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Heron Power to invest $100 million in new factory for advanced grid equipment
Heron Power, a'startup' run by a former executive at EV maker Tesla said it planned to build a factory in California for $100 million to produce advanced transformers to be used on the U.S. electrical grid. Heron will convert an old 286,000-square-foot distribution warehouse, 30 minutes south-southeast of San Jose, into a factory to produce Heron Link - a 5-megawatt mid-voltage power-conversion system for large-scale energy projects and data centers. In February, the company announced that it had raised $140m in a Series B round of funding. Investors Andreessen Hoowitz and Breakthrough Energy Ventures were included. Drew Baglino is the CEO of Heron, and he spent 18 years working at Tesla. He believes that software-controlled chip-based converters can compete against conventional transformers filled with?steel and oil. SHORTAGE of CRITICAL Components Baglino wants to take advantage of the rapid transformation of the U.S. grid as the demand for data centers, heat pumps, and electric vehicles grows. The infrastructure of transmission and generation is not prepared for the electrification. U.S. Energy Department officials pointed out during a meeting in March that much of the U.S. grid is still based on infrastructure and engineering from the 1960s and 1970s. The country is now facing a shortage of critical components that are needed to maintain it. Baglino stated that "there's definitely a challenge in supplying new equipment." He said that it could take up to four-years to receive a standard transformer, as the majority of grid components are imported. The power industry will spend an estimated $1 trillion in the next decade on new power plants, solar power, battery charging stations, and high-voltage transmission cables. Heron plans to "start mass production" of its equipment in late 2027. Baglino refused to name any customers but stated that he had received strong interest from data center developers and electric utilities. Baglino stated that "any grid which is rapidly changing requires this type of electronic." (Reporting and editing by David Holmes; Tim McLaughlin)
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Zelenskiy urges the US to send Patriots after Russia attacks Ukrainian port along the Danube
Authorities said that overnight Russia attacked Ukraine's largest Danube-bound grain port, causing damage and a fire. This was after President Volodymyr Zelenskiy stated that Ukraine needed more U.S. air defence missiles in order to survive the winter. Izmail is a port in southern Odesa near the Romanian border that handles the export of Ukrainian grain, among other commodities. Izmail Regional State Administration said on Telegram that the strikes damaged port infrastructure and knocked out power in southeast of the city. The attack came a day after Ukraine struck Novorossiysk - a major grain shipping hub in Russia's Black Sea region. Romania, which is a member of NATO and EU, has scrambled its two fighter jets. Its defence ministry announced on X that an aerial target had spent around 10 minutes in the national airspace, before departing for Ukraine. Oleksandr P. Pertsovskyi is the CEO of the Ukrainian Railways. He said that a Russian drone also hit a passenger car in Odesa, killing both the driver and the assistant. Zelenskiy, late on Wednesday night, told CNN that Ukraine needed at least 5% the U.S. Patriot interceptor missile stockpile to stop the escalating Russian ballistic missile attack. Kyiv is seeking to buy more PAC-3s - the newest Patriot missile that can shoot down Russian ballistic missiles. After the war against Iran, Patriot missiles were no longer delivered to Ukraine. Zelensky stated in the interview that a 10% portion of the Patriot missiles currently held by the U.S. would be sufficient to stop all Russian ballistic attacks. "Sell us 5 percent, and we'll get through winter. We will save lives. We will destroy the Russian ballistic missiles if they sell us just 10%. "I have 1%", he said to CNN. Ballistic missiles, with their high speed and steep trajectory are harder to intercept than drones or cruise missiles. Yuriy ihnat, a spokesman for the Ukrainian air force, said that in July Russia fired over 450 different missiles, of which more than half were 'ballistic. He also said that the Russian air force will stop announcing figures daily on ballistic missiles downed or suppressed, and instead present them once a month. Reporting by Jekaterina Glubkova and Aleksandar Vasovic in Tokyo; Editing by Jacqueline Wong Clarence Fernandez William Maclean
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Ukraine searches for alternative routes to grain exports as they plunge
