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ADNOC purchases tankers amid Red Sea and Hormuz crises that reshape the oil trade
Three sources with knowledge of the matter said that Abu Dhabi National Oil Co. (ADNOC), has purchased 'five very large crude carrier (VLCC)s for $590 million. The company is expanding its fleet in response to the conflicting demands of the Strait of Hormuz and the Red Sea. The UAE producer is attempting to gain more control over its supply chain. This will allow it to deliver crude oil to customers despite geopolitical tensions that disrupt two of world's most important maritime routes. Sources claim that ADNOC Logistics and Services, (ADNOC L&S), recently purchased five VLCCs from Frontline Plc. Sources said that two vessels built in 2012 were bought for $115 million each and three vessels constructed in 2015 for $120 million. We do not comment on market speculation or rumours. ADNOC L&S constantly reviews its fleet requirements, strategic growth opportunities and company statements. "As an?issue of policy, any announcements made relating to?potential transactions' are done in accordance with?the?company?s internal governance processes and applicable disclosure obligations." Frontline has declined to comment. The United Arab Emirates, a former member of OPEC, has sold millions barrels directly to refiners and through spot auctions. ADNOC also purchased three very large gas carrier (VLGCs), each for about $115,000,000, according to a source. This source stated that ADNOC L&S also ordered 25-30 new vessels from different shipyards. These include crude tankers and LNG carriers as well as?LPG carriers. ADNOC L&S has more than 900 vessels, including seven VLGCs. After months of disruption, the investment in new vessels follows months of disruption for shipping through the Strait of Hormuz and the Red Sea. Source: After the crisis in the region escalated, the company expanded its own fleet and chartered 25 crude tankers with South Korea's Sinokor. Source: About 15 shuttle tankers were used to transport crude oil from storage terminals located in Fujairah, Oman and the Strait of Hormuz, while the rest of the vessels provided direct customer service. Sinokor has not responded to our request for comment. Reporting by Nidhi verma, Jonathan Saul, and Ahmad Ghaddar. Editing by Raju gopalakrishnan.
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Amadeus trims revenue forecasts for 2026 after beating profit expectations
Amadeus surpassed second-quarter profit estimates?on Friday. However, the 'travel technology company' lowered its revenue forecast for?2026 after the conflict in Middle East affected bookings and disrupted the air traffic. Amadeus expects a mid-to-high single-digit revenue increase in 2026. Previously, it had expected a high-single digit growth. According to LSEG, the company's?second quarter adjusted core profit was EUR672.8 millions ($774.2million) and exceeded analysts' average estimate of EUR657million. Amadeus reported that the turmoil in 'Middle East' caused an increase in cancellations of bookings and disruptions in air traffic, resulting in a 7.6% drop in bookings for the quarter. At the opening, shares?fell by as much as?3.5% before turning around and trading 1.6% higher at 0756 GMT. Amadeus, the world's biggest travel booking system, faces increased pressure due to an uncertain travel climate. The global airline association,?IATA, lowered its passenger demand forecast for 2026, from 4,9% to 2,1%, last month, because of?the U.S. and Israeli war with Iran. Amadeus reported that almost all regions experienced a'slower growth rate than the first quarter due to airline capacity adjustments and reduced air traffic. The company's hospitality and?Air IT businesses grew revenue the most, while traditional travel distribution slowed down as geopolitical tensions affected travel demand. The stock is still down 14% from the start of the year, despite Friday's gains.
