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Officials alter Danube entry procedure to address Ukrainian shipping queue
Shippers announced on Wednesday that authorities will clear?vessels bound to Danube ports through the Sulina Canal, while they are still in Black Sea, instead of processing them inside the canal. This is a?effort?to eliminate a two week queue. After Russian attacks, Ukraine's Black Sea port, which handled 90% of its exports, was effectively blocked. Benefits: More vessels can enter Sulina Canal during the day. Vessels are no longer dependent on berths at Sulina. There is less waiting time and less unnecessary maneuvering," said Katerina Kononenko. Due to bureaucratic procedures and the high volume of traffic, there are dozens of vessels waiting in line for the Sulina Canal. The wait times have exceeded two weeks. Ukraine is the largest grain exporter in the world. This month, shippers reported that the long waits and congestion to enter the Danube or return to the Black Sea extended the grain delivery time from Ukraine to Egypt, a major buyer, from 12 days to over a month, which threatened profitability. Consultancy ASAP Agri stated this week that coaster freight rates on grain shipments to Egypt from Ukraine's Danube ports had stabilized at about $100 per ton. On September 11, shipping costs were $105 per ton, compared to $30 on July 11 when Ukraine's Black Sea port was still operational. Ukrainian authorities said that the Danube port could export at least 500,000 tons per month. Official data shows that Ukraine exported?930,000 tonnes of grain in September, compared to 1.78 million tonnes in September 2025.
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Ethiopian Airlines suspends flight to Tigray after taking over Mekelle Airport
Local sources claim that Ethiopian Airlines halted flights to the northern Tigray region of Ethiopia on Wednesday, after Tigrayan troops seized the airport at Mekelle's regional capital from the federal police. State-owned carrier announced on social media the suspension of flights to Mekelle, Shire and Axum "due to current conditions in the Tigray Region," without providing any further information. Two local sources reported that Tigrayan fighters, who fought against the federal government during a civil war in 2020-2022 that resulted hundreds of thousands deaths, had seized control of the Mekelle Airport from federal police over night. Requests for comment from the Prime Minister?Abiy Ahmad, the federal government 'and the Tigray People's Liberation Front' (TPLF), a political party in Tigray that governs the country, were not immediately answered. The TPLF announced Sunday that it formed an alliance across?Ethiopia with six other armed group aiming to overthrow Abiy's Government. This move came after months of deteriorating relationships between the TPLF government and the federal government. Both sides signed a peace agreement in November 2022, to end the war. However, each side has accused the other of breaking the agreement. In May, the TPLF seized the control of the'region's government by the interim administration set up under the peace agreement. According to data from the Armed conflict?Location and Event Data project, the?Ethiopian army has conducted several drone attacks against Tigrayan troops in recent months. The federal government has not yet commented on the reported attacks, but last week the military announced that almost 300 Tigrayan combatants had surrendered.
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Denmark's central banks expects a 4% growth in GDP by 2026, driven by the pharmaceutical industry
The central bank of Denmark has raised its GDP forecasts for both this year and 2027 from 1.8% to 2.3%. Nationalbanken stated in a press release that "Growth was driven by an unprecedented increase in the pharmaceutical industries' output abroad during the first half of the year." Novo Nordisk has been an engine of the Danish economy since its peak in 2024. However, shares have dropped sharply ever since. The Danish government attributed the higher than expected growth in the Danish economy in August to the launch of Novo’s weight-loss Wegovy pills in the United States earlier this year. In a statement, Governor Christian Kettel Thomsen stated that the Danish economy has been able to withstand global turmoil so far. "We expect strong growth in GDP this year. But there are no signs that wage or price pressure will increase. This is because a significant part of the growth comes from overseas production, which only uses Danish labour and capital in a limited way. Denmark is home to global companies like Maersk Shipping, Carlsberg Brewery, Lego, and Vestas, among others.
