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Baltic Exchange: Mercuria's lawsuit against losses in the Hormuz shipping market is damaging.
Baltic Exchange, which is the top global provider of shipping benchmark indices, reacted on Friday to a London lawsuit filed by commodity trader Mercuria over the closing of the 'Strait of Hormuz', saying that the case had caused market uncertainty. Mercuria, one of the largest energy and commodities traders in the world, sued the Baltic Exchange for losses caused by inaccurate oil tanker prices. Mercuria, a Swiss company, stated in documents filed with the London High Court on April 30, that the Baltic Exchange continues to publish the benchmark crude tanker TD3C index despite the closure of the waterway. The TD3C is based on journeys from the Gulf of Mexico to China. Mercuria claims that?TD3C no longer accurately or reliable represents the underlying markets it is intended measure, distorting and disruptive shipping and freight derivatives market. Lawyers for 'the Baltic Exchange' told London's High Court the data they relied on to publish 'TD3C' was accurate and reliable, and that Mercuria was responsible for disrupting markets. At a short preliminary hearing, James McClelland, the lawyer for the Baltic Exchange said that the mere fact of the claim was corrosive. He said the Baltic Exchange provided information to participants in the market and that "benchmarking would be unworkable" for exchanges to be held responsible to users. David Wolfson, an attorney representing Mercuria said that the trader wasn't the only one with concerns. Citing a Financial Times article on Friday, Wolfson stated that TotalEnergies was also "considering" suing the Baltic Exchange. Mercuria stated in documents filed in late July that while the alleged losses had not been quantified yet, they are "currently estimated to be hundreds of millions of U.S. Dollars". McClelland, the lawyer for The Baltic Exchange, said that, however, "the exchange's liability towards its users is limited to either their membership fee or subscription fee or PS5,000 ($6,710)." Judge Christopher Butcher has ruled that a trial expedited should be held later this year. He noted the "wider concern of the market in relation to the relevant benchmarking". The Baltic Exchange in London, which is owned by Singapore's SGX (Singapore Stock Exchange), produces daily benchmark rates, indices, and other data that are used around the world for trading and settling freight contracts. Since the beginning of the war, The Baltic Exchange has conducted market consultations and offered an alternative benchmark.
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Kenyan public transport operators end their strike after the government reduces diesel prices
Kenyan public transportation operators have called off a strike that was scheduled to begin next week after President William Ruto announced Friday the government will cut diesel prices by over 4%. This week, public transporters went on a two-day walkout to protest the increase in fuel prices following the Iran War. This brought the economy to a halt in Nairobi's capital and led to clashes between protesters, police and other citizens that resulted in four deaths and 30 injuries. In a televised address?on Friday?, Ruto stated that he had ordered the price of diesel to be reduced by 10 Kenyan Shillings ($0.0772)?per litre during the June-July cycle in order to provide further relief to consumers. Last week, the government increased diesel prices for the May-June price cycle by 23.5%, to 242.92 "Kenyan" shillings per litre. However, they were reduced by 10 shillings by Monday, in response to the strikes. After Ruto announced the new cut, the leaders of the transport industry, who were standing with him as he addressed Kenyans, called off the strike for next week. Fuel price cut to deal further harms public finances Ruto stated that his government spent a minimum of?28,1 billion Kenyan shillings between April and June to reduce fuel costs. Kenya's already strained finances will be further impacted by the additional cut. Kenya's total debt service reached 71.2% in fiscal 2024/25, up from 50% four years earlier. Ruto is a re-election candidate in 2027 and has been the target of several protests over high living costs. In 2024, nationwide protests forced him to pull $2.7 billion of proposed tax hikes. He nevertheless said Kenya had been shielded from the worst of surging global crude prices by government-to-government fuel supply deals ?his government first struck with Middle ?Eastern governments in 2023. "Through the government-to-government fuel ?supply framework, we have secured guaranteed fuel supplies, despite global supply chain disruptions, ensuring uninterrupted fuel supply availability across the country," he said.
