Latest News
-
EU wheat falls on reports of Ukraine shipping protection proposal
Euronext Wheat Futures dropped?more? than 6% after reports that Ukraine was looking at possible ways to keep vessels moving through its Big Odesa port. This raised hopes for Black Sea exports. The price of front-month milling wheat for September on Paris' Euronext fell?6% at 1320 GMT to EUR228.75 ($260.02), after falling as low as EUR226.25 per ton earlier. Chicago's most popular wheat contract was down 4% at the same time. ExpertGrain Media reported that under 'the proposal', shipowners would notify both Ukrainian authorities and Russian authorities prior to vessels calling at ports in either of the countries. Ships registered under participating flag states would be spared from being targeted. It said that China, India, and certain Arab countries were viewed as potential participants. Second, a temporary ceasefire window of two to three days would be created for vessels to enter and exit ports. I was unable to confirm this report immediately. ExpertGrain stated that no?formal agreement had been announced and details are still being negotiated. ($1 = 0.8797 euros) (Reporting by Sybille de La Hamaide, Editing by Louise Heavens)
-
Tanker switches Asia voyage via Suez amid Houthi warnings, owner says
Torm, the owner of the Danish flagged oil products tanker Torm Innovation, announced on Friday that the vessel will be sailing to Asia via the Suez Canal with its cargo after Houthi threats against shipping in the southern Red Sea. Yemen's Houthis, who are aligned with Iran, declared a naval blockade on Saudi Arabia?on?Monday. This could open a new front in the Iran War against the U.S. and expand the threat of global energy and trade outside the Gulf. The vessel will sail via the Suez Canal and around Cape Town to Asia, due to the current security situation on the southern Red Sea. The cautious approach we take to the safety of our crew is our top priority, according to a spokesperson for?Torm. Torm has suspended transits in the southern Red Sea region since January 2024. "Only after careful case-by-case analysis did we have a few ships transiting this summer", said the spokesperson. We will continue to closely monitor the situation as it evolves. According to shipping and trade data, the?Torm Innovation?loaded a cargo of approximately 500,000 barrels naphtha in the Saudi port of Yanbu on the Red Sea, with Japan as its final destination. On Friday, the vessel was sailing northwards through the Red Sea with the Suez Canal listed as its destination. If the Bab el-Mandeb 'gateway' in the southern Red Sea that leads to the Gulf of Aden is not available, it will add 30 more days to the journey for critical fuel shipments from Asia to Asia. Closed Bab el-Mandeb is a major alternative for Saudi Arabia to the Strait?Hormuz and could increase fears about shortages. The Red Sea hasn't?fully recovered from the Houthi attacks off Yemen's coastline that began in November 2023, in solidarity with Palestinians during the Gaza War. The attacks by the?group on merchant ships ended only with the Gaza ceasefire in October last year. The Houthis have claimed responsibility for at least one Saudi oil tanker that was attacked off the southern Saudi Port of Jizan near Yemen. Suez Canal Authority figures show that the 'earlier Houthi attacks' on Red Sea shipping has caused volumes to drop by more than half since 2023. Last year, they reached their lowest level in at least fifty years. Reporting by Jonathan Saul, Ahmad Ghaddar and Helen Popper; Editing by Elly Hardcastle and Helen Popper
-
Poste Italiane to develop new 70 MW data centre in AI push
The head of Italy's largest financial conglomerate, Poste Italiane, said that the company plans to build a 70-megawatt data centre in northern Lombardy as part of a plan to create a large hub for running AI models on a massive scale. Poste's bid of 13 billion euros ($15,3?billion) for Telecom Italia comes at a time when European telecoms -groups are investing in AI infrastructure to support strategic industries such as healthcare and defence. Matteo Del Fante, the Chief Executive of Poste who already holds a 20% stake in TIM, told analysts that Poste has supported TIM's data centre projects including a 20 megawatt facility. Del Fante stated that the location, the power supplier, and the financing for the "larger project" had already been identified with the support of Italy's largest banks. Europe is lagging behind the United States when it comes to AI investment and infrastructure. Italy also faces a significant increase in energy costs compared to France and Spain. TIM, with 125 megawatts installed capacity in data centres, is one of the top three operators in Italy. The total installed capacity of?the country is only 15% that of Germany.
