Latest News
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Multiple injuries reported after two trains collided north of London
The British Transport Police said on Friday that it was responding to media reports about a major collision between two trains, 60 miles north-east of London. Media reports claimed the incident resulted in'multiple injuries. The video was posted on Facebook and showed what appeared to be the front of a train intertwined with the?back of another train, both of which were still on the track. The East of England Ambulance Service sent multiple resources, including an air ambulance, to the accident on the rail south of Bedford and advised people to avoid that area. In a post to X, Heidi Alexander, the Transport Minister said she was "deeply worried"?by the reports of this collision. Bedfordshire Fire and Rescue Service reported that crews were on the scene of a?railway incident just south 'of Bedford and also asked the public to stay away. East Midlands Railway said that it would not be able to run any services into or out of London until the end of today, while Thameslink reported that all lines between Luton and Bedford had been blocked because of an investigation. (Reporting and editing by Louise Heavens, Kate Holton and Sam Tabahriti)
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Iraq wants to increase oil production from the southern fields by 3 million barrels per day within 1-2 months
Iraq's state news agency reported Friday that it expects oil production to reach three million barrels of oil per day from its southern fields within one to two months. The report was based on a spokesperson for the Oil Ministry. Iraq exports around 3.6 millions barrels of crude oil per day. Before the Iran War, around 3.4million bpd passed through its southern Basra terminals. Iraq has also suffered a decline in oil revenue as a result of the closure of the Strait of Hormuz during the U.S. - Iran War. Iraq used to export its fuel oil from the Gulf port Khor al-Zubair. But the conflict has forced the country to seek other routes, after the strait closed and the storage facilities started filling up. Saleem al Rikabi, a spokesperson for the Iraqi Oil Ministry, said that there was no set timetable to restore exports to their previous levels. This is because production capacities and reservoir conditions differ from field to field. The minister said that the ministry is prioritising associated gas, condensates and liquefied gases, and added that tanker activity and restoring export capacity would be progressed along with production recovery. Iraqi oil officials had earlier stated that the country has increased its crude oil production by 250,000 barrels a day from its southern fields to 1.75 million barrels a day, as more tankers are loading crude from Iraq's ports. Iraq plans to increase production to 2 million barrels per day within the next few days, according to officials. Reporting by Muayad Haeed in Baghdad, Aref Mohammed Basra. Writing by Muhammad Al Gebaly. Editing by Louise Heavens & Alistair Bell.
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Ryanair extends CEO O'Leary's Contract to 2032 and offers a EUR150 million Bonus
The budget airline announced on Friday that Michael O'Leary, CEO of Ryanair, has extended his contract until 2032. This deal includes a bonus plan which could pay the 65-year old Irishman over EUR150 million ($172 millions). Ryanair announced last month that negotiations to extend O'Leary's tenure to nearly 40 years had almost been concluded. O'Leary, who took over as CEO of the airline in 1994, has been the driving force behind the company's growth from a regional carrier to Europe's biggest by passenger numbers. If O'Leary remains with the group through April 2032, he would be able to buy 10 million shares for EUR26.70 a share if the annual 'profit' reached EUR4 billion. Or if the price of the share exceeded EUR42 on 28 consecutive days. Ryanair posted a record-breaking full-year profit after taxes of EUR2.26bn last month. At 1315 GMT its share price was EUR25.70, and the strike price of the agreement represented the market price prior to the Middle East conflict. The airline stated that achieving these ambitious targets would add substantial value to all Ryanair's shareholders. O'Leary did not answer directly an analyst last month when asked if this extension would be his last. O'Leary is expected to make up to EUR100 million from a previous share option plan after Ryanair hit the share price target he set in his last contract. O'Leary claimed that the payout was a good deal compared to footballers' salaries. The airline said O'Leary's compensation, which includes a "modest annual salary" and a "capped annual bonus", would be presented to shareholders at the annual general meeting in September for approval.
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Although there are questions about Iran's transit conditions, oil shipments to Hormuz have increased.
