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Security sources claim that Sudan's RSF launched a second drone attack on Port Sudan.
Security sources said that Sudan's paramilitary Rapid Support Forces had launched a drone attack on Port Sudan early Tuesday morning, targeting fuel depots. This was a major escalation in a conflict that has lasted for two years. As civil defence teams attempted to put out the fire, large plumes of smoke rose into the late afternoon. According to military sources, the RSF bombed fuel storage facilities at dawn using a drone. They described these as civilian infrastructure. Sudan's Energy and Petroleum Minister Mohiedienn Naiem Mohamed Saied stated that "this attack is a deliberate attempt of these militias" to paralyze life and target the basic needs of citizens. Sources referred to the strike as part of "a criminal campaign by the militia." Saied, speaking from the site itself, condemned what he called a "terrorist campaign" that was aimed at crippling vital services. According to a statement from the ministry, he said that major fuel storage facilities had been engulfed by fires after the drone struck a diesel depot. The blaze then spread to tanks nearby. Saied stated that there were concerns it could cause a larger disaster in a densely populated region. The RSF is yet to claim responsibility for the strike. The RSF launched a drone strike on Sunday against a military base near Port Sudan Airport and other targets. This was the first time that the group reached this strategic Red Sea City, which had been considered to be a stronghold of the government and a humanitarian hub. No injuries were reported. The expansion of hostilities to the east threatens the fragile stability in Port Sudan, the country's largest seaport, its airport, and its top military command. The war in Sudan, which began in April 2023 between the army, RSF and civilians, was sparked by a disagreement over the transition from military to civil rule. According to the United Nations, the conflict has caused the displacement of over 12,000,000 people and pushed the half of the population into severe hunger. (Reporting and writing by Khalid Abdelaziz; editing by Hugh Lawson).
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EU seeks to end remaining Russian gas ties but legal options are limited
The European Union is expected to announce on Tuesday a roadmap for the phase-out of the remaining gas ties between the EU and Moscow. However, in the absence sanctions, it will be hard for gas buyers to terminate contracts by using legal options like force majeure. A spokesperson for the Commission confirmed Monday that EU Energy Commissioner Dan Jorgensen will present the roadmap on Tuesday at Strasbourg. The U.S. has been pushing Russia to reach a peace agreement with Ukraine. The deal, if reached, could reopen doors for Russian energy as well as ease sanctions. Around 19% (or more) of Europe's natural gas is still imported from Russia via the TurkStream pipe and LNG shipments. The European Union's non-binding target is to stop Russian fossil fuel imports before 2027. This goal will be achieved by the EU roadmap. A senior EU official said that the Commission is looking at legal options which would allow European companies to break their Russian Gas contracts and invoke force majeure without being penalized, as well measures to prevent companies from entering new contracts with Russian gas. Analysts and lawyers said that it is unlikely that force majeure will work given that the EU has been committing to stop Russian gas imports by 2022 after Russia invaded Ukraine. Agnieszka Ason is an independent energy lawyer who specializes in LNG contracts. She said that a force majeure declaration must be made when an event occurs which is unforeseeable and beyond the control of companies. This prevents them from fulfilling their contract. The remaining Russian supplies are working fine after three years of conflict. "Any deliberate actions that the EU would take already weakens force majeure. Ason, a senior researcher at the Oxford Institute for Energy Studies and a force majeure concept expert, said that the opposite is true. Experts in the legal field say that sanctions on Russian gas imports are the best way to phase out Russian Gas. This would require the unanimous approval of all 27 EU member states, but Slovakia, Hungary, and Russia have maintained close business and political ties, with Russia vowing to block energy sanctions. Since the beginning of the Ukraine war, Gazprom has filed legal actions and counterclaims against European companies for breached contracts and unpaid payments. Calculations based on court documents estimate that these disputes are worth approximately 18.5 billion euro ($21 billion). Gazprom contracts include a "take or pay" clause that requires buyers who refuse gas deliveries to continue paying for up to 95% the contracted volume. David Haverbeke of the law firm Fieldfisher said that the EU should help companies to argue that they have changed circumstances since 2022. For example, the risk associated with purchasing Russian gas as opposed to other supplies should be a reason for them renegotiating and possibly terminating their Russian contracts. He said: "I would try and rely on EU regulations passed since 2023, and invoke hardship on the basis of the changes in regulatory framework." Haverbeke suggested that another option would be to force companies to purchase Russian LNG in the future via a joint EU buying scheme, and set a maximum volume quota.
