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Firefighters continue to fight a wildfire in southern France despite its decreasing intensity
The intensity of a wildfire which reached the northernmost outskirts France's second largest city, Marseille, decreased overnight. However firefighters continued to battle the flames Wednesday. Residents who were told to remain in their homes on Tuesday for their safety have been allowed back out. In a social media post, Marseille Mayor Benoit Payan announced that the 16th arrondissement was no longer under lockdown. He said: "I urge all Marseille residents, to be extremely cautious in this area as the emergency services are working hard." Martine Vassal said that firefighters worked all night to put out the fire. She said it was still a concern. "It's not done." Vassal, a broadcaster at BFM, said: "We are worried about the weather conditions." If the fire re-emerges, local officials have said that the airport of France's second largest city may close to commercial flights in order to prioritize air resources. Officials said it was too early for hundreds of residents to return who fled the wildfire. The flames were fanned up by wind gusts of 70 kph, which brought smoke plumes over the city. The fire was started by a car. Georges-Francois Leclerc, the regional prefect, said late Tuesday that although 700 hectares (2.75 square miles) of forest had burned in the fire there had been no reported fatalities. The Interior Minister, Bruno Retailleau, told reporters on Tuesday night that the fire was fast-moving and had affected 60 homes. Sophie Primas said that the fires in Marseille and Narbonne were the first big fires this summer in an interview she gave to RTL on Tuesday. She added that the wildfire season was early this year. Recent climate change has caused wildfires to be more destructive in Mediterranean countries. In the past week and this week, there have been fires in Athens, Crete in Greece, and northeastern Spain. BFM reported that Philippe, an unnamed victim of the fires, had not slept well after being evacuated and hoped to be back at his home by noon on Wednesday. He said, "There's nothing we can do." It is extremely difficult." Reporting by Makini Brice, Sudip K-Gupta and Marc Leras; editing by Kate Mayberry, Tom Hogue and Diana Mandia Alvarez
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El Pais reports that Aena, the Spanish airport operator, wants to increase airline fees by 6.5% next year.
The newspaper El Pais reported Wednesday that the Spanish airport operator Aena will raise its fees to airlines by 6.5% starting in 2026, as it requires more money to fund investment. Unidentified sources involved in the negotiations were cited. El Pais reported that the airport operator had already requested approval from the competition watchdog CNMC for the increase. This would result in a 0.68 euro increase per passenger on the maximum fee charged by 2026. CNMC rejected Aena’s request to increase its fees per passenger in 2025 by 0.5% and forced the airport operator to maintain them at a maximum of 10.35 euros ($12.13). The airport operator appealed against the decision. A spokesperson from Aena declined comment. Airports charge airline fees for services such as the use of terminals, airport runways, parking, security, and baggage handling. These fees affect the cost of airline tickets.
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Sources say that maritime security firms have launched a mission to rescue the crew of a Greek vessel which was hit by Houthis.
