Latest News
-
Russian Urals oil sold to India at the lowest discount since 2022, traders claim
Four traders who are active in the market stated on Friday that spot supply has tightened and reduced discounts for Russian Urals crude oil to be delivered to Indian ports by July. This is the lowest discount since 2022. Indian refiners are being pushed by tight supplies and narrowing discounts to look for alternative products through purchasing tenders. Sources said that spot discounts for Urals crude for cargoes arriving to India in July decreased to an average of $2.25 per barrel, compared to $2.70 to $3.10 a barrel for dated Brent delivered ex-ship basis the previous month. This is the smallest discount on Urals oil sold to India since 2022, when the Ukraine War broke out. India has become the biggest buyer of Russian crude oil after Moscow diverted energy away from the European Union, which had imposed a block. Sources claim that some Indian refiners who do not have long term supply agreements with Russian oil firms are not receiving enough Urals oil this July. Reliance Industries, India's largest refiner, signed a contract for a long-term supply with Rosneft, the Russian oil giant, last year. This reduced the availability of Urals on the spot market. Russian oil traders pointed to a recent increase in demand from Turkish refiners, who have increased their purchases, increasing the competition between Indian refiners and Russian refiners. Tupras, Turkey's largest refiner of oil, has resumed purchasing Urals after earlier this year stopping due to tougher U.S. Sanctions against Moscow. Two traders said that improving margins in the refining industry globally has also helped to boost Russian oil demand, as refiners are keen to increase crude production. India is the largest buyer of Russian Urals by sea. Imports reached a 10-month-high in May. (Reporting from Nidhi in NEW DELHI, and reporters in MOSCOW. Editing by Clarence Fernandez.)
-
China shows Pacific nations its coast guard capabilities, and moves towards patrolling the high seas
Pacific Islands officials have said that China has taken further steps to board fishing boats on the high seas for the first times in the Pacific. This could cause tensions with Taiwanese and U.S. Coast Guard ships who ply this region. Last week, the Chinese Coast Guard showed Pacific Island Ministers the capabilities of its largest ship, which is used to enforce maritime laws in the Taiwan Strait. According to documents and interviews conducted with Pacific fisheries officials, the Chinese Coast Guard is also actively engaged in discussions on high seas boarding rules. Fisheries officials predicted that China would soon begin patrols within a "crowded space" for fisheries surveillance. In an interview, Allan Rahari said, "Hosting the leaders and demonstrating their capability in terms of maritime operation are all indications that they want to enter this space." The agency enforces against illegal fishing in 18 Pacific Island Countries, assisted by patrols of the Australian, United States, France, and New Zealand air and navy forces. Chinese and Taiwanese fishing boats are the largest in the Pacific. They also receive the most violations notices from inspectors. Rahari stated that security agreements with these countries could include Chinese coast guard patrols of coastal waters. China registered 26 coastguard vessels with the Western & Central Pacific Fisheries Commission in 2024. These vessels will be used for high seas boardings and inspections. Rhea Moss Christian, executive director of the WCPFC, said that although China has not notified them about any inspections they have conducted, Chinese officials are actively involved in the debate on rules for boardings. She said that China called for the review of guidelines last year, and in march, Chinese officials participated in a video conference about an Australian effort to strengthen voluntary regulations. Before boarding, WCPFC inspectors on international waters must obtain permission from the flag state of the vessel suspected before they can conduct any inspection. Rahari warned that it would be "very complex" diplomatically for a Chinese coastguard vessel to attempt to board a Taiwanese fisherman's boat. Beijing does not recognize Taiwan as a country. Chinese officials as well as the Chinese Coast Guard have not responded to comments. Australia refused to comment while Taiwan and U.S. Coast Guard declined to respond to requests for comments. SHIP TOUR Haixun 06 is a ship that can travel up to 18500 km (11,470 miles or 10,050 nautical miles), or for 60 days, without resupply, and was toured by 10 foreign ministers of Pacific Island nations. Justin Tkatchenko, Papua New Guinea's (PNG) Foreign Minister, said that 10 Pacific Island Ministers had seen the Chinese Coast Guard demonstrate a maritime drill but were told that they did not talk about Pacific patrols. PNG is currently negotiating with Australia a new defence agreement. It also struck a security deal in 2023 with the United States, allowing them to patrol PNG’s exclusive economic zone