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Zelenskiy: Ukraine has attacked a Russian oil refinery at Yaroslavl
Ukrainian forces attacked a Russian oil refinery near the Ukrainian border, about?700 km (435 mi) away, said President Volodymyr Zelenskiy on Friday. This is the latest of a series strikes by Kyiv against oil facilities in Russia. He said that the Defense Forces of Ukraine had operated overnight against targets near the Yaroslavl Oil Refinery, which is about 700 kilometers from his territory. Ukraine has intensified their attacks on Russia in order to disrupt Russia's?oil?industry? and reduce revenue that Moscow uses to fund the war in Ukraine. The Iran conflict has led to a rise in global energy prices and the lifting of sanctions on Moscow’s oil sales. Kyiv is also adopting a tactic whereby it hits the same facility?several more times. According to the Ukrainian Defence Ministry, on X, Ukraine has hit 11 Russian oil 'facilities' this month. This includes?one? of Russia?s largest refineries Kirishi. Official data and sources said this week that virtually all major oil refineries located in central Russia have been forced to stop or reduce fuel production following recent drone attacks by Ukraine. Zelenskiy said, "We are bringing the conflict back to Russia and that is only fair." (Reporting and editing by Toby Chopra; Anna Pruchnicka)
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Sources say that RPT-Bharti seeks UK support for raising BT stake
Three people with knowledge of the matter have said that the Indian conglomerate Bharti Enterprises 'is looking to increase its stake in BT just below the threshold which would require them to make a takeover bid for the British Telecoms Group. The group, led by Sunil Bharti Mittal (a billionaire founder), is seeking UK government approval to increase its stakes in the London listed company. These people spoke on condition of anonymity as the matter was private. One person said that it could increase its stake up to 29.9% in order to gain a greater economic?exposure with BT, but did not intend to pursue a complete takeover. Bharti's spokesperson said that the company is "pleased" with its current shareholding of 24,95% and has no plans at this time to increase it. Cabinet Office of the UK government declined to comment. BT referred all questions?to Bharti and the UK government. Bharti's decision to increase its stake above 25% will be reviewed by the UK government in accordance with the National Security and Investment Act. This Act gives the government more say on deals that may affect national interests. In 2024, the group acquired a 24.5% stake from Altice's Patrick Drahi. This made it a strategic shareholder of BT. Bharti stated at the time that it supported BT's management team and "ambitious transformation program" to achieve long-term, sustainable growth. LSEG data shows that BT shares are up 55% since Bharti acquired the stake. According to LSEG, Bharti Televentures holds the stake. BHARTI DOES NOT PLAN TO BID FOR ALL OF BT Bharti owns Bharti Airtel, a brand that operates in 17 countries throughout South Asia and 'Africa. At the time of the acquisition, Bharti said that it had no intention of bidding for the entire BT company, the former British state monopoly and the largest broadband and mobile telecommunications provider. Mittal, the founder and chairman Bharti Enterprises and Gopal Vittal Vice Chairman & Managing Director Bharti Airtel joined the BT Board in September as non-independent, non-executive non-executive members. After a thorough national security assessment, the UK approved the purchase of BT's London-listed shares at the end 2024. This was after assurances from the telecoms firm. The UK government announced that BT had established a 'national security committee' to oversee the "strategic activities" it performed which affected or were in relation to the national security of the country.
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InPost announces that FedEx's $9 billion buyout will open on May 26,
InPost, a Polish parcel locker company, announced on Friday that the consortium of FedEx International, Advent International and InPost investors will make a?buyout offer worth EUR7.8 billion (USD9 'billion). The offer is valid from May 26 until July 27. The company stated in a'statement' that regulatory clearances for the deal have already been received in China, Israel and Italy. InPost's shareholders support the all-cash?bid for a takeover announced in February, unanimously recommended by InPost board. For the deal to be completed, however, 80% must be?tendered. The EUR15.60 bid per share would allow U.S. FedEx to increase its reach in Europe while building a European parcel locker champ. After the transaction is completed, InPost's stock will be delisted from?Euronext Amsterdam. InPost announced that two extraordinary general meetings would be held to inform the shareholders of the offer.
