Latest News
-
Richard White, co-founder of Australia's WiseTech, steps down from his position as executive chairman
Australia's WiseTech Global?admitted on Tuesday that Richard White, co-founder, would step down from his executive position, effective immediately. Raelene Murphy was appointed independent chair. Murphy, who was appointed to the board of directors at the beginning of '09, became the lead independent director before taking on her new position in May. As of 0028 GMT, shares of WiseTech had risen by as much as 8.2%. They were trading at A$38.28. White stated that recent media attention to WiseTech is a distraction from its strength. "Further I am aware that personal attacks against me in the media, which are not connected to the performance of our Company but have the potential to encourage short-selling activity." Since allegations about White’s personal life were first made public in late 2024, shares in the company have been under pressure. Late in June, reports said that the Australian Federal Police was investigating White for alleged allegations that he had exploited an?immigrant's status? for sex as well as provided false information on a visa application.
-
Data shows that Japan-owned supertankers are heading to the Strait of Hormuz, carrying Saudi Arabian crude oil.
Shipping data from LSEG & Kpler revealed that two more Japanese-owned supertankers, carrying 'Saudi Arabian crude, were headed to the Strait of Hormuz on Tuesday to 'exit the gulf, joining a fleet previously stranded ships who left a day before. LSEG data revealed that one of the tankers was owned and managed by Nippon Yusen KK, and the other by Kawasaki Kisen Kaisha. Kpler data revealed that each of the tankers?loaded two million barrels Saudi crude on 1 March. The 'companies' did not immediately respond to requests for comment. This latest move would increase the volume of crude on board vessels linked to Japan that leave the Strait of Hormuz this week from 16 million barrels, thus reducing the amount of stranded oil in the Gulf. Six very large crude carriers, loaded with 12,000,000 barrels of Middle Eastern crude, two chemical tanks, a vehicle transporter, and a container ship, all linked to Japan, left the Strait on 'Monday. The tankers were carrying crudes that came from 'Saudi Arabia, United Arab Emirates and Qatar. They were loaded between late February and early March. Mitsui O.S.K., a Japanese shipping company, manages the majority of these vessels. Lines (MOL). Lines (MOL).
-
PJM claims that emergency electricity conservation during the US heatwave kept power demand below record levels
PJM, the operator of America's largest power grid, said on Monday that the emergency conservation measures taken last week 'likely prevented electricity demand from exceeding a record set in 2006 as scorching temperatures gripped the eastern U.S. PJM is unable to meet the soaring demand caused primarily by energy-hungry new data centers. The soaring demand for electricity is primarily due to the expansion of energy-hungry data centers. This has led to fears about reliability during extreme weather conditions and increased prices in capacity markets that are designed ensure there's enough power available during peak demand times. According to preliminary data, PJM's peak instantlyaneous load on July 2 was 162,700 megawatts between 5 p.m. - 6 p.m. The total was still not far from the 2006 record of 165.600 MW. If PJM had not taken ?emergency electricity-reduction actions, like activating a so-called "demand response" program that pays participating users ?to lower their usage, the ?peak load would have been even higher, and would likely have surpassed the all-time PJM record, the operator said. PJM serves approximately 67 million Americans. Mid Atlantic and Midwest had warned of a possible demand that could surpass or challenge its all-time record for summer peak power, 165.6 gigawatts set in 2006. Weather forecasters called it a "heat-dome", but a hot and dry high pressure wave pushed temperatures dangerously high across eastern?U.S. Over the Independence Day Weekend. The heatwave caused homes and businesses to increase their air conditioning, increasing electricity consumption. The preliminary data shows that demand was 154,976MW between the hours of 5 pm and 6 pm on July 3, 145.098MW between 4pm and 5pm on July 4, 134,332MW between 6pm and 5pm on July 5, and a total of 134,332MW between 6pm and 5pm on July 5. The operator said that the load peaked Thursday and then dropped on subsequent days. They cited slightly milder temperatures and lower electricity consumption on weekends and holidays because businesses and other institutions are closed. (Reporting by Anjana Anil in Bengaluru; editing by Laila Kearney, Liz Hampton and David Gregorio)
-
S&P 500 and Nasdaq end sharply higher after Broadcom rally
