Latest News
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President Serba says that Serbia will protect their interests in relation to NIS Oil Company
Aleksandar Vucic, Serbia's president, said that Serbia would do all it could to protect its own interests if the U.S. imposed sanctions on Serbian-based NIS oil company, which is owned by Russia. Washington announced sanctions against NIS in January, Serbia's largest oil importer, and one of Russia’s last remaining energy assets within Europe, for Moscow's invasion of Ukraine in 2022. NIS announced last week that there would be no further delays. "Our Russian Friends have understood our message." We knew their interests. We will do all we can, both tactically and strategically, to serve the interests of Serbia", said Vucic on Instagram. Vucic's post was a result of "frank, sincere and open talks" between Alexander Dyukov (CEO of NIS parent company Gazpromneft) and Pavel Sorokin, Russia's deputy minister for energy. He added that there would be no energy shortages, no shortages in crude oil or its derivatives. Vucic didn't specify what measures Serbia can take to ensure unhindered crude oil supplies. The Office of Foreign Assets Control of the U.S. Treasury made a decision Thursday to reduce shipments of crude oil to the NIS refinery in Belgrade via the JANAF pipeline, which is a neighbouring country. Vucic warned last week that without deliveries NIS, Serbia's sole refinery which accounts for around 80% all of its oil products, from jet fuel to gasoline, will struggle to continue operating beyond November 1. (Reporting and editing by Aleksandar Vasovic, Susan Fenton and Joe Bavier).
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Virgin Atlantic names Koster new CEO after Weiss steps down
Virgin Atlantic announced Corneel Kster as their new CEO on Monday. The current Chief Operating Officer will be promoted to the top position in January next year, as the incumbent Shai Weiss steps down after seven years as the UK airline's leader. The company stated that Weiss decided to resign, but didn't give any reason. Koster returned to Virgin Atlantic in 2019 as its chief commercial officer after working for Delta Air Lines, Aeromexico and Delta Air Lines. Between 2010 and 2013, he was Virgin Atlantic's Director of Operations and Security. Koster stated in a press release that it was an "incredible privilege" to assume the role of CEO. Koster will be appointed CEO of the company on January 1, 2026. According to Weiss' LinkedIn profile, he has been working in the Virgin Group since 2001 when he was hired as the managing director of Virgin Media. Weiss was Virgin Atlantic's Chief Financial Officer and then its Chief Commercial Officer before he became CEO in 2019. (Reporting and editing by Sarah Young, Joanna Plucinska and Susan Fenton).
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Blackstone considers a bid for Big Yellow after selling UK logistics assets worth $1.3 billion
Blackstone announced on Monday that it would sell UK logistics assets worth about $1,3 billion to Tritax Big Box for cash and a 9.9% stake. It was also weighing up a bid for UK Self-Storage firm Big Yellow. The Wall Street giant has been investing and pursuing deals in Britain and Europe. In July, the U.S. Private Equity firm, which pledged to invest in Britain 100 billion pounds over the next decade won a bid war against Tritax Big Box for logistics specialist Warehouse REIT at a price of nearly 500 million pound. Blackstone is a major player when it comes to logistics in Europe, as the boom in online shopping has increased demand for warehouses. It has agreed to transfer about 41 of the logistics assets in a larger British portfolio. However, when it acquires a 9% share it will become its largest shareholder. Tritax will pay Blackstone in cash 632 million pounds. Tritax shares rose 3% in the last few days following this news. BLACKSTONE CONSIDERES BID FOR BIGYELLOW SELF STORAGE FIRM Blackstone also said that it was considering an offer in cash for Big Yellow Group, which has a capitalisation of around 1.9 billion pounds. This boosted the shares of London-listed company by up to 22%. Big Yellow Group stated that after Blackstone’s statement, it had met a few parties to discuss options including a possible sale but had not yet received an approach. In recent years, the UK real estate market has been consolidated as rising borrowing costs have affected property values. However, some investors still believe in a recovery. Primary Health Properties, a rival firm, has acquired British healthcare real estate developer and NHS landlord Assura after a long battle with private equity company KKR.