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Wall Street Journal, September 23,
These are the most popular stories from?the Wall Street Journal. These stories have not been verified and?has no way of vouching for?their accuracy. - JPMorgan Chase has recently looked at a plan to help ease an old point of contention between credit-card partners like airlines and retailers. This plan would allow private?credits to obtain a new consumer debt. Volodymyr Zelensky, the Ukrainian president, said that he asked President Trump for a 'winter package' of new military equipment and believes that the US will pursue an agreement to stop attacks on energy infrastructure. Qantas Airways will launch a service that is nonstop between Sydney and New York by 2028. This will reduce the journey time from more than three hours. The activist hedge fund Jana Partners is urging Six Flags Entertainment, a theme park operator, to consider a possible sale. Since August, traders?on the Kalshi prediction market have traded almost one million times in the same?market. This unusual activity has attracted the attention of both federal regulators as well as traders.
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New York Times Business News - September 23,
These are the top stories from the business pages of the New York Times. ? The?reports have not been?verified and the?reports are not guaranteed to be accurate. Anthropic has launched Claude Opus 5.5. It is a new AI that it claims to be its'safest ever.' This means it will be less likely to take actions which cannot undo or act outside of the limits given. As part of Project Sunrise, Qantas Airways plans to launch the first nonstop commercial flight from New York to Sydney by mid-2028. Texas Governor Greg Abbott has halted the state's permits for data centres until an audit can be performed to assess the impact of the projects on the water and power grid. The federal judge dismissed Michigan's antitrust lawsuit against four major oil firms, rejecting the claims that they?increased costs for residents by suppressing...the development of renewable energies and information regarding global warming risks.
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After the Iran conflict, crude oil imports to Asia hit a high in September but remain weak
Even with the increase, imports of crude oils in Asia were still 13% lower than pre-conflict. According to data compiled and analyzed by commodity analysts,?Kpler, the world's largest oil-consuming region, is on course to import 23,96 million barrels of crude oil per day in September. This represents an increase from August's 23.38 millions bpd, which was also the highest since February. Kpler has recorded a trend of increasing crude imports in Asia since April, when they were at their lowest level in over 10 years. The average oil imports for the three-month period ended in February was 27,55 million barrels per day. On February 28, the United States and Israel began an aerial bombardment and missile campaign against Iran, resulting in Tehran's threat to shipping through the Strait of Hormuz. This narrow waterway carried around 20% of the global crude and refined product prior to the beginning of the war. The strait is still contested, with Iran striking vessels from time to time and the US Navy trying to ensure the safe passage of tankers coming from Gulf exporters like Saudi Arabia, United Arab Emirates?and Iraq. There has been some disagreement over the exact volume of oil that leaves the Strait of Hormuz, and Saudi Arabia's Yanbu Port on the Red Sea. US Energy Secretary Chris Wright claimed on several occasions that up to 15 million barrels per day (bpd) were leaving the Middle East. However, tanker tracking services reported lower levels. The crude oil imports from the Middle East are primarily destined for?Asia, with smaller amounts going to Africa, Europe, and North America. If Wright's claims are true, and 15 million barrels per day have left the Middle East, as he claimed in early August, this oil should have reached ports throughout Asia by the end of September. According to Kpler's data, Asia's Middle East imports were 12,56 million bpd during September. This is up from 11,66 million in August, and over 5 million bpd higher than the low post-conflict of 7,12 million in April. The September estimate, however, is still 3.53 million bpd less than the average of 16.09 million for the three months preceding the conflict. While there are some facts that support Wright's claim, it is important to note that Asia still receives significantly less crude oil from the Middle East than before US President Donald Trump launched his war against Iran. Wright claimed that 15 million barrels per day of oil were exported. However, even with this estimate, the exports are still 3 million barrels a day below pre-war levels. The situation, in other words, is worse now than before the beginning of the conflict, despite all the efforts of US Navy to keep the Strait of Hormuz opened and the risks taken by oil companies and shippers, traders and crews to cross the Strait. Saudi Arabia's East-West Oil Pipeline was closed recently after an alleged strike from Iraq. This will result in lower Middle East imports for October. However, they could recover by November once the pipeline is repaired and operating again. The crude oil?flows to Asia, which are still restricted, continue to be reflected in the flows of refined products. Like crude oil, Asia's imports for light and middle distillates also showed a slight recovery in September, but are still well below their pre-conflict level. Kpler data shows that a total of 5.84 millions bpd light and middle distillates is expected to arrive in Asian ports by September. This is up from 5.25million bpd last month, but it's still over 1 million below the 7.06million bpd produced in the three-month period leading up to conflict. Due to the weakness of refined fuel imports, diesel, jet fuel and gasoil prices remain near record highs compared with global crude benchmarks like Brent futures. On 'Wednesday', the front-month contract traded around $99 per barrel in Asia, while Singapore gasoil – a building block of diesel – was $173.84 per barrel, and gasoline was $139.60. Prior to the Iran War, the price premium of these fuels was typically between $10 and 20 per barrel. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