The United States and Iran signed a ceasefire agreement on Friday, and Gulf producers are preparing to increase exports in spite of concerns about the conditions set by Tehran. Washington and Tehran have released the text for an interim agreement that was signed on Wednesday, to end the conflict. Donald Trump has warned that he will resume his attacks and "target Iranian officials" if the commitments made are not kept. MarineTraffic reports that at least four tankers with crude oil, oil products, and liquefied gas headed for Iraqi Gulf port entered the strait Friday. After being delayed by war, a Japanese crude tanker left the Strait of Hormuz and was headed for Japan. Separately Indian-flagged crude oil supertankers DeshVibhor, and DeshVaibhav began their voyages to India through the Strait of Hormuz after days' worth of disruption. VESSELS SWITCH TO SIGNALS WHEN TRAFFIC RETURNS After weeks of hiding their movements by turning off transponders, ships resumed broadcasting their positions as they passed through Hormuz. AXS Marine data revealed that 25 commercial crossings were made through Hormuz in June 18 – the highest number of crossings on a single day since April 18, and five times the average daily count of the first 10 months of June. The traffic is still well below pre-conflict levels of 120 crossings per day. Gulf oil producers are already active in the tendering process. Kuwait Petroleum Corp. is tendering crude oil for delivery in July, according to a document published on Friday. This comes after the lifting of force majeure, and plans to increase production. Abu Dhabi National Oil Company issued its fourth bid this month. The U.S. lifted its formal blockade on Iranian ports Thursday. The Joint Maritime Information Center, a U.S. Navy-led organization, said late Thursday that "mariners should be aware of the presence?of mines" and to expect naval activity as the clearance?operations proceed. The scheme was admonished to vessels because of the dangers associated with mines. The United Nations shipping agency adopted the scheme in 1968 and established routes through Iranian waters. Braemar, a ship broker, said that the risks ranged from mines to getting stuck in the Mideast Gulf if tempers flared and Iran blocked Hormuz again. The deal allows Iran to charge fees for managing Hormuz Transits after 60 Days. SHIPPERS WORRY ABOUT IRAN'S CONDITIONS Switzerland announced that U.S. and Iran talks on a broader pact of peace would not be held on Friday, while Vice President JDVance cancelled a scheduled visit. This underscores the uncertainty surrounding a lasting solution. Iran has tightened its control on shipping. State TV reported that vessels must coordinate transit with the Revolutionary Guards Navy. Ambrey, a British maritime security company, said that Iranian forces had ordered a tanker flying the flag of Hong Kong and a bulk carrier flying the Saint?Kitts?and Nevis to?turn around on Thursday. Iran's Persian Gulf Strait Authority stated in an undated message circulated among the maritime industry within the last 24 hour and seen by that "no vessel will be allowed to pass through the Strait of Hormuz unless it has a valid permit issued by the PGSA". The PGSA has also stated that it reserves the right, if necessary, to impose insurance fees on shipowners, requiring them to renew their coverage and obtain insurance. Shipping industry rejects any toll or fee system imposed on international waterways. According to United Against Nuclear Iran (which monitors Iran related tanker traffic), a flotilla of 10?Iranian flagged supertankers with close to 20,000,000 barrels of crude oil was sailing?from Iran’s Chabahar Anchorage in the Gulf of Oman to Asia, likely to teapot refineries located in China. Charlie Brown, UANI's senior advisor, said: "There appears to be no hot potato issue regarding unilateral American sanctions." (Reporting and editing by Louise Heavens, Florence Tan Siyi Liu Renee Maltezou Nidhi verma)
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Zambia and the US increase use of $491 Million grant programme for critical metals infrastructure
Zambia announced on Thursday that it had agreed with U.S. Agency Millennium Challenge Corporation to increase the use of $491'million agriculture grant programme' to support key critical minerals infrastructure. Signed in 2024, the "farm to market" grant was initially intended to boost agricultural development in Africa’s No. 2 copper producing country. The Zambian finance ministry released a statement that said, "The realignment of the railway will support Zambia's agriculture and critical minerals economy along the Lobito Corridor -- a major economic corridor for Zambia." The 'Lobito Corridor' is a rail connection between Angola's Atlantic port of Lobito and the top copper and cobalt producer on the continent, Democratic Republic?Congo. This route is considered strategic in order to export critical minerals to Western countries, which are looking to counter China's dominance of metals essential for the energy transformation. Zambia wants to link its copperbelt with the corridor. The African Finance Corporation is the lead project developer. It has stated that it aims to close the financial deal in the 'fourth quarter' of 2027. The ministry stated that some of the grant funds will be used to build infrastructure related to the project. The report added that "Priority 'road segments for rehabilitation were aligned to the Lobito - Corridor, one of 'Africa's most important emerging trade and logistic corridors." Reporting by Chris Mfula. Nelson Banya is the writer. Mark Potter (editing)