Broadcom - and other chip stocks - rallied on Monday as investors 'bought shares of companies that are related to artificial intelligence, which?are hoped to drive a robust second quarter earnings season. Broadcom's stock jumped when Apple and the chipmaker agreed to extend their agreement through 2031 for the development and supply of a range custom chips. After two consecutive sessions of losses, the Philadelphia SE Semiconductor Index gained. This is a market where a lot people are left out. Jake Dollarhide is the chief executive officer at Longbow Asset Management, located in Tulsa. He said that if you are not invested in certain technology names or semiconductors, you will miss out on this entire rally. "I believe it's an extremely?tenuous rallie. The risk is there, especially if the Fed keeps raising interest rates. SK Hynix, a South Korean company, was scheduled to debut this week on Nasdaq. This is due to the massive demand from investors for AI-related chips. Microsoft shares dropped after the tech giant announced it would cut about 2,1% of its workforce - or 4,800 jobs. The market says that Microsoft cannot afford its entire CapEx, and there is no 'clear' return on capital invested yet. Thomas Hayes is the chairman of Great Hill Capital LLC. He said that laying off employees in order to moderate CapEx spending was perceived as a bad thing. The Institute for Supply Management reported that its non-manufacturingPurchasing Managers Index edged down to 54.0 last month, which was in line with expectations. The preliminary data shows that the S&P 500 rose 55.10 points or 0.74% to 7,538.34, and the Nasdaq Composite climbed 288.49 or 1.12% to 26,121.16. The Dow Jones Industrial Average increased 159.68, or 0.29, points to 53,053.59. The S&P 500 has gained about 10% by 2026 and the Nasdaq about 12%. Investors have high expectations as major U.S. firms are set to report quarterly earnings within the next few weeks. According to LSEG 'I/B/E/S, analysts expect S&P companies to increase their earnings an aggregate of 24% in the'second quarter. The tech sector is expected to see earnings jump by around 65%. Delta Air Lines, PepsiCo and other companies are expected to release their results in the coming week. According to CME's FedWatch, traders see a 25% probability of a 25 basis-point rate increase at the central banks July 29 meeting following a less-than-expected job report last week. After the Fed's first meeting under Kevin Warsh, hawkish bets were on the rise. Minutes are due Wednesday. Fed Governor Christopher Waller stated?on Monday? that forward guidance is a "valuable tool" which can accelerate the impact of monetary policies under the right circumstances. However, it can be problematic when used rigidly. O'Reilly Automotive shares fell after Bloomberg News reported Thursday that the auto part retailer had sent a cash bid to purchase Genuine Parts. Genuine Parts fell as well. Reporting by Ragini Mathematics and Avinash P from Bengalur, and Noel Randewich from San Francisco. Editing by Pooja Deai and David Gregorio.
-
US agencies seize more than 600 drones near World Cup Sites
The Transportation Security Administration announced on Monday that U.S. agencies had seized more than 600 'drones' near FIFA World Cup venues, and fan zones since the tournament began on June 11,?the Transportation Security Administration. All aircraft operations (including drones) are prohibited on match days within a three nautical mile radius and up to nine hundred meters (914 feet) above the ground around stadiums, unless authorized by air traffic controllers. FBI reported that drones were seized in restricted airspace across all 11 U.S. host city cities. The FBI reported that over 70 drones were seized in Dallas, during five matches. The Federal Aviation Administration (FAA) has banned drones from flying above matches and fan gatherings in the United States. Drones are prohibited from fan gatherings within a radius of one nautical mile and up to 1,000 feet. The FBI has said that drone operators who violate restricted airspace can be fined up to $100,000 and face criminal charges, as well as the confiscation of their drone. FBI teams are stationed at World Cup stadiums in order to detect and disable unauthorised drones. Cristobal Torres, a 40 year old Mexican, was charged last week for flying a drone around the 'Dallas Stadium' ahead of a game. The Homeland Security Department installed new counter-drone defence systems on the U.S. Mexico border in Texas. In the past, there have been numerous drone accidents over major U.S. sporting events. There have been numerous drone incidents over major?U.S. sporting events. A man plead guilty in 2025 after being charged with violating defence airspace for flying a drone above a National Football League post-season game in Baltimore.