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Ninepoint ignores political rhetoric and launches ETF focused on the energy interdependence between US and Canada
Ninepoint Capital, a Canadian asset manager, is challenging the economic nationalism of both the United States and Canada as well as the trade war that has been escalating between them by launching an exchange-traded funds on Tuesday. The fund will highlight the interdependence in energy between the two countries. Ninepoint North American Energy Independence ETF, the Toronto-based firm's first ETF to be listed in America, is designed to provide cross-border exposure for an investment theme Ninepoint coCEO John Wilson stated pre-dated any individual politician and will outlast them. Wilson said it would be "naive" to believe that headlines will disappear in the next couple of years. He added that it would be shortsighted to ignore the degree to which energy industries are already intertwined in both countries, especially at a moment when AI is driving demand for more and reliable sources of electricity. This translates to a heightened demand for natural gas, uranium and strategic minerals such as nickel that are used in the battery industry. According to the Canada Energy Regulator (CER), more than 90% Canadian crude oil exports are bound for US markets. Many US refineries are heavily dependent on Canadian heavy crude. CER reported that approximately 85% of Canadian energy production is exported. Canada is also working to diversify energy exports, both through a growing LNG sector that targets Asian customers and through the Trans Mountain pipeline which transports Canadian heavy oil from the west coast of British Columbia for export overseas. Wilson points out that this will not have a dramatic impact on the level of integration in the near future. Conflict with Iran has highlighted the need for "friendly" crude oil sources. The resultant near-total closure of Strait of Hormuz shipping lanes is a major factor. Data centers, which are required by AI hyperscalers, will require more electricity, most of it generated from natural gas. Wilson continued, "A lot of these technologies would not exist to invest in without the?supply of Canadian raw materials." The ETF's investment will be in 50 or more stocks in the US, Canada, and Mexico. The exact balance is determined by the opportunities. Wilson calculates that two-thirds (or about 67%) of the oil and natural gas producers it will invest in are based in the US. Canadian pipeline companies, mining enterprises, and companies producing uranium and copper, which are needed to electrify North America's economy, will also make up the majority of these?assets. Ninepoint offers several other Canadian ETFs that offer simple?equity-based portfolios as well as options-based products. Ninepoint's other funds, including private credit offerings, have been struggling with funding shortages in recent years. This forced Ninepoint to suspend redemptions. Wilson stated that Ninepoint has replaced cash distributions by additional units in order to provide liquidity and value to investors. To date, these funds have paid about $225,000,000 in redemptions.
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Sources say that Iraq has suspended Iranian flights from Baghdad due to US sanctions threats
Two sources said that Iraq had ordered its civil aviation authority to suspend Iranian flights to Baghdad Airport starting on Wednesday. This was after the United States threatened to sanction any airport which services Iranian carriers. US Treasury Secretary Scott Bessent announced on Monday that secondary sanctions against air?services companies would shut down all Iranian airlines on September 23, seven months after the start of the war between Iran and the United States. Two sources with knowledge of the situation said that the Iraqi government was considering diverting Iranian Airways flights from Baghdad airport to Najaf. Two sources familiar with the matter said they spoke on condition of anonymity due to the sensitive nature of the issue. The suspension of flights will start at midnight on Wednesday. Iranian news agency Tasnim reported earlier, citing Iranian Civil Aviation Organization that flights between Tehran and Baghdad, Muscat, and other international destinations will be canceled beginning Wednesday. All?remaining flights, including Istanbul, will continue to operate as scheduled. A spokesperson for Iran’s Civil Aviation Organization said that Iranian travelers were not being admitted at the Oman airport. Consultations are ongoing regarding this matter. Bessent said to CNBC that if Iranian?airlines land in an airport "you can't provide them with fuel or landing services. You also can't sell them tickets. Or you will be kicked out of the Dollar system."