of 2.7 million square kilometers. Fiji announced that it approved a new maritime agreement with Australia in the past week. The government broadcaster of Nauru posted photos on social media from the Haixun 06 exercise, saying that it "reaffirmed" the importance of maritime co-operation between China and Pacific Island Nations. According to a December security agreement, Nauru is required to notify Australia prior the arrival of the Chinese navy. The U.S. Coast Guard signed maritime law enforcement agreements last year with 12 Pacific Island Nations, allowing them to enter their exclusive economic zones. They also increased their patrols. Rahari stated that "the key consideration for China is to enter that space without stepping onto other partners' toes because this will create conflict within the region, and that is what we do not want." As reported previously, the first U.S. Coast Guard Patrol in Vanuatu waters in 2024 saw local officials board several Chinese fisherman boats, finding violations, which Beijing criticized. WCPFC data show that since 2008, Chinese vessels have been issued 158 violations, or 46%, by inspectors from the U.S.A., France, and Australia. Taiwanese boats fishing were given 233 violations. (Reporting from Sydney by Kirstyn Needham; Additional reporting in Beijing by Liz Lee, Xiuhao chen and Ben Blanchard; Editing done by Raju Gopalakrishnan).
-
Tesla shares are up as Politico reports that Musk and the White House will hold a call
Tesla shares recovered from their previous session on Friday after Politico reported White House aides had scheduled a phone call with Elon Musk, CEO, to ease tensions, following a public spat with U.S. president Donald Trump. In premarket trading, shares of the EV manufacturer were up 4.7% to $298.1. The stock fell 14.3% on Thursday, and the market lost approximately $150 billion - this is the largest one-day loss in value ever. Musk said that Trump should be impeached while Trump threatened to stop government contracts for Musk's businesses. Their relationship turned into a social media brawl. Fiona Cincotta is a senior analyst at City Index. She said that Trump's threats to end Tesla's subsidies and contracts are unlikely. I don't think this will escalate into something more than a few days of a verbal war. Trump criticised Musk's CEO in the Oval Office. The once close relationship deteriorated in public within hours as Musk and Trump exchanged insults about their respective companies, Trump's Truth Social, and Musk's X.
-
After a fatal air crash, US Democratic Senators propose radical reforms to the air safety system
Seven Democratic Senators introduced air safety legislation on Thursday after a deadly collision between an Army Helicopter and an American Airlines Regional Jet in January near Reagan Washington National Airport that killed 67 people. Lawmakers have asked why the Federal Aviation Administration has not acted for years in response to close calls that involved helicopters near Reagan. The bill would mandate a review on helicopter operations and passenger safety at major airports. It would also require new FAA safety assessments after fatal passenger airline crashes and the use of ADS-B technology, an advanced aircraft tracking system. The FAA didn't immediately respond to our request for comment. Ted Cruz, Republican Chair of the Senate Commerce Committee, held a series aviation hearings, and demanded that the FAA and Army take action to reduce collision risks. Cruz did not immediately respond to a question about whether he backed the Democratic proposal. Senator Maria Cantwell said that the accident "exposed critical oversight gaps in aviation safety." She said that the legislation "closes danger loopholes which allowed aircraft to operate with essential safety technology without, and mandates modern surveillance system that enhances pilot awareness of aircraft nearby, and ensures that the FAA acts on data instead of ignoring them." The Army Black Hawk helicopter was not using ADS-B during a routine mission of training when it collided into the American jet. In April, the FAA announced that government helicopters would be required to use ADS-B near Reagan National except for "active national security missions." Families of the victims of the American plane crash have said that the bill is a "meaningful step forward" in aviation safety. This issue has become personal and urgent for the families. After a near-miss on May 1, the FAA suspended Army helicopters flying around the Pentagon. In recent months, there have been several other close calls that were troubling. In March, the National Transportation Safety Board reported that there have been more than 15,200 incidents between commercial aircraft and helicopters that had a lateral separation of less that 1 nautical mile, and a vertical separation of less that 400 feet. There were also 85 close calls during this period at Washington Reagan. In March, the acting FAA administrator Chris Rocheleau admitted that the data were troubling. Rocheleau stated that "clearly something was missed". (Reporting and editing by Leslie Adler, Jamie Freed and David Shepardson)
