Latest News
-
China's first five-year plan aims to boost consumption
China has set a target of retail sales of 60 trillion yuan (8.85 trillion dollars) by 2030 as part a five-year plan to increase consumption and raise household incomes. The plan, which was approved by the State Council on Monday and released, aims to increase service consumption in elderly care, childcare and healthcare, as well as?culture, sport, tourism and education. The report also calls for a stronger?tourism related spending, an increase in visa-free entries to more countries and?more international direct flights to Europe and the U.S., as well as countries participating in?Belt and Road Initiative. China's first 5-year plan aimed at boosting consumption aims to increase consumption rates and the role of consumption in driving economic growth. Beijing will promote a new generation of consumption models, including AI-powered consumption and green consumption. The plan highlights the need for households to increase their spending power through stronger employment, higher wages and more property income. According to the plan, China has pledged to remove any "unreasonable restrictions" on areas like car purchases, housing, and approvals for entertainment events. The plan stated that fiscal and financial policies should place greater emphasis on direct benefits to consumers, livelihood spending, and infrastructure related to consumption.
-
Bousso: Cheap drones are a weak point for the global economy.
Drones are cheap, mass-produced and have revolutionized modern warfare. They expose critical energy infrastructures as the Achilles heel of modern economies. Unmanned aircraft are able to evade air defences on the battlefields in Ukraine, Russia, and the Middle East. This makes oil refineries and power stations as well as export terminals and pipelines prime targets. The energy industry is affected by the implications. Swarms of drones, which cost a few hundred dollars up to several thousand dollars each, can threaten facilities that have taken decades and billions to build. This will dramatically shift the balance of power between attackers and defenders. Iran is a clear example of this new reality. Since the 'conflict between the U.S., Israel and Iran began on February 28, Tehran has used drones repeatedly to disrupt shipping in the Strait of Hormuz. Before the war, the narrow waterway was responsible for around a fifth (or more) of the world's oil and gas supply. The attacks have thrown into question a long-held belief that the Strait could not be closed without a strong naval presence. Gulf producers have been forced to re-evaluate long-standing plans for reducing their dependence on Hormuz. Governments across the Gulf are scrambling for thousands of kilometers of pipelines that will allow crude oil and natural gas to bypass the Strait. Every kilometer of pipeline, pumping stations or power substations creates a new target for drone attacks that are becoming more sophisticated. Iran has already targeted dozens of refineries and liquefied gas (LNG), power stations, and LNG plants in the region. It also proved that it could quickly manufacture new drones even during wartime. Ironically, energy security measures could create new vulnerabilities. And the danger extends well beyond the Middle East. UKRAINIAN SWARMS The destructive power of drones has never been more evident than in Ukraine. Kyiv launched a swarm of long-range drones in recent months against fuel depots, refineries and energy facilities deep within Russia. This disrupted fuel supplies, and showed that strategic infrastructure could be struck far from the front lines. Ukraine is also building a massive domestic drone industry. Ukraine produces hundreds of thousands low-cost drones each month. This shows how quickly the technology has become commoditised. The proliferation of drones, which are cheap and easy to use, is forcing governments to rethink their national defense. NATO members have announced that they will invest $40 billion over the next 5 years in counter-drone capability and train 5 times more drone operators by 2027. The technologies being developed include advanced radars, communications-jamming systems, interceptor drones, directed-energy weapons such as lasers, and specialised missile systems designed to destroy unmanned aircraft before they ?reach their targets. NATO stated that drones had fundamentally changed the nature of modern warfare, and have become a decisive force on the battlefield. Effective defence depends on the ability of quickly detecting, identifying, and neutralising drones. EXPAND ON YOUR OWN RISK The wars in Ukraine, Iran and other countries have revealed the vulnerability of vital infrastructures around the globe. This includes energy facilities, telecommunications systems, transport systems and electricity grids. In recent years, European authorities have reported an increase in the number of suspected Russian sabotages and hybrid