Sources close to the mission said that maritime security firms began a mission to evacuate the crew from the Greek-operated Eternity C vessel, which was attacked by Houthi militants two days earlier off Yemen. Eternity C was attacked by Houthi militants on Monday with rocket-propelled grenades and sea drones fired from speed boats. This is the second attack in one day, after months of calm. According to maritime security sources, at least four crewmembers were killed during the raid and two others were injured. This is the first time that a ship has been involved in a fatality accident since June 2024. Cosmoship Management has not confirmed any casualties. The crew was unable to leave the vessel safely because the lifeboats were destroyed. The project involves the maritime risk management company Diaplous. The official added that the mission had been launched in conjunction with British security company Ambrey. Officials said that as they approached the vessel part of the crew was in the water wearing life jackets. Sources say that Greek officials, who are also involved in salvage operations, have begun diplomatic discussions with Saudi Arabia to assist the Greek vessel. Reporting by Renee Maltezou, Yannis Souliotis and Saad Saeed; Editing by Jan Harvey & Saad Saeed
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The INDIA RUPEE is on the decline as trade concerns keep Asia FX at a defensive position
The Indian rupee, along with other regional currencies, weakened on Wednesday as the dollar strengthened on the backs of new tariff threats by the United States. These included a 50% tax on copper imports, and a 10% tax on BRICS countries. As of 12 noon IST the rupee was trading at 85.8375 per dollar, a drop of about 0.2% for the day. Asian currencies fell between 0.1% to 0.3%, with the offshore Chinese Yuan hovering around a two-week high. In Asia, the dollar index was quoted at 97.6. Donald Trump, the U.S. president, announced overnight that he would impose a tariff of 50% on imported copper and levy levies against semiconductors and pharmaceuticals. He also said a tariff of 10% on BRICS imports was coming "pretty quickly". Threats come as countries try to reach deals with the White House before August 1, when country-specific levies will be implemented. The market has become less receptive to tariff threats despite the uncertainty that persists. This is because traders have accepted the notion that the threats are a tactic for negotiation. In a recent note, Michael Brown, Senior Research Strategist at FX brokerage Pepperstone, said that the markets have become immune to Trump's tariff talk. Participants are also willing to believe Trump is bluffing. The regional equity markets traded mixed, with India's benchmark indices BSE Sensex (Sensex) and Nifty 50 (Nifty 50) being little changed. Minutes of the Federal Reserve’s June policy meeting are expected to be released later today. This will provide clues about the future direction of U.S. interest rates, amid the uncertainty caused by tariff policies and inflation. (Reporting and editing by Jaspreet K. Kalra)
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InPost purchases Spain's Sending in order to expand its delivery network throughout Iberia
InPost, a parcel locker company, has announced that it has acquired Spanish delivery firm Sending in order to expand its presence on the Iberian Peninsula. It will also integrate the 24-hour delivery service provided by Sending. Why it's important InPost has gained traction in other countries after establishing a stronghold on its native market, Poland. Sending is the latest in a strategy of pan-European growth, which began with the acquisition of Yodel earlier this year. By the Numbers InPost, at the end of its second quarter, had 3,000 automated package machines (APMs) and 9,000 pickup and drop-off locations in Spain and Portugal. By the end of the year 2025, InPost plans to expand its network by adding 1,000 more lockers in the region. KEY QUOTE In a statement to the press, InPost CEO Rafal Bzoska stated that this move would not only increase our reach, but also help accelerate our growth in our innovative outside-the-home delivery services. (Reporting and editing by Milla Nissi - Prussak).
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Marseille Airport closed as firefighters continue their battle against wildfire
The intensity of a wildfire which had spread to the northern outskirts (or périphéries) of France's second largest city, Marseille, decreased overnight on Wednesday. However the airport remained closed while firefighters continued their battle against the flames. Residents who were told to remain in their homes out of safety have been allowed back out. In a social media post, Marseille Mayor Benoit Payan announced that the 16th arrondissement was no longer in lockdown. He added: "I urge all Marseille residents, to be extremely cautious in this area as the emergency services are working hard." Officials in the area said the airport will close to commercial flights, prioritising air resources. However, some roads may reopen to allow emergency services access. Officials said it was too early for hundreds of residents to return who fled the wildfire. The flames were fanned up to 70 km/h (43mph) by the winds, which sent plumes of smoke over this southern coastal city. Georges-Francois Leclerc, the regional prefect of Leclerc's region, said that the fire had burned through 700 hectares (2.75 square miles), but there had been no reported fatalities and hundreds had been saved. The Interior Minister Bruno Retailleau said to reporters late Tuesday night that the fire was moving quickly. Recent climate change has caused wildfires to be more destructive in Mediterranean countries. Fires have raged this week and last in Athens, Crete, and northeastern Spain.
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Wall Street Journal, July 9,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch for the accuracy of these stories. After advisers, including Treasury Secretary Scott Bessent, told him that he could achieve trade agreements with more time. After vowing to reinforce Kyiv's defenses against Russian attacks in recent days, U.S. president Donald Trump may send an additional Patriot air-defense systems to Ukraine. Kevin Hassett, the White House's economic adviser, is a serious candidate to become the next chairman of the U.S. Federal Reserve. Apple named Sabih Khan, an insider, as its Chief Operating Officer on Tuesday, replacing Jeff Williams as part of the long-planned succession. Kristi Noem, Secretary of Homeland Security at the Department of Homeland Security, announced Tuesday that the Transportation Security Administration would no longer require travelers removing their shoes for security checks in U.S. Airports. U.S. agriculture secretary Brooke Rollins announced Tuesday that the administration would work with state legislators to prohibit sales of U.S. agricultural land to buyers from China or other countries of concern. She cited national-security concerns.
