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New sanctions have yet to impact on Russia's oil exports.
According to LSEG and market sources, the new sanctions imposed by the U.S. and EU against Russia and its oil giants Rosneft Lukoil and Lukoil are yet to affect physical crude shipments out of Russia's western ports. LSEG data and sources indicate that despite weather-related restrictions and sanctions pressure, October exports of Primorsk and Novorossiisk ports in western Russia are expected to be around 2.33 million barrels a day (bpd), which is in line with Russia’s revised monthly program. Sources say that new U.S. restrictions are putting pressure on Russia's oil exports to the west. Urals oil is being purchased from ports by India and Turkey, who are expected by the West to adhere with their new restrictions. The U.S. has set a deadline of November 21 to end all business with Rosneft, Lukoil and other Russian oil companies. Due to the approximately four-week journey from Baltic ports to Indian refining plants, shipments loaded today may arrive at buyers after the deadline, increasing logistical and financial risk. One source said that everything loaded in Primorsk will arrive in India by November 21. He said that banks may have problems with payments, as Russian oil suppliers don't like to be paid in Indian rupees. Indian refiners are still deciding what to do with their Russian oil purchases. Reliance Industries in India, a major Rosneft client, has said that it is assessing how the sanctions will affect its crude supply contracts. Sources expect that Russian oil sales will be passed on to trading firms and intermediaries, which may increase the costs for sellers while shielding buyers from sanctions related risks. Reporting by Elaine Hardcastle; Editing by Elaine Hardcastle
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Italy Court of Auditors weighs the approval of Sicily Bridge project
The Italian Court of Auditors discussed on Wednesday a landmark project of the government for a new bridge that would connect the island of Sicily with the mainland after raising doubts about the decision to revive a decades-old plan. The right-wing government of Prime Minister Giorgia Mello has allocated 13.5 billion euro ($15.7 billion), a project Italy dropped in 2012 because it was too expensive. Matteo Salvini - the Infrastructure Minister and leader of far-right League – put a lot of pressure on the government to approve the construction of the link between Messina, a city in Sicily, and the nearby Calabria mainland. The project financing is subject to scrutiny The initial inspection by the Court of Auditors, which was to determine if it complied with budget and law rules, revealed that there were many obstacles. "Our assessment... is especially rigorous because it's public money." "We need to make sure the project is funded properly and that it won't require any interruptions later, which would be extremely damaging", Carmela Mirabella, a councillor at the Court of Auditors in Rome said on Wednesday during an hearing. Sources at the court have said that a decision regarding the validity of the project is expected in the next 24 to 48 hours. BRIDGE HAS DIVISED OPINION The project would not be stopped definitively if the court rejected the case, but it would be a major blow to the government after Salvini had promised to start the construction this year. Depending on how the court rules, the cabinet may vote to override objections to the plan and force judges to approve it "with reservations." The project could face more obstacles if the court does not approve it. There is a sharp divide in opinion about the bridge. Critics say it's unnecessary and damaging to the environment, especially for a region that has been devastated by earthquakes. Supporters claim that a rapid rail and road link would boost development in Sicily, Calabria and other regions of southern Italy. Salvini stated this week that he refused to believe anyone would stop a plan to elevate our country up to the level with the major players in the world. Eurolink won the contract to build the bridge over the Strait of Messina after an international bid. The consortium is led by Italy's Webuild and includes the Spanish group Sacyr, as well as Japan's IHI. The Court expressed doubts over the total cost of the bridge, and stated that the government had not included a mandatory technical evaluation from a consulting agency. The judges also questioned if the project was compliant with EU competition laws, referring specifically to the sharp increase in costs from the original 3.8-billion-euro bid awarded to Webuild (known at the time as Salini Impregilo) in 2005. Reporting by Angelo Amante Editing Keith Weir
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Air India CEO promises improvements in first public remarks after deadly crash
Air India's CEO pledged on Wednesday to improve its internal practices following a plane crash that killed 260 people in June. In his first public remarks about the accident, he stated that it would lead to a challenging year for the airline. Since the crash, the Tata Group's airline has faced intense scrutiny. From warnings about running planes before checking emergency equipment, to failing to change engine parts on time, to falsifying records and other lapses relating to crew fatigue management. Campbell Wilson, CEO of Aviation India in India's capital, said: "We are always looking for ways to improve." This was the first public statement made by Wilson since the Boeing Dreamliner crash in Ahmedabad. He added, "This year is going to be challenging for business. We are also working with investigators." AIRSPACE CONSTRAINTS In an interim report published earlier this year, India's air accident investigating agency stated that the fuel engine switches on the plane had been switched from run to off almost simultaneously just after takeoff. Air India is also facing delayed jet deliveries, and closures of airspace due to geopolitical conflicts. This has weighed down on its performance while it tries to recover from the accident. In May, India and Pakistan engaged in their most intense military conflict for decades. The conflict was sparked off by a terrorist attack in Indian Kashmir on Hindu tourists that left 26 dead. New Delhi claimed Islamabad supported the attack. Pakistan denied this. Since then, the two nuclear-armed neighbors have closed their airspace to each other. Wilson stated that "Airspace restrictions are a challenge for on-time performance." Reporting by Abhijith Gaparavam. Writing by Hritam Mukherjee. Aditya K. Kalra, Mark Potter and Aditya K. Kalra edited the book.