-
Indian shares record weekly losses, HDFC Bank falls as crude prices rise
Indian?shares dropped on Friday and posted weekly losses as Brent crude briefly reached $100 a barrel in the midst of an escalating Middle?East crisis. HDFC Bank, the largest weight in 'the benchmark indexes', dropped 9.4%, its steepest drop in two-and-a half years, on margin concerns. Axis Bank also fell 7.6%, after reporting lower June quarter net interest margins. The Nifty 50 dropped 0.43% on the day to 23,767.45, and the BSE Sensex fell 0.43% at 76,059.77. This was the fifth consecutive session of losses. Infosys, Interglobe Aviation and BSE?Sensex fell by 0.6% and 0.8 percent, respectively, following weak results for the June quarter. The Nifty dropped 2.33%, the most in four months. Meanwhile, the Sensex fell 2.7%, its biggest drop in two months. Brent crude rose by 10.1% during the past week. Donald Trump, the U.S. president, threatened Iran and Houthi allies with "major punishment" on Thursday after Yemeni fighters attacked two Saudi oil tanks in the Red Sea. This extended the conflict into another shipping chokepoint. Oil prices rising could fuel inflation in India, increase the trade deficit and squeeze growth and profit margins for corporations. Bhautik Ambani is the chief executive officer at AlphaGrep Mutual Fund. A temporary spike in crude oil prices can be easily absorbed by the markets. However, a period of sustained high crude oil prices combined with supply chain disruptions could cause'medium-term concern for the markets and economy. Ambani said that the irregular monsoons and rainfall deficits are also "lingering risks" as they can hurt rural income and consumption. This week, 13 out of 16 sectors declined. The small- and midcaps fell by 2.2% and respectively 1.3%. HDFC and Axis were the main drags on private banks, financials, and banks. Bajaj Auto and Nestle India, which had positive results, bucked the trend and rose 6.6% and 1,1% respectively.
-
Spanish hotel chain Melia completes its exit from Cuba
Melia, a Spanish hotel group, announced that it had?stopped all operations at its?34 Cuban hotels on Friday due to the?hardening of US sanctions. The island's economic crisis and the escalating sanctions are a major factor. Melia cited operational, financial, and legal difficulties as reasons for leaving the island where it had been a major player since 1990. The hotels were managed by its Portuguese subsidiary, Ilha Bela?Gestao e Turismo. Melia announced last month that it was closing 15 of its hotels. The three major Spanish hotel chains have been involved in the tourism market of the island for decades. The tourism industry, which is a major engine for the Cuban economy, has suffered this year due to a growing economic crisis on the island, as a result of the oil blockade that the U.S. imposed at the start of 2026. International visitor arrivals between January and April fell to 328.608, which is a 56% decrease compared to the same period of 2025. "There's no tourism, no income and no economy." "The impact is enormous," said Teresa Carrillo a Havana resident of 62 years. The pressure from Washington increased this month after the U.S. imposed?sanctions on Cuba's Minister of Tourism. Hotel closures are part of a broader?exodus by international companies including financial and logistic businesses who have reassessed the risk associated with operating in Cuba following Washington's tightened restrictions. Visa and Mastercard have halted a number of?operations. Major airlines like Air France, Turkish Airlines Iberia and World2Fly have also suspended flights. (Reporting by Ayose Naranjo in Havana; Editing by Sonali Paul)
-
Canada will open the Gordie Howe Bridge without US after trade conflict intensifies
Canada will celebrate the 'opening of a new bridge linking Windsor, Ontario and Detroit, Michigan on Friday, in a quiet ceremony without U.S. officials, after a dispute over toll sharing and threats from U.S. president Donald Trump of tariffs of up to 50% further strained tensions between the two countries. Canada has cancelled the planned ribbon-cutting ceremony to celebrate the Gordie-Howe International Bridge. The country said that the event would be celebrated only by Canadians, before the bridge is opened for traffic on Monday. The celebration of a long-standing friendship between the two countries has been overshadowed due to trade disputes and Trump's threat to increase tariffs against Canada. Canada exports 70% of its goods to the U.S., including Trump. The $4.7 billion bridge named after the legendary Canadian Detroit Red Wings player was funded by Canada and scheduled to open in early June. Construction began in 2018. The bridge is intended to be a quicker alternative to the Ambassador Bridge that crosses the Detroit River. Trump threatened to block the project by blaming Canadian provinces for refusing to sell U.S. alcoholic beverages, Canadian tariffs against American dairy products and the country's ongoing trade negotiations with China. The two countries are still at odds over the split of bridge revenue and the timing. Trump claimed earlier this month that he had negotiated "a better deal" with the U.S. and secured significant revenue to allow the opening of the bridge. Mark Carney, the Canadian Prime Minister, said that his country only shared toll revenue after it was paid back. However, according to a draft of an agreement published on Wednesday, Canada would split net bridge- and crossing related revenues with the U.S. during the first 15 years without any explicit provision for compensation. Carney clarified the discrepancy in a Thursday press conference, stating that the previous agreement between Canada and Michigan still stands and that there is no toll splitting under this agreement until the entire debt has been repaid. The?revenues have not been estimated by either country. Kush Desai, spokesman for the White House on Thursday, said that Trump "renegotiated an unbelievable deal for America" on the Gordie-Howe Bridge. He did not provide a date when the U.S. was expected to begin receiving toll revenue from the bridge. Carney referred to the 2012 agreement between Canada and the U.S., but the new deal appears to contradict it, according Nicolas Lamp, a?associate lawyer and professor at Queen's University's Institute on Trade Policy. Lamp explained that the U.S. could point to a new agreement which states that they will receive half of the net revenues, while Canada would say that this contradicts the original contract. It's vague enough for each side to claim victory and save face. He said that the draft agreement was not legally binding and Canada could still negotiate a better deal. PLACATING TRUMP Lamp has disputed the criticism of Carney by opposition Conservatives who claim that he "caved in" to America. Don Abelson is a professor of political science at McMaster University who specializes in Canada-U.S. Relations. He said that the biggest concern about the proposed agreement was the absence of a dispute settlement mechanism. This, he said, "leaves Canada vulnerable if Trump does something unexpected." Abelson stated that Carney's administration probably decided the best way to win was simply opening the bridge and placating Trump. He said that while it was important to be reimbursed for billions spent on the bridge, the relationship between Canada and America is more important.