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Maguire: Turkey's clean energy growth is bad for the gas market bulls
Turkey is among the fastest-growing markets for power in the world. Natural gas and LNG exporters have targeted the country as an important potential growth market. They may be disappointed by the rapid expansion of Turkey's clean energy supplies. Solar capacity has increased dramatically in Turkey, and last month solar electricity production surpassed gas-fired electricity for the first time. The country's very first nuclear plant will be starting up production within the next few months. Turkey has also deployed utility-scale battery systems to store excess power from wind farms and solar farms, which can be dispatched at times of peak demand. It aims to achieve 80 gigawatts hours (GWh), or storage capacity for batteries by 2030. The combination of increasing clean energy supplies and expanding storage capacity is likely to limit Turkey's usage of gas and fossil fuels for power production. Gas market bulls may need to look elsewhere to find growth potential. GROWTH PATH The World Bank's data shows that the Turkish economy has grown by 4.7% per year on average since 2019. This is four times faster than the Eurozone and almost twice as fast as the global economy during the same period. Data from Ember show that the country's demand for electricity grew by 14% between 2019 and 2024. This is in stark contrast with the roughly 5% decline in demand in the European Union during the same period. According to Ember, the Turkish electricity demand is primarily driven by government spending on infrastructure, heavy industry, and manufacturing. The total will reach 340 Terawatt Hours (TWh), in 2024. Re-shoring certain heavy industries, such as steel and cement production in Germany, has also contributed to the increase of energy consumption in Turkey over the past few years. GAS CUTS Gas-fired power generation in Turkey has been declining for the last three years despite this steady increase in power usage. According to Ember, coal-fired power plants are the largest source of electricity in Turkey. They accounted for 36 percent of the country's electricity supply last year. The key to the coal industry's survival has been cheap shipments coming from Russia. Since 2022, when it was sanctioned for its invasion of Ukraine, Russia has had difficulty finding willing buyers. In order to ensure that Turkey's electricity suppliers continue to purchase coal, Russian coal exporters discounted their prices in comparison with other coal vendors. As a result, they have gained a majority share of Turkey’s coal purchases starting 2022. Data from commodity intelligence firm Kpler show that Russia has provided roughly 88% (or more) of Turkey's imports of coal so far in 2025. This compares to a share of approximately 24% between 2018 and 2021. The steady supply of coal has led to a reduced demand in Turkey for natural gas, which is more expensive. Gas-fired power plants supplied only 19% the electricity in Turkey last year. Solar farms (7%) followed by wind farms (11%) as the next biggest electricity sources in Turkey. On the Rebound? The Turkish gas-fired electricity generation has risen by 52% in the first half 2025 compared to the opening half 2024. This has given gas market bulls reason for optimism. The recent gas-fired electricity generation peaks are still below the previous production spikes. This suggests that Turkey's energy firms are hesitant to rely too heavily on gas. Solar power continues to grow, with the output of solar and wind farms reaching a record 30 percent share in electricity last month. The first of four reactors planned for Turkey's first Nuclear Power Plant is expected to begin production in the next few months. Once the Akkuyu power plant is operational, it will supply utilities with clean energy that can be used on demand instead of coal or gas power to balance system needs. Global Energy Monitor (GEM) reports that nearly 90% of 13,000 megawatts of new capacity is coming from clean sources. Nuclear plants are the single largest source of new capacity being developed in the near future, with 4,800 MW. GEM data indicates that solar farms, with 1,336MW, and wind farms, with 2,460 MW, represent the second largest share of capacity. Clean energy sources will make up more than half the total capacity of Turkey's electricity firm once completed, with only 890 MW new gas and 700 MW new coal capacity. This leaves very little room for natural gas to make a sustained contribution to the Turkish energy mix even if Turkey's growth in power demand continues to exceed that of regional and international peers. These are the opinions of the columnist, an author for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
Executives say that Trump's port charges on Chinese ships will threaten the US maritime industry
Industry executives testified at the U.S. trade representative hearings that President Donald Trump's plans to revive the U.S. Shipbuilding Industry are likely to fail because they rely on proposed fees for China-linked ships, which will harm domestic ship operators, ports, exporters, and jobs.