attacks against offshore energy installations and rail networks. In the Middle East, the need for effective countermeasures has become more urgent because Iran could threaten to cut off Gulf producers' revenues by closing down the Strait of Hormuz. In order to counteract this, it is important to establish or expand alternative routes. Saudi Arabia considers expanding its crude oil pipeline, which connects the eastern oilfields of the kingdom with the Red Sea Coast. This would bypass the strait. During the Iran War, the East-West Pipeline proved to be a lifesaver, allowing Saudi Arabia continue exporting over 4 million barrels despite the disruption. This is more than half its pre-war levels. United Arab Emirates has also expanded the pipeline that connects its oilfields with the port of Fujairah, outside the strait. Iraq and Kuwait have explored similar projects. This infrastructure can reduce the risk of a single strategic point being targeted, but it also creates an extensive network that is harder to defend. Energy companies now consider the risks of drone attacks, as well as other unconventional warfare methods when deciding where to build and protect their assets. Some companies may decide to purchase their own drone defense systems, now that they know that their assets could be targeted. ECHOES FROM WORLD WAR I Drone technology has fundamentally changed the balance of the battlefield because traditional air-defence system are often ill suited to counter small low-flying planes and are, importantly,?exponentially expensive than the drones that they are trying stop. This dynamic has echoes from World War One when barbed wire, machine guns and artillery shook up centuries of military doctrine that relied on mass infantry assaults. A handful of soldiers with machine guns were able to slay hundreds of attackers who crossed open terrain. It was a bloody war of trenches and years on the Western Front. Only after the armies had developed new technologies, notably combat aircraft and tanks, were they able to finally break through?the impasse. As governments and military forces develop more effective countermeasures, the current drone threat is likely to play out in a similar way. For now, however, the economic and tactical equations favor the attacker. This leaves one of the most important industries in the world facing a difficult reality: a relatively inexpensive technology can threaten installations worth billions. Drones will continue exposing the vulnerable underbelly to global economies until this imbalance is corrected. You like this column? Check out Open Interest, your new essential source for 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.
-
EU imports record LNG volume from Russia's largest plant
EU data revealed on Monday that the European Union imported record volumes of liquefied gas from Russia's Yamal facility during the first half of this year. This is ahead a ban which will come into effect in 2019. The EU banned Russian LNG imports from April, but imports of long-term contracts are allowed until January 1, 2027. According to data from commodities intelligence company Kpler, EU countries imported 136 loads containing 9.97 metric tons of LNG from Yamal between January and June, an increase of 16% over the same period in the previous year. Novatek, a private Russian company, controls the Yamal LNG project located in western Arctic Russia. China's CNPC, France's TotalEnergies and China's CNPC also have stakes. According to an analysis by Urgewald, more than 97% (of the deliveries from the Yamal facility between January and June) went to EU ports. The group said that it showed "the extent of Europe's support" for Russia's LNG industry, while the EU supports Ukraine in its war with Russia. Urgewald stated that the project absorbs almost all of the output from one of Russia’s most strategic LNG projects. MONEY FOR MOSCOW’S WAR EFFORTS Urgewald stated that EU LNG purchases from Yamal during the period January to June were estimated at EUR5.96 billion (6.82 billion), Urgewald. France, Belgium, and Spain were the top three destinations for LNG deliveries. The EU decided to ban all Russian gas imports after Moscow's full-scale invasion in 2022. The EU has decided to ban all Russian gas imports after Moscow's 2022 full-scale invasion. The deadline for ending pipeline imports will be September 2027. The Yamal deliveries are part of a larger trend in which Europe has increased its Russian gas imports during this year. According to the EU's Agency for the Cooperation of Energy Regulators, EU imports of Russian pipeline gas increased by 7% annually from January to May 2026. Russian LNG imports increased by 11%. The increase was attributed to a number of factors, including 'companies' front-loading their deliveries in anticipation of the EU ban and the EU prohibiting trans-shipments of Russian gas in 2025. This means that more volumes are left in Europe, rather than being shipped elsewhere.