Welcome to the 'New Russia:' How the Kremlin remade occupied Ukraine
Black smoke, burning tracks and blazing trains
The footage posted by Ukrainian fighters online documents their repeated sabotage attack on a vast rail system being constructed by Russia in the occupied territory of Ukraine. Their efforts aren't enough to stop the rapid industrial expansion of Moscow.
Orest, a Ukrainian fighter operating behind enemy lines, in the Donetsk Region, uses his military call sign for reasons of security. He said that the railroad was hundreds of kilometers long. "We're not all-powerful, unfortunately."
According to the Kremlin these occupied areas represent "Novorossiya", New Russia. It's a hive of activity.
A new investigation found that while Moscow is waging a brutal war against Ukrainian forces in the west, the country has been pouring hundreds and millions of dollars in a years-long aggressive buildup of transport and trading infrastructure in areas it?has captured to the east and south.
Reporting shows that the spending spree dwarfs other Russian regions' development funds and facilitates transport of troops, military equipment, grain, and mineral resources. Moscow also has a long-term objective in mind with the construction projects: to weave the seized territory into Russia. This includes the Donbas region, whose fate is at the center of the U.S.-backed peace talks.
Reporting provides the first detailed picture of how Russia-held Ukraine is changing under occupation. This analysis is based on the analysis of thousands satellite images, official Russian documents, public statements, freight and export data, and interviews with over three dozen Ukrainian officials.
Volodymyr Zelenskiy, Ukrainian president, used Crimea to illustrate the Russian infrastructure building in occupied territories. He said that the Russian investments in Crimea are only a "facade", and don't actually benefit the residents of the Ukrainian Peninsula, which Moscow annexed in 2014. In an interview, he stated that "it doesn't seem like a modern resort." "It is all militarized." Zelenskiy’s office did not respond to an inquiry for comments on the findings of the investigation.
Officials at the White House said that President Donald Trump wants to stop the senseless killing and is doing everything he can to bring an end to the war.
Dmitry Peskov, Kremlin spokesperson, said that the four territories were an integral part and "subjects" of Russia. He added: "It's written in the Constitution of the Country."
The construction of the Novorossiya Railways System is already underway. This system includes a 525 km (326 mile) planned line that will be completed in 2023, one year after Russia invaded Ukraine. The route will span the regions Donetsk, Luhansk (which comprise the Donbas), Zaporizhzhia, and Kherson.
In the meantime, the Novorossiya highway is carving its way through those seized territory as part of an 1,400 km superhighway "Azov Circle" loop which will connect these regions with Russia and strategic Crimea.
Under the Russian flag, occupied Ukrainian ports on the Sea of Azov (which connects the Black Sea to the inland Sea of Azov) that were mostly inactive during the early years of the conflict have been reopened and renovated. Satellite images from last August show that a new facility, about the size of a football field, has been built on the docks of Mariupol city in Donetsk during the Russian occupation. A mountain of coal-looking material is also visible in the area.
Satellite analysis conducted by used a machine learning model to scan through thousands of radar and optical images in order to identify major construction. The analysis found that between 2022-2025, more than 2,500 km worth of roads, highways, and railroads were built, upgraded, or repaired in the four occupied territory and nearby Russian regions.
According to Karolina HIRD, a Washington-based national security fellow with the Institute for the Study of War, the Kremlin's investment in infrastructure and its long-term nature show that it has no intention of returning the territories as part of a future peace agreement.
She said that "the way Russia invests heavily in the industry and economy of occupied Ukraine so it can reap profit off the occupation also financially entangles Ukraine with Russia."
This is a bad news for Ukraine, and its European allies. They insisted on Moscow returning the captured land, and rejected U.S. demands that Kyiv cede the entire Donbas to the United States as part of a deal to end this four-year conflict.
Russian auction documents reveal that Moscow also has put up for sale dozens of valuable commodity assets located in occupied areas. Documents from the Russian state auction show that Moscow has also put dozens of prized commodity assets in the occupied?areas up for sale.
The Russian Transport Ministry and Novorossiya Railways - a Russian state enterprise established in 2023 for the purpose of overseeing rail construction and maintenance on occupied territory - did not respond to questions about the status of infrastructure projects.