-
EasyJet shares surge after European stocks hit record highs
EasyJet shares surged after a $7.34 billion take-private bid. The pan-European Index fell 0.35% at the close to 650.5 points. The index had reached a record high of 654.44 earlier in the day, after posting its best weekly performance since last mid-May. The index was dragged down by utilities and healthcare shares, which fell by 1.81% and 1.88% respectively. Shares of food and beverage companies also dropped 1.67%. The DAX in Germany, however, bucked regional weakness and climbed 0.15%, to a new record high. This was its fifth consecutive session of gains. The largest economy in the Eurozone, Germany, saw industrial orders rise more than expected in April. Investors largely ignored German stocks in Q2. In a recent note, Deutsche?Bank's analysts led by Maximilian Uleer (head of European equity strategy and cross-asset strategy) predicted that the tide would turn. The German mid-caps will benefit the most from the market, particularly those that are exposed to infrastructure spending. Investors also look forward to earnings season which could prove pivotal for the equities market?and give it fresh momentum if the results are stronger than expected. Mohit Kumar is an economist with Jefferies. He said that the upcoming earnings season will be a test of the AI theme, and it's likely to shape the performance of the market in the months ahead. There have been concerns raised about the excess capacity of AI and whether it can deliver expected returns. We are confident about the earnings season. "Capex remains strong, and as long money continues to flow AI-related industries should remain well supported." The data released Monday shows that euro zone retail sales rose by 1.6% in May, as expected. EasyJet was the top stock mover in the region, jumping 9.28%, after the British budget carrier agreed in principle to an?offer of a sweetened acquisition from U.S. Investment firm Castlelake. The offer valued the airline at up to PS5.5billion ($7.34billion). The Ukraine conflict is not showing signs of abating. Investors purchased defence stocks on the expectation that geopolitical tensions will help the sector. Exail jumped 2.12% after Thales reached an agreement to purchase the Gorge family’s controlling stake in drone technology company. Airbus gained 1.58%. Airbus?gained 1.58%. Industry sources say the planemaker has set a goal of 900 jet deliveries this year, after handing out more than 89 in June. Ferrari's stock rose 2.22% following the launch of a 12-cylinder limited edition model with a gearbox manual. J.P. Morgan upgraded Greece from "neutral" to "overweight", citing the expected inflows from certain Greek shares being included on the STOXX 600 Index later this year. Reporting by Johann M Cherian in Bengaluru, Tharuniyaa lakshmi, and Niket Nishant; editing by Harikrishnan Nair and Mrigank Dhaniwala
-
Cuba's national electricity grid collapses for unknown reasons
Cuba's national grid collapsed at noon on Monday, according to the country's grid operator. Around 10 million people were left without electricity on the Caribbean Island. Grid operator UNE has said that it is investigating the cause of the blackout. Cuba has suffered from power outages for days and even hours in recent months, due to a decrepit electrical grid and the?U.S. The U.S. imposed an oil blockade that has?cut off the island's fuel supplies. Cubans who have been suffering from rolling blackouts in the Caribbean heat that makes it difficult for them to sleep or work, will be even more frustrated by this nationwide outage. Cuba has often struggled to keep the lights on during an economic crisis that has lasted for years, but under increasing pressure from U.S. president Donald Trump, the Communist-run government has entered a?territory it has never before been in. When the grid collapsed Monday, nearly?two thirds of the nation?was already without power.