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Russia allows state-owned firms to purchase stocks and bonds in order to boost the market
The Russian government allowed state companies like nuclear monopoly Rosatom and Russian Railways to purchase shares and bonds with their surplus cash on the market, in an effort seen as a boost to the stock market after the latest round U.S. sanction. According to the data provided by the exchange, the MOEX index for Russia will be down 12.5% by 2025 due to the high interest rates that increase the appeal of deposits in banks, and the pressures from Western trade measures. The Finance Ministry stated in a press release that "the implementation of the resolution" will increase the participation of state-owned corporations and state corporations to invest in the Russian Stock Market. Retail investors dominate the market The Russian stock market is dominated by retail investors since the exodus from foreign investors that followed Russia's "special military operations" in Ukraine. Meanwhile, the Moscow Stock Exchange has been subject to Western sanctions. The President Vladimir Putin has ordered the authorities to increase the capitalisation of stock markets to 66% of GDP by 2024, from 27%. However, companies are reluctant to buy shares because they believe the market is still too small. Data on the website of the exchange showed that the stock market index increased by 1.2% on Tuesday. Analysts said this may encourage companies to raise equity funding, though some stressed that bank deposits still looked more attractive in the short-term. In a research report, analysts at IFK Solid said that this was a long-awaited event for the Russian financial market. It could change the balance and allow smart money to dominate retail investors. (Reporting and writing by Elena Fabrichnaya, Editing by David Holmes).
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India considers $12 billion plan to bailout state power distributors
India is considering a rescue package of more than 1 trillion rupees (12 billion dollars) for state-run companies that are heavily indebted. According to three Indian government officials, and a document describing the plan developed by the Indian Ministry of Power, in order to receive bailout money, states must privatise and transfer their electric utilities, and either keep managerial control, or transfer it, but list them at a stock market. The plan is the most ambitious reform effort yet by Prime Minister Narendra Modi to revamp the inefficient and chronically underperforming state-run electric distribution companies. These are seen as the weakest links in India's entire energy chain. Two government sources said that the Power Ministry and Ministry of Finance were discussing the final details of bailout. An announcement is expected to be made in the budget for February. The Ministries did not immediately reply to requests for comments. According to the Power Ministry's presentation, the proposal requires that private companies meet at least 20% total state power consumption and the states assume a portion of the retailer's liability. Two options are available to the states to choose from to access loans for existing debt repayment. The presentation explained that the states could create a new company for distribution, divest 51 percent of their equity and then access an interest-free 50-year loan to pay off the debts of the privatised companies, as well as low-interest federal loans over a five-year period. It showed that the second option would allow states to privatise as much as 26% of equity in an existing state-owned electricity distribution company, in exchange for low-interest loans for five years from the federal government. States that decide not to privatise their utilities must list them on a recognized stock exchange in three years. The presentation indicated that states who choose to list will receive low-interest federal loans for infrastructure management. DEBT AND LOSSES Documents show that the state power retailers had accumulated losses totaling 7.08 trillion rupees (equal to $80.6 billion), and outstanding debts of 7.42 trillion rupiae ($84.4 billion), as of March 2024. State-run electricity distributors are still struggling financially, due to the deeply subsided tariffs, despite three bailouts from the federal government worth billions over a period of two decades. Reforms are expected to bring benefits to private companies like Adani Power and Reliance Power. They are also likely to get stakes in state-owned companies. Employees and opposition parties have resisted past efforts to privatise India’s state-run energy distribution companies, which has slowed down reforms. Privatisation is needed for many power distribution companies to improve their financial and operational metrics. This move may face resistance, and it will take strong political will," Debabrat Ghosh said, Head of India for Aurora Energy. Privatisation is limited to a few distribution zones, including the national capital Delhi as well as industrial states such Maharashtra and Gujarat. In the next session of parliament, the government will amend the law to allow private companies to use the existing state-run network.