Moscow is not shy about its claim on eastern Ukraine and the southeastern part of the country, or its desire to combine the two regions into what it calls the motherland. Vladimir Putin also has big plans for the "Novorossiya", a term that refers to Russia's imperial past, which modern nationalists have adopted.
According to an online analysis of data from the government, Russia has allotted about $11.8 billion in federal cash between 2024-2026 to develop four occupied territories of Ukraine as part of its program of priority national development projects. The data show that this is nearly three times more than the money allotted to 20 other federal regions for similar projects.
Putin's vision for the territories was outlined in a speech he gave on the 30th of September to mark the third anniversary since their "reunification". The president claimed that the regions suffered from decades of neglect and the effects of war. He said that Russia has built 6,350 km worth of roads in the region over the past three years.
"A large-scale socio-economic program has been launched. It is essentially a programme of revitalizing our ancestral and historical Russian lands," declared?Putin.
Moscow controls about one fifth of Ukraine. This includes the majority of four regions, Donetsk Luhansk Zaporizhzhia, and Kherson. It has also formally claimed that all four regions are part of Russia.
Ukraine and its Western partners have condemned Russia's move towards annexing the territories as an illegal land grab.
According to the local and Moscow authorities, vehicles and trains transporting people and goods into and out of Ukraine can already circumvent the Crimean Bridge. The bridge was Russia's sole road and rail connection to Crimea. It allowed the transportation of troops, fuel, and equipment via the peninsula. The bridge has been a major chokepoint in the Russian military and commercial flows. Ukrainian strikes have caused delays and disruptions.
Vadym Skibiskyi, deputy head of Ukraine's HUR Military Intelligence Agency, which has been tracking enemy activity, said that the Russians were focusing on building up supply chains to support the war effort.
Infrastructure is the most important issue for Russians. "It is the transport infrastructure," said he.
SATELLITE IMAGERY REVEALS NEW RAILWAY
According to online statements made by Novorossiya Railways in August of last year and the Russian Rail Watchdog, since 2023 Russia has spent $425 million for the construction and maintenance the railway network within the occupied territory.
According to the official Russian media outlet, the centrepiece project is a main line connecting southern Russia with Crimea via occupied territories. The full cost was not specified.
Satellite images taken between July 2023 to November 2025 show the gradual process of a new section of line being laid. This 60-km link between the towns Novoselivka, Kolosky, and Donetsk Region, north of Mariupol.
An official of the Ukrainian intelligence service who monitors Russian activities said that this connection was an example of Russia building new rail connections further away from the front lines, at a safe distance from potential Ukrainian strikes, in order to deliver ammunition and military vehicle to its troops. Couldn't determine whether the line was in operation.
State tender documents reveal that the Russian roads program also absorbs hundreds of millions of dollar, with the Novorossiya Highway Project leading this charge.
According to Russia's official procurement website, 20 tenders totaling more than $214 millions have been awarded contractors. These projects are diverse, ranging from engineering studies to bridge maintenance. The Russian Transport Ministry announced late last year an additional $123 million will be spent on roads in 2026.
UKRAINE OFFICIAL : IT'S LIKE CRIMEA BUT FASTER
It is a mixture of upgraded and new roads that connects existing highway stretches. According to the Russian federal road agency and ministry of transport, it will cover 630 km when finished. The date of completion has not been announced.
Satellite imagery shows the construction of new bridges and interchanges as well as the enlargement of roads.
According to an analysis, road crews have finished the majority of a 100-km section between Taganrog (in southwestern Russia) and Manhush (in occupied Donetsk). The analysis also shows that Russia is building a new major bypass road around Mariupol which was levelled by early war fighting.
The Novorossiya Highway is the leg of the Azov Ring that connects the occupied territories. Officials in Russia say that they intend to finish the highway by 2030. It will connect Rostov on Don in Russia to Mariupol, Donetsk as well as cities in Zaporizhzhia or Crimea.
Olha Kuryshko, Ukraine's representative to Crimea is responsible for monitoring the rights and welfare of Ukrainians who live there. Kuryshko says that Russia is accelerating its efforts to build economic infrastructure across eastern and southern Ukraine, just as it did with Crimea.
