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Karsan, a self-driving Turkish bus, has made its debut in Sweden
The public transport organizer said that a self-driving?bus made by Turkey's Karsan, was hit?from behind?by a tram in Gothenburg, Sweden?on Monday, only?anhour after it started carrying paying passengers. "The bus braked, and the?tram hit it," said Patrik chi, a spokesperson for Vasttrafik. Vasttrafik is a company owned by a regional authority that oversees public transport. Chi says that the collision caused no injuries. It raises 'questions' about the integration of 'autonomous vehicles? in urban traffic, at a time when Gothenburg is launching a yearlong trial of autonomous public transportation using Karsan’s eATAK bus. Karsan didn't immediately reply to a comment request. On the website of public broadcaster SVT, footage showed a bus with?damage and a 'banner' on its rear that read:?Keep distance! The bus could brake suddenly." Chi said that the circumstances surrounding the collision were still under investigation. He added that there was "a safety driver" on board the bus who is prepared to take over if necessary. Reporting by Jesus Calero Editing Bernadettebaum
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Officials confirm that the bombing of a Pakistani train killed more than 30 people
Officials?said Monday that more than 30 people were killed in a suicide attack on a train on Sunday in southwest Pakistan. This was the latest attack by separatist Balochistan militants. On Monday, two provincial officials who spoke 'under condition of anonymity because they were not authorised to divulge the information' said that the death toll was now over 30. On Sunday, a suicide car bomber who rammed a train with explosives killed at least 24 people. A car bomb exploded in Quetta, the provincial capital. It was aimed at a shuttle train carrying Pakistani security officers and their families. The Pakistani government and military have not yet released a death toll from the attack. This was the latest of a series of attacks on security forces, infrastructure, and trains. The Baloch Liberation Army claimed responsibility for the attack, describing it as "a suicide bombing". Could not independently verify this claim. Separatists have been fighting over the past decade for the exploitation and appropriation of mineral resources in this province. They claim that the local people are denied their fair share. Balochistan is a region bordering Iran and Afghanistan that hosts Chinese projects for development and the deep sea port of Gwadar. Another official confirmed that the train carried passengers from Quetta’s army cantonment to connect with?Jaffar Express on their way to their hometowns to celebrate Eid al-Adha. Pakistan's Railways Ministry said that the explosion blew up two coaches and a locomotive, while three other coaches were also blown over. Images of the scene show twisted metal, debris, and burned-out vehicles near the rail track. Smoke and fire still rise from the wreckage. BLA militants hijacked a Jaffar Express carrying army soldiers in March of last year. They took hundreds as hostages before a day-long standoff was ended by armed forces. The military operation resulted in 21 hostages being killed, along with four troops and 33 attackers. Pakistani forces claimed earlier this year that they had killed 145 militants in a coordinated attack across the province which resulted in the deaths of nearly 50 people. Saleem Ahmad in Quetta, Asif Shahzad and Alexander Smith edited the article.
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INDIA RUPEE - Oil slump and central bank support manifested in rupee's 3-day winning streak
The Indian rupee gained strength for the 'third consecutive session' on Monday. This is its longest winning streak in a month. It was fueled by central bank interventions and a fall in crude oil prices, on the hope of a U.S. - Iran peace deal. The rupee closed Wednesday at 95.23 dollars, an increase of over 1.5% from the previous day when it hit a new record low. The Reserve Bank of India sold dollars to help the rupee recover from its record-low last week. Optimism?over the potential breakthrough in negotiations between Washington, D.C. and Tehran bolstered the currency even further on Monday. Four traders reported that they saw state-run banks offering dollars on the day. A trader from a Mumbai-based bank said that the activity was likely meant as a warning against speculative interests in the rupee. In a recent media interview, RBI Governor Sanjay Malhotra stated that following its recent depreciation the rupee is now 'undervalued. Malhotra, the RBI's deputy governor, said that there is no specific target level for the currency. However, he did stress that the central banks stands ready to act if speculative forces increase. Separately on Monday, Indian Finance minister Nirmala Sitharaman called on the country to concentrate on fuel, fertiliser, and foreign currency, highlighting Prime Minister Narendra Modi’s call to conserve foreign currency amid the Iran War. OIL RELIEF Brent crude oil futures dropped?over 5 percent to $97.8 a barrel while Asian currencies gained and stocks rose?as a result of the prospect?of an agreement to end the Iran War. The spokesperson for Iran's Foreign Ministry said that conclusions had been reached regarding?many of the topics discussed during a possible memorandum-of-understanding with?the U.S. but that this did not mean Tehran is close to signing an accord. Amit Pabari is the managing director of FX advisory firm CR Forex. He said that if crude oil prices are 'contained' and global risk sentiment improves, the rupee could gradually increase towards the 94.80 to 94.50 range in the short term.
