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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
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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.
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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.
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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.
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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.
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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)
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As investor demand cools, yields rise as a result of hyperscaler debt binge
As investors become more selective, major U.S. tech companies are borrowing heavily to fund their artificial intelligence builds. The yields on these loans have been steadily increasing. According to a LSEG analysis, Amazon, Alphabet and Meta Platforms issued approximately $194 billion of bonds between 2026 and July 7. This is up 79% compared to roughly $108 billion of bonds from 2025. Goldman Sachs expects the bond issuance of five hyperscalers including Microsoft Corporation to reach approximately $250 billion this year, and $400 billion by 2027. These investment-grade companies have seen their borrowing spreads increase over the risk-free rate for all major maturity buckets. In 2025, the spread between 2- and 4-year bonds for Amazon, Alphabet (Alphabet), Meta, and Oracle rose from 30 to 40 basis point. The median spread for 5- to 7 year debt rose from 50 basis to 60 basis, and the median spread for bonds maturing more than 20 years increased from 108.5 to 118 basis. The performance of the secondary market has also declined. An analysis of LSEG's data revealed that 78 out of 91?hyperscaler bond issued in 2026, with comparable pricing data, were trading higher yields at the end of July than they did at issuance. The median increase was approximately 22 basis points. Colby Stilson is the head of fixed income for Brown Advisory. I don't think that this type of supply will disappear in the near term. Technically, this puts pressure on spreads." While investor demand is still high in absolute terms, it has decreased as the supply has increased. Apollo Global Management reported that cover ratios, which are a measure for investor orders in relation to the amount of hyperscaler bonds sold, have fallen from almost five times in Feburary to less than two times in July. A cover ratio three times means that investors ordered three dollars worth of bonds per dollar sold. Apollo said that the drop in demand suggests that borrowers will have to increase their spreads for future deals. Recent Amazon sales show the shift. AlphaSense's research reports showed that its March U.S. dollar bond sale was 3.4 times more than its July offering. Stilson stated that "we're already experiencing fatigue in the credit markets as they support this massive debt issue." Sage Advisory reported that Amazon's $25 billion bond sale pushed a 30-year Amazon Bond issued earlier this year?about 20 basis points wide. The report estimated that the combined U.S. dollar debt footprint of hyperscalers had more than doubled to $360 billion since September. Sage Advisory stated that "each successive jumbo transaction has pushed spreads further before they finally stabilize and experience modest rallying." The data on new-issue concessions in the LSEG dataset 'pointed the same way. A new-issue concession refers to the additional yield that a borrower provides investors in order to price a bond sale relative to existing debt. The latest reading, based on a transaction with Amazon, shows that the median concession level rose from 2.25 basis point in 2025 to 12 basis points by 2026. Goldman expects hyperscaler capital expenses to reach $750 billion by?2026. Operating cash flows are projected to be around $778 billion. Debt issuance is expected to equal about a third of capital expenditure this year, and about 35% of capital expenditure in 2027. Goldman said that market saturation and issuer consolidation were likely to become more restrictive as issuance accelerates. Meanwhile, falling cover ratios are wider spreads indicate investors already demand greater compensation for the supply.
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Frontier Airlines forecasts third quarter profit higher than estimates due to strong demand and increased airfares following rival's departure
Frontier Airlines, a low-cost carrier, forecasted third-quarter earnings that were above Wall Street expectations on Wednesday. The airline attributed this to higher airfares as well as strong demand following the exit of its competitor Spirit. In premarket trading, the company's shares were up 2.4%. The uncertainty surrounding the Middle East war has made it difficult for airlines forecasting earnings and jet fuel prices, which make up roughly one-fourth of their operating costs. Frontier Airlines' exit from its closest rival Spirit Airlines allowed it to increase fares faster and limit the impact a ballooning fuel cost had on its margins. U.S. carrier has also cut costs by delaying deliveries of newer Airbus planes and prematurely returning older aircraft to lessors. Frontier Airlines, based in Denver, expects its third-quarter earnings to be between a loss of 10 cents and a profit of 10 cents, compared to analysts' expectations for a 29-cents loss. Analysts expected a profit of 24 cents a share. It forecasted?for the fourth quarter between breakeven and?20 cents a share. The airline reported that revenue for the second quarter reached a record of $1.28 billion, "driven by a strong travel demand and favorable competitive capacity." In May, rival Spirit Airlines left the U.S. In fact, unit revenue (a measure of pricing) grew by 28% compared to a year earlier, reaching 11.52 cents, but capacity only increased by 8%. The airline spent $4.17 per gallon in the quarter ended June 30, 77% more than the year before. Total fuel costs almost doubled to $436 millions. Frontier posted a quarterly loss of 10 cents, which was lower than the 31-cent loss per share a year ago and higher than analysts' expectations for a 48-cent loss per share. Reporting by Nandan Mandyam, Bengaluru. Editing by Jonathan Ananda.
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).
(source: Reuters)