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CMA CGM Container Ship Hit in Strait of Hormuz injures crew
French shipping group CMA CGM announced on Wednesday that the San Antonio was the 'target of an attack' while transiting the Strait of Hormuz. The incident resulted in injuries to crew members as well as damage to the vessel. CMA CGM reported that the incident occurred on Tuesday. It is the latest disruption to the vital shipping route during the Middle East conflict. The Middle East conflict has caused hundreds of vessels to be blocked and 20% of the global oil trade virtually halted. Donald Trump, the U.S. president, announced on Tuesday that he will temporarily halt an?operation? to help escort vessels through the Strait?of Hormuz. He cited "great progress?"?towards a comprehensive deal with Iran. CMA CGM confirmed that injured crew members of the San Antonio were evacuated and receiving medical treatment. It declined to make any further comments on the incident. CMA CGM reported last month that warning shots were fired in the strait at one of their vessels, but no crew members were injured. French company, 'the 'third-largest container shipper in the world,' has revealed that 14 of their vessels were stranded at the Gulf when a U.S./Israeli war began with Iran. CMA CGM Kribi was the only ship to leave the Strait of Hormuz in April. According to shipping data, the destination of the Maltese flagged?San Antonio is Mundra in India.
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South Africa reports two cases of hantavirus that spreads from person to person linked to a ship
South Africa identified the Andes strain hantavirus which is a virus that spreads from person to person, in two people who?came?off of a cruise ship affected by an outbreak. The Spanish government granted permission to the MV Hondius to dock at the Canary Islands on Wednesday. According to the presentation, tests performed by South Africa's NICD (National Institute for Communicable Diseases) showed that an Andes strain caused infection in a Dutchwoman who died in Johannesburg and a British Man who is still hospitalized. Both became ill while on board the ship. It said that "this is the only strain known to cause transmission from human to human, but such transmission is extremely rare, and, as stated earlier, it only occurs due to very close contact." The most common way to transmit hantavirus is through contact with infected rodents, their urine, saliva or droppings. Reporting by Sfundo parakozov, Writing by Nellie peyton, Editing by Tim Cocks & Andrew Heavens
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Coast guard rescues crew after cargo ship sinks near Greece
A Greek coast guard official confirmed that Greece has rescued the nine crew members of a cargo ship, eight Turkish and one Azerbaijani. The ship hit rocks early Wednesday morning and sank near Andros. Officials from the Coast Guard said that the Vanuatu flagged freighter was headed for Ukraine with hundreds of tons of soda aboard when it sank near Andros. Marine Traffic's ship tracker did not reveal what caused the cargo vessel to run aground. Unnamed Greek officials from the shipping ministry said that there are no visible signs of contamination, but two vessels carrying anti-pollution gear and two others with coast guards will deploy a sea barrier. The coast guard official confirmed that two crew members had been rescued from the sea, and seven others from a rocky area of Andros. He added that all were taken to the island clinic "in good health". Official: The captain of the?ship said that all crew members were accounted for. (Reporting and editing by Kate Mayberry, Alexander Smith and Kate Mayberry; Additional reporting by Yannis Souiotis)
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All crew members safe after cargo ship sinks near Greece, says coast guard
The Greek coast guard reported that all nine crew members were rescued from a cargo vessel which sank and ran aground early Wednesday morning off the island of Andros. A Greek coastguard official told? The official spoke on condition of anonymity because they weren't authorised to speak with the media. The official said that two crew members had been rescued from the water and seven others from a rocky area of Andros. The cause of the accident was not immediately apparent. The?official reported that the captain of the ship confirmed there were no other crew members missing. The coast guard said that there were no visible signs indicating pollution by the ship, but they would 'deploy an anti-pollution sea barrier as a precaution. (Reporting and editing by Kate Mayberry; Angeliki Koutantou)
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Maguire: Europe's solar surplus hurls the power system into a new, difficult transition phase