-
Transport costs increase as Rhine shipping is hampered by low water levels in Germany
Commodity traders said that the current heatwave is causing a drop in water levels, which prevents cargo ships from being able to sail 'fully loaded' on the Rhine River in Germany. This has led to an increase in freight transport costs. In shallow water, vessel operators impose surcharges to compensate for ships not sailing at full capacity. This increases costs for cargo owners. The traders also said that the loads have to be spread across several vessels which are sailing partially loaded. This increases costs. The traders said that low water levels are affecting shipping along the entire river south of Duisburg and Cologne. This includes the chokepoint at Kaub. Ships can only sail at 20% capacity, and the load is often split between several ships. The traders reported that tanker barges can only carry around 1,200 metric tonnes through Duisburg, and only 460 at Kaub. Traders said that the cost of transporting tanker barges from Rotterdam, to Karlsruhe is now around EUR60-EUR70 per ton. This was EUR45 at end of June. The Rhine is an important shipping route, especially for commodities like grains, minerals, ores and coal, as well as oil products such heating oil. The traders say that the improvement in river catchment area is not imminent. Rain is expected?from this Friday. German companies were faced with'supply bottlenecks and manufacturing problems' in summer 2022, after a heatwave and drought led to abnormally low Rhine levels. (Reporting and editing by Louise Heavens in Hamburg)
-
Kernel, Ukraine suspends port operations following Russian attacks
Kernel Holding, a Ukrainian agricultural group, announced on Monday that it had halted?operations? at its port infrastructure?in Chornomorsk following the significant damage caused by Russian missiles and drones. The company said that the attacks from July 10 to 12, damaged the grain, sunflower oil, and meal storage, and the infrastructure for transshipment. It added that the timing of restoring operations was uncertain. The Russian defense ministry announced on Monday that its forces had struck infrastructure at the Chornomorsk Port, claiming?that it was being used to handle military cargo by the Ukrainian armed force. Kernel, in a regulatory filing described the combined drone and missile strikes that occurred on the night of July 10-12 as being among the worst attacks on its port assets? in recent years. The company said that the'strikes' compounded previous attacks from May and June but 'that no injuries among employees have been reported. In its ongoing war against Ukraine, Russia has made the Black Sea port of Chornomorsk a frequent target. Reporting by Alicja Sundery, Editing by Kirsten Donnevan and Peter Graff
-
Unimot, a Polish company, has announced that it will supply crude oil to Schwedt Refinery in Germany.
Unimot, a Polish energy group, will deliver crude oil imported by sea from South America at Germany's PCK Schwedt Refinery. The company announced this on Monday. Germany is looking for alternatives to replace lost supplies since Russia announced it would stop deliveries of Kazakh oil via the Druzhba Pipeline from May 1. Unimot's supply will allow Schwedt a boost in activity during a period when the Middle East war is straining oil supplies worldwide. Unimot reported that the South American oil has been shipped to Gdansk, and will then be delivered to?Schwedt via the Polish pipeline operator PERN. In a press release, Robert Brzozowski said that "this?delivery" has significance beyond any single commercial operation. "Any solution which strengthens the stability in?crude oil supply from the west will support fuel security both on the western and eastern side of the border." In April, the?Polish Energy Ministry said it had the?technical capacity?to deal with such deliveries. Any potential increase in volume depended upon?operational factors, logistical factors and market conditions. PERN stated?in a press release that it was able to handle greater volumes of crude oil from the Naftoport in Gdansk, thanks to a?technology which reduced flow resistance and increased nominal capacity by approximately 30%.
-
Bousso: Cheap drones are a weak point for the global economy.
Drones are cheap, mass-produced and have revolutionized modern warfare. They expose critical energy infrastructure to be the Achilles heel of modern economies. Unmanned aircraft have proven to be able to evade air defences on the battlefields in Ukraine, Russia, and?the Middle East. This has made oil refineries and power stations as well as export terminals, pipelines, and even power plants, prime targets. The implications for the energy sector are huge. Drones that cost a few hundred dollars or a few thousand dollars each can threaten facilities that have taken decades to build and billions to invest in. This shifts the balance of power between attackers and defenders. Iran has provided one of most clear demonstrations of this reality. Since its conflict against the U.S. Since its conflict with the?U.S. Before the war began, the narrow waterway was responsible for around a fifth (or more) of the world's oil and gas supply. The attacks have thrown into question a long-held belief that the Strait could not be closed without a strong naval presence. Gulf producers have been forced to revive plans that they had made to reduce their dependence upon Hormuz. Governments across the Gulf are scrambling for thousands of kilometers of pipelines that will allow crude oil and natural gas to bypass the Strait. Every kilometre of pipeline, pumping stations or power substations creates a new potential target for drone attacks that are becoming more sophisticated. Iran has already targeted dozens of refineries and LNG plants, as well as power stations, in the region. It also demonstrated that it could 'rapidly produce new drones even during wartime