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Turkey's Eurofighter Typhoon jet deal includes weapons package, source says
A person with knowledge of the deal said that it also included a comprehensive package of weapons, including MBDA Meteor ground attack missiles and Brimstone air-to-air MBDA missiles. NATO allies Turkey, Britain and France signed the agreement at a ceremony held in Ankara Monday. The deal was signed to strengthen bilateral relations and boost Turkish air defenses. Ankara said that it also wanted 24 jets from Qatar and Oman, even if they were lightly used. Analysts have called the deal costly, even though details are not yet officially disclosed by either party. The person said that the deal included a comprehensive package of weapons, including the MBDA Meteor air-to air missile with a beyond-visual range, the advanced short-range missile air-to air, and the Brimstone ground attack missile. The deal is being made as Turkey, enjoying its most warm ties with Western countries in many years, seeks the advantage of advanced warplanes, to gain ground on regional rivals like Israel, who has launched strikes throughout the Middle East during this year. The British government and Prime Minister Keir starmer have stated that Turkey will receive the first 20 Typhoons by 2030. They also said the deal was a multi-year agreement, with talks beginning in 2023. (Reporting and writing by Jonathan Spicer, Tuvan Gumrukcu, Editing by Frances Kerry).
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Army says Polish jets intercepted Russian aircraft above the Baltic Sea
The Polish army reported on Wednesday that on Tuesday, Polish jets intercepted an aircraft flying a reconnaissance flight in international airspace above the Baltic Sea with no flight plan filed and its transponder off. Since September, countries on NATO's Eastern flank have been alert to possible airspace incursions. Three Russian military jets violated Estonian airspace for 12 minute just days after over 20 Russian drones entered Polish airspace. "Polish fighters intercepted a Il-20 aircraft that was conducting a reconnaissance in international airspace without a flight plan filed and its transponder off. "The aircraft did not violate Polish Airspace," said the Operational Command. Jacek Goryszewski told TVN24, a private broadcaster, that the incident was proof of Poland's "vigilance to ensure our airspace wasn't violated". Last week Alexus Grynkewich General, U.S. Air Force, serving as NATO’s Supreme Allied Command Europe, said that Russia appeared to be deterred last month by NATO’s firm response to incursions in to Polish and Estonian Airspace. However, Moscow is expected continue to test boundaries. (Reporting Alan Charlish Additional Reporting Pawel Florkiewicz Editor Frances Kerry).
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Neste Q3 core profits beat estimates as fuel demand improves in Europe
Neste, the Finnish biofuel producer and oil refiner, posted an improved core profit in the third quarter 2025 compared to expectations. It cited higher distillate prices and a stronger demand for its product. The company's operating profit before depreciation, amortization and other costs (EBITDA), which is comparable to the company's annual results, grew 81% on an annual basis and was higher than the 471.5 million analysts expected in a poll conducted by the company. Neste stated in a press release that "due to the healthy renewable diesel references prices in Europe in the third quarter more capacity was directed towards this market". Neste shares were up 3% by 0802 GMT, reaching their highest price for more than a full year. The company added that they still expect to have higher sales in their renewables and oil products business than in 2024. It reiterated, however, that the biofuels market would continue to be oversupplied by 2025. Neste reported higher sales and margins for its two major divisions compared with the same period last year. In the first quarter, the sales margin for the renewable products division, which produces sustainable aviation fuel and renewable diesel, was $480. This is higher than the average analyst expectation of $440. Neste has been concerned about the oversupply of renewable fuels, which led it to reduce its forecast for margins three times in 2018. It also reduced the number of jobs by 510 in the first half 2025. Analysts had predicted that Neste would sell 260,000 tonnes of SAF to airlines like United Airlines and Delta. Instead, Neste sold 251,000 tonnes. According to the European Union regulations, fuel-uplift airports must contain at least 2 percent of SAF. The amount is expected to increase gradually in future years.