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Air taxi developers turn to the military market amid delays in civil certification
Aerospace startups have promised for years to develop electric air cabs. However, they are now focusing their efforts on a market with less regulatory obstacles and more money to spend. Last week, at the Farnborough Airshow in England, some of the biggest companies competing to bring an electric vertical takeoff and landing (eVTOL), to market, talked about new efforts to develop a military version of their aircraft. This was a departure from the Jetsons'-style future where air taxis zoomed commuters all over that they had sold to investors. The process of turning that vision into a commercial reality takes longer and costs more than investors and companies expected. War in Ukraine and Middle East has increased the demand for unmanned aircraft. These aircraft do not require a runway and are cheaper to deploy than conventional models. They can also perform a variety of missions including surveillance, medical evacuations, and supply. Adam Goldstein, CEO of Archer Aviation at Farnborough, said that investors are interested in defense because it is growing rapidly and the products can be deployed without the long civil regulatory process. He said that the time it takes to get a product into the field is much shorter and if you are successful in a contract, there will be a 'known amount of money at the end. This is very different than a new category such as (a civil) eVTOL. Archer revealed an unmanned hybrid electric aircraft that can perform combat and logistics missions developed in collaboration with Anduril during the airshow. Vertical Aerospace’s tiltrotor completed a Farnborough transition flight, with the rotors pointed like a helicopter. The aircraft was able to fly like an airplane in the air because the rotors were tilted towards the forward. Just before the show the UK-based firm had once again pushed its certification and entry into service goal for its Valo planes by an additional year, to 2029. Three years ago, the company's target was set at 2025. Vertical Aerospace shares have also fallen more than 50% over the last year, just like its competitors. This is a volatile sector because it is dependent on certification (by regulators) and on the development and integration of a new, innovative technology, said Andres Sheppard. He said that some investors are perhaps becoming less patient. Sheppard is still confident that eVTOLs are coming to market before the end of this decade. But in the interim, "these companies must fortify their financial statements." Beta Technologies, meanwhile, has been working on military and civilian versions of the Alia eVTOL since several years. At the show, the MV250 unmanned military'version' of Alia was on display. In an interview at the airshow, Beta CEO Kyle Clark stated that "Beta had focused on making sure our defense product was identical to our commercial products." The motors, rotors and flight controllers are all identical between the two products. As a means to reduce development costs and time, the company developed both products simultaneously, along with an Alia CTOL model that is electric and can take off and land conventionally. He said: "That's where you get the strategic advantage, because doing both together is not a drag, or a distraction. It becomes an accelerator, to our commercial product." At the show, Beta announced that UK regional carrier Loganair has placed five provisional CTOL orders plus five options, with commercial service starting in 2029. Sheppard predicted that the CTOL version would be the first commercial electric plane certified by the U.S. Federal Aviation Administration by mid-2027. The eVTOL model will follow in 2028. Reporting by Shivansh Tiwary, Dan Catchpole and Jamie Freed
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ADNOC purchases tankers amid Red Sea and Hormuz crises that reshape the oil trade
Abu Dhabi National Oil Co. (ADNOC), a company that owns five very large crude carrier (VLCC) ships, has purchased them for $590 million. This is to expand its fleet, as the conflicts in the Red Sea and Strait of Hormuz are reducing the supply of tankers. The UAE producer is attempting to gain more control over its supply chain by acquiring the aforementioned assets. This will allow it to continue to deliver crude oil to customers despite geopolitical tensions that disrupt two of world's most important maritime routes. ADNOC Logistics and Services, (ADNOC L&S), recently purchased the five VLCCs of tanker company Frontline Plc, according to the sources. Sources said that two vessels built in 2012 were bought for $115 million, while three vessels constructed in 2015 cost $120 million. We do not comment on market speculation or rumours. ADNOC L&S constantly reviews its fleet requirements and growth opportunities, the company stated in an email. "As per company policy, all announcements regarding?potential transactions are made according to the internal governance processes of the company and any applicable disclosure obligations." Frontline has not responded to an email seeking comments. email seeking comments. The United Arab Emirates, a former member of OPEC, has sold millions barrels directly to refiners and through spot auctions. ADNOC also purchased three very large gas carrier (VLGCs), each for about $115,000,000, according to a source. This source stated that ADNOC L&S also ordered 25-30 new vessels from different shipyards. These include crude tankers and LNG carriers?and LPG carriers. ADNOC L&S is responsible for the operation of more than 900 vessels, including eight VLCCs and seven VLGCs. After months of disruption, the Red Sea and Strait of Hormuz have been reopened to shipping. Source: After the crisis in the region escalated, the company expanded its fleet and chartered 25 crude tankers with South Korea's Sinokor. Source: About 15 vessels were used as shuttle 'tankers' to transport crude oil from storage terminals located in Fujairah, Oman and facilities within the Strait of Hormuz, while the remainder supplied customers directly. Sinokor has not responded to requests for comment. Reporting by Nidhi verma, Jonathan Saul, and Ahmad Ghaddar. Editing by Raju gopalakrishnan.