Ukraine will ship more grain via the?Danube River and neighbouring countries in?eastern Europe after a Russian?blockade? of key Black Sea ports caused exports to plummet 76% year-onyear so far this August, said the state railway operator on Thursday. Ukrzaliznytsia reported that grain exports have reached 201,700 tons this month. In a recent report, it stated that "the pace of export shipments has been extremely low due to the blockade at seaports." Since the end of December, Russian attacks on Ukrainian Black Sea export terminals, vessels and ports have effectively stopped shipments. Ukrzaliznytsia stated that export cargo is being redirected towards Danube River ports?and rail crosses with Poland, Hungary Slovakia and Romania. Since the beginning of August, the volume of goods shipped to Danube port has increased 11 times compared to July, and volumes sent to countries in eastern Europe have increased by 81% to 126,000 tons. Volumes Remain Low Valeriy?Tkachev (Deputy head of Ukrzaliznytsia’s Commercial Department) told traders in an online meeting that the exports to European countries were still low, but could grow significantly. In 2022 and 2023 the Ukraine was also faced with a similar Russian port blockade in Odesa, but export routes via neighbouring European countries kept grain exports flowing. Tkachev stated that during peak months, up to 650 grain wagons would cross Ukraine's western border each day. This compares with an average 140 wagons a day in August. The majority of wagons were bound for Romania and Poland. READY FOR DANUBE EXPORTS TO INCREASE Tkachev stated that exports through?Danube port could also increase, but are currently limited by low water levels. Tkachev stated that there is a lack of pilots and captains. He added, "If ships arrived more regularly, we would be able handle more cargo." He said that frequent air-raid warnings that stop?operations also affected exports. Tkachev said that there were?15 alerts for air raids Tuesday, which lasted a total of 11 hours. In recent months, Russia has increased drone attacks against Danube port. Overnight, Izmail Port was targeted. Reporting by Pavel Polityuk. Mark Potter (Editing)
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European shares edge up as lower crude offsets the geopolitical uncertainty
European shares edged higher on Thursday, as falling oil prices shifted investor attention to weaker demand. Meanwhile,?U.S. - Iran?peace talks remained stagnant and shipping through the Strait of Hormuz continued to be disrupted. By 0830 GMT, the pan-European STOXX 600 index was up 0.2% to 660.57. The benchmark fell from its record highs of the previous session. The FTSE 100 index fell by 0.3% in Britain despite an unexpected expansion of the UK economy in June. This provides some reassurance about the outlook for domestic growth. Danni Hewson is the head of financial analyses at AJ Bell. She said that June could be "the last sweet spot" for the UK's economy in this year. She warned that uncertainty about the Iran war, energy costs and possible budget measures may weigh on business confidence. The U.S. inflation data released on Tuesday broadly met expectations, which eased concerns about a possible Federal Reserve rate increase in the near future. Still, the mood in Europe was subdued. There were few signs of progress in the talks about the blocked Strait of Hormuz or a U.S. Iran peace agreement. The real issue is how to price in what's happening in the Middle East. David Morrison is a senior analyst at Trade Nation and he said that the market has been pricing in the war's imminent end month after month. Iran and the United States are still at odds over the efforts to reach a permanent agreement to end the Gulf War, according to an Iranian senior source. She said that there has been no progress made in the talks to revive the interim deal reached in June, and to define a timeline for its implementation. The oil prices dropped on Thursday as forecasters reduced their expectations for global demand in this year. They cited the "broader economic fallout" from the Middle East conflict. Energy stocks in Europe fell 0.7% while travel and leisure stocks gained 0.6% due to lower fuel costs. Basic resources, which includes precious metals and industrial metals, fell 2.9%, despite a 1.2% increase in the banking sector. Maersk, among other earnings-driven movements, rose 4.6% as the Danish shipping company?smashed its profit forecasts and increased its full-year earning guidance for the second time this season due to the Middle East conflict. Adyen, the Dutch payments firm, which has clients such as Spotify and Microsoft, was one of the top gainers in the STOXX 600 index, rising 12.2%. Swissquote fell 10.7% and landed at the bottom of benchmark index after it missed its first-half targets due to low cryptocurrency income. Reporting by Tharuniyaa lakshmi in Bengalur and Ragini mathur; editing by Mrigank dhaniwala
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European shares edge up as lower crude offsets the geopolitical uncertainty
