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JPMorgan hires 2 investment bankers to boost services to energy companies
JPMorgan Chase hired two bankers in order to improve its investment banking services for energy companies. One of them will focus on the middle market clients, according to a memo that was seen by. In a memo, it was announced that the bank would be creating a new vertical in its mid-cap unit of investment banking to cover natural resource companies. Matt Barrett will join the team to help support and develop relationships with energy service and equipment providers. Brad Epstein has been hired by JPMorgan to join the natural resources investment banking team. He will be focusing on companies in midstream and downstream. JPMorgan's spokesperson confirmed that the memo was sent by the Global Co-Heads of Natural Resources Group Investment Banking Jonathan Cox and Jen Dooly, as well as James Janoskey. John Richert is the head of mid-cap investments at the bank. Barrett and Epstein, both based in Houston will join the bank as managing director. Barrett spent a part of his career with White Deer Energy, a private equity firm, as well as TPH, an energy-focused investment bank of boutique adviser Perella Weinberg Partners. Epstein worked for 13 years in Citigroup's Energy Investment Bank, where he dealt with companies involved in midstream, downstream, refining and renewable fuels. The memo also said that Epstein has worked at Citadel and UBS. The memo was edited by Franklin Paul and reported by David French from New York.
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Last swing on the LME Aluminium Stocks Roundabout? Andy Home
In the last six months, 156,000 metric tonnes of aluminium metal have been deposited in London Metal Exchange's warehouses. It's beginning to look as if the stock battle that has characterized LME aluminium trade for more than a year is coming to an end. The volume of metal is decreasing. This has led to a battle between financiers, traders and warehouses. Almost all of the aluminium that was just delivered on LME warrant came from the existing LME offwarrant stock in the same Malaysian facility. The Port Klang stock shuffle had little effect on the overall inventory picture. The total LME stock, including both registered and non-warranted stocks, is still down almost 300,000 tons since the beginning of the year, at 717,000 tonnes. LME's time spreads are not easing despite a recent influx of "arrivals", as reported in daily LME inventory reports. This also provides a clue to the reason why Port Klang's storage capacity, as registered by LME, has been shrinking steadily. PORT KLANG RUNDABOUT Since May 2024 when 650,000 tonnes of aluminium were dumped in LME warehouses at Port Klang, the battle over aluminum stocks has been raging. According to reports, the seller, Trafigura trade house, would earn more from a rent sharing deal with an LME warehouse company, ISTIM UK Ltd in this case, than a physical sale on an oversupplied marketplace. The buyers were happy to learn that the metal was not Russian, as it had been recently sanctioned by the US and UK. The bad news is that the only option to break the pre-negotiated deal for storage was to cancel and transfer the metal to another warehouse operator. The rush to move aluminum created a queue similar to those at the LME during the 2010s. At its peak, the queue at ISTIM’s Port Klang Warehouses stretched 293 days in August 2024. It only vanished in May of this year. Stocks have been restocked in ISTIM's warehouses following a recent stock churn caused by the squeeze on holders of short positions in April and May. The volume of metal in India is significantly lower than last year, and the majority of it has been returned from non-warranty storage. Port Klang's total stocks have increased by only 41,000 tonnes since the end May, despite daily stock reports from the LME. ISTIM does not seem to expect much more in the near future. The number of warehouse units listed on the exchange in the Malaysian Port has decreased from 22 to 13. Despite the presence of other operators, the total LME capacity at Port Klang is down 15% since 2025. It's also half of what it was back in 2021 when ISTIM stored over 800,000 tonnes of aluminium warranted. All Change, No Change The LME time spreads are barely reacting to daily warranting. The benchmark cash to three-month period The market is unchanged since two months ago. It's not because much has changed. The total LME inventories, registered and non-warranted, increased by only 36,500 tonnes between June and July. This barely bucked a downward trend that began in May of last year. Stocks are still hovering around their three-year lows. It will take more cash to stop the erosion of an inventory that was once a mountain. The lack of new inflows may be due to greater opportunities on a market that is adapting to both a European phase out of Russian imports as well as the increase in U.S. tariffs of 50%. Physical arbitrage is more profitable than LME storage because warehouse operators like ISTIM no longer have the large storage revenues to compete with physical buyers for fresh metal. There may also be a lack of aluminium available to fight for as China increases imports. In the first half of this year, the country imported 1.25 million tonnes of primary metals, mainly Russian. The pace of arrival increased in July. The LME warehouse roundabout has lost momentum, and it will continue to do so until operators are able to draw more metal from the physical supply chain. These are the opinions of a columnist who writes for.
