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German Minister says that institutions must be independent when asked about Trump's firing
Lars Klingbeil, German Finance Minister, said that state institutions should be independent of politics and free of politics. He was responding to a question about Donald Trump's decision to fire the Bureau of Labor Statistics head. Klingbeil stated that he believes this approach is wrong. He said it's important for independent institutions to stay independent, and for politics to not interfere. Trump dismissed Erika McEntarfer, the head of the Bureau of Labor Statistics (BLS), after a shockingly weak scorecard on the U.S. employment market. He accused her of manipulating figures without any evidence. Klingbeil, ahead of a meeting he will have with Treasury Secretary Scott Bessent on Thursday, said that democracies take the right course when they maintain the independence and power of their institutions. Klingbeil stated, "I cannot tell you my style of politics, but I do not attack independent, neutral and proven institutions as it appears to be happening here." Klingbeil said that there were many things to clarify regarding the EU's trade agreement with the United States. He also added that the bloc was too weak in the negotiations. (Reporting and editing by Matthias Williams, Helen Popper and Maria Martinez)
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Sources claim that drone attacks on Russia's Ryazan oil refining plant have reduced its capacity by half.
Three industry sources reported that the Rosneft oil refinery in Ryazan, which is operated by Rosneft, has stopped around half of its refining capacities since August 2, following an attack on a Ukrainian drone last week. Sources claim that two oil refinery units have been shut down following the drone strikes. CDU-3, with an output of 8,600 tons per day and CDU-4, with an output of 11,400 tons. Rosneft didn't respond to our request for comment immediately. The Ryazan refinery currently operates with the primary oil-refining unit CDU-6 which has a capacity of 23,200 tonnes per day, or around 48 percent of the total capacity. According to industry sources, last year the refinery processed 13,1 million tons crude oil and produced 2.3 millions tons motor gasoline, 3.4million tons diesel, 4.2million tons fuel oil, as well as 1.0million tons jet. Rosnefts Novokuibyshevsk refining plant was also damaged by drones and is currently halted.
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New pilot program could see the US require bonds of up to $15,000 for certain tourist visas
A U.S. notice on Monday said that the U.S. may require bonds of up to $15,000 for certain tourist and business visas as part of a pilot program starting in two weeks. The new program is intended to crackdown on visa overstayers. According to a Federal Register announcement, the program allows U.S. consular officials to decide whether to charge bonds to visitors from countries that have high rates of visa-overstays. The notice stated that the bonds could also be applied to those coming from countries with insufficient screening and vetting data. Donald Trump, the U.S. president, has made illegal immigration the central focus of his administration. He has increased resources to secure the border as well as arresting those who are in the U.S. without authorization. In June, the Republican president issued a ban on travel that prevents citizens of 12 countries from entering the U.S. for national security reasons. The government's notice stated that the new visa program will be in effect from August 20 and last approximately one year. The U.S. launched a pilot program similar to this in November 2020, during the last few months of Trump’s first term, but the program was not fully implemented because the global travel drop associated with the COVID-19 epidemic, according to the notice. (Reporting and editing by Franklin Paul, Toby Chopra, Ted Hesson)
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Sources say that the Russian oil refinery in Novokuibyshevsk halted its operations following drone attacks.
