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New pilot program could see the US require bonds of up to $15,000 for certain tourist visas
A U.S. notice on Monday said that the U.S. may require bonds of up to $15,000 for certain tourist and business visas as part of a pilot program starting in two weeks. The new program is intended to crackdown on visa overstayers. According to a Federal Register announcement, the program allows U.S. consular officials to decide whether to charge bonds to visitors from countries that have high rates of visa-overstays. The notice stated that the bonds could also be applied to those coming from countries with insufficient screening and vetting data. Donald Trump, the U.S. president, has made illegal immigration the central focus of his administration. He has increased resources to secure the border as well as arresting those who are in the U.S. without authorization. In June, the Republican president issued a ban on travel that prevents citizens of 12 countries from entering the U.S. for national security reasons. The government's notice stated that the new visa program will be in effect from August 20 and last approximately one year. The U.S. launched a pilot program similar to this in November 2020, during the last few months of Trump’s first term, but the program was not fully implemented because the global travel drop associated with the COVID-19 epidemic, according to the notice. (Reporting and editing by Franklin Paul, Toby Chopra, Ted Hesson)
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Sources say that the Russian oil refinery in Novokuibyshevsk halted its operations following drone attacks.
Two industry sources confirmed that the primary oil processing has been stopped at Russia's Novokuibyshevsk oil refinery since August 2, following an attack by a Ukrainian drone last week. This was the first drone attack on a major Russian refinery since March 2025. The announcement came after U.S. president Donald Trump set a 10- to 12-day deadline for Moscow and Kiev to reach a ceasefire or face consequences. This underscored his frustration with the ongoing 3-1/2-year conflict. Steve Witkoff, the U.S. Special Envoy to Israel, is expected to visit Russia in this week's time after his current trip to Israel. Novokuibyshevsk has a refining capacity that is 8,3 million metric tonnes of oil per annum (or about 160,000 barrels of oil per day). Rosneft didn't respond to our request for a comment immediately. Sources claim that the attack on the Novokuibyshevsk Refinery damaged the CDU-11, which is the primary oil refinery unit. The refinery is divided into two main units. CDU-11 has a daily capacity of 18,900 tons and CDU-9 has a daily capacity of 4,700 tonnes. The refinery planned on stopping CDU-9 from August until early September for major maintenance. Sources claim that the Novokuibyshevsk refinery processed about 18,000 tonnes of crude oil per a day. According to industry sources, last year the refinery processed 5,74 million tons crude oil and produced 1,10 million tonnes of motor gasoline, 1,64 million tonnes of diesel fuel, as well as 1.27 millions tons of fuel oil. Reporting by In Moscow; Editing Bernadettebaum
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Google has agreed to reduce the power used by AI data centers in order to relieve strain on the US grid during times of high demand
Google announced on Monday that it had signed agreements with two U.S. utilities to reduce the power consumed by its AI data centers during periods of high demand on the grid. AI is a power-intensive technology, and power supply cannot keep up. The country's utilities have been inundated by requests for electricity to power Big Tech's AI-based data centers. In some areas, the demand has exceeded total available supply. This power crunch has raised concerns over soaring bills and blackouts for homes and businesses. The technology industry has also been hampered in its expansion of AI. This requires huge amounts of energy - and fast. Google's agreement with Indiana Michigan Power, Tennessee Power Authority and other electric utilities would require the tech giant to reduce power consumption at its data centers in order to make room on the grid. These are the first formal agreements Google has made in its demand-response program with utilities, to temporarily reduce its machine learning workloads. Machine learning is a subset artificial intelligence. Google stated in a recent blog that the technology allows data centers and other large loads to be connected more quickly. It also reduces the need for new power and transmission plants and helps grid operators manage power grids more efficiently and effectively. Other energy-intensive industries, such as heavy manufacturing and cryptocurrency mining, have used demand-response programmes. Businesses receive either a payment or a reduction in their power bill. Details of the commercial agreements between Google and the utilities are not known. Demand-response arrangements are currently only applicable to a small part of the demand on the grid. However, as the supply of electricity in the United States tightens, these agreements may become more common. (Reporting and editing by Bernadette baum)
