Latest News
-
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.
-
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)
-
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)
-
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.
-
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.
-
Blackstone buys stake in Tritax Big Box following $1.4 billion UK Logistics Deal
Tritax Big Box announced on Monday that it had agreed to purchase Blackstone's UK logistic assets for 1,04 billion pounds ($1,39 billion). The U.S. Private Equity firm will take a 9% share in the London listed real estate investment trust. Recently, two UK-based companies engaged in a bidding battle over Warehouse REIT. In the UK, the real estate investment trust sector (REIT) has undergone significant consolidation over the last two years. Warehouse landlords, investment firms and other companies are capitalizing on the growing demand for quick delivery by increasing occupancy rates and securing increased rents for logistic spaces in UK cities. Tritax will be able to expand its small-box and urban logistics services in the UK’s South East and Midlands. According to LSEG data, Blackstone is expected to acquire a 9% stake in Tritax. This will make it the second largest shareholder of Tritax, behind Phoenix Life Limited.
-
Air India asked by Indian regulator to check emergency power systems on certain 787 jets
India's aviation regulator asked Air India inspect the emergency power system of some Boeing Dreamliner after it unexpectedly activated during a flight last month. In a Monday statement, the Directorate General of Civil Aviation said that it had also requested that the U.S. aircraft manufacturer submit a report that outlines the preventive measures which can be taken in order to prevent the deployment of this system. The regulator has asked Boeing for details about similar uncommanded RATs deployed on 787s around the world. Reports last week stated that the DGCA asked Boeing for additional information following the incident which occurred on a flight from Amritsar, a northern Indian city, to Birmingham, Britain on October 4. The aircraft landed without incident and the pilots didn't report any abnormalities. Later, it returned to commercial use. After the Air India 787 crash on June 12, which killed 260 people, the unexpected deployment of the system has been questioned. Indian investigators' preliminary report showed that the fuel engine switches on the aircraft had switched from run to shut off almost simultaneously after takeoff. A source with first-hand knowledge of the incident said last week that India's Aircraft Accident Investigation Bureau is analyzing and gathering details about the Birmingham flight accident. However, it has not yet seen a link between the unexpected RAT deploy on October 4, and the crash of June 12, according to a source. The DGCA asked Air India for a re-inspection of the RAT in aircraft that recently had a new system installed to regulate power distribution. The number of affected aircraft was not immediately known. Requests for comments from Boeing, Air India, and AAIB were not immediately responded to. The Federation of Indian Pilots wrote to India's Civil Aviation Minister Ram Mohan Naidu on Friday to ask the government to stop all Air India 787s, and to check their electrical system. Air India, Boeing or Naidu’s office did not respond immediately to requests for comments on the letter. Reporting by Abhijith Tandon and Kashish Ganapavaram, both in New Delhi; editing by Mrigank Dahniwala
-
China arrests dozens of underground pastors as part of a crackdown
A church spokesperson and family members said that police in China arrested dozens of pastors from one of the largest underground churches in China over the weekend. This is the most severe crackdown against Christians since 2018. Marco Rubio, Secretary of State, condemned the detentions which came amid renewed tensions between China and the United States after Beijing expanded its rare earth export controls dramatically last week. He called for their immediate release on Sunday. Sean Long, a spokesperson for the church, and Grace Jin, his daughter, confirmed that Pastor Jin Mingri was arrested at his home on Friday night in Beihai, a southern city. Long said that the incident was part of a "new wave" of religious persecution in this year. He added that in recent months, police have questioned over 150 worshippers. Long, speaking from his home in America, said that authorities had detained 30 pastors or church members across the country around the same period, but released five. He added that about 20 pastors and leaders of churches remain detained. Telephone contact with the Beihai Police was not possible. China's Ministry of Public Security did not respond immediately to a faxed comment request. Jin, 56, was arrested in Beihai City No. 2 Detention Centre on suspicion of "illegal use of information networks", according to an official detention notice that Long provided. A notice of detention that Long had provided showed that Jin, 56, was being held in Beihai City No. This charge is punishable by a maximum of seven years in prison. Supporters are worried that Jin and other ministers may be charged with illegally using the Internet to spread religious information. He's been hospitalised for diabetes in the past. Grace Jin stated that they were concerned because he needs medication. "I was also told that lawyers were not allowed to speak with pastors. This is very worrying to us." The crackdown follows a new rule from China's top religious regulator that banned unauthorised online sermons or religious training for clergy as well as "foreign colusion". Last month, President Xi Jinping vowed also to "implement strict laws enforcement" and advance the Sinicisation religion in China. Official figures indicate that China has over 44 million Christians who are registered in state-sanctioned churchs, with the majority being Protestants. Tens of millions of people are believed to be members of "house churches" which operate illegally and outside of the control of the Communist Party. Long explained that Zion Church with its 5,000 regular members in nearly 50 cities quickly added new members during the COVID-19 Pandemic by using Zoom sermons and smaller, personal gatherings. Jin, who is also known as Ezra founded the church in 2007, following his resignation as a minister for the official Protestant Church. Long said that Jin, a graduate of Peking University's elite, converted to Christianity in 1989 after witnessing Tiananmen Square's crackdown. In 2018, the police closed down its church in Beijing, China's capital, as part of a crackdown against major house churches. Long reported that earlier this year police detained temporarily 11 Zion Church Pastors. Grace Jin stated that the government had placed travel restrictions for Jin in 2018 so that he couldn't visit his wife or three children, who were resettled in America. She added, "I believe he knew that he could be jailed." Bob Fu, founder of Christian NGO ChinaAid, stated that dozens of police officers forcedfully intercepted Jin in the middle of the month as he tried to board a flight bound for the United States from Shanghai's commercial hub. They also restricted his travel beyond Beihai. Fu said, "The main reason is the explosive growth of Zion Church into a well organised network in recent times. This must have scared the Communist Party leadership." (Reporting and editing by Clarence Fernandez; Reporting by Laurie Chen)
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)
(source: Reuters)