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Japanese shippers await details on Hormuz reopening, mine clearance
Japanese shippers welcomed the U.S. - Iran peace 'agreement' on Monday, which will reopen Strait of Hormuz. However, they are waiting for more details of the agreement?and the clearance of mines before allowing their ships to pass the chokepoint. The association claims that 38 vessels with Japanese connections are still stranded on the Strait of Hormuz. The U.S. and Israeli war against Iran, which began on 28 February, has largely halted shipping through the strait. This is the transit route of?roughly a five percent of the world’s oil and liquefied gas supply?alongside vital products such as aluminum and urea. The global oil price fell by?4% after U.S. president Donald Trump and Iran’s deputy foreign minister announced that they had reached an initial agreement to end the conflict and resume traffic through the Strait of Hormuz. A spokesperson from the Japanese Shipowners' Association stated on Monday that the group was happy with the peace accord, but wanted to "wait for more concrete details", which they expected to receive by June 19, the date the U.S. and Iran?pact will be signed in Switzerland. The spokesperson stated that there had been reports of mines being laid in the area. She added: "Given this situation, we can't just say, 'Right now, let's go,' based solely on the news about the agreement." Nippon Yusen is the largest shipper in Japan. It said that it hoped to return operations to normal as soon as possible. However, a spokesperson stated it was still too early to comment about the schedules of Japan-linked vessels stuck?in Gulf. He refused to say how many ships of the company remain in the Gulf.
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IFM Global offers a 'best and last' bid of $5.2 billion for Australia's Atlas Arteria
IFM Global Infrastructure Fund increased its bid to takeover 'Australia's Atlas Arteria a week ago, to A$7.40bn ($5.24bn). It called the revised offer its 'best and final proposal. IFM raised its offer for Atlas Arteria to A$5.10 from A$4.75. Atlas had rejected the previous bid a month earlier, calling it opportunistic. Atlas's bid price was announced at the end of April. The new offer represents a 17.8% increase. Atlas shares were up 0.4% to A$2.82 at 0015 GMT while the benchmark index rose 1.3%. The toll operator stated that a'report by an independent expert' also concluded the offer wasn't fair or reasonable. IFM's'statement' on Monday said that Atlas' independent directors' claims, 'that more value can be created by asset sales' are 'dishonest'.
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Manufacturers and unions warn that the UK is losing jobs to other countries due to high energy prices
A manufacturing group and a trade union warned that Britain risks losing?major industries due to high energy costs. They urged the government to do more to reduce?companies bills. In an industrial strategy announced a year earlier, Britain committed to reducing electricity costs in energy-intensive industries, by exempting these from certain green levies. Since then, the scheme has been expanded and retroactively applied. Industry group Make UK said a survey showed that more than half of its members had not seen any benefit from this strategy. A quarter of them had either moved their production overseas or were considering it. Stephen Phipson of?Make UK said that Britain faces deindustrialisation if manufacturers don't get relief from high prices. He called for the scheme to be extended?to all industries and?rolled-out more quickly. We cannot afford to delay our actions by political turmoil or further consultations. The Government must act immediately to save thousands of jobs in Britain. Keir starmer is facing discontent from his Labour legislators?after several U-turns. Some people are supporting Greater Manchester Mayor Andy Burnham in the event that he faces a leadership challenge, if he returns this week to parliament after a special elections. Starmer is under pressure from competing demands - such as those relating to defence and welfare - due to the 'Iran War. Phipson stated that extending the scheme to all companies would cost PS3 billion (about $4 billion) per year and eliminate 2.5 million jobs. The Trades Union Congress, a trade union federation, backed the call for greater relief. General Secretary Paul Nowak said the scheme should expand to "protect jobs and maintain factories and plants operating."
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Bousso: Iran's fragile deal with oil offers relief, but there are still risks associated with the Hormuz pipeline.