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Polish Minister: Netherlands will send Patriot air defense systems to Poland
The Netherlands will deploy two Patriot air defense systems and approximately 300 personnel in Poland, a NATO ally, to guard a center for military aid to Ukraine. A Russian drone crashed in a field east of Poland earlier this week. This heightened concern about airspace violations in the Ukraine war. Wladyslaw KOSINIAK-KAMYSZ, who spoke at a press conference to welcome the Dutch decision, said: "Due the current events in Ukraine and the ongoing conflict and Poland's logistical role in securing the transfer of (...), to Ukraine, the Netherlands has announced support for systems that secure our airspace and air defense systems." The Netherlands announced on Wednesday that Patriot systems will be deployed between December 1, 2012 and June 1, 2013. The drone was shot down by a military helicopter in eastern Poland on Tuesday night, scorching the crops and shattering windows of nearby homes. This increased tensions as intensified efforts were made to end Ukraine's war. A prosecutor stated on Thursday that it was most likely that the drone came from Belarus, an ally of Moscow who has supported Russia's war against Ukraine. (Reporting Alan Charlish, Editing Helen Popper).
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Greece's tourism sector enjoys a 6 billion euro profit in the first half of 2025
Bank of Greece data showed that the Greek travel services industry saw an excess of 6 billion euro ($7 billion) during the first half of the year 2025. This represents a 9.1% rise from the prior year. Travel receipts from January to June increased by 11% compared to the same period in last year, to 7.6 billion euro. This was due to a 24% rise in travel payments, and a 10% increase in average spending per overnight stay. Tourism is responsible for over a quarter (25%) of the economic output. This means that data on visitor expenditures are closely monitored. The growth in receipts was led by the euro zone countries Germany, France, and Italy. The United States grew 29.4%, to 704.3 millions euros. Inbound travel to Greece in the first half 2025 rose by 0.6%, to 11.7 millions, roughly the same as in 2024. The Bank of Greece reported that while the number of passengers using airports increased by 4.9%, those crossing border points on roads decreased by 13.1%. ($1 = 0.8588 euros)
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London Tube workers strike next month in protest of pay demands
London Underground workers are planning to strike for seven consecutive days in the next month over a dispute about pay and conditions of employment, said RMT, a railway union. RMT stated that different grades of employees will take industrial action at various times. The dispute is over pay, fatigue management and shift patterns, as well as a reduction of the work week. The union also announced that in a separate dispute workers at the Docklands Light Railway which connects Canary Wharf with the City of London financial centre will be on strike starting the week of September 7. Eddie Dempsey, RMT's General Secretary, said: "Our members are not looking for a king's ransom but fatigue and shift rotations have serious impacts on the health and well-being of our members." Dempsey stated that the union would keep working with London Underground in order to reach a settlement. (Reporting and editing by Catarina demony; Sachin Ravikumar)
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After Ukraine's attack on refineries, parts of Russia are experiencing gasoline shortages
After Ukraine intensified its attacks on Russian oil refining facilities this month and amid an increase in seasonal fuel demand, several regions in Russia are reporting gasoline shortages. On July 28, Russia banned gasoline exports for oil producers in an effort to avoid shortages during a period of high demand due to summer travels and grain harvesting. Some market participants say this is not enough to prevent a fuel shortage. They said that the problem was exacerbated by bottlenecks in logistics, low stocks at home and repairs being done to refineries. In response to the missile and drone strikes by Moscow, Ukraine has been targeting a number oil refineries, including Novokuibyshevsk and Syzran. Ryazan, Volgograd and Ryazan have also been targeted. Local media in Primorye (Russia's far east region) reported long lines of motorists waiting to fill up their gas tanks. Authorities blamed a surge in tourists. Local media reported that NNK, a major oil company, had said that many of its gasoline trucks in the area were stuck in traffic for up to six hours due to road repairs. Yevgeny Baltsky, the Moscow-appointed Governor of Ukraine's Zaporizhzhia Region, which is largely under Russian control, stated on Thursday that retail gasoline sales in several regions were experiencing problems due to peak demand and refinery repairs. He said that the fuel shortage in the Zaporizhzhia area is made worse by logistical issues and the possibility of an enemy attack on fuel trains. Sergei Aksyonov - the head of Crimea, which Russia annexed from Ukraine in 2014. - acknowledged fuel issues in an interview this week with a local television station. He said that "this is an objective situation which could continue for another month" and that the issue will not be resolved until the conflict has ended. Mark Trevelyan (Reporting)