conditions. Ironically, energy security measures could create new vulnerabilities. And the danger extends well beyond the Middle East. UKRAINIAN SWARMS Ukraine is the only place where drones have shown their destructive power. Kyiv has launched long-range drones in recent months against fuel depots, refineries and energy facilities deep within Russia. This has disrupted fuel supplies, and shown that strategic infrastructure is capable of being hit from far away. Ukraine is also building a domestic drone industry of large scale. Ukraine produces hundreds of thousands of low-cost, drones each month. This shows how quickly the technology has become commoditised. The proliferation of inexpensive drones has forced governments to rethink their national defence. This is a costly process. NATO members have announced that they will invest $40 billion over the next 5 years in counter-drone capability and train five times as many drone operators before the end of 2027. The technologies being developed include advanced radars, communications-jamming systems, interceptor drones, directed-energy weapons such as lasers, and specialised missile systems designed to destroy unmanned aircraft before they reach their targets. NATO stated that drones had "fundamentally changed the nature of modern warfare" and were now a major factor in the battlefield. "Effective defense relies on being able to quickly detect, identify and neutralise any drones." EXPAND ON YOUR OWN RISK The wars in Ukraine, Iran and other countries have revealed the vulnerability of vital infrastructures around the globe. This includes energy facilities, telecommunications systems, transport systems and electricity grids. In recent years, European authorities have reported an increase in the number of suspected Russian sabotage, hybrid attacks and cyber-attacks targeting offshore energy installations and rail networks. In the Middle East, the need for effective countermeasures has become more urgent because Iran could threaten to cut off Gulf producers' revenues by closing down the Strait of Hormuz. In order to counteract this, it is important to establish or expand alternative routes. Saudi Arabia considers expanding its crude oil pipeline, which connects the eastern oilfields of the kingdom with the Red Sea Coast. This would bypass the Strait. Saudi Arabia was able to export more than 4,000,000 barrels of crude oil per day, which is more than half its pre-war levels, thanks to the East-West pipeline, even though it was disrupted by the Iran war. United Arab Emirates has also expanded the pipeline that connects its oilfields with the port of Fujairah, outside the strait. Iraq and Kuwait have explored similar projects. This infrastructure can reduce the risk of a single strategic point being targeted, but it also creates a vast network of assets which are harder to defend. Energy companies now consider the risks of drone attacks, as well as other unconventional warfare forms when deciding on where to build and how best to protect and operate their assets. Some companies may decide to purchase their own drone defense systems, now that they know that their assets could be targeted. ECHOES FROM WORLD WAR I Drone technology is fundamentally changing the balance of power on the battlefield. Traditional air-defence system are often unsuited to combat small, low-flying planes and are, importantly, exponentially more expensive than the drones that they are trying stop. This dynamic has echoes from World War One when barbed wire, machine guns and artillery overturned centuries of military doctrine that relied on mass infantry assaults. A handful of soldiers with machine guns were able to slay hundreds of attackers who crossed open terrain. It was a bloody war of trenches and years on the Western Front. Only after the armies had developed new technologies, notably combat aircraft and tanks, were they able to finally break out of this 'deadlock. As governments and military forces develop more effective countermeasures, the current drone threat is likely to play out in a similar way. For now, however, the economic and tactical equations favor the attacker. This leaves one of the most important industries in the world facing a difficult reality: cheap technology can threaten installations worth billions. Drones will continue exposing the vulnerable underbelly to global economies until this imbalance is corrected. You like this column? Check out Open Interest, your new essential source for 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.
-
Maguire: Mid-year checkup of the US power system vital signs
If the U.S. energy sector underwent a mid-year checkup, the doctor would have a positive verdict: vital?signs are improving, clean energy continues to gain strength, and long-standing illnesses are getting better. The transition is far from complete but the trendlines remain strongly pointed in the correct direction. The total output of electricity continues to increase as the system gets cleaner. According to the energy think tank Ember the total electricity production from January through June reached?2,234 Terawatt Hours (TWh). This is the highest output ever recorded for this?half-year?period and represents a 3% increase from the previous year. According to the Energy Information Administration (EIA), a large part of this growth will be driven by AI-hungry, data centers, and electrification. The EIA expects U.S. electricity consumption to reach record highs in 2026-2027 for a fourth consecutive year. The rapid expansion of the electricity supply appears to be a sign of a healthy patient. Before announcing a clean health bill, it is important to examine the following vital indicators. VITAL SIGN 1: CLEAN POWER APPROACHING PRIMARY STATUS Clean electricity is now a regular source of more energy than fossil fuels. This is the clearest sign that we have made progress. According to Ember, from March