Solar power has been a major success story in Europe. Even the most ardent clean energy advocates now recognize that there is a limit to what can be good. Solar power capacity in Europe has grown faster than any other source of power in the past decade. It has risen by 115% in just a few years, and has triggered a doubled supply of solar-powered electricity flowing through regional grids. The rapid growth has had a number of?complicated side effects. Solar power is not only replacing fossil fuels, but also increasing steadily. It's changing the way electricity prices in Europe behave and how power markets work. In order to deal with this disruptive solar flood, Europe’s power companies must now shift their focus from adding capacity to integrating the networks, building storage capacities and operating complex markets in order to ensure that the overall system is fit for purpose for Europe’s energy consumers. SATURATION OF SYSTEMS? According to LSEG's data, solar assets in Germany – Europe's largest economy and biggest solar producer – generated a quarter of all utility-supplied electricity in April. This is a record high percentage of that month’s utility mix. Solar's share in Germany's electricity markets will continue to grow, as the peak solar radiation season still lies ahead. This will place increasing pressure on network managers, who must adjust output from other power sources to balance systems needs. The power firms can reduce the output of fossil fuel plants to accommodate solar energy, saving money and reducing emissions. The upswell of solar power during the sunniest times of the day is so extreme that it can make it impossible to maintain system stability by reducing the alternate sources, especially where the baseload generation is slow to adapt. The market is also distorted by subsidy structures which encourage renewables to remain online regardless of the price. Negative power prices can be triggered, which may temporarily benefit some consumers of power but can have a negative impact on the balance sheets of almost all power producers. The tendency of power prices to fall during sunny periods is a fundamental change in the economics of the power market: instead of being paid to generate power, generators must pay the market for it. DEEP RESISTANCE DAMAGE These negative price periods are not just a temporary inconvenience. The long periods of very low or negative prices reduce the earnings of all electricity generators and also increase costs for those who operate dispatchable power stations powered by coal or gas. Climate watchdogs had previously "celebrated" the regular shut-downs of coal-fired power plants during periods when renewable energy supplies were high, on the basis that less fossil fuel production equals lower emissions in the power sector. The frequent ramping up of coal plants, often on short notice as in the case of solar output dropping during cloudy periods, can lead to lower efficiency and more emissions per unit power produced compared with plants that are kept running at a constant level. The operators' costs are also increased by frequent and expensive plant maintenance due to the regular fluctuations in output. The combination of lower revenue and higher costs makes it difficult for power companies to meet debt service agreements, or obtain additional credit for grid upgrades or expansions. Price volatility and increased system stress are also a result of the wear and tear that occurs on generation systems due to frantic fluctuations in clean fuel and fossil fuel production. This makes them more vulnerable to power outages and cost increases. COMPLICATED FIX It will take many years to integrate the flexibility and resilience necessary into Europe's electricity networks, so they can cope with the ebbs of renewable energy. Battery capacity must be increased massively to store the excess solar energy generated in the middle of the afternoon. According to Solar Power Europe, the capacity of Europe's utility scale batteries has grown exponentially in recent years. By 2025, it is estimated that 15 gigawatt-hours will be added. Battery capacity will need to be increased across a range of time scales, from those able to dispatch power in milliseconds up to those able to plug supply shortages for days. It will be necessary to upgrade grid equipment across the entire electricity supply chain. Tens of thousands of inverters, and other components are needed to increase grid-forming strength and to manage frequency and voltage. To stitch together a modern grid, utilities and planners will also need to coordinate in unprecedented ways to ensure that the new transformers and transmission lines are installed on time. Add to that software upgrades that allow power flows to be changed in milliseconds, and market incentives which drive real-time changes in power usage by key consumers. You have one of the most difficult power system upgrades undertaken. Massive and extensive upgrades will be needed if Europe wants to successfully transition from an outdated power system heavily dependent on imported fossil fuels to one that is cleaner and more independent. If done successfully, these upgrades will position the region to enter a new phase in economic growth. This will be underpinned by an increasingly reliable and clean grid powered by renewable energy sources that are cheap and easy to produce. These include the solar and wind farms located within the region. These are the opinions of the columnist, an author for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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Lufthansa Q1 loss narrows, keeps 2026 outlook despite fuel hit