Energy exporters and buyers will breathe a collective breath of relief when the U.S. and Iran deal ends months of fighting by reopening Strait of Hormuz. The fragile calm could not prevent future outbreaks and it is unclear how soon or fully tanker traffic in the crucial waterway will return to normal. Iran and the U.S. announced an agreement late Sunday night to lift the blockade on the Strait of Hormuz. This is where a fifth of the world's oil and LNG flowed through before the February 28th war. Both sides are expected to sign the agreement on Friday. This is a 'good thing' for energy markets that are in a crunch, but it leaves open the major issues, such as the future of Tehran’s nuclear program, which sparked the U.S.-Israeli bombing campaign. This ambiguity leaves room for confusion, disagreements and renewed confrontation. In fact, tensions are already rising again. Iran's refusal to link any deal with Israel's campaign in Lebanon against Hezbollah has threatened to derail talks. The Iranian-backed militia have exchanged fire repeatedly with Israel including at the weekend. The status of Hormuz is not clear. The deal gives Tehran a powerful tool, even though both the U.S.A. and Iran are committed to lifting the blockade. Iran's willingness to and ability of blocking the Strait for months broke a decades old taboo. It now has the potential to do it again, or even threaten it in the future whenever it wants leverage over its Gulf neighbors or adversaries. This shift could have long-lasting consequences. Even after the flow of energy returns, it is likely that shippers and buyers will be more cautious. Already, some significant adaptations have taken place. Saudi Arabia has increased its exports from Yanbu, a Red Sea port, by three times since March. This is roughly 60% more than before the war. United Arab Emirates have also increased exports out of Fujairah outside the Strait. Even after the reopening of Hormuz, it is unlikely that Riyadh or Abu Dhabi will reverse their shifts in a complete manner. The shipping behaviour may also change. Charterers and tanker owners will likely reduce their time in the Gulf to avoid being stuck if tensions erupt again. This caution will be reinforced by high insurance costs and concerns about security. These factors indicate that transit through the Hormuz may not reach its peak pre-war of 20 million bpd anytime soon. In the months and years to come, a flow of 16 million bpd or more is more likely. This residual risk will help to support prices. Brent crude prices have fallen below $85 a barrel, from their March peak of $118. However, the higher geopolitical risks and complex logistics will likely prevent a complete unwind to pre-war $60 levels. The Flood of Relief Reopening the Hormuz will lead to a multi-phased adjustment of global energy flows. First, the Gulf will be the source of this wave. The first wave of tankers will be those stranded in the Gulf during the blockade. They will start to leave almost immediately, supplying energy-starved countries and markets. Kpler estimates that around 60 million barrels worth of crude oil and refined products remain in floating storage inside the Gulf because they are unable to leave through Hormuz. Then, an influx will follow of vessels headed toward the Gulf in order to reduce Middle Eastern onshore inventory and restore export programs. Normalisation of logistics will take some time. Supply chains may take up to 60-90 days to fully rebalance due to the long distances travelled, congestion in ports and scheduling bottlenecks. It takes about three weeks to travel from the Middle East to Asia. This means that the resumption in shipments won't bring immediate relief to the most vulnerable markets. The impact of the conflict on global oil supplies will still be significant, even if it is not immediate. The regional producers can bring back 11 million bpd in oil production that was shut down during the conflict. They will also be able reactivate refining capacity and LNG export capability. Some volumes may return in a few weeks, but the complete recovery could take longer. It is difficult to restart fields, refineries, and export terminals following prolonged outages. Infrastructure damage caused by the war may take months, or even years, to repair. A RESILIENT BUT?STRETCHED MARK Reopening the plant also comes at an?important time for supply-demand equilibrium. The summer in the Northern Hemisphere is usually the time when global fuel consumption peaks, due to increased travel and air conditioning. The return of Middle East oil will, therefore, initially only slow down the rapid decline in global inventories. According to the U.S. Energy Information Administration, oil stocks dropped at an average of?5.3m bpd from March to May. Remember that the market has been surprisingly resilient during this conflict. The combination of commercial and strategic stock releases, increased U.S. imports, weaker Chinese demands, and partial easing sanctions on Russian crude and Iranian oil helped to cushion the shock. These measures did not eliminate the economic damage but they kept it manageable, effectively buying time for global economies. This time was quickly running out, as inventories were dangerously low. The U.S. and Iran agreement is not a moment too early. The agreement, by obscuring the underlying issues at the core of the U.S. - Iran conflict, does not reduce the risk of a new confrontation. The message for oil markets is clear: although the acute risks from the supply shock are over, the structural vulnerabilities revealed during the war will remain. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn 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 seven days a weeks.