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British women rowers attempt second Pacific Ocean crossing
After a dramatic rescue in the middle of the Pacific Ocean and a scramble by international teams to repair their damaged boat, two British women began their audacious attempt to row 8,000 non-stop miles across it on Monday. Miriam Payne and Jess Rowe are hoping to become the first female pair to row unsupported across the Pacific. However, they were forced to abandon their initial attempt after the rudder on their Velocity, a nine-metre boat, snapped last month 350 miles off the coast of Peru, leaving them to drift in heavy swells. They refuse to let their dreams sink. Payne, reporting from Lima, said: "We are trying to see it as a good thing and that this was the best sea test we could have possibly had." It was a stressful situation knowing that the rudder had broken, but I believe we worked well together. The two, whose challenge was aptly titled "Seas The Day", contacted Alec Hughes, a Peruvian around-the-world sailor who is also a friend. Hughes spent two days sailing for them to rescue and a full week towing back to port to repair. "We were almost outside international waters. The rules say that we can be rescued but not the boat. We would have had no choice but to abandon our boat at sea without Alec, which would have caused us great heartache," Payne said. The rescue of the crew sparked a massive international effort. Southgates Boat Yard in Norfolk produced replacement rudders which arrived at Lima before the deadline on May 8, to avoid Pacific cyclones. Rowe stated that the men at the boatyard had literally worked through the night in order to make these new rudders. The Lima-Australia route will be aided by trade winds and currents. It will take six months to complete, and the two rowers will either row simultaneously or alternately on night shifts of two hours. They will only carry the essentials, including solar panels, water desalinators, and enough dehydrated food for 5,000 calories per day. A shore-based weather expert will guide them on their journey. Flying Flies The flying fish which regularly land on your deck should not be cooked. Rowe jokingly said, "We have a spatula. We can fling them back into the ocean." "I could not think of anything worse. The smell is terrible. They are slimy, bony, and smelly. Families and friends have gifted us milestone packages at halfway points and other things. "Mim's got chocolate orange, and I have Super Noodles every 1,000 miles." Rowe says that they'll also need "a healthy dose of fear" as they cross busy shipping routes, encounter storms, and face sharks, whales, and pirate fishing boats, along with physical challenges such as blisters and sal sores. Both women will have conquered The World's Toughest Row, across the Atlantic, in 2022. Payne won the title of solo woman and Rowe was part of a crew. Payne and Rowe are going to cover three times the distance of usual Pacific crossings. Rowe, a Hampshire resident, said that it would be interesting to compare the differences in our Atlantic rows. It will also be interesting to see how our bodies perform over a longer period. I'm sure that we will discover a number of unexpected issues we hadn't considered. After the Atlantic, we both wanted to take on a greater challenge not only for ourselves but as well as to inspire young women and girls. The Outward Bound Trust helps children gain skills through adventure. Rowe stated, "I think everyone would love it if they did it. But people don't do it." "Hopefully, we can inspire people to spend more time outside, step out of their comfort zones, and be curious." ($1 = 0.7535 lbs) (Reporting and editing by Toby Davis, Martyn Herman)
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Taiwan bids on 99,200 T of wheat with US origin.
European traders reported on Monday that the Taiwan Flour Millers' Association had issued an international tender for an estimated 99.200 metric tons grade 1 milling grain to be purchased from the United States. The deadline to submit price offers for the tender is on May 8. The traders had estimated the volume initially at 68.650 tons, but they said that there had been requests for other grain types. The bidder is looking for a variety of wheat grades to be shipped from the U.S. Pacific Northwest Coast. They said that one consignment is needed for shipping between July 4th and 18th. Second consignment for shipment between July 22 to August 5 was requested. The types of wheat sought are dark northern spring, red winter and white soft wheat. The tenders of the association provide a snapshot, traditionally, of U.S. export prices for wheat to Asian markets. The association bought 100,000 tons of U.S. milling wheat in its last tender, which was reported on March 27. (Reporting and editing by Kirsten Doovan).