-
Minister: Georgia will take full responsibility for the development of a major Black Sea deep water port
Georgia's economy minister announced on Monday that the country will be taking over full development of the country's first deep water port on the Black Sea. This is the first definite indication that the Chinese-Singaporean consortium has pulled out of the project. Anaklia Deep Sea Port, originally planned as an important infrastructure link connecting Asia with Europe a decade earlier, has been plagued by delays since the Georgian Government in 2020 canceled a contract awarded to a Western-led group?to build it. The port will be the most ambitious infrastructure project in the country to date. It aims to handle approximately 7.8 million tons of cargo each year. Due to the conflict in Ukraine, the Middle Corridor route through the South Caucasus is becoming more appealing to Western countries. 'LANDLORD' ?MODEL After cancelling the contract?won?by the Western-led consortium, Tbilisi chose a Chinese state owned consortium led by China Communications Construction Company and its Singapore registered unit China Harbour Investment for the construction of the Anaklia Facility. The government retained 51% of the consortium's shares. The project has essentially stalled. The Georgian Economy Minister Mariam Kvrivishvili announced on Monday that Anaklia will be developed under the "landlord model" by the Georgian government, and the government would allow multiple countries to participate as partners. The Interpress news agency cited Kvrivishvili as saying that this "will create the best conditions to attract cargo into the port, and consequently for its most effective operation." She said, "Georgia is particularly interested in investment from China and Central Asian countries as well as Azerbaijan. CCCC didn't immediately respond to a comment request outside of office hours in Asia. Kvrivishvili stated that the government intends to invest $7 billion by 2032 in the transportation and logistic sectors, including the port as well as in modernising highways and railways. Lucy Papachristou, Jan Harvey (Editing)
The death toll in Venezuela earthquakes has risen to 3,535, while thousands of people remain displaced
Authorities announced on Monday that the death toll in Venezuela's twin earthquakes has risen to 3,535. Nearly 18,000 people are still homeless, more than a month after the disaster hit the capital and coastal areas. Jorge Rodriguez, a top lawmaker in Venezuela, said that the latest official count showed 16,740 injured people and 17,854 without housing following the June 24 earthquakes. The quakes measured magnitudes of 7.2 and 7.4 and were seconds apart. New figures show the extent of the catastrophe in and around Caracas, La Guaira - the area most affected by the quakes - as well as the damage to the surrounding areas.
Venezuela's vice president for social affairs said that at least 12,800 people were staying in 80 shelters throughout Caracas and La Guaira.
HEALTH RISKS OF TEMPORARY SHELDERS
Dr. Mauricio Calderon, an advisor to the Emergency Operations Center at the Pan American Health Organization, in Washington, warned about the growing health risks in these temporary sites.
Cerpa said that the establishment of temporary camps or shelters is a common event following an earthquake. These health risks are due to overcrowding and limited ventilation. They also include issues with water and sanitation, inadequate food handling, and improper waste management.
Cerpa stated that the immediate priority is to address "respiratory infection, diarrhea, skin disease, wound infections and dengue as well as vaccine-preventable illnesses such as tetanus measles rubella diphtheria pertussis polio and tetanus." Delcy Rodriguez, the acting president of Venezuela, has defended her government's handling the disaster in the face of growing frustration among Venezuelans. They have described it as inadequate and late. International rescue committees and other global humanitarian organizations have also criticised the government's reaction.
Rodriguez announced that security forces had been deployed as soon as the earthquakes occurred and a new unit was being created to help deal with future emergencies and natural disasters.
AUTHORITIES BURROW EARTHQUAKE VICTIMS
Witnesses saw forensic workers and trucks transporting coffins on Monday in La Guaira, while machines dug trenches at an open area marked with white crosses where authorities were burying bodies.
The Ministry of Communication and Information of Venezuela did not respond immediately to a comment request.
Some graves were marked with numbers and some with names, according to photos published in the Spanish newspaper El Pais.
Cerpa stated that PAHO and World Health Organization provided?technical guides and body bags as well as three refrigerated container for body management in the port of La Guaira as well as two crematoriums at other locations.
The United Nations has said that it will continue to increase its aid operations in coordination and cooperation with the government of Caracas.
U.N. spokesperson Stephane Dujarric said to reporters that "some search and rescue teams continue to be deployed in affected areas while other specialized engineering and medical teams continue to arrive."
Cerpa said that the national health authorities are evaluating vaccination campaigns for temporary shelters on the basis of risk, vaccine availability, and national guidelines.
(source: Reuters)