-
Rumo cancels agreement to sell stake in Brazil Port Terminal to Bunge, Zen-Noh Grain
Brazilian rail operator Rumo has terminated a 2024 deal to sell a part of the terminal at Latin America’s largest port, to U.S. commodities traders Bunge and to a subsidiary from Japan’s Zen-Noh Group. Rumo stated in a filing with the Securities Commission that the conditions of the agreement for a 50% stake in the XXXIX Terminal, located in Santos Port, had not been fully met before the deadline. It did not give any further details. The parts were Announcement of the Deal Rumo reported that the agreement would be worth 600 million reais ($107.44 millions) in May 2024. Bunge released a statement confirming the termination, stating that it had accepted Rumo’s decision. Zen-Noh Grain didn't immediately respond to an outside of normal business hours request for comment. Caramuru Alimentos is the Brazilian grain processor that owns the other 50%. ($1 = 5,5845 reais). (Reporting and editing by Brendan O'Boyle; Patricia Vilas Boas, Andre Romani)
-
Canadian regulator confirms that the Prince Rupert Gas Transmission Pipeline project has begun
The British Columbia Environmental Assessment Office determined on Thursday that the work on the Prince Rupert Gas Transmission Natural Gas Pipeline Project has already been substantially begun, according to the provincial government. B.C. said that the decision meant a certificate of environmental assessment for 2014 will remain valid indefinitely unless it is suspended or revoked under the Environmental Assessment Act. In a press statement, the government confirmed this. The PRGT project, which spans 900 km from Hudson's Hope to Lelu Island near Prince Rupert on Canada's Pacific Coast. The 900-kilometre PRGT project will run from Hudson's Hope in northeastern B.C. The Nisga'a First Nation, and Western LNG acquired it from TC Energy in March 2024 for the purpose of supplying natural gas to a proposed 12 million tonneS/year Ksi Lisims liquefied-natural facility. The certificate of environmental assessment issued in 2014 required that substantial progress be made on the project by November 25, 2020. The B.C. The B.C. According to the government statement, compliance and enforcement officers would continue to monitor PRGT throughout its construction and operation in order to ensure that it met all environmental requirements. (Reporting by Anjana Anil in Bengaluru; Editing by Nia Williams)
-
US ends 'Quiet Skies,' airline passenger screening program
The Transportation Security Administration is discontinuing the "Quiet Skies", aviation security watchlist program, which designated certain passengers as higher-risks for enhanced screening. Homeland Security Secretary Kristi Nuem stated that the program cost $200 million per year and was "used to target political enemies and benefit political allies." She said that the TSA will continue to perform vetting tasks related to commercial aviation security. The TSA screens over 900 million passengers annually. Republicans are concerned that Tulsi Gabrield, a former legislator, was briefly listed on the Quiet Skies List by the TSA. Trump appointed Gabbard as the director of National Intelligence. Bennie Thompson, the top Democrat in the panel, denied that the program was a political one and criticized the decision to end it, saying, "this shameful effort to dismantle a National Security Agency which protects us against terror attacks will make us less secure." He said that Gabbard was "automatic and well-deserved" to be listed. The process was the same for both the Republican and Democratic administrations, including the Trump administration. Mark Green, the Chair of the House Homeland Security Committee, praised the decision made to terminate the program. Green stated that while the Quiet Skies Program was designed to reduce threats to U.S. Aviation Security, it has now been revealed to be a political watchlist. On the list, passengers are subjected to enhanced screening. This includes a patdown and an explosives detection, as well as a physical search of their property, electronics and shoes. In a 2020 report, the inspector general criticized the program. It said that the TSA had not "developed outcome-based performance measures and goals to demonstrate program efficacy" and there were software algorithm and systems malfunctions. In 2018, the American Civil Liberties Union said that the program was "covert surveillance" of innocent flyers and that the TSA used "secret criteria including travel patterns and specific behavior to determine which travellers to target." After Umar Farouk Abdulmutallab's 2009 attempt to detonate an explosive hidden inside his underwear aboard a U.S. aircraft near Detroit, the U.S. Government sought to improve screening for potential threats. TSA began using factors based on risk in 2012 to identify passengers who may be at higher risk and assign them to the Quiet Skies Program. In 2018, the Federal Air Marshal Service started prioritizing air marshals for flights with Quiet Skies passengers.