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Joby, an electric air taxi company, acquires Blade Air's passenger service
Joby Aviation announced Monday that it will purchase Blade Air Mobility's helicopter ride-share business, which includes passenger services, for up to $125 Million. Joby is working to accelerate the deployment of commercial air taxis. Blade's medical transplant division will not be part of the deal. It will remain a public company rebranded Strata Critical Medical. However, Joby will partner with Blade on medical transport. Joby is working hard to get its electric vertical takeoff-and-landing aircraft, or eVTOLs, certified by the Federal Aviation Administration. Joby CEO JoeBen Bevirt stated that the company was on track to start FAA Type Inspection Flight Testing early next year. This is a crucial step before it could begin commercial service. Bevirt said the Blade deal provides Joby with existing customers, takeoffs and landings locations, and a decade's worth of operating experience. This is "a launchpad, a catalyst for really growing the experience" Blade has built. Bevirt stated that "clean, quiet aircraft will unlock a large number of new takeoffs and landings locations." Blade carried more than 50,000 passengers from 12 urban terminals in 2024, including JFK Airport New York, Newark Liberty Airport and various Manhattan locations. Blade's passenger operations, led by Blade CEO Rob Wiesenthal, will continue as a fully-owned subsidiary of Joby. "We fly people by helicopter, vertical transportation, than any other company around the globe. "With the combination of infrastructure, flyers, routes, and a globally-recognized brand, it's really to the customer...more of an asset exchange," Wiesenthal stated in an interview. Wiesenthal said that there will be a phase of transition where the combined company operates helicopters and Joby planes. It will eventually transition to only operating Joby electric air cabs. The deal includes the entire passenger business of Blade, including its U.S. operations and European operations. Joby agreed to pay Blade $125 million under the agreement. This includes $35 million linked to certain performance benchmarks and the retention of key employees. Reporting by David Shepardson, Editing by David Goodman, Mark Potter
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Eurostar service severely affected by French track closure
Eurostar warned its passengers that they should expect major disruptions and cancellations on all routes between and to Paris after a section operated by France's SNCF railway network was temporarily shut down. The operator of high-speed trains urged passengers to delay their trips if they could. Eurostar's spokesperson stated that passengers could exchange their tickets for free or get a refund. The disruption in France did not affect the London-Amsterdam route, London-Brussels, and Brussels-Amsterdam. SNCF reported that the disruption was due to a power failure near Moussy (about 50 km north of Paris) which began at 8:30 a.m. It is expected to continue until late evening, as "major repair" work will be required. The disruption is occurring at the peak of summer travel in one of Europe's most popular international rail corridors. Charlotte Van Campenhout reported, Kirovan Donovan edited.
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The Gulf stock market has fallen due to weak corporate earnings
The Gulf stock markets were largely muted on Monday morning due to weak corporate earnings. However, rising expectations of interest rate reductions by the U.S. Federal Reserve eased concerns over the slowing economy. Data released on Friday indicated that U.S. employment growth was slower than expected in the month of July. This has led to expectations that rates could be cut by the Fed in September. Fed decisions can have a major impact on the Gulf's monetary policies, since most of the currencies in the region are pegged to U.S. dollars. Saudi Arabia's benchmark index fell 0.7%, with the majority of its constituents reporting losses. Saudi Aramco Base Oil Company-Luberef fell 3% following an 18% drop in its second-quarter profit. Saudi Aramco, the oil giant and its subsidiary Saudi Basic Industries (SABIC), both fell 0.5% and 0.4%. SABIC, the Saudi chemicals company, reported a surprise quarter loss on Sunday. The benchmark Abu Dhabi index dropped 0.2%. This was due to a drop of 2% in RAK Properties, and a decline of 0.7% in Fertiglobe. Fertiglobe, a nitrogen fertilizer manufacturer, reported a drop of 29% in its half-year net profits and declared a H1 dividend per share of 4.4 fils as opposed to 6.6 fils the year before. The second-quarter profit was higher by 41%. Dubai's benchmark index fell by 0.2%. Emaar Properties fell 1%, and Dubai Investments fell 1.4%. The benchmark Qatari index fell 0.1%. Financials were the main culprits, with Qatar National Bank - the largest lender in the region - dropping by 0.4%, and Commercial Bank falling by 0.5%.