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IATA: Green jet fuel suppliers are 'price gouging airlines'
In an interview, IATA's head said that fuel suppliers use European Union green jet-fuel mandates to increase costs for airlines by adding surcharges. Prices are nearly doubled compared to the market rate, he added. This year, the EU started requiring airlines use sustainable aviation fuels (SAF). The mandate for a minimum blend of 2% is set to increase to 6% in 2030. Fuel suppliers will be responsible for supplying fuel at airports with SAF blends that are becoming stronger, but airlines must purchase the fuel they need for their operation. Willie Walsh, IATA's Director General, said that oil companies selling SAF could "extract extra profit from airlines" by charging compliance surcharges. He added that this would prompt European regulators into eliminating the mandates. Walsh stated that "they have in fact allowed fuel suppliers to price gouge in the name the environment and this is completely unacceptable." Walsh did not say which airlines were affected and which fuel providers were involved with the price increases. FuelsEurope, the industry association, did not respond immediately to a comment request. The cost of sustainable aviation fuel is three to five time more expensive than jet fuel. Some executives claim that energy companies aren't seeing enough demand for SAF in order to justify ramping production up. This, they say, is weighing down on prices instead of driving them higher. In recent years, several have scaled down SAF refinery project. Walsh spoke in an interview about a separate IATA report that outlined $11 billion extra costs by 2025 due to congestion in other parts the airline supply chain. (Reporting and editing by Joanna Plucinska, Tim Hepher)
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After drone attacks, Russia's seaborne oil exports fell 17% in September
Data from industry sources and calculations show that Russia's seaborne product exports dropped 17.1% from August to 7,58 million metric tonnes due to a decrease in fuel production, as various refineries suffered drone attacks. Several major refineries were attacked by drones in August and September, including Surgutneftegaz's Kirishinefteorgsintez refinery, Lukoil's Volgograd refinery and Rosneft's Samara group of refineries. Market sources reported that the unplanned outages caused by a number refineries have curtailed fuel shipments and increased crude oil shipments. Market data showed that in September, the total exports of oil products via the Baltic port cities of Primorsk Vysotsk St Petersburg Ust-Luga dropped by 15.4% on a month-to-month basis to 4,36 million tons. Last month, fuel exports through Russia's Black Sea port and Azov Sea port decreased by 23.2% compared to August. They now total 2.52 million tonnes. The oil product exports of Russia's Arctic port Murmansk and Arkhangelsk increased slightly by 1.8% monthly to 30,200 tonnes. Data from sources and calculations show that fuel exports in Russia's Far East ports fell 1.5% on a month-to-month basis last month, to 661 300 tons. Bernadette B. Baum (Reporting and Editing)
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Two trains collided in Slovakia, causing at least 20 injuries
Emergency services and local media report that two trains collided on Monday in eastern Slovakia, derailing a locomotive and a carriage, and injuring 20 people. On Facebook, police footage showed the wreckage of the train, a locomotive, and a carriage, which had fallen off the tracks. Paramedics were nearby, treating the injured. The Slovakian rescue service reported that it sent two helicopters as well as several ambulances. TA3 broadcast that at least twenty people had been injured, and hospitals in the area were preparing trauma plans. No immediate reports have been made of any deaths. Police said there were 80 passengers in the trains. Slovak Railways stated that two trains collided where the tracks crossed and turned into a single track, and the cause is under investigation. In a press release, it stated that "at this time, the priority is to rescue and evacuate our passengers and staff." Police said the accident happened near a tunnel in the village of Jablonov nad Turnou. This is about 55 kilometers (34 miles), west of Kosice, the main city of eastern Slovak Region. (Reporting and editing by Alison Williams and Aidan Lewis in Prague, with Jason Hovet reporting from Prague)
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Blackstone considers a cash bid for UK storage firm Big Yellow; stock soars
Blackstone announced on Monday that it is in the preliminary stages of evaluating a potential cash offer for the self-storage firm Big Yellow Group. Shares of the London listed company rose by up to 21%. The Big Yellow Group shares rose to 1,166 pence - the highest since November 2024 - giving it a valuation of 2,29 billion pounds (3,05 billion dollars). Big Yellow Group has 111 storage units in London and across the UK. It is the UK's latest takeover target, attracted by its relatively low valuation. The European subsidiary said that its evaluation of Big Yellow is at an early stage. It was also weighing macroeconomics factors, such as the possible impact of the UK budget due next month on self-storage. Private equity firms have until November 10 to either make a firm bid or withdraw. The shares of Big Yellow Group, which have fallen by about 21% in the last year, are on track to achieve their largest one-day percentage increase ever.
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Poland accuses a Russian couple of spying for Moscow
On Monday, Polish prosecutors announced that they had charged two Russians with spying on behalf of Russian intelligence. One of the Russians was also accused of plotting to send an explosives parcel. Since a series explosions near Warsaw, Poland's capital in July 2024 in Britain, Germany and other European countries, European authorities are on high alert. Western officials blamed Russia for those incidents. Moscow denies these accusations A Russian, identified as Igor R. in Poland's privacy laws, has been charged with taking part in a plot involving a courier to deliver a bomb parcel. An Ukrainian was also charged for this earlier this year. The parcel contained explosives and materials, including nitroglycerine. It also had hidden detonators of military grade and initiating devices. "The entire package was a shaped-charge bomb", prosecutors claimed. Igor R., and his wife Irina, were charged with providing Russian intelligence information about Russian opposition activists living in Poland as well as the individuals and institutions that provide assistance to them.
Gold miners and UK stocks shine as Trump softens his tone on China tariff
London shares recovered modestly on Monday led by the miners as U.S. president Donald Trump softened rhetoric about trade tensions with China. Worries over this had caused a sharp drop on Friday.
As of 1012 GMT the blue-chip FTSE 100 index was up 0.07%, after dropping 0.9% the previous session. Trump's threat to impose 100% tariffs on Chinese goods reignited fears of a global trade war.
The FTSE 250, which is a mid-cap index, gained 1.15%.
Trump's tone was more accommodative over the weekend. He posted that "it will be fine" as well as that the U.S. did not intend to "hurt China".
Gold prices reached another record high, and precious metals miners led the gains on the market with a 7% increase.
The gold miners Fresnillo & Endeavour rose the most on the FTSE 100, with an increase of 7.6% & 6.4% respectively.
Blackstone, a U.S. private-equity giant, said that it was considering an offer of cash for Big Yellow Group. This would increase the shares of the self storage firm by 18.3%.
Rival Safestore also rose 11.2% in response to the news.
Tritax Big Box gained almost 3% following Blackstone's agreement to purchase a 9% stake of the UK real estate trust. Tritax has agreed to purchase Blackstone's UK logistic assets for $1.39 billion.
The overall real estate sector grew by 2.5%.
The index of industrial metals miners rose by 2.2% in line with the gains in copper price.
Anglo American and Glencore, the two largest mining companies, rose between 1.5% to 2.8%, which helped lift the blue-chip index.
Oxford Instruments, among other stocks, fell 11.4% because the company said it expects its H1 revenue will drop.
Lloyds Banking Group rose 1% as a motor financing charge was lower than expected. (Reporting and editing by Avinash p. in Bengaluru, Sanchayaita roy.
(source: Reuters)