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ADB provides $5 billion to Bangladesh in response to economic pressures
Asian Development Bank will support Bangladesh with $5 billion over the next 5 years, said the lender on Monday. The country is facing a'mounting economic strain due to 'global conflicts and domestic financial -challenges. The funding announced by ADB president Masato KANDA during his visit to Dhaka will support the Integrated Growth Network Development Initiative. This initiative aims to improve connectivity, boost investment, and promote a more balanced regional growth. Kanda met with Prime Minister Tarique Rahman, senior officials and other government officials to discuss Bangladesh’s development priorities. The announcement comes at a time when Bangladesh's import dependent economy is grappling with the fallout of?the U.S. and Israeli war on Iran. This has pushed prices for fuel, liquefied gas, fertiliser, and?shipping up. The inflation rate remains high, and the banking sector continues to face a liquidity crisis. Kanda, a Manila-based ADB official, said that "Bangladesh has entered a new critical phase." The ADB will assist the country in protecting stability, unlocking new sources of economic growth, and building a more resilient and diversified economy. The package, which will provide around $1 billion per year, will be integrated in the ADB's sovereign finance programme for Bangladesh. The ADB signed agreements during the visit for approximately $1.4 billion worth of loans under its 2026 commitment program, which covers energy, transport, climate resilient?and social?development?projects. The United States also increased its support to Bangladesh by $250 million in order to address the financing gap caused by global commodity pressures and Middle East crises. ADB plans to raise ?its annual sovereign commitments to Bangladesh by 20%, from roughly $2 billion to $2.4 billion, to support investment-led ?growth, economic diversification, governance reforms and ?the country's transition from least-developed-country ?status. The lender stated that it works with the authorities to attract private investments by strengthening capital markets and preparing bankable project. (Reporting and editing by Thomas Derpinghaus; Ruma Paul)
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Rubio: US will find "another way" if Iran negotiations fail
Marco Rubio, Secretary of State at the Department of State, said that the United States would either reach a fair agreement with Iran or find "another solution" to the conflict. Washington was downplaying hopes for a breakthrough in the war which has been raging for three months. Rubio said to reporters in New Delhi the U.S. will give diplomacy "every chance" to succeed before looking at "alternatives", following President Donald Trump's statement?on Sunday? that he had instructed his representatives to not rush into any Iran agreement. Rubio stated that there was "a pretty solid thing on their table" in terms of opening up the strait. Trump had written on Truth Social a day earlier that the U.S. Blockade of Iranian Ships in the Strait of Hormuz "would remain in full force until an agreement was reached, certified and signed". He said, "Both parties must take time to get it right." The Iranian government did not respond immediately. The Tasnim news agency, which is linked to Iran's Revolutionary Guards said that the U.S. still blocked parts of the potential deal. This included Tehran's request for the release frozen funds. On Monday, oil prices dropped 6% and reached a two-week low as optimism grew about the United States and Iran moving closer to a deal. Trump raised hopes of a deal imminent on Saturday, when he stated that Washington and Tehran have "largely negotiated", a memorandum of agreement on a peace accord?that will reopen Strait of Hormuz. The critical waterway carried about a fifth (of all global oil and LNG shipments) before the conflict. Both sides are at odds over a number of difficult issues. These include Iran's nuclear ambitions and Israel's war with the Iranian-backed Hezbollah in Lebanon. Also, Tehran is demanding the lifting of the sanctions and the release tens and tens billions of dollars in Iranian oil revenue that has been frozen in foreign bank accounts. Sticking Points Senior?Trump Administration official described the latest 'contours' of the issues that are being