through May, clean energy?sources generated more than 50% of the electricity supplied by U.S. utilities, which is the longest stretch ever recorded. Clean sources provided 46.4% all of the electricity in June. This is when summer demand increases gas-fired power generation. This compares to 42.4% by?June 2025, and 41.7% by June 2024. It shows that clean-power is growing despite the aggressive push of the U.S. government to promote fossil fuels instead of renewables. Diagnose: Clean power is becoming the dominant source of energy during the key months of the calendar year. VITAL SIGN 2: SOLAR STRENGTH Solar power is the fastest growing part of our energy system. According to Ember's data, solar power production reached 51 TWh in June for the first time, and 231 TWh during the first half of 2012. Solar generation in?June of 2025 was approximately 41.5 TWh. The first half output for last year was 190 TWh - a growth rate year-on year of over 20%. Solar's share in the U.S. power mix has also risen to new heights. Since March, it has consistently contributed more than 10% to the total utility mix. Diagnosis : Solar power has evolved into a major contributor to the U.S. energy system. VITAL SIGN 3: COAL CONTINUES TO SHRINK The oldest chronic disease in the sector continues to decline. Coal's contribution to generation has fallen from 32% at the beginning of 2016 to only 11.7% by April 2026. In April 2026, coal-fired electricity generation will total only 39.8 TWh compared to more than 113TWh in January 2016 The high summer temperatures, coupled with the demand for air conditioners that consume a lot of power, have increased coal-fired production. However, its output year-to date is still around 11% lower than last year. Diagnosis : Coal is still a part of the mix for generation, but it's no longer an essential resource. VITAL SIGN 4: POLLUTION KEEPS FALLING The changing generation mix is affecting emissions. According to Ember, the total power-sector emission in June was just under 146 million tons of carbon dioxide or equivalent gases. This is a drop from the nearly 154 millions tons of emissions in June 2025. Despite an increase in electricity production, power sector emissions have fallen by 5% in a year. Spring 2026 produced particularly strong results, with total emission levels of only 114 million tonnes in March and 109 millions tons in April. These are among the lowest levels recorded in the dataset. Diagnosis : Cleaner generation translates into real emission reductions and not just cleaner capacity additions. VITAL SIGN 5: NATURAL GAS REMAINS KEY Not all indicators point to a successful transition. During the first half 2026, natural gas will still generate 39% to 40% of U.S. electric power. In June 2026, gas-fired production reached 162 TWh, highlighting its continued role in meeting demand and balancing the renewable output. Gas has been marketed as a "bridge" fuel for many years. It is still hard to replace in the top gas producing country of the world because it can increase production quickly when demand increases or renewable energy sources fall. Diagnosis : Although the patient is in better health, it still relies on gas for its primary source of dispatchable energy. CLOSING PROGNOSIS The mid-year review shows that the electricity system is undergoing a gradual transformation, rather than a radical revolution. Clean power has passed important thresholds. Solar has emerged as a real heavyweight. Coal is declining, and emissions continue to fall. The U.S. grid is becoming less fossil fuel-fueled, and more clean-powered with each passing year. The opinions expressed are those of the columnist, author. This column is a great read! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X 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 7 days a weeks.
Visibility drops in parts of Delhi as pollution rises
A toxic haze enveloped India's nationwide capital on Wednesday morning as temperatures dropped and contamination rose, minimizing presence in some parts and triggering a caution from airport authorities that flights might be impacted.
Delhi overtook Pakistan's Lahore as the world's most polluted city in Swiss group IQAir's live rankings, with an air quality index (AQI) score of more than 1,000, considered dangerous, but India's pollution authority said the AQI was around 350.
Officials were not right away readily available to explain the variation.
The India Meteorological Department (IMD) said the pollution had lowered presence to 100 metres (328 feet) in some locations by around 8 a.m. (0230 GMT).
Low exposure treatments were started at the city's. Indira Gandhi International Airport, operator Delhi. International Airport Limited stated in a post on social media. platform X.
While landing and departures continue at Delhi Airport,. flights that are not feline III compliant might get affected, the. authority said.
FELINE III is a navigation system that enables airplane to land. even when exposure is low.
The IMD said the city's temperature dropped to 17 degrees. Celsius (63 degrees Fahrenheit) on Wednesday early morning from 17.9 C. on Tuesday, and may fall further as sunshine remains cut off due. to the smog.
Delhi battles serious contamination every winter as cold, heavy. air traps dust, emissions, and smoke from farm fires set off. unlawfully in the adjacent, farming states of Punjab and. Haryana.
Previously, authorities have actually closed schools, placed. limitations on personal vehicles, and stopped some building work. to curb the problem.
The city's environment minister said recently that the. government was keen to utilize synthetic rain to cut the smog.
Pakistan's Punjab province, which shares a border with. India, has also prohibited outdoor activities, closed schools, and. purchased shops, markets and shopping centers to close early in some parts in. an effort to protect its people from the harmful air.
(source: Reuters)