Lufthansa announced better than expected 'first quarter results' on Wednesday. Strategic hedging allowed the airline to avoid the impact of increasing jet fuel prices. The group reported a adjusted?operating?loss of 612 millions euros ($717 million) for the period January-March, compared with a projected loss of $659 million by an?Lufthansa analyst poll. This is an improvement from the 722 million euro adjusted operating loss in the same time period last year. Lufthansa has said that the Middle East crisis is driving up the price of kerosene, but also increasing demand as travellers reroute via their hubs. The company maintained that it would earn a significantly higher adjusted operating income in '2026 than the 1,96?billion euro profit earned 'in 2025, despite the increased uncertainty. ($1 = $0.8534 euros)
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Lufthansa Q1 loss narrows, keeps 2026 outlook despite $2 billion fuel hit
Lufthansa reported ?better-than-expected first-quarter results on Wednesday and maintained ?its outlook for the year as strategic hedging helped the ?airline sidestep the ?impact of a war-driven ?rise ?in jet fuel prices, while labour disruptions were kept largely under control. The group said that the spiking prices of jet fuel would add an extra 1.7 billion euro ($1.99 billion), to its fuel bill. However, it added that they were in a position to minimize this negative impact. The Middle East crisis is causing a surge in demand for Lufthansa hubs as travelers reroute to them. Carsten Spohr, Chief Executive of Lufthansa, said in a statement that "we are resilient in our capacity to absorb these effects." European airlines will be shielded from the initial impact of a jet fuel price shock caused by the U.S./Israeli war against Iran in the first three months of this year. However, many, including Air France-KLM have revised their forecasts for the rest of the year, as jet fuel is expected to remain high. Lufthansa has reported an adjusted operating loss in the period January-March of 612 millions euros ($717) compared to a loss projected by a poll of analysts compiled by the company of 659 million euros. This is a?improvement over the?adjusted loss of 722 millions euros for the same period in last year. It maintained that despite the increased uncertainty, it expected a higher operating profit in 2026 than its 2025 figure of 1.96 billion euro. The Group said it would offset the additional financial burden in the next quarters by increasing revenue from ticket sales and implementing a better network plan, as well as taking further cost-savings measures. Reporting by Joanna Plucinska, Editing by Kirstiknolle and Muralikumar Aantharaman
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South Korea's HMM claims that the ship which was set on fire in the Strait of Hormuz will be towed from Dubai
HMM, a South Korean shipper, said that it had secured a vessel capable of towing a bulk carrier operated by it to a port located in Dubai after an?explosion? and a fire damaged the ship. The U.S. president Donald Trump blamed it on an Iranian attack. Meanwhile, the South Korean Foreign Ministry stated that the cause of fire could only be confirmed after the vessel is towed to port and examined. HMM?said that in a text, the vessel would?arrive at Dubai either on Friday morning or Thursday evening Seoul time. The Panamanian flagged ship HMM 'Namu' suffered an explosion on Monday evening and caught fire. According to the company, all 24 crew members were still on board when the fire was extinguished. In a social media post, Trump claimed that Iran had fired shots on a Korean-operated vessel and other targets when the U.S. launched its operation to reopen the strait. He encouraged South Korea to get involved. In normal times, about a fifth (or more) of the world's oil or liquefied natural gas passes through this waterway. South Korea is wary of becoming directly involved in the Middle East conflict. However, the Blue House announced on Tuesday that it was reviewing Trump’s suggestion to have Seoul take part in the plan to open up the navigation. Later, Trump said that he would "briefly" halt the operation in order to help escort vessels through the strategic waterway. He cited "great progress" towards a comprehensive deal with Iran. (Reporting and editing by Heejin kim)
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)