-
Britain is urged to reduce energy costs before implementing industrial strategy
Legislators and business leaders warned on Friday that Britain's first Industrial Strategy in eight years would be undermined without measures to lower the sky-high costs of energy faced by businesses. The strategy has been developed by the ministers and will be presented with the multi-year review of spending due on Wednesday. It will highlight the key sectors that are most important to the Labour government in order to achieve its growth goals. In a recent report, the Business and Trade Committee of the UK Parliament stated that "high electricity prices are discouraging investment and affecting the ability of UK industry to compete globally and decarbonise." We recommend that industrial strategy include measures to level the playing fields with international competitors in industrial energy prices. Make UK, an industry group, said on Monday that Britain must reduce its industrial energy bills which are among the highest in advanced economies to achieve its goal of a healthy manufacturing industry. The committee has recommended cancelling the climate levies on energy costs for industrial use and stated that the report is further proof of the harsh realities faced by British industry. Stephen Phipson CEO of Make UK said that the Government has a moonshot to provide companies with the stability and certainty they need through a robust Industrial Strategy. He added that failure to meet high expectations was "totally unacceptable". Rain Newton-Smith, CEO of the Confederation of British Industry, also called for the government to remove “policy costs” from electricity bills in a speech delivered late Thursday. She stated that the divisive debate about cheaper energy versus pursuing net zero is a "false option", and energy-intensive companies are finding it difficult to remain in the UK. They need support to decarbonise. She said, "We cannot achieve economic security without addressing energy." Without it, any industrial plan, any serious economic security plan will fail. The business ministry spokesperson said that the industrial strategy will create the "best possible conditions" for the private sector in order to increase growth. They added that they had extensively consulted with hundreds of companies. (Reporting and editing by Nia William; Alistair Smout, David Milliken)
CBS News reports that Trump intends to end the TSA's "Quiet Skies" program.
A CBS News reporter told X on Wednesday that President Donald Trump intends to end the Transportation Security Administration’s “Quiet Skies” surveillance program. The source was unidentified.
CBS reported that the closure of this program could happen as soon as Thursday, as officials have been discussing how to close it without compromising security.
The TSA declined comment. The White House and Department of Homeland Security didn't immediately respond to requests for comments.
Earlier this year, some Republican legislators had questioned the program when U.S. director of national intelligence Tulsi Gabriel was put on its watchlist.
CBS reported on Tuesday that Senator Jeanne Shaheen’s husband had been placed on a list for 2023, but was taken off after she met with the TSA director at the time.
CBS reports that the program uses analysts and undercover air marshals who identify and monitor passengers in airports and on flights who may pose a threat to security.
CBS stated that it is unclear whether program staffers will be transferred to other departments within the administration, or if air marshals work will continue. (Reporting and editing by Caitlin Freed and Jamie Freed; Christian Martinez)
(source: Reuters)