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Maguire: Five energy transition mistakes that are utterly infuriating
Most of the key technologies are now working. Solar panels do work. The wind turbines also work. Batteries work. Electric buses also work. Hydrogen electrolysers work in general. The bad news?is that governments, utilities, and companies all over the world are constantly coming up with new creative ways to prevent these technologies from delivering on their promises. The biggest obstacles to the transition are no longer scientific. They are increasingly administrative, logistical, and political. Humanity has spent many years perfecting shiny green hardware, but neglected the boring supporting infrastructure. This leads to a growing number of expensive?own goals. Here are five of most irritating. FUMBLE 2: THE BUS BEFORE?THE PLUG Ireland has produced the image that defines the modern energy transition. Rows of brand new electric buses are?sitting? in storage yards because there is not enough charging infrastructure ready to put them into use. The charging infrastructure in depots is still behind the times. This forces authorities to run diesel buses and leave the electric fleet idle. Thousands of green buses that are still unused have been stored and maintained for millions of dollars in addition to the estimated EUR500,000 per bus. Why it infuriates The busse themselves were supposed to be the difficult part. The installation of chargers should be relatively straightforward. Planners instead managed to get the vehicles without ensuring that there was a charging system. Infrastructure first and procurement second. Energy transition is increasingly dependent on the right sequencing, not necessarily on new technologies. FUMBLE 3: THE STRANDED STATIONS If Ireland’s buses are a failure of local planning, India shows the problem on a truly industrial scale. India is now one of the fastest growing renewable energy markets in the world. Transmission construction has not kept pace with the growth. Industry groups have warned of the stranding of more than 50 gigawatts in renewable energy projects due to a combination between transmission delays, regulatory bottlenecks, and missed power supply agreements. Unfinished transmission infrastructure has been reported in major renewable hubs like Rajasthan and Gujarat. These numbers are astounding. The numbers are staggering. Why it infuriates Solar panels are now affordable to most people. The constraint is now transmission lines, permits, and paperwork. The solar farms were delivered on time. The wires didn't. All renewable energy stories eventually become transmission stories. New power lines are built at the pace of local permits. Few countries have embraced electrification with as much enthusiasm as the Netherlands. With remarkable speed, the Dutch promoted electric cars, heat pumps and cleaner industrial process. Unfortunately, the demand for electricity grew faster than the grid. There is severe congestion on the network. Businesses and housing developments are increasingly waiting for electricity connections. The grid is unable to accommodate all projects. Why it infuriates It wasn't due to climate skeptics, fossil-fuel lobbyists or technological flaws. This was due to success. The country was so successful in encouraging electrification, that the network could not keep up. Before solving the extension cord, the Dutch first solved the energy demand side. The grid is not an optional extra. Electricity grids are fundamental to all other strategies of decarbonisation. FUMBLE #4: THE HYDROGEN MONIE PIT Over the last five years, no clean-energy concept received more attention than green hydrogen. This is why the Whyalla project in Australia is such a cautionary story. South Australia has established an Office of Hydrogen Power, and invested nearly A$600,000,000 ($421,000,000) in a flagship project centered on Whyalla. The project was marketed as a demonstration of the role hydrogen plays in industrial decarbonisation and power generation. The venture was ultimately shattered by cost pressures, market challenges and the crisis at the Whyalla Steelworks. The project was abandoned, the office for hydrogen dissolved and later auditors reported spending of hundreds of millions of dollar, including significant asset write-downs related to initial project work. Why does it infuriate you? It was more than a project that had been delayed. This was a good reminder that enthusiasm is not the same as economics. Hydrogen was the most popular conference presentation for energy transition, but PowerPoint slides are not very good at generating commercial return. Pilot projects are needed. Riskier are bets that are placed in advance of the market, customer and economics being