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Thai Airways shares surge after resuming trading
Thai Airways International stock prices surged up to 231% when shares resumed trading Monday, before dropping back down later. At 12:50 pm (0550 GMT), the stock price was up 186% to 9.5 Baht ($0.2872). In 2020, the national carrier entered a bankruptcy-protected restructure at the start of the pandemic. It was in trouble long before the pandemic. The airline has been reporting losses almost every year since 2012. This is because low-cost carriers have been eroding its market share in Southeast Asia, particularly on short haul routes. Thai Airways received a debt restructuring of 400 billion baht when COVID hit. The company brought in senior executives to its restructuring committee, which was chaired the former energy minister Piyasvasti Amranand. Amranand was also the chief executive of Thai Airways from 2009-2012 when it was profitable. The committee began debt-to-equity plans, and then reduced its support staff by half to 16,000 people. The committee also announced plans to reduce its fleet of 103 aircraft to 85 and to eliminate its budget airline, Thai Smile. In five years, starting in 2020, the airline will have reduced its debt by 190 billion Baht and achieved operational profit in 2023. In the first three months of this year the airline's net profit reached $9.8billion, up by 300% compared to the same period in the previous year. The airline currently operates 78 jets, and the cabin factor (the percentage of seats occupied by passengers) is 83.3%. The carrier has an option to purchase 35 additional Boeing 787-9 widebody jets. It said in July that it would be able to exercise its option as part the Thailand-US tariff negotiations.
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PostNL confirms guidance after posting surprise operating profit for Q2
Dutch postal company PostNL announced a surprise operating income for the second quarter on Monday and confirmed its full year guidance, citing progress made in strategic initiatives as well as benefits from targeted yield-measures. PostNL, a company that delivers letters and parcels across the Netherlands and Belgium, reported a normalised operating loss of 11 million euros (12.74 million dollars) for the third quarter. This is down from 18 million euros a year ago. Five analysts polled by the company had predicted a loss on average of 3 million euro. In a press release, CEO Pim Berendsen stated that "other measures to adapt our operation have resulted into efficiency improvements and planned cost savings at both Parcels and Mail and the Netherlands." PostNL, which is active in Belgium, The Netherlands, and Luxembourg, has confirmed that it expects its normalised annual operating profit to remain the same as last year. It did, however, flag a goodwill impairment of 40 million euros on its Dutch Mail business after the Dutch Government rejected its request for a financial contributions for 2025-2026. The impairment is excluded in the normalised results. PostNL announced that it would not be paying an interim dividend, but will still pay one over the course of the year. Reporting by Olivier Cherfan, Gdansk. Editing by Milla Nissi.
Venezuelan oil exports dropped in July, as partners awaited US approvals
According to data from vessel tracking and company documents, Venezuelan oil exports fell by about 10% in July compared to the previous month. This was because key partners of the state-owned PDVSA were waiting for U.S. approvals to expand their operations in the nation.
Washington granted a limited license to Chevron in late July, allowing it to export crude oil to the U.S. and operate in Venezuela under sanctions. The license does not permit any payments to Venezuelan President Nicolas Maduro’s administration.
Several other PDVSA partners still await similar authorizations.
Mike Wirth, Chevron's CEO, said Friday that the company is expecting to resume the exports of Venezuelan crude oil to the U.S. in this month. The new license will allow for a "limited" amount. He didn't elaborate on the terms, as the authorization was privately issued to the company.
Venezuela exported 727,000 barrels of crude and refined product per day on average last month. This is lower than the 807,000 barrels per days (bpd), which was recorded in June. In July, Venezuela also exported 227,000 metric tons of oil byproducts (petrochemicals) and petrochemicals. This is in line with what it did in June.
The data and documents revealed that the total oil exports to China, including direct and indirect shipments, accounted for 95% of all exports. Cuba, Venezuela's political partner, received 31,000 bpd in crude, gasoline, and jet fuel.
Chevron has suspended its exports of Venezuelan crude oil since April when PDVSA canceled the cargoes that it had planned for its joint venture partner due to payment issues related to U.S. sanction against the OPEC nation.
In March, the administration of President Donald Trump revoked PDVSA's prior U.S. licensing and authorizations for other PDVSA Partners. Venezuela's crude oil exports dropped slightly as a result, with more cargoes going to China.
One document showed that in the last week of June, Venezuela's major oil terminal, the Jose Port, was almost empty, which led to a rise in heavy crude and dilutient stocks.
Chevron and the cash-strapped PDVSA have been in negotiations since Washington approved the new license following a prisoner exchange with Caracas, as well as criticism from the U.S. Congress about more Venezuelan barrels being sent to China.
Sources close to the negotiations said that part of the agreement would include payment of mandatory taxes and royalties to Venezuela, either in kind or as a percentage of oil produced jointly.
(source: Reuters)