After annexing Crimea in 2014, Moscow embarked upon a number of ambitious projects, including a 19-km road span and two power plants to ensure stable electricity for the peninsula.
Kuryshko said that, based on his analysis, "the?Russians" have achieved as much in the three years they've occupied these new territories as in the 10 years they occupied Crimea. She added, "They have done it so quickly, spent so many dollars, and taken everything to the next level from what they did before in Crimea." "Crimea served as their training ground."
KREMLIN COMMANDERS UKRAINE'S PORKS
Russia is also moving to reclaim the occupied Ukrainian ports on the Sea of Azov. The Sea of Azov is a shallow inland waterway that borders Russia and Ukraine, connecting to the Black Sea via the Kerch Strait. Since centuries, the Sea of Azov is a major trading route.
Kyiv has condemned the addition of Mariupol and Berdiansk in the Azov Sea to a list of Russian ports that are open to international ships. The canals that lead to both hubs have been widened and deepened, allowing larger ships to pass through them again. These projects are part of the construction tenders worth over $13 million for the two Russian ports that have been listed on the Russian government procurement website since 2023.
The port, according to two dock workers who requested anonymity and spoke about the port's recent growth, has been significantly busy in recent months. They said that vessels are arriving and departing loaded with grain or coal. However, activity is still below the pre-war level.
According to an analysis of LSEG vessel tracking data, between July and November last, 18 cargo ships operated by Russian and other companies were recorded leaving Mariupol and Berdiansk ports. The majority headed for Turkish ports. We couldn't tell what the vessels were transporting. The Turkish authorities have not responded to our request for comments on these journeys.
LSEG data shows that in 2024, there were no ships entering or leaving the two ports.
The Russians extract valuable natural resources in the occupied territories.
Russian customs data provided by an export data provider shows that, between March 2022 to March 2025 at least 508,500 tons of coal and coke, worth $13.2million, were exported from occupied areas. According to data, the main buyers of Ukrainian coke during this period were trading firms from Turkey and United Arab Emirates. According to the data, coal was also sold to companies in India and Indonesia as well as Egypt and Algeria.
Indonesia's Foreign Ministry said that the country's trading relations are transparent and it imports coal, among others, from Russia, Australia, and China. The other countries that are the destination of coal imports did not respond to any requests for comment.
GOLD MINING IN EASTERN UKRAINE
Moscow also expanded its control over natural resources in the seized Ukrainian territory via state auctions.
According to documents reviewed by the public auctions, state online auctions are selling dozens of assets, including mines, quarries, farmland, and more. The rights to extract sandstone from Luhansk's four mines, as well as crushed stone, chalk, and granite, have been sold.
The rights to develop the Bobrykivske Gold Mine in Luhansk has been one of the largest sales so far. According to the documents of sale, it was purchased for $9.7million by Alchevskpromgroup which is owned by Russian mining company Polyanka. Polyanka mainly develops mines at the far east of Russia.
Bobrykivske’s reserves consist of about 1.64 tonnes of gold. This would be worth nearly $260 million at current spot prices based on the documents.
Korab Resources, an Australian mining company, had been developing the site. Korab Resources had been developing the site in the past. But the Australian mining company stopped its work when the area became seized by Russian-backed rebels. This made it impossible for Korab to gain access to the region which was under Western sanctions.
Satellite images taken in September of the deposit showed tire tracks around the site. Karpinski said that the site had been in operation since June 2024 when asked to compare images taken then with those from September. He pointed out an excavator that appeared in the main pit, and shipping containers at the base of the stockpile.
Alchevskpromgroup and Polyanka did not respond to any questions regarding the sale of Bobrykivske and whether or not work has begun on the site.
Hird of the Institute for the Study of War said that occupying a large area of land comes with significant costs. She added that Russia's ability harness the natural resources and industrial potential of these regions could be important for its finances. These have been severely affected by the war effort as well as international sanctions.
Hird stated that "that can start tipping scales to the point where occupation becomes profitable for Russia." Reporting by Anastasiia Melenko, FilippLebedev, GlebStolyarov and Mari Saito. Additional reporting by PolinaNikolskayaDevitt, Marian PrysiazhniukMarine Delrue, Dan Flynn and PravinChar.
(source: Reuters)