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Russian gas exports to Europe fell by 44% between January and April, according to data
Calculations showed that the Russian energy giant Gazprom’s pipeline gas exports into Europe fell by 44% between January and April compared to a period a year ago after the closure of transit via Ukraine in January 1. Calculations showed that the Russian pipeline gas exports into the region fell to 5.7 billion cubic meters (bcm), from 10.2 bcm during the same period of 2024. The only remaining transit route for Russian gas pipelines to Europe is the Turkey after Ukraine decided not to renew a five-year deal with Moscow that expired in January. The calculations based on the data of European gas transmission group Entsog showed that Russian gas exported via TurkStream fell to 41.7 million cube metres (mcms) per day from 45 mcms per day in March. This was about the same as 41.2 mcm for April 2024. Gazprom has not responded to a comment request since 2023. It does not publish its own statistics monthly on the total amount of gas exported to Europe. Gazprom's data and calculations indicate that Russia will supply 63.8 billion cubic meters of gas by different routes to Europe in 2022. This fell by 55.6% in 2023 to 28,3 bcm, but increased in 2024 to about 32 bcm. In 2018-2019 the annual Russian gas pipeline flows into Europe peaked between 175 and 180 billion cubic meters. (Reporting and writing by Oksana Kobieva, editing by David Evans; written by Vladimir Soldatkin)
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Bloomberg News reported that Adani's aides met with the Trump team in order to end the U.S. Bribery Case.
Bloomberg News reported that representatives for Indian billionaire Gautam Adani met with officials of the U.S. administration of President Donald Trump to request dismissal criminal charges in a probe into bribery overseas. Adani Total Gas led the way as shares of nine Adani Group listed companies rose from 0.4% to 5.3% at early Monday trading. The market as a whole gained 0.5%. The report cited sources who said that discussions began in early this year, and they have intensified over the past few weeks. A resolution could be reached within a month, if the momentum continues. Bloomberg declined to comment on the report from an Adani Group representative and spokespeople of the Justice Department, White House. The White House and Justice Department did not respond when contacted outside of regular U.S. office hours. In November, U.S. officials indicted Adani along with his nephew Sagar Adani. They alleged that the two men paid bribes for Indian power supply contracts and lied to U.S. investors at fund raisings. The SEC summoned Gautam Sagar and alleged that they had paid bribes in India to officials and misled investors about compliance during the $750 million Adani Green Bond sale. Bloomberg News reported that the billionaire's advisers are attempting to convince Trump's administration that the prosecution of his case is not in line with Trump's priorities, and therefore should be reconsidered. Adani Group and the Justice Department, as well as the White House, did not respond immediately to a comment request. Adani Green announced late last month that its review of the U.S. Indictment had found no irregularities or non-compliance. The indictment has wiped out about $13 billion from the market value of Adani Group's listed companies. (Reporting and editing by Nivedita Bhattacharjee, Mrigank Dhaniwala and Nandan Mandayam from Bengaluru)
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Australia's Qantas leaps on the oil price drop and eases fuel cost concerns
The shares of Australia's Qantas Airways soared over 5% to a new high on Monday, following a fall in oil prices as OPEC+ announced a faster increase in output. The oil price fell by over $2 a baril after OPEC+ agreed that they would increase production for a second month in a row, despite falling prices and weakening expectations. Jet fuel costs are a major expense for airlines. Falling prices give hope for increased profitability. Qantas has spent A$5.32bn ($3.44bn) on fuel during fiscal 2024. This is up 17% compared to the previous year. Tim Waterer is the chief market analyst of brokerage KCM Trade. He said that investors are anticipating a decline in energy prices to be good for airline profits. Qantas is facing intense competition from Virgin Australia, but the drop in fuel prices offers some relief. What is it? Gearing up For an initial public offer later this year. Qantas, Jetstar and Virgin all had about 35% of the domestic market in Australia at the end of December, according to data from Australia’s competition regulator Shown Below Qantas stock rose to A$9.27 on April 23, the biggest gain in a single day since then. (1 Australian dollar = 1.5470 dollars) (Reporting and editing by Nivedita Battacharjee, Mrigank Dhaniwala).
