman of Great Hill Capital LLC. He said that laying off employees in order to moderate CapEx spending was perceived as a bad thing.
The Institute for Supply Management reported that its non-manufacturingPurchasing Managers Index edged down to 54.0 last month, which was in line with expectations.
The preliminary data shows that the S&P 500 rose 55.10 points or 0.74% to 7,538.34, and the Nasdaq Composite climbed 288.49 or 1.12% to 26,121.16. The Dow Jones Industrial Average increased 159.68, or 0.29, points to 53,053.59.
The S&P 500 has gained about 10% by 2026 and the Nasdaq about 12%.
Investors have high expectations as major U.S. firms are set to report quarterly earnings within the next few weeks.
According to LSEG 'I/B/E/S, analysts expect S&P companies to increase their earnings an aggregate of 24% in the'second quarter. The tech sector is expected to see earnings jump by around 65%.
Delta Air Lines, PepsiCo and other companies are expected to release their results in the coming week. According to CME's FedWatch, traders see a 25% probability of a 25 basis-point rate increase at the central banks July 29 meeting following a less-than-expected job report last week.
After the Fed's first meeting under Kevin Warsh, hawkish bets were on the rise. Minutes are due Wednesday.
Fed Governor Christopher Waller stated?on Monday? that forward guidance is a "valuable tool" which can accelerate the impact of monetary policies under the right circumstances. However, it can be problematic when used rigidly.
O'Reilly Automotive shares fell after Bloomberg News reported Thursday that the auto part retailer had sent a cash bid to purchase Genuine Parts. Genuine Parts fell as well. Reporting by Ragini Mathematics and Avinash P from Bengalur, and Noel Randewich from San Francisco. Editing by Pooja Deai and David Gregorio.
(source: Reuters)