fully established. FUMBLE #5: CALIFORNIA’S SOLAR GLUT California provides an unusual example of success through failure. The state has been pushing hard to increase?solar production for years. It was successful. It was so successful that the grid is struggling to absorb the entire electricity produced at certain times. According to the U.S. Energy Information Administration (EIA), California has curtailed approximately 3 terawatt-hours (TWh) in wind and solar energy generation over the last two years. This is equivalent to the electricity used by roughly 500,000 households in California annually. Solar was responsible for the majority of these reductions. The oversupply of electricity, congestion and operational constraints are also contributing to the increasing frequency of periods with negative prices. Why it infuriates California has worked to solve a problem that was causing it concern: the lack of solar energy. Now, it is faced with a new problem: Too much solar production at the wrong time. It is a unique frustration to build clean electricity plants only to turn them off when the grid can't fully utilize what they produce. Installing renewable energy is only half of the challenge. The importance of storage, transmission, and flexible electricity demands is growing. The COMMON THREAD The five examples below span three continents, and include different technologies, governments and markets. All of them share the same flaw. The equipment is working. The planning is not working. The policymakers have repeatedly focused on the visible signs of the transition - buses, solar farms and hydrogen plants - while ignoring the less glamorous technologies that make these assets useful. Each?electric bus needs a charger. A transmission line is required for every wind farm. Each hydrogen project?requires an end-user. A grid that can support energy transitions is essential. These mistakes can be largely corrected. It's worrying that we keep learning the same thing over and over: boring things matter most in energy. And while nobody ever built a multi-trillion-dollar industrial revolution without making some costly mistakes, it would be nice if the next generation of green fumbles involved fewer own goals. These are the opinions of the columnist, who is also an author. This column is great! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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Nomination of Transportation Security Administration Director by the US Senate
On Thursday, the U.S. Senate voted to approve?the nomination?of David Cummins as the Transportation Security Administration's (TSA) head, as the Trump administration tries?to privatize _screeners at smaller airports. In April, President Donald Trump proposed cutting the budgets of the TSA, which has 60,000 employees, by more than 9,400 people and $1.5 billion or 20%. Next week, the final vote will be held. Serco provides engineering, IT and training services to commercial and federal customers. Trump has also suggested that smaller airports be required to use private security. This would reduce the TSA's payroll by over 4,500 jobs. It is a step towards privatizing the agency, which was created in the wake of the 9/11 attacks. Last week, airports in Tampa, Des Moines (Iowa),?and Charleston (South Carolina) announced that they planned to privatize?airport safety. Around 20 airports, such as those in San Francisco and Kansas City, or Sarasota (Florida), have used private security screens for years. Trump dismissed TSA chief David Pekoske in 2025 on his first day as president and didn't nominate a successor for 16 months. Pekoske was nominated by Trump during his first term, and Joe Biden?nominated for a second 5-year term. The government shutdown that lasted six weeks in the spring caused major disruptions at airports. In May, Airlines for America, the group that represents the?major U.S. carriers, stated its opposition to the White House's proposal to force smaller airports to use TSA-certified private security screeners in place of TSA-certified private security screeners. The White House stated last year that TSA "has consistently failed audits" while implementing intrusive screen measures which violate Americans' dignity and privacy. Homeland Security Department removed five senior officials in September on suspicion that they had targeted Biden's political opponents with an aviation security watchlist, which has since been abolished. TSA's Quiet Skies program was scrapped by the TSA in June 2025. It required enhanced screening of some air passengers who were deemed a greater security risk.
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Enbridge pipeline must be relocated after US appeals court rules that it trespassed onto Wisconsin tribal land.