European shares edged higher on Thursday, as oil prices dropped, shifting the focus to demand concerns. Meanwhile, U.S. - Iran peace efforts remain stalled, and disruptions in the Strait of Hormuz persist. By 0714 GMT, the pan-European STOXX 600 index was up 0.2% to 660.49. The benchmark STOXX 600 fell from its record highs of the previous session. Britain's FTSE 100 dropped?0.3% despite data showing that the UK economy expanded unexpectedly in June. The U.S. data on inflation came in broadly line with expectations, which eased concerns about renewed price pressures as well as the prospect of more Federal Reserve rate increases. Still, the mood in Europe was subdued. There were few signs of progress in the talks about the blocked Strait of Hormuz, and an agreement between Iran and America. Oil prices fell on Thursday after forecasters lowered their expectations for global demand this year. They cited the larger fallout of the Middle East conflict. The energy sector in Europe has remained largely unchanged. Travel and leisure stocks rose 0.6%, as the outlook for fuel prices improved with lower oil prices. The banking sector led the way with a 0.9% increase. The European earnings season is?entering the final stretch with only a few companies remaining to report. Maersk shares rose 8.3% as the Danish shipping company smashed its?profit expectations and increased?its full year earnings guidance for the?second time in this year, due to the Middle East conflict. (Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Mrigank Dhaniwala)
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Why India's Tata sons faces pressure to list
Tata Sons chairman N. Chandrasekaran, who has been at the helm for?nearly 10 years, is about to retire. This will intensify focus on succession as well as a possible stock market listing. The change at 'Tata Sons', the holding company for 31 group companies, including Tata Consultancy Services and Tata Motors as well as Tata Steel, Tata Steel, and Air India has also raised questions about the power balance between the?board of directors and the charitable trusts who control the conglomerate. Tata Sons has remained unlisted until now. The pressure to list this year has increased from various stakeholders, including the second largest shareholder, Shapoorji Pallonji Group. What is the structure of TATA Group? Tata Sons, the 108-year old salt-to steel conglomerate, is unique in its structure. A group of philanthropic organizations collectively known as Tata Trusts holds 66% of Tata Sons. SP Group, a construction and infrastructure conglomerate with a lot of debt, holds 18.4%. Tata Trusts consists of 13 entities. Seven of these directly own shares in Tata Sons. Tata Trusts is composed of six trustees from each of these entities. Noel Tata is the current Chairman of Tata Trusts, and a Director on the Tata Sons Board. Who wants TATA Sons to be listed? There is pressure from many quarters to list the company. In media interviews, at least two Tata trustees, Venu Srinivasan, and Vijay Singh, have supported the listing of Tata Sons. They said that expansion, particularly into new areas such as semiconductors, would require large amounts capital, which cannot be generated locally. SP Group is seeking a listing to be able to monetise its holdings, which are not freely transferable under the current structure. SP Group, however, is not among the trustees. The main pressure comes from the Reserve Bank of India's rules, which require large non-bank lending institutions with assets above certain thresholds or public funds to be listed. What are the RBI rules and why do they apply to TATA Sons? Tata Sons, as the holding company for a variety of businesses, is classified by the RBI as a core investing company that requires enhanced supervision. According to revised rules released last month, companies with assets greater than 1 trillion rupees (10.45 billion dollars) or those who have direct or indirect access public funds must list. Tata Sons assets alone stood at 1,75 trillion rupees as of March 2025. HAS RBI clarified its position? The RBI has not made a public statement about the new rules, despite the fact that analysts and legal experts claim they make it more difficult for Tata Sons' to remain private. The RBI retained Tata Sons as needing enhanced regulatory oversight last week, but said that it did not affect its pending application to give up its non-banking financing licence. This leaves uncertainty about whether the company will have to list its shares. It is unclear whether the company's efforts to avoid listing will be enough. Who is opposing 'THE Listing? Noel Tata may not have made public comments but, according to reports, he privately opposed the conversion of Tata Sons to a listed company. He and other trustees were reported to have unanimously opposed listing in 2013 and asked Tata Sons' chairman to speak with "the RBI". What will happen at the Shareholders Meeting next week? Tata Sons shareholders are expected to gather on August 18 and the main agenda item is to find a successor to the current chairman before he leaves office in 2019. The controlling trusts announced on Thursday they were forming a committee that would recommend a new chairperson. One?item to consider is how Tata Sons navigates the RBI rules and their implications on a possible listing, and provides an exit for cash starved 'SP Group. Other items include a greater representation of Tata Trusts on the Tata Sons Board, as well as a review the performance of Tata Sons. The market is closely watching the shareholders' meeting, the first one since Chandra announced he would resign and the RBI revealed publicly the company's request to deregister as non-banking financial company.