negotiated. The official, who spoke on condition of anonymity said that Iran had agreed in principle to open the Strait of Hormuz as a trade for the United States lifting their naval blockade and for Tehran to dispose of its highly enriched nuclear material. He said that the U.S. believed Ayatollah Mojtaba Khamenei, Iran's Supreme leader Ayatollah Mojtaba Khamenei, had approved the general template of the agreement. Iran did not confirm the agreement or elaborate on its "in principle". According to the official, Washington envisaged first reopening the Strait and lifting its naval blockade. The details of the nuclear measure would require more time to negotiate. The official denied that Iran was unwilling to dispose of its enriched uranium stockpile. The official said, "It is a question of how." On Sunday, a second senior official in the administration said that the proposed framework would allow negotiators to have 60 days to come up with a final agreement. Iranian sources have said that "feasible solutions" can be found in the future to solve the dispute regarding its highly enriched stockpile of uranium, including diluting it under the supervision and control of the U.N. nuclear watchdog. Iran has denied U.S. accusations and Israeli allegations that it is developing nuclear weapons. It says it has the right to enrich uranium?for civilian purposes?, even though it's purity far exceeds what is needed for electricity generation. Trump has been hyping the possibility of an agreement to end the conflict that began on February 28, when the U.S. & Israel started the conflict. He has also faced attempts by Congress to limit his war powers. Since early April, a tenuous ceasefire is in place. The President reacted to critics who criticized his handling of the negotiations and his willingness for compromise with Iran. "If I reach a deal with Iran it will be good and right." Don't listen the losers who criticize something they don't know about," Trump wrote on Sunday. A deal that reinforces the fragile ceasefire will bring relief to the markets, but not defuse an energy crisis which has pushed up fuel, fertiliser, and food prices. Early April, the U.S. and Israeli bombing of Iran was suspended. Israel also has killed thousands of people and forced hundreds of thousands to leave their homes in Lebanon. It invaded the country in pursuit of Hezbollah militants. Iranian attacks on Israel and the Gulf States have killed dozens. (Reporting and editing by Clarence Fernandez; Additional reporting and writing by Helen Coster, Stephen Coates, Doina Chiu, Ariba Shhid, Hatem Mater, Andrew Mills and Elwely Elwelly; Reporting by Bureaus; Writing and editing by Helen Coster, Stephen Coates and Parisa Hafezi)
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Andy Home: Warning lights flash when aluminium reels are impacted by Gulf shock
The Iran War is shaping up as one of the largest?supply shocks' in the history the aluminum market. According to the International Aluminium Institute, the Gulf's production of this metal, used in sectors such as transportation, packaging and solar panels, plummeted in April to its lowest level for over a decade. The regional run-rates fell by 2 million metric tons annually between March and April. In missile strikes, two Gulf aluminium smelters were damaged. Al Taweelah, the Emirates Global Aluminium plant in Al Taweelah will require a year to repair. At least one other manufacturer - Qatalum has reduced its capacity. Major logistical issues are a result of the continued closure of Strait of Hormuz for those who still operate. The Gulf is the largest non-Chinese producer and a major supplier of goods to Japan, South Korea and the United States. The London Metal Exchange's (LME) price isn't indicative of the scale of the impact on supply. At $3,650 a ton, it is only up 14% since hostilities began and is still far below the 2022 highs following Russia’s invasion of Ukraine. The market dashboard is flashing red. LME TIGHTENS as Stocks DRAIN Away First, the LME spreads have been sharply tightened. The benchmark cash-to-3-months spread of the?LME Cash is trading at a $80 premium. This is the tightest market since 2007. The squeeze was short-lived and only affected short positions. This time, the tightness appears to be structural and persistent. The LME stock, which was already low, has been raided by traders as they look to fill in the