-
The RPT-India stock benchmarks have their worst week in the last four months, as crude oil tops $100
Indian shares dropped 'on Friday', as oil prices rose to $100 per barrel, amidst the Middle East crisis. By 10:00 a.m. IST the benchmark Nifty 50 index fell 0.95%, while the BSE Sensex dropped 1.03%, to 75,609.4. Both were on track for a?fifth consecutive session of losses. The team has lost between 2.8% and 3.2% in the last week, and is on track to have their worst performance for four months. Donald Trump, the U.S. President, promised on Thursday a "major punishment" against Iran and its Houthi ally after Yemeni fighters attacked two Saudi oil tanks in the Red Sea. This extended the Middle East war to a new major shipping chokepoint. India is at risk from higher oil prices, as it is the third largest crude importer/consumer in the world. Higher oil prices can cause inflation, increase the trade deficit, and reduce growth and corporate margins. Sunny Agrawal is the head of fundamental analysis at SBI Securities. 15 of 16 major sectors posted losses. The broader small and mid-caps both fell by 1.3% and 0.1% respectively. Interglobe Aviation and Infosys both fell by about 2.2% following disappointing?June-quarter results. Oil marketing companies BPCL HPCL and Indian?Oil each fell by about 2% on the back of rising crude oil prices. Ramco Systems dropped 10% after reporting a drop in quarterly profits. Cyient and Suryoday?Bank, which buck the trend, gained 2% and 7.5%, respectively, after posting a rise in their June quarter profits.
-
China braces itself for heavy rainfall as tropical Storm Noul approaches
China warned on Friday of severe flooding and heavy rain as the third tropical storm this month moved closer to its southern coast. It is expected to intensify there over the weekend. As of Friday morning?Noul?was northeast from Manila, the capital city of the Philippines. It was moving west-northwest with a speed of 25-30 kph (16-19 mph). According to the observatory of Hong Kong, it is expected that by Friday evening the tropical storm will be within 800 km (497 mi) of Hong Kong. The observatory announced that it would issue the city's "lowest typhoon warning", 1, at 8.40 pm (12:40 GMT), local time, on Friday. It will then assess whether the warning should be raised as Noul approaches. Local winds will gradually increase in southern coastal areas. Squally showers are expected to intensify through Saturday. The weather forecasters in mainland China predict that Noul will land along the southern coast of China between Zhuhai, in Guangdong province and Zhangpu, in Fujian Province between Saturday night and Sunday morning. It will then move inland before gradually weakening. Meteorologists have predicted that the cumulative rainfall across eastern Guangdong, southern Fujian and localised areas could reach 500-600mm (20-24 inches) in some places. Guangdong, Fujian and other provinces in China are the wettest. Each receives an average of 2,000mm per year. Noul is here after torrential rains ravaged large parts of China. Rescue teams in southwestern China are still searching for?than fifty people who have gone missing after a deadly land slide in Chongqing Municipality. China's peak flood control period -- Qixia Bashang - is from mid-July until mid-August. Experts warn that extreme rainfall is likely to increase in intensity and frequency over the next few weeks. Much of northern China will experience up to 50% more rainfall than normal. Authorities have announced that Guangdong will suspend rail services starting on Saturday. All high-speed trains and regular trains are expected to stop running on Sunday. According to an official notice, in Zhuhai (a coastal city west of Hong Kong), all ferry services will be suspended on both Saturday and Sunday, while all scenic coastal areas will be closed to visitors. North Korea gave the name Noul, which means sunrise or sunset glow in Korean.
Owner Torm claims that oil products tankers rerouted their voyage to Asia via Suez in response to Houthi warnings
The owner of the Danish flagged oil products tanker, Torm Innovation, announced on Friday that the vessel will sail to Asia via the Suez Canal with its cargo due to the current security situation in southern Red Sea.
The Iran-aligned Houthis declared a naval blocade on 'Monday against Saudi Arabia, opening up a new front in the war between the United States and Iran. This could threaten global energy supplies and trade beyond the Gulf.
The vessel will sail via the Suez Canal and around Cape Horn to Asia, due to the current security situation on the southern Red Sea. Torm's spokesperson stated that this reflects the 'prudent approach we take to crew safety which is?our top priority.
According to shipping data, the tanker?loaded a cargo of naphtha? at the Saudi Red Sea Port of?Yanbu?, with Japan?as a destination. (Reporting and editing by Jonathan Saul, Ahmad Ghaddar)
(source: Reuters)