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French and Benelux stocks: Factors to watch for on May 22
Here are some company news and stories that could impact the markets or individual stocks in France and Benelux. COMPAGNIE DES ALPES Compagnie des Alpes, a French ski resort operator and leisure park operator, reported that its EBITDA for the first half of 2013 rose?5.0% from 327.7 millions euros to 380.59 millions euros. QUALITY SA: Quadient, a global automation platform provider, reported a first-quarter revenue of 243 million euros. AIR FRANCE-KLM, Airbus Air France-KLM, Airbus and other airlines announced on 'Thursday that they would appeal to the French Supreme Court after an appeals tribunal found them guilty on Thursday of corporate manslaughter over the Rio-Paris crash 17 years ago. Pan-European market data: European ?Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX ?sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 ?Eurotop 300 ?sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main ?stock markets: Dow Jones............... Wall ?Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris ?items............ World Indices..................................... survey of ?world bourse outlook......... European ?Asset Allocation........................ News at a glance: Top News............. Equities.............. Main oil report........... Main currency report..... ($1 = 0.8610 euros) (Gdansk Newsroom)
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Media report power outages in Ukraine's Zaporizhzhia area, controlled by Russia
Kommersant reported that the?Russian-installed governor Yevgeny Balitsky said Friday that emergency blackouts were occurring in the 'Russia-controlled region of Ukraine's Zaporizhzhia. According to Kommersant, he did not provide any further details but said that critical infrastructure worked as usual. Vladimir Saldo said in Telegram that nine areas were cut off from the grid following drone attacks. Local authorities reported on Telegram that in the early morning hours of Friday, Russian defence systems worked to repel drone attacks over Moscow and the Yaroslavl Region?in the north. Sergei Sobyanin, the Mayor of Moscow, said in Telegram that four drones heading for Moscow had been downed, and that emergency services had been deployed. He did not provide any further details. Local governors said that there were no casualties reported in the areas of Yaroslavl or Leningrad. The drones also targeted the large?Russian infrastructure for energy in all three regions earlier this week. Interfax, citing the?defence ministry, reported that Russia had downed 217 drones in total?overnight. Ukrainian police reported on Telegram that eleven people, including a 13-year old boy, were injured by Russian drone and shelling attacks in Ukraine's Sumy region. Could not independently verify the reports of military activities. (Reporting and editing by Kim Coghill, Kate Mayberry and Jekaterina Glubkova from Tokyo)
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The US Congress proposes to make daylight saving time permanent.
Under a proposal from the U.S., daylight saving time will be in effect all year round. The House of Representatives advanced a proposal on Thursday that revived an idea that Americans tired of biannual time changes have supported for years but has failed to gain traction in Congress. The 'House Energy and commerce?Committee' voted 48-1 for the Sunshine Protection Act. This would implement the change in a five-year transport bill. The supporters of the change say that the time shift leads to sleep disorders, increased workplace injuries and car accidents. They believe that brighter evenings will also spur more economic activity in winter. Donald Trump, President of the United States, praised the voting on social media. He said it was "time for people to?stop worrying? about the clock, not to mention the amount of work and money spent on this ridiculous, two-yearly production." The measure faces resistance from Republican?Tom Cotton, among others. Cotton said that it would cause absurdly late sunrises in winter and force many children to attend school in darkness. States could opt out of the law. Vern Buchanan has proposed the idea each year since 2018 and again this year. The idea is popular in Florida, where the legislator's home state, because it allows more evening hours to be played on sports fields and golf courses. The U.S. Senate voted unanimously for the measure in March 2022, but the House never voted on it. Frank Pallone is a New Jersey Democrat who said that permanent daylight savings time was "better for the safety of New Jersey residents and would boost its tourism industry." Stop changing the clocks two times a year. Since the 1960s, daylight saving time has been implemented in nearly all the states of the united?states. The use of year-round daylight savings?time began during World War II and was reinstated in 1974 to reduce energy consumption. It was unpopular, and it was repealed the following year. (Reporting and editing by Cynthia Osterman; David Shepardson)
UAE equity gains as oil rallies due to US-Iran uncertainty
The stock markets of the United Arab Emirates ended a tad higher on Friday, with Dubai outperforming the rest. This was due to rising oil prices. Investors were doubting the prospects of a breakthrough in U.S. - Iran peace talks.
The nations are divided over Tehran's uranium stocks and the control of the Strait of Hormuz.
Brent crude rose 2.85% to $105.5 per barrel at 1130 GMT.
Dubai's main stock market rose 0.6% led by the real estate and industrial sectors.
Parkin Company, a parking service provider, and a blue-chip developer named?Emaar Properties both grew by 1.7%.
Emaar Properties announced that Hesham Heikal, the head of finance for the Emaar Development group, had left the company. Pawan 'Chindalia is now the finance chief.
Parkin stated that a new 5% tax on parking services will not impact their financial situation.
Hani Abuagla is a senior market analyst with XTB MENA. He said that the stock markets in the UAE remained stable and were trading at levels similar to those seen in recent days. Investors are likely to remain cautious as they monitor the developments in the talks between the U.S.
Abu Dhabi's benchmark indices?gained 0.2 percent;?real estate giant Aldar Properties rose 3.5 percent and Adnoc Gas, the state-owned energy company, advanced 1.2%.
Aldar Properties, the real estate giant, announced that it had sold out its Al Ghadeer Garden development upon launch. This generated more than 1 billion dirhams ($272.32million).
According to LSEG data, the 'Dubai and Abu Dhabi' indexes have lost 0.3% and 0.2% respectively for the week.
(source: Reuters)