The proposed fees could reach $3 million for each port visit in the United States. The Trump administration claims that the fees will curb China's increasing commercial and military dominance in the high seas, and promote vessels built domestically. U.S. Steelworker Unions and U.S. Steel Producers support the effort. They say it will boost their industry.
The idea of Trump rebuilding the U.S. Shipyards has shocked the maritime industry in the United States because it threatens to destroy the very shipping companies and clients that drive the demand for orders.
Edward Gonzalez, CEO at Florida's Seaboard Marine, largest U.S. owned international ocean cargo carrier testified Monday that "national interest" would not be served by efforts to boost American shipbuilding if they unintentionally destroyed American-owned carriers.
Seaboard, like many U.S. operators relies on vessels manufactured in China. According to Alphaliner, a maritime data provider, 16 of its 24 ships are made in China.
U.S. vessel owners said that the new fees for Chinese-linked ships would also push more U.S. freight to foreign-owned shipping companies with the resources to weather the changes.
According to USTR, China’s share in the shipbuilding industry grew from less that 5% in 1999 up to more than 50 % in 2023.
Speakers said that U.S. shipyards produce fewer than ten ships per year, while Chinese shipyards produce more than 1,000.
However, executives in the industry said that shipbuilders from Japan and Korea will be able to compete with each other.
Struggle to meet demand
It would take the U.S. shipyards years to increase their capacity.
Kathy Metcalf is the CEO of Chamber of Shipping of America. She said that replacing existing vessels built in China was not as simple as flipping a switch. "Penalizing China or the U.S. maritime transportation system is an unacceptable result."
U.S. vessel owners support key American industries such as manufacturing, mining and agriculture. They transport goods from and to inland waterways and across the Great Lakes, up and down America's coastlines.
Already, agriculture exporters are experiencing a decline in their income.
Trouble booking
The USTR plan is uncertain, which has caused the coal industry to say that the new fees make it difficult to sell their products on the global market.
Mike Koehne is a board member of the American Soybean Association who grows corn and soybeans in Indiana.
JOB LOSSES
Nate Herman is the senior vice president for policy at the import-dependent American Footwear and Apparel Association. He said that the port fees will result in the loss of American jobs, increased costs for American imports and exports, as well as shortages and higher prices for American customers.
He quoted a
new study
The report by a number of trade groups shows that the higher fees will cause U.S. Exports to drop by nearly 12%, and GDP to decrease by 0.25 %.
Herman stated that "Hardworking American families can't afford any more price increases or product shortages. And American manufacturers and farmers can't afford to lose export markets."
USTR did not respond immediately to requests for comments. The USTR is currently seeking feedback in hearings on Monday and Wednesday, before finalizing its proposal under the unfair trade practices laws.
For vessel operators to avoid paying the current fees, they must be outside of China and have a fleet with less than 25% of their ships being built in China. They also cannot have any Chinese shipyard deliveries or orders scheduled in the next two year.
An executive order draft seen earlier this month would further narrow the gap by charging port fees to all fleets that have vessels built in China.
Vessel owners can minimize the impact by using larger ships and limiting their calls to large U.S. port - a strategy of feast or famine that would starve smaller ports, overwhelm the largest, and cause supply chain stress reminiscent of the early days COVID.
According to vessel and ports operators, ship operators could also shift U.S. bound cargo to Canada and Mexico and rely on trains and trucks to complete the journey. This would cause more congestion at border crossings and wear and tear to infrastructure. (Reporting from Lisa Baertlein and David Lawder, in Los Angeles; editing by Nick Zieminski & Stephen Coates).
(source: Reuters)