supply-chain gap created due to the loss Gulf production. Since the start of this year, LME registered stock has fallen by one-third to 339 475 tons. In the last two weeks, almost 68,000 tonnes have been cancelled to prepare for physical loading-out. The remaining tonnage on the LME warrant now is largely Russian aluminum being stored in South Korea's port of Gwangyang. The sanctions over the Ukraine War have rendered this product useless to U.S. and European buyers. These daily withdrawals are not transfers to off-warrant stock. The LME's "shadow" stock has also been dwindling and is the lowest it's been since the exchange started reporting off-warrant storage in 2020. PHYSICAL PREMIUMS SURGE Second, the increase in physical premiums across the globe is a warning sign. Since the beginning of hostilities, the CME spot premium has increased by more than twice as much to $316 per tonne over the LME. Japanese buyers accepted a $350 premium for their second quarter deliveries. This is the highest price increase in 11 years. Since the beginning of March, the European duty-paid premium jumped 58%. The duty-unpaid premium soared 75%. Due to import tariffs of 50%, the U.S. Midwest premium is up by only a modest 8%. However, American buyers are already paying record prices to secure metal. The Gulf supply shock is most evident in these manifestations. What is less visible is the situation in segments of the market that are not exchange-traded, such as billets. This product is used by construction and transportation sectors. Fastmarkets, a price reporting agency, reports that the premium for aluminium billet extrusion in Rotterdam has doubled, reaching $1,100 above the LME base rate. DEFICIT STRUCTURAL The relative calmness of the LME's outright price masks a tightening along the processing chain. While LME traders price in the ebbs and flows of headlines surrounding the Iran War, physical buyers pay?up to secure enough metal on a market heading towards a structural shortage. Mozal Smelter in Mozambique was closed due to "high energy prices" and this has compounded the loss of production. According to the latest IAI figures, the combined impact has resulted in a drop of 2.4 million tons in Western production during the past two months. The situation could get worse if the Gulf smelters that are still producing cannot source enough raw material via routes which circumvent Strait of Hormuz. China's massive?aluminium base has increased production, but it is now close to its government's maximum capacity. There is little room for significant further upside. The country's exports are likely to increase in response to the Gulf Supply Crisis, but these will be mostly semi-processed metals such as foil, strip and bars, rather than raw material. The cushion can be a short-term one, but as the Strait of Hormuz is closed, the thinner it becomes. This is a shock to a market which has been living with structural oversupply for the past 20 years. Aluminium prices are not yet reflecting the seismic changes that have occurred in the supply chain. However, physical buyers already know the extent of the changes. Andy Home is a columnist at. This column is great! 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Ships transporting Middle East oil and LNG leave Hormuz on their way to Pakistan and China
Shipping data shows that two liquefied gas tankers will leave the 'Strait of Hormuz today, bound for Pakistan and China. Meanwhile, a supertanker carrying iraqi oil bound for China has left the Gulf after nearly three months of being stuck. The U.S. and Israeli war against Iran, which began on 28 February, has caused a severe curtailment of shipping through the Strait of Hormuz. Around one-fifth of world oil and LNG is normally transported through this strait. These vessels are part of a small group of supertankers that will be leaving the Gulf via a transit path Iran has requested ships use. Three Very Large Crude Carriers (VLCCs), carrying 6 million barrels, made their way from China to South Korea last week. Shipping data from LSEG/Kpler shows that the LNG tanker Fuwairit crossed the?Strait of Hormuz Monday, and will discharge its cargo into Pakistan on Tuesday. The vessel, which is sailing under the Bahamas flag and loaded LNG in Qatar's Ras-Laffan port on March 28, was registered to the Bahamas. Japan's Mitsui O.S.K. Lines (MOL), the owner of Fuwairit could not be reached