Enbridge was found liable for trespass by a U.S. court of appeals for putting a pipeline under land owned by a tribe in northern Wisconsin. However, the court gave Enbridge more time to move the pipeline or recalculate damages. The 7th U.S. Circuit Court of Appeals in Chicago addressed appeals from a federal district judge's June 2023 order that Enbridge pay the Bad River Band of the Lake Superior Tribe Chippewa Indians $5.15 million in restitution plus an additional sum for ongoing?trespass, and move pipeline within three years. Circuit Court of Appeals of Chicago heard appeals of a federal district court's order from June 2023 that Enbridge must pay $5.15million in restitution to the Bad River Band of Lake Superior Tribe of Chippewa Indians plus an additional amount for ongoing trespass and move the pipeline in three years. The deadline had expired but was put on hold. Circuit Judge Michael Scudder asked the district judge to take measures to ensure Enbridge reroutes the pipeline as soon as possible. Enbridge had no ?immediate comment. Josh Handelsman is a lawyer representing the tribe. He said that his client will be reviewing the decision. The Line 5 pipeline was built in 1953 and carries up to 540,000 barrels per day of oil through the Great Lakes Region from Canada. This includes about 12 miles (19 km) beneath the Bad River Reservation. After a nonjury trial, U.S. district judge William Conley of Madison, Wisconsin awarded damages and ordered the reroute. Bad River Band warned that a shutdown would be needed after spring rains eroded the riverbank protecting a pipeline. The delay 'does not reflect our approval' Scudder, writing for a panel of three judges, said that the timetable set by the government to move the pipeline over three years was aggressive. However, a shutdown would harm consumers, cause a rift with Canada and violate a 1977 U.S. Canadian treaty governing pipeline transit. Scudder wrote: "Make no mistake, Enbridge must remove this pipeline from [tribe land]." The grace period that we have instructed the district court to grant Enbridge is a product of the public context within which the pipeline operates, and does not reflect our approval for the company's conduct. Scudder alleged that Conley had abused his discretion by "double-counting" Enbridge's profits attributed to the trespass, as well as its economic benefit from deferring expenses to reroute. Scudder stated that a recalculation would take into account the nature of Enbridge’s trespass as well as any interest owed and the conduct of both parties in relation to a reroute. The appeals court refused to hold Enbridge responsible for nuisance claiming that federal law preempted tribal claims. Enbridge's rights of way over certain parcels of tribal land expired in 2013, even though Enbridge's easement to build the pipeline on some parcels lasted until 2043. After failed negotiations, the tribe filed suit in 2019.
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Maguire: Five energy transition mistakes that are utterly infuriating
Most of the key technologies are now working. Solar panels do work. The wind turbines also work. Batteries work. Batteries work. Electric buses also work. Hydrogen electrolysers work too. It's bad news that governments, utilities, and companies all over the world are constantly coming up with new creative ways to prevent these technologies from delivering on their promises. The biggest obstacles to a?transition are no longer science-based. They are increasingly administrative, logistical, and political. Humanity has spent many years perfecting shiny green hardware, but neglected the boring supporting infrastructure. This results in a growing catalogue of costly own goals. Here are five of most irritating. FUMBLE 2:?THE BUS PRIOR TO THE PLUG Ireland has produced a defining image for the modern energy transformation: rows of brand new electric buses sitting in storage yards, because there aren't enough charging stations ready to put them in service. More than 130 battery electric buses were delivered and manufactured more than two-years ago, but the charging infrastructure in depots was behind schedule, so authorities had to continue using diesel buses, while the electric fleet sat idle. In addition to the estimated EUR500,000 per bus, millions have been spent in storage and maintenance for scores of green buses that are still unused. Why it infuriates The busse themselves were supposed to be the difficult part. The installation of chargers should be relatively straightforward. Planners instead managed to get the vehicles without ensuring that there was a charging system. Infrastructure first and procurement second. Energy transition is increasingly dependent on the right sequencing, not necessarily on new technologies. FUMBLE: THE STRANDED STATIONS If Ireland’s buses are a failure of local planning, India shows the problem on a truly industrial scale. India is one of the fastest growing renewable energy markets in the world. Transmission construction has not kept pace with the growth. Industry groups have warned of the stranding of more than 50 gigawatts in renewable energy projects due to a combination between transmission delays, regulatory bottlenecks, and missed power supply agreements. Unfinished transmission infrastructure has delayed project commissioning in major renewable hubs like Rajasthan and Gujarat. These numbers are astounding. The numbers are staggering. Why it infuriates Solar panels have been a hot topic for the past two decades. Transmission lines, permits, and paperwork are now the main constraints. The solar farms were delivered on time. The wires didn't. Every renewable energy story becomes a transmission tale