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State highway patrol reports 12 deaths in Missouri plane crash
Law enforcement officials reported that 12 people died in the crash of a private plane on Sunday in Butler, Missouri. Missouri State Highway Patrol reported that the crash happened near Butler Memorial Airport about 60 miles south of Kansas City. The?agency posted on X that "at this time, reports indicate that all occupants (12 in total) have died." A spokesperson for Bates County Emergency Management confirmed to local TV station Fox4 that the victims included 11 skydivers and one pilot. Bates County Sheriff Chad Anderson told reporters that the plane had taken off from Butler Memorial Airport and crashed shortly after. Anderson stated that the plane was not a commercial airliner. It was a local aircraft that took off from a local airport. Anderson said at a press conference that "this appears to be an accidental." He said that family members of the victims were present when the crash occurred. Anderson?said that officials from the?U.S. Federal Aviation Administration were at the'scene of a crash, and National Transportation Safety Board Investigators are on their?way. Anderson said that multiple local fire departments as well as?coroners offices responded to an emergency call shortly before 11:15 a.m. (1630 GMT) As of Sunday afternoon, authorities were still 'working to identify the victims and notify their families. (Reporting and writing by Gnaneshwarrajan; editing by Sergio Non, Edmund Klamann and Christian Martinez)
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Iraq has asked Turkey for an extension of the Kirkuk-Ceyhan pipeline agreement by at least one year
Ali Nizar, head of Iraqi state oil marketer SOMO said on its official website that Iraq has asked Turkey to extend the current Kirkuk-Ceyhan pipeline agreement for a minimum of a year in order to give more time to negotiate. Since the beginning of June, Iraq has exported 12,000,000?barrels? of crude oil through its southern ports. Ali Nizar, the SOMO's chief Ali Nizar, said that the Iraqi Government had requested Ankara for more time to?talks about a replacement contract covering the main export route. The long-standing Turkey-Iraq Crude?Pipeline??Agreement that governs the exports via the Kirkuk-Ceyhan Pipeline is due to expire?on?July 27, 2019. Baghdad is still in talks with Ankara about a new draft of the agreement. Reporting by Muayad Suadi, Ahmed Rasheed and Ahmed Tolba; writing by Ahmed Tolba from Cairo; editing by Barbara Lewis
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Minister: Saudi Arabia and Turkey want to build a railway link with Jordanian and Syrian.
Abdulkadir Uraloglu, Turkish Transport Minister, said that Turkey and Saudi Arabia are planning to build a railroad to connect?the two nations with Jordan and Syria within the next three to four years. He added that other Gulf countries will also be joining the project. Uraloglu told Al Jazeera that the railway will help ease future problems caused by the disruption of Strait of Hormuz due to the war in Iran. A memorandum signed last week between Ankara, Saudi Arabia and Riyadh on logistics and railways describes the project. Uraloglu stated that in the first phase, the rail link would allow the transportation of goods, natural gas, oil and people between Saudi Arabia and Turkey, Syria, Jordan and Europe. He added that later, the United Arab Emirates (UAE), Kuwait, Qatar and Oman would also be included. "A train departing from Saudi Arabia from Riyadh has already reached?several areas of Saudi Arabia. This is a plan to get it from Jordan and Syria to Turkey. Uraloglu said that the route would carry all types of cargo to Europe. He said that the route from Saudi Arabia up to Jordan's borders had been completed. On the Turkish side the link from Islahiye in the southeast of Turkey to Kilis, and Gaziantep near the border with Syria, has also been completed. He said that this?leaves an gap of about 400 km (248.55miles) between Syria?and?Jordan. Uraloglu stated that in addition to the commercial trade, the railway could be used for the annual Muslim Hajj pilgrimage. After the fall of Bashar al-Assad in 2024, the Turkey, which borders Syria, built strong ties with the government?in Damascus and said that it would help rebuild the country. Uraloglu said to?Al Jazeera that a financial plan for the rail project would be?drawn up. The investment will include $100 million for the reconstruction of the route between Turkey's Aleppo and Syria, creating a link directly to Damascus. (Reporting and editing by Barbara Lewis; Tuvan Gumrukcu)
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UK anti-Islam Robinson detained briefly under terrorism laws