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German prosecutors claim that Italy arrested a Ukrainian for attacks on the Nord Stream pipeline
The German prosecutor general announced on Thursday that Italian police had arrested a Ukrainian suspected of coordinating attacks against the Nord Stream Pipelines. He added that he will be brought before a German court after being transferred. No one has taken responsibility for the explosions in September 2022 that damaged the pipelines transporting gas from Russia to Europe. This marked a significant escalation of the Ukraine conflict, and exacerbated the energy crisis in Europe. A statement from the prosecutor’s office stated that the suspect, who is only identified as Serhii in accordance with German privacy laws was part of a team of people who placed devices near the German Island of Bornholm, in September 2022. The newspaper said that he and his accomplices set out from Rostock, on Germany's northern-eastern coastline, in a sailing boat to carry out the attacks. It added that the vessel was rented by a German firm with the aid of fake identity documents through middlemen. The authorities acted based on an arrest warrant issued by the European Union for the suspect. He is accused of conspiring to cause explosions, anti-constitutional destruction and sabotage. The German prosecution said that Carabinieri officers had arrested him in the nighttime in the Italian province of Rimini, on the Adriatic coast. Italian police had no immediate comment. The Italian police had no immediate comment.
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Sources: Russia has attacked an important Ukrainian gas compressor plant
Two industry sources reported on Thursday that Russia had attacked a compressor station for gas in eastern Ukraine, which plays an important role pumping gas into storage facilities. This is part of a escalation in strikes against energy infrastructure. Later, the Ukrainian Energy Ministry said that overnight, a Russian attack had occurred on one of Ukraine's gas infrastructure installations. The ministry did not give any further details but stated that damage was being assessed. One source said, "Yes, this affects gas injection." The Russian Defence Ministry said that its forces carried out overnight strikes on Ukrainian energy infrastructure and other targets. In recent weeks, Russia has intensified its attacks on Ukrainian energy infrastructure. Ukraine's Energy Ministry said on Tuesday that a Russian attack overnight had caused large fires in energy facilities located in central Ukrainian region Poltava. The attack was carried out by drones, according to the ministry. In the first half of this month, Russia attacked a gas station in southern Odesa, Ukraine, which was used to import LNG from Azerbaijan and the U.S., thereby compromising winter preparations. Since a series devastating Russian missile attacks this year that significantly reduced the domestic production, Ukraine has been facing a severe gas shortage. Russia has denied that it targets civilians in its invasion of Ukraine, which began more than three year ago. However, the country says that infrastructure like energy systems is a legitimate target because they aid Ukraine's war efforts. (Reporting and Editing by William Maclean and Aidan Lewis.)
Sources say that Turkish ports have imposed new restrictions on ships linked to Israel.
According to two shipping sources, Turkish port authorities are now formally requesting shipping agents to submit letters stating that the vessels they represent do not have any connection to Israel or carry military or hazardous cargo bound to Israel.
This is the second step Turkey has taken to punish Israel for its Gaza war with Hamas. Last year, it cut off trade worth $7 billion annually with Israel.
Sources said that the harbour master’s office verbally instructed agents to give written assurances. They added that there was not an official circular regarding the issue.
According to one source, the instructions applied to all ports in Turkey.
According to the port authority in the northwestern province Kocaeli, the second source stated that vessels departing from Israeli ports or arriving directly from Israel ports will no longer be allowed to dock in Turkish ports.
Sources claim that Turkish flag ships will not be allowed to dock at Israeli ports.
The Transport Ministry did not respond immediately to a comment request.
This could complicate the shipments of goods to Israel from the Eastern Mediterranean. Yemen's Houthis, who are aligned with Iran, have been targeting ships in the Red Sea in an effort to show solidarity with Palestinians since 2023.
NATO member Turkey has harshly criticised Israel for its attacks in Gaza, calling it genocide. Israel denies the charge.
Second source: The new letters of guarantee should state that the vessel owners, managers and operators do not have any ties with Israel and that certain cargoes, such as explosives, radioactive materials, or military equipment are not aboard en route to Israel. Can Sezer, Ezgi Erkoyun and Ros Russell edited the article.
(source: Reuters)