eventually. New power lines are built at the pace of local permits. DUTCH GRIDLOCKS Few countries have embraced electrification as enthusiastically as The Netherlands. With remarkable speed, the Dutch promoted electric cars, heat pumps and cleaner industrial process. Unfortunately, the demand for electricity grew faster than grid capacity. There is severe congestion in some parts of the grid, and businesses and housing projects are increasingly on "waiting lists" for electricity connections. The grid is unable to accommodate several projects, causing delays. Why it infuriates It wasn't due to climate skeptics, fossil-fuel lobbyists or technological flaws. This was due to success. The country was so successful in encouraging electrification, that the network could not keep up. Before solving the extension cord, the Dutch first solved the demand-side of the energy transformation. The grid is not an optional extra. Electricity grids are fundamental to all other strategies of decarbonisation. FUMBLE #4: THE HYDROGEN MONIE PIT Over the last five years, no clean-energy concept received more attention than green hydrogen. This is why the Whyalla project in Australia is such a cautionary story. South Australia created a dedicated Office of Hydrogen Power, and committed almost A$600,000,000 ($421,000,000) to a flagship project centered on Whyalla. The project was marketed as a demonstration of the role hydrogen plays in industrial decarbonisation and power generation. The venture was ultimately shattered by cost pressures, market challenges and the crisis at the Whyalla Steelworks. The project was abandoned, the Hydrogen Office dissolved and later auditors reported hundreds of millions in spending. This included substantial asset writedowns related to preliminary project work. Why it infuriates It was more than a project that had been delayed. This was a good reminder that enthusiasm is not the same as economics. Hydrogen was the most popular conference presentation for energy transition, but PowerPoint slides are not known to generate commercial returns. Pilot projects are needed. Riskier are bets that are placed in advance of the market, customer and economic conditions being fully established. FUMBLE #5: CALIFORNIA’S SOLAR GLUT California provides an unusual example where failure is followed by success. The state has been pushing aggressively to expand solar generation for years. It was a success. It was so successful that the grid is struggling to absorb the entire electricity produced at certain times. According to the U.S. Energy Information Administration (EIA), California has curtailed approximately 3 terawatt-hours (TWh) in wind and solar production?in each year of the last two. This is the same amount of electricity that roughly 500,000 Californian homes consume annually. Solar was responsible for the majority of these reductions. The oversupply of electricity, congestion and operational constraints are also contributing to the increasing frequency of periods with negative prices. Why it infuriates California has worked to solve a problem that was causing it concern: the lack of solar energy. Now, it is faced with a new problem: Too much solar power at the wrong times. It is frustrating to build clean electricity plants only to turn them off when the grid can't use all of what they produce. Installation of renewable energy is only half the battle. Storage, transmission and flexibility of electricity demand become equally important. The COMMON THREAD The five examples below span three continents, and include different technologies, governments, and market structures. All of them share the same flaw. The equipment is working. The planning is not working. The focus of policymakers has been on the obvious symbols of the transition - buses, solar farms and hydrogen plants, and electric vehicles - while ignoring the less glamorous technologies that make these assets useful. Each electric bus must have a charger. A transmission line is required for every wind farm. Each hydrogen project?requires an end-user. A grid that can support energy transitions is essential. It is encouraging to know that most of these mistakes are easily fixable. It's worrying that we keep learning the same thing over and over: boring things matter most in energy. And while nobody ever built a multi-trillion-dollar industrial revolution without making some costly mistakes, it would be nice if the next generation of green fumbles involved fewer own goals. These are the opinions of the columnist, who is also an author. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
IAG, the owner of British Airways, has seen its second-quarter profits drop 16% due to the Iran War.
IAG, the owner of British Airways, reported a 16 percent drop in its'second-quarter profits' on a Friday, due to soaring fuel prices and a weak travel demand tied to the Middle East conflict. It now expects capacity to remain flat this year.
IAG, the company that owns Iberia, Aer Lingus and Iberia, said its fuel costs would be between EUR8.3 billion and EUR8.6?billion for the entire year, which is a little lower than the EUR9 billion estimate made in May.
The company reported an operating profit of EUR1.41billion ($1.62billion) for the third quarter. This is lower than the EUR1.68billion reported a year earlier but slightly higher than the EUR1.37billion forecast by analysts in a poll compiled by the company.
The 'quarterly' results reinforce the uncertainty and pressure highlighted by fellow carriers,?Ryanair & easyJet in this month as a prolonged escalating conflict raises costs and weakens demand for travel. Reporting from Shashwat awasthi and Joanna Plucinska, London. Editing by Subhranshu Sahu.
(source: Reuters)