What we understand about the sinking of the superyacht off Sicily
Six people are missing out on, consisting of British tech tycoon Mike Lynch and a Morgan Stanley executive, someone is dead and there are 15 survivors following the sinking of a luxury yacht off the northern coast of Sicily.
Here is what we understand about the Aug. 19 mishap and what marine professionals are saying about what may have taken place.
STORM
The Bayesian, a British flagged 56-metre (184-feet). superyacht, sank in the dark quickly before 5 am (0300 GMT) off. the port of Porticello, near Palermo, after being hit by a. violent storm, the Italian coast guard said.
The coast guard said bad weather condition had actually been anticipated, but. included that it was more virulent than anticipated. Some residents spoke. of a waterspout, or sea whirlwind, of exceptional force. It was. an odd thing, angler Andrea Carini told Reuters. The. Bayesian was at anchor, its sails down, when the tempest hit,. with another private yacht moored close by.
THE OTHER BOAT
The neighboring yacht, the 42-metre Sir Robert Baden Powell,. stayed anchored and weathered the storm after its captain. turned on the engine to keep control of the vessel and prevent a. collision with the Bayesian.
The captain, Karsten Borner, said he did not understand if the. team of the Bayesian had handled to turn on its engines. I. do not think they did things incorrect, I believe they were shocked. by the power of the storm, he told Reuters.
I only understand that they went flat with the mast on the water. and that they sank in 2 minutes, he said, adding that the. storm was very violent, very extreme, bringing in a lot of. water and I think a turning system like a twister.
SPEEDY CAPSIZING
Andrea Ratti, a nautical style professor at Milan. Polytechnic university, said a boat the size of the Bayesian. might only sink so rapidly by taking in a huge amount of water. One can make plausible assumptions that leave space for doubt. about what occurred, he stated, recommending that a person or more. portholes, windows or other openings might have been broken or. smashed open by the waterspout, allowing water.
There has actually likewise been media speculation that a significant hatch. may have been inadvertently exposed.
Nevertheless, an industry professional in Britain said it should have. taken hours for the Bayesian to fill with adequate water to. sink it, making its quick death incomprehensible. I don't. believe the industry has ever faced anything like this. It's a. horror story, he stated, decreasing to be named.
Fire department scuba diver Marco Tilotta told Il Messaggero daily. the wreck was apparently intact, with no gashes, no indications of. effect. However, just one half of the hull shows up to. divers.
TALLEST MAST
The Bayesian was built in 2008 by Perini Navi, an Italian. luxury private yacht maker, and had won awards for its design. According. to Perini, it included the world's tallest aluminium mast,. determining 72 metres.
Ratti said an unusually high mast is not by itself an. component of vulnerability in a storm. A second expert, structural. engineer Filippo Mattioni, concurred, and also pointed to the. possibility of an open hatch allowing water. Both specialists. were sceptical about a broken mast, which could have triggered. major damage smashing versus the hull. If the mast had been. broken they wouldn't have capsized, captain Borner said.
RETRACTABLE KEEL
The Bayesian had a retractable keel - the fin-like structure. under the hull that helps stabilise boats and serves as a. counterweight to the mast. Both Ratti and Mattioni questioned if. the yacht had actually been anchored with the keel up, lowering its depth. under water from around 10 to 4 metres, making it less stable. Ratti said the boat may have started oscillating extremely, like. a pendulum, under strong winds, putting remarkable stress on. the mast. However even if this had actually led to its breaking, this by. itself is insufficient to justify the sinking, he stated.
INVESTIGATION
Prosecutors in the close-by town of Termini Imerese have. opened an investigation into the disaster. Their case is most likely. to take months to complete.
(source: Reuters)