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Egypt signs agreement with UAE's AD Ports for the establishment of a logistics zone
AD Ports' managing director announced in a Sunday televised speech that Egypt's Suez Canal Economic Zone had signed a concession agreement with Abu Dhabi Ports Group of the United Arab Emirates for a 20-square-km logistics and industrial area east of Port Said. AD Ports has pledged $120 million to the initial development of 2.8 square kilometers and feasibility studies for the first phase. This area will be developed in three years. According to a Cabinet statement, it will feature a 1,5-km quay that could include a multipurpose terminal for cargo. This agreement is part of a series by AD Ports to invest in Egypt's maritime infrastructure and logistics. AD Ports has acquired the Egyptian maritime companies Transmar TCI and Safina B.V. over the past three years. AD Ports also signed long-term agreements to develop and operate the cruise terminals in the Red Sea Ports of Safaga (Sharm El-Sheikh), Hurghada (Al Sokhna), and Al Sokhna. They have also agreed to construct and operate an Al Sokhna Ro-Ro Terminal and a Safaga multi-purpose port. Reporting by Menna alaa el din, Jaidaa Taka, and Mohamed Ezz, Editing by Toby Chopra, Giles Elgood
Adani Group shares lose $9 bln after Hindenburg accusations versus regulator
Adani Group companies shed as much as $19 billion in market value on Monday however recovered much of the losses after Hindenburg Research accused the head of India's market regulator probing the group of having links to offshore funds likewise used by Adani
In early morning trade, the group's flagship firm Adani. Enterprises fell 2%, while Adani Ports, Adani Overall Gas, Adani Green, Adani Power , Adani Wilmar and Adani Energy Solutions fell in between 2% and 4.5%.
Adani Enterprises and Adani Ports were amongst most significant losers on the blue-chip Nifty 50 index, which reversed course from early losses to last trade up 0.4%. Total losses in morning trade fell to $9 billion after the early plunge.
The accusations are coming for the second time. Lot of examinations have taken place over the last year and a half. This is a momentary, knee-jerk response. Things will get back to normalcy, stated Sunny Agrawal, head of fundamental equity research study at SBICAPS Securities.
Mentioning whistleblower documents, Hindenburg said on Saturday that Securities and Exchange Board of India (SEBI). Chair Madhabi Puri Buch and her spouse held stakes in an. offshore fund where a significant quantity of money was invested. by associates of Vinod Adani, brother of Gautam Adani, the. group's billionaire founder.
Buch said the report's accusations were baseless. Adani. declined the accusations on Sunday and stated its overseas holding. structure was completely transparent.
The SEBI asked investors on Sunday to
stay calm
and workout due diligence before responding to such reports.
Hindenburg had in January 2023 alleged improper use of. tax sanctuaries and stock manipulation by the Adani Group, which led. to a $150 billion stock thrashing. Adani Group has actually denied all of. those accusations and shares have partially recuperated.
The 2023 report likewise led to an inquiry by the regulator Buch. heads, which is still underway.
We do not think SEBI can be trusted as an objective. arbiter in the Adani matter, Hindenburg stated on Saturday.
The claims made by Hindenburg Research study, against the. Adani Group, have actually been properly examined, SEBI stated on Sunday.
The latest allegations against Buch have unnerved retail. investors, experts stated.
We will likely see a short to medium term sentiment. impact on Adani stocks, specifically as retail investors are. pressurized by the allegations made against SEBI, stated Kranthi. Bathini, Director, Equity Strategy, WealthMills Securities.
The allegations have likewise gained political traction, with. India's opposition leader Rahul Gandhi stating on X: The. stability of SEBI, the securities regulator delegated with. protecting the wealth of small retail investors, has actually been. seriously compromised by the accusations versus its chairperson.
Ajay Seth, India's economic affairs secretary, stated on. Monday that the regulator and the concerned person have actually made a. declaration. The government has nothing further to add..
(source: Reuters)