Two industry sources confirmed that the primary oil processing has been stopped at Russia's Novokuibyshevsk oil refinery since August 2, following an attack by a Ukrainian drone last week. This was the first drone attack on a major Russian refinery since March 2025. The announcement came after U.S. president Donald Trump set a 10- to 12-day deadline for Moscow and Kiev to reach a ceasefire or face consequences. This underscored his frustration with the ongoing 3-1/2-year conflict. Steve Witkoff, the U.S. Special Envoy to Israel, is expected to visit Russia in this week's time after his current trip to Israel. Novokuibyshevsk has a refining capacity that is 8,3 million metric tonnes of oil per annum (or about 160,000 barrels of oil per day). Rosneft didn't respond to our request for a comment immediately. Sources claim that the attack on the Novokuibyshevsk Refinery damaged the CDU-11, which is the primary oil refinery unit. The refinery is divided into two main units. CDU-11 has a daily capacity of 18,900 tons and CDU-9 has a daily capacity of 4,700 tonnes. The refinery planned on stopping CDU-9 from August until early September for major maintenance. Sources claim that the Novokuibyshevsk refinery processed about 18,000 tonnes of crude oil per a day. According to industry sources, last year the refinery processed 5,74 million tons crude oil and produced 1,10 million tonnes of motor gasoline, 1,64 million tonnes of diesel fuel, as well as 1.27 millions tons of fuel oil. Reporting by In Moscow; Editing Bernadettebaum
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Google has agreed to reduce the power used by AI data centers in order to relieve strain on the US grid during times of high demand
Google announced on Monday that it had signed agreements with two U.S. utilities to reduce the power consumed by its AI data centers during periods of high demand on the grid. AI is a power-intensive technology, and power supply cannot keep up. The country's utilities have been inundated by requests for electricity to power Big Tech's AI-based data centers. In some areas, the demand has exceeded total available supply. This power crunch has raised concerns over soaring bills and blackouts for homes and businesses. The technology industry has also been hampered in its expansion of AI. This requires huge amounts of energy - and fast. Google's agreement with Indiana Michigan Power, Tennessee Power Authority and other electric utilities would require the tech giant to reduce power consumption at its data centers in order to make room on the grid. These are the first formal agreements Google has made in its demand-response program with utilities, to temporarily reduce its machine learning workloads. Machine learning is a subset artificial intelligence. Google stated in a recent blog that the technology allows data centers and other large loads to be connected more quickly. It also reduces the need for new power and transmission plants and helps grid operators manage power grids more efficiently and effectively. Other energy-intensive industries, such as heavy manufacturing and cryptocurrency mining, have used demand-response programmes. Businesses receive either a payment or a reduction in their power bill. Details of the commercial agreements between Google and the utilities are not known. Demand-response arrangements are currently only applicable to a small part of the demand on the grid. However, as the supply of electricity in the United States tightens, these agreements may become more common. (Reporting and editing by Bernadette baum)
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Joby, an electric air taxi company, acquires Blade Air's passenger service
Joby Aviation announced Monday that it will purchase Blade Air Mobility's helicopter ride-share business, which includes passenger services, for up to $125 Million. Joby is working to accelerate the deployment of commercial air taxis. Blade's medical transplant division will not be part of the deal. It will remain a public company rebranded Strata Critical Medical. However, Joby will partner with Blade on medical transport. Joby is working hard to get its electric vertical takeoff-and-landing aircraft, or eVTOLs, certified by the Federal Aviation Administration. Joby CEO JoeBen Bevirt stated that the company was on track to start FAA Type Inspection Flight Testing early next year. This is a crucial step before it could begin commercial service. Bevirt said the Blade deal provides Joby with existing customers, takeoffs and landings locations, and a decade's worth of operating experience. This is "a launchpad, a catalyst for really growing the experience" Blade has built. Bevirt stated that "clean, quiet aircraft will unlock a large number of new takeoffs and landings locations." Blade carried more than 50,000 passengers from 12 urban terminals in 2024, including JFK Airport New York, Newark Liberty Airport and various Manhattan locations. Blade's passenger operations, led by Blade CEO Rob Wiesenthal, will continue as a fully-owned subsidiary of Joby. "We fly people by helicopter, vertical transportation, than any other company around the globe. "With the combination of infrastructure, flyers, routes, and a globally-recognized brand, it's really to the customer...more of an asset exchange," Wiesenthal stated in an interview. Wiesenthal said that there will be a phase of transition where the combined company operates helicopters and Joby planes. It will eventually transition to only operating Joby electric air cabs. The deal includes the entire passenger business of Blade, including its U.S. operations and European operations. Joby agreed to pay Blade $125 million under the agreement. This includes $35 million linked to certain performance benchmarks and the retention of key employees. Reporting by David Shepardson, Editing by David Goodman, Mark Potter