Tommy Robinson, a British anti-Islamist activist, said that he was detained and his phone confiscated at Heathrow Airport on Saturday. This came after he had posted a lot?online for a week about 'racist and antiimmigrant riots? in Northern Ireland. Robinson, whose actual name is Stephen Yaxley-Lennon said on X that he was detained on Saturday night for about three hours, under the Counter-Terrorism and?Border Security Act. He said, "My phone was seized by?police", on X. Please help me start my legal defense fund. Robinson tweeted about the violence in Belfast that spread after a viral video showed a brutal stabbing attack on a man who lost an eye. A Sudanese has been charged with the attempted murder of a man. The police have stated that they do not consider the attack to be terrorism. In the days following, rioters attacked 'homes and businesses of ethnic minorities or foreigners in what the British Minister?for the Province called racist thuggery. Local politicians have said that far-right online agitators helped coordinate or promote violence. A?police spokesperson said that officers stopped a man in his 40s on Saturday at Heathrow Airport, after he returned?to Britain from Russia via Turkey. The man's communication devices were confiscated and he was interviewed by police officers. The spokesman confirmed that he was released. (Reporting and editing by Barbara Lewis; Kate Holton)
China's fishing vessel raises concern off Argentina
A radio on an Argentine Coast Guard ship picked up a garbled Mandarin message from boats nearby.
The vessels were part of a fleet of 200 Chinese fishing boats that spend several months each year in the waters off South America, primarily to catch squid for 'the world's biggest squid markets'.
Over the past decade, the size of the flotilla increased by almost 50%. Buenos Aires increased its surveillance in that period to ensure the flotilla didn't fish within the exclusive economic zones where Argentina controls all maritime resources.
Interviews with four Argentinean and four U.S. officials revealed that Washington also had concerns about overfishing outside of the country's borders, and suspicions about intelligence gathering. Washington began highlighting global overfishing of Chinese-flagged ships in the late 2010s when the first Donald Trump Administration started to stress U.S. rivalry with Beijing. Trump, who extended a $20 billion financial lifeline to the government of Argentinean leader Javier Milei last year, has declared U.S. 'dominance' over the Western Hemisphere as a major objective of his administration.
Washington is at odds with China because it has invested heavily in Latin America over the past 20 years, including Argentina. Beijing has built port facilities in Brazil and Peru, developed Venezuela's petroleum sector and established a military-run station for space observation in Argentina.
In response to questions, the Chinese Foreign Ministry stated that suspicions about intelligence gathering surrounding the fishing fleet are "pure speculations without any factual foundation."
The ministry stated that "China is an responsible fishing nation. It strictly enforces the regulations of its distant water fishing activities, and engages in mutually beneficial fishing cooperation with the relevant countries according to international law."
The U.S. helped Argentina improve its patrols to protect its waters against illegal fishing. This included approving the purchase of P-3C Orion maritime reconnaissance aircraft, which are U.S. origin.
Marcelo Rozas, vice-minister of defense for 2025, has said that Argentina had suspicions about some Chinese fishing vessels being equipped with antennas which are incompatible with fishing activities.
He said that they may have been looking to intercept communications or information, but did not provide any details on the antennas.
Buenos Aires, Washington, and Argentina have discussed Chinese vessels observed by Argentina moving in a way that indicates they may be mapping the continental plate for undersea resource, said Juan Battaleme.
Only Argentina is allowed to explore and exploit the resources in its shelf under international law.
Washington was worried that China's fleet is being used to establish a regional presence, and to?test Argentina’s ability to control their waters in the South Atlantic which provides access to Antarctica, and other important water passages.
People interviewed for this article did not offer any evidence to support their suspicions. The review of maritime movement from January 2025 until March 2026, using a ship tracking platform developed by New Zealand's Starboard Maritime intelligence?found no evidence that Chinese-flagged ships were engaged in mass seabed map activity around Argentina at that time. Data from the firm did not exclude such an activity on a smaller-scale.
Battaleme, without revealing any details, said that Argentine officials notified Beijing whenever incidents of possible seabed map mapping were spotted.