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Ambrey involved in the salvage of stricken Caroline Bezengi, off Omani Coast
The British maritime security firm Ambrey announced on Thursday that it was involved in the salvage of the Caroline 'Bezengi', a tanker which had been damaged off the coast of Omani. Salvage vessels were en route to assist the operation. The Caroline Bezengi, a tanker carrying approximately 800,000 barrels Russian oil, and subject to international sanctions, ran on the ground?on 30th June near an Omani marine reserve which is home to wildlife such as Arabian Sea Humpback Whales and Socotra Cormorants. Ambrey stated that it was working with Oman stakeholders and had contracted a top international oil spill response firm. Ed Wollaston said, "This is a very challenging situation,?compounded by adverse weather conditions?associated with the Khareef Monsoon". The Khareef is an annual event that occurs in Oman's Dhofar Region. It is triggered by the Indian Ocean Monsoon Winds, which fill the region with mist and cool drizzles. Oman's Environment Agency said on Wednesday a massive oil spill caused by a leaking tanker was beginning to reach the coastline of the country. It 'threatens to become one of the worst oil spills in recent years' after spreading unchecked over weeks. The tanker first reported problems off Yemen on June 8, after what maritime sources described as a blast. No party has claimed responsibility for the alleged attack. It is believed that the tanker navigated two different wars during its journey from Russia and India. Reporting by Jonathan Saul, Writing by Tala RAMADAN; Editing and proofreading by Mark Potter and Emelia SIthole-Matarise
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Maersk Q2 profits surpass forecasts and raise outlook for the second time in this year
Maersk, the Danish shipping company, smashed its profit forecasts on Thursday and increased its earnings guidance for full-year this year for a second consecutive time as the Middle East conflict pushed up freight rates. Maersk’s profit before interest taxes, depreciation, and amortisation for April to June was $3.0 billion. This is up from $2.30bn a year earlier. Maersk is a bellwether of global trade due to its position as the second largest container shipper in the world. In June, it raised its outlook based on strong demand in Asia and predicted a global container market increase of?around 4 percent this year. The company now expects an EBITDA underlying of between $10 billion and $12 billion. This is up from $8 billion to 10 billion previously. It also expects an operating profit underlying between $4.5 billion to $6.5 billion. Shipping giants have seen a rise in profits due to turbulence that has pushed up the freight rates in the global market. This includes the U.S./Iran War, which caused disruptions in traffic through the Strait of Hormuz and the Houthi attacks on the Red Sea. Analysts have warned that the recent strength of the freight market masks greater?risks in the future, and any normalisation of Red Sea trade would significantly lower freight rates. Most shippers abandoned the Asia-Europe trade route through 'the Suez Canal' earlier this decade after Houthi attacks in Yemen's Red Sea forced ships to sail around Africa’s Cape of Good Hope. As a result of the longer trips around Africa, shipping rates increased, and freight became more expensive. However, Maersk, Hapag-Lloyd, have announced in recent months that they will resume some services via the Suez Canal, as part a gradual return.
Air India now tests all pilots for drugs after a captain's positive test for marijuana
According to an internal memo, Air 'India will start mandatory substance testing for all pilots starting Thursday. The tests will go beyond the'regulatory requirements'.
The tests are to screen for substances or medications that are prohibited by aviation regulations. They will be conducted in conjunction with training sessions at Gurugram Academy, at offices and briefing centres, and after flights at designated locations.
The test will also be conducted on the pilots of Air India Express, a budget airline.
Air India didn't immediately respond to an email seeking comment. Airline rules currently require that at least 10% their flight crew be tested for psychoactive drugs each year.
Air India stated in a memo that "we feel it is now important to go even further." The initiative was meant to maintain?safety and reassurance for passengers and other stakeholders.
Authorities are investigating an incident that occurred on August 4, involving an Air?India Airbus A320neo, which was flying from Phuket to?Delhi and suddenly lost 300 feet (91 meters) of altitude while?cruising. A source familiar with this matter said that the captain of the flight tested positive for marijuana during a confirmatory drug testing. Reporting by Abhijith Ganahapavaram. (Editing by Emelia S. Sithole-Matarise, Mark Potter.
(source: Reuters)