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Venezuelan oil exports dropped in July, as partners awaited US approvals
According to data from vessel tracking and company documents, Venezuelan oil exports fell by about 10% in July compared to the previous month. This was because key partners of the state-owned PDVSA were waiting for U.S. approvals to expand their operations in the nation. Washington granted a limited license to Chevron in late July, allowing it to export crude oil to the U.S. and operate in Venezuela under sanctions. The license does not permit any payments to Venezuelan President Nicolas Maduro’s administration. Several other PDVSA partners still await similar authorizations. Mike Wirth, Chevron's CEO, said Friday that the company is expecting to resume the exports of Venezuelan crude oil to the U.S. in this month. The new license will allow for a "limited" amount. He didn't elaborate on the terms, as the authorization was privately issued to the company. Venezuela exported 727,000 barrels of crude and refined product per day on average last month. This is lower than the 807,000 barrels per days (bpd), which was recorded in June. In July, Venezuela also exported 227,000 metric tons of oil byproducts (petrochemicals) and petrochemicals. This is in line with what it did in June. The data and documents revealed that the total oil exports to China, including direct and indirect shipments, accounted for 95% of all exports. Cuba, Venezuela's political partner, received 31,000 bpd in crude, gasoline, and jet fuel. Chevron has suspended its exports of Venezuelan crude oil since April when PDVSA canceled the cargoes that it had planned for its joint venture partner due to payment issues related to U.S. sanction against the OPEC nation. In March, the administration of President Donald Trump revoked PDVSA's prior U.S. licensing and authorizations for other PDVSA Partners. Venezuela's crude oil exports dropped slightly as a result, with more cargoes going to China. One document showed that in the last week of June, Venezuela's major oil terminal, the Jose Port, was almost empty, which led to a rise in heavy crude and dilutient stocks. Chevron and the cash-strapped PDVSA have been in negotiations since Washington approved the new license following a prisoner exchange with Caracas, as well as criticism from the U.S. Congress about more Venezuelan barrels being sent to China. Sources close to the negotiations said that part of the agreement would include payment of mandatory taxes and royalties to Venezuela, either in kind or as a percentage of oil produced jointly.
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Eurostar service severely affected by French track closure
Eurostar warned its passengers that they should expect major disruptions and cancellations on all routes between and to Paris after a section operated by France's SNCF railway network was temporarily shut down. The operator of high-speed trains urged passengers to delay their trips if they could. Eurostar's spokesperson stated that passengers could exchange their tickets for free or get a refund. The disruption in France did not affect the London-Amsterdam route, London-Brussels, and Brussels-Amsterdam. SNCF reported that the disruption was due to a power failure near Moussy (about 50 km north of Paris) which began at 8:30 a.m. It is expected to continue until late evening, as "major repair" work will be required. The disruption is occurring at the peak of summer travel in one of Europe's most popular international rail corridors. Charlotte Van Campenhout reported, Kirovan Donovan edited.
Consultancies predict a rise in Brazil's soya output
On Monday, agribusiness consultants released their first predictions for Brazil's soybean production in 2025/2026. They expect an increase due to geopolitical uncertainty.
Brazil and the United States are the top two soybean producers in the world.
Celeres Consultoria forecasts soybean exports at 110 million tonnes, an increase of 106 million from last season.
Celeres stated that factors such as the expected rise in Brazil's surplus, and uncertainty regarding U.S. Foreign Policy are driving growth in oilseeds exports for 2025/26.
Last week, the U.S. government imposed a tariff of 50% on certain Brazilian goods that will take effect on 6 August. However, some sectors were exempted from this duty. This sparked expectations of further negotiations.
StoneX analyst Ana Luiza Lodi stated that "Geopolitical issues and tariffs could benefit Brazilian soybeans," especially because of the possibility of friction between China and the U.S.
StoneX predicts that Brazil's soybean crop will increase by 5.6% in 2025/26, with a production forecast of 178.2 millions tons based on increased planted area and yields.
The consultancy predicts that the soybean area will increase by 2% by 2025/26, with an increase in productivity being driven by the recovery of the crop, in Rio Grande do Sul, the state which was severely affected by extreme flooding last year.
StoneX has also increased its forecast of Brazil's second corn crop for 2024/25 to 111.7 millions tons, an increase of 3.2% over the previous estimate.
AgRural, an agribusiness consulting firm, released data on Monday showing that 81% of the second corn crop for 2025 had been harvested by farmers in Brazil's central-south region as of last week. Reporting by Isabel Teles & Roberto Samora. Mark Potter edited the article.
(source: Reuters)