He said that the Chinese officials responded with "ambiguous excuses"?about why a boat's trajectory had been changed.
China's Foreign Ministry ?did not address a question on its interactions with Argentine officials in its statement.Argentina's defense ministry and coast guard did not respond to requests for comment.
A spokesperson from the U.S. Department of Defense declined to comment on specifics of the private diplomatic or intelligence discussions with Buenos Aires. However, Washington viewed Argentina as a "key leader in regional safety."
A Pentagon spokesperson stated that the Pentagon was concerned about activities which "challenge sovereign nations' ability to manage their waters" and "aware of the global concerns regarding dual-use nature certain distant-water fisheries fleets".
MASSIVE FLEET
The size of China's massively subsidized far-water fishing fleet is the root cause of global overfishing concerns. It is the largest fleet in the world.
According to the London-based ODI Global, China's naval fleet is composed of over 16,000 boats. However, in 2023 the Chinese government stated that this number was only 2,500.
Oceana, a U.S. nonprofit organization, said that last year about half of visible global fishing activities can be attributed Beijing.
Chinese fleets have expanded around the world, largely because Beijing has overfished its own coasts and depleted stock levels.
Collin Koh is a security expert at Singapore's S. Rajaratnam School of International Studies. He said that such fleets in the South China Sea include militia units, whose members are fishermen by day but who can be called upon to assist Beijing with security tasks.
Gregory Poling, an expert in maritime security at the Center for Strategic and International Studies (CSIS), said that he saw no evidence of systematic militia activities by the Chinese off the coast of Latin America. He said that China had not acknowledged publicly the presence of commercial vessels in its maritime miltia.
U.S. officials who are studying the Chinese presence in Argentina "wonder... whether these boats played any role in gathering intel for the Chinese," according to Jana Nelson, the top Pentagon official in the Biden Administration for this region.
She stated that she didn't know if the conclusion was reached.
The fleet is located near strategic waters. U.S. aircraft carrier ships pass through the Strait of Magellan which connects the Atlantic Ocean and Pacific Oceans, and offers an alternative to the Panama Canal.
Despite Milei’s friendship with Trump, and his previous remarks that Argentine waters are "invaded" by illegal fisherman, his government has avoided mentioning China directly when discussing the foreign vessel. Other countries operate fishing boats as well. While most are Chinese-flagged, there are also other nations that operate in this area.
Battaleme stated that unlike Washington, Argentina does not have a rivalry strategic with China. Beijing, Argentina's largest trading partner since March, buys important agricultural exports such as soybeans and cattle. Beijing has become a major player in the investment world, investing money in sectors ranging from renewable energy to infrastructure and lithium.
Battaleme said that it was in Argentina's best interest to find out if China gathers intelligence by using its fleet.
He said that in this sense, North American interests and ours coincide.
'SURPRISE FACTOR'
The majority of the squid-fishing near Argentina occurs at night when boats use beams to attract Illex Squid migrating into the high seas. Trawlers drag nets during the day to capture other fish.
Argentina raised its concerns about overfishing in discussions with Beijing and other countries, hoping to achieve an agreement that would protect the stock.
"They are fishing viciously in the region," said Marcela, a specialist on squid at Argentina's National Institute for Fisheries Research and Development.
I was aboard the Argentine Coast Guard ship Azopardo when it sailed outside the EEZ of the country, towards the bright lights from the fleet's squid boat.
On the radar screen, a red line marked where the EEZ began. Outside were hundreds of green triangles that represented foreign boats.
Bruno Cian, auxiliary coast guard officer, said: "The idea is that there should be a surprise element." To see who is infringing." Even as recently as 2016, Argentina sank an illegally fishing Chinese trawler.
The days of coast guards chasing boats on the high seas, firing warning shots to try and capture them for fishing illegally are over.
The data from the Coast Guard shows that there were only four suspected incidents of illegal fishing by foreign vessels in the EEZ during 2021-2025.
Battaleme stated that "we are certain that the Chinese now know that we can monitor them." Reporting by Leila Mille in Buenos Aires, and Farah Masters in Hong Kong. Additional reporting by Pete McKenzie. Editing by Katerina Ang.
(source: Reuters)