immediately for comment. Al Rayyan, a LNG tanker, has also left the strait. It was last seen on the Gulf coast, May 22. Now it is outside the strait that separates Iran from Oman. LSEG data and Kpler show that it is expected to discharge the cargo in China by June 27. QatarEnergy which owns Al Rayyan did not immediately respond to an outside of office hours comment request. Shipping data from LSEG and Kpler indicated that the VLCC Eagle Verona is expected to arrive at Ningbo Port in eastern?China, on 12 June, to discharge its cargo. According to data, the Singaporean-flagged vessel chartered by 'Unipec', the trading arm for Asia's biggest refiner, Sinopec loaded around 2 million barrels Basrah crude on February 26. Two sources earlier told us that the Eagle Verona was one of seven ships Malaysia asked Iran for permission to transit. Two sources said earlier that the Eagle Verona was one of seven ships Malaysia had asked Iran to allow it to transit. Sinopec, as well as the Malaysian state shipper MISC - which owns this vessel - could not be reached immediately for comment. ?Shipping through the strait was averaging 125-140 daily passages before the war. Around 20,000 seafarers are still stranded on hundreds of ships in the Gulf. Reporting by Florence Tan in Singapore and Emily Chow, with additional reporting by Rozanna latiff in Kuala Lumpur. Editing by Sonali and Jamie Freed.
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Ships transporting Middle East oil and LNG leave Hormuz on their way to Pakistan, China
Shipping data revealed that a liquefied gas tanker left the Strait of Hormuz on Monday and headed to Pakistan, while a supertanker carrying iraqi oil bound for China had just left the Middle East Gulf after nearly three months of being stuck. The U.S. and Israeli war against Iran, which began on 28 February, has severely restricted shipping through the Strait of Hormuz. Through this Strait of Hormuz normally flows?around one fifth of the world's oil and LNG supply. These vessels are among a few supertankers that have left the Gulf via a transit path ordered by Iran. Three Very Large Crude Carriers, or VLCCs, made their way from China to South Korea last week with 6,000,000 barrels of crude oil. Shipping data from LSEG and Kpler revealed that the LNG tanker Fuwairit - is crossing the Strait of Hormuz and will discharge its cargo in Pakistan on Tuesday. The vessel, flying the Bahamas flag and loading LNG in Qatar's Ras-Laffan port, around March 28, was sailing under the Bahamas Flag. Japan's Mitsui O.S.K. Lines (MOL), the owner of Fuwairit could not be reached outside of office hours for a comment. Separately the VLCC Eagle Verona is expected to'reach Ningbo Port in eastern China by June 12th to discharge its cargo. 'Shipping data from LSEG and Kpler indicated this. According to data, the Singaporean-flagged vessel chartered Unipec - the trading arm for Asia's largest refiner Sinopec - loaded around 2 million barrels Basrah crude oil on February 26. Outside office hours, it was impossible to reach Sinopec or the Malaysian state shipper MISC which owns this vessel. Prior to the start of the war, the shipping through the strait was between 125 and 140 passages per day. Around 20,000 seafarers are still stranded on hundreds of ships in the Gulf.
Atlas Arteria's independent expert believes IFM Global's proposal is not fair or reasonable
Atlas Arteria, a toll road operator in Australia, said that its independent expert confirmed the earlier rejection by the company of 'IFM Global Infrastructure Fund's' proposal 'to purchase 'the tollroad operator' at a valuation A$6.89billion ($4.94billion). The report of the independent expert concluded that the IFM offer was neither reasonable nor fair, just days after Atlas Arteria had rejected it. Atlas Arteria described the IFM offer as opportunistic, and a material undervaluation of the company.
The independent expert stated that the valuation of the company is A$5.39 - A$6.20 a?security. This is much higher than the A$4.75. The company added that the price would be even higher if it was raised to A$5.10.
In late April, the?IFM Global Infrastructure Fund offered to purchase all of its shares in Atlas Arteria through its investment unit?Diamond Infraco 1, at A$4.75 each.
It also stated that it would increase the 'offer price' to A$5.10 if a 45% stake or more was secured before the offer ended.
(source: Reuters)