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European shares fall as markets ponder hawkish US Federal Reserve
Investors increased their bets that the U.S. Federal Reserve rate increase later this year?after policymakers struck a more hawkish tone. The pan-European STOXX 600 closed 0.3% lower and ended a five-day streak of gains. The regional bourses showed mixed results, with France, Germany and Italy posting gains and Spain and Italy declining. The FTSE 100 in Britain ended the day 1% down as heavyweight healthcare and energy stocks weighed. In June, the Bank of England held interest rates at 3.75% because it deemed it premature to increase rates due to uncertainty regarding 'inflation pressures. Oil and gas shares in Europe fell 1.5%, as oil prices dropped to their lowest levels since the first day of trading during the Iran War. U.S. president Donald Trump signed an agreement with Iran to end a war that has disrupted the global energy supply. The interim ?pact has brought relief for markets, with energy-price-sensitive travel and leisure shares rising 0.8% on Thursday. But despite the relief, it was short-lived due to monetary policy uncertainties. NEW FED CHAIRMAN The Fed in the U.S. held rates at the same level on Wednesday but nine policymakers predicted a rate increase this year. The Fed's statement on Wednesday removed any guidance regarding future rate movements, a sign of the influence of the new Fed chairman Kevin Warsh. "Transitions such as this are unsettling to markets." Steven Blitz is the chief U.S. economic at GlobalData.TS Lombard. He said that political and economic volatility will?confront and confound Warsh's plan to get the Fed in his promised land. According to LSEG data, the European Central Bank increased borrowing costs last week. Traders expect another 25 basis-point rate increase by year's end. Mining shares fell 3.1%, and were the largest decliners in the STOXX major subsectors. Commodities suffered from a stronger dollar. Mercedes-Benz, Volkswagen, and Stellantis were all at the bottom of the list. BMW fell 4%, after falling 8.3% in the previous session following a shocking profit warning. Accenture's cut in its full-year guidance caused a sharp drop among European IT service firms. Capgemini fell 8.9%, a six-year low, while Cancom, Atos, and Reply all saw declines between 2% to 6.9%. Edenred rose 17.2% after the French voucher company confirmed that it was approached by investment funds following media reports about possible takeover interests from investment firm BC Partners.
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Grids are being urged to change data center power regulations by the US Energy regulator
On Thursday, the top U.S. Energy regulator ordered that?electric grid operators?review?rules?for connecting large energy consumers such as data centres. Demand from server warehouses is straining power grids. The demand for electricity is increasing in the United States, and data centers are driving the electricity usage to new records. Grids cannot supply the electricity needed by large swaths across the country. This has regulators scrambling to manage the surge. The Federal Energy Regulatory Commission draft orders "show cause" direct?the six region grids that fall under its jurisdiction (excluding Texas) to justify or revamp their?processes for powering large energy consumers. The FERC order 'follows a Directive by the United States. Last year, Energy Secretary Chris Wright was asked to expedite the connecting of data centers in order to achieve the goal of the United States to win the global race for developing and rolling out new AI technology. Laura Swett, FERC chairman, said: "This is a 'race against time. We will win. "This is a?priority our country faces at this time. Grid 'operators' and -transmission owners will have 60 days to reply to FERC. They must explain their current rules or if they plan to make changes in five categories. These categories include clear processes for connecting very large energy consumers, such as data centers, and allocating costs to large energy customers.
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BMW chairman: 'We are on the right track' as profit warnings hit shares
Nicolas Peter, chairman of the supervisory board, said that BMW's?next generation models are "on track". This comes days after an unexpected profit warning, which hit?the shares. Peter, a journalist in Paris, told journalists that the orders for BMW's Neue Klasse models were "strong" and "good for both the manufacturer and the suppliers involved with the project". The Neue Klasse comprises a range of new BMW models that are part of an ambitious revamp of the company's line-up in a period of fierce competition with Chinese rivals. After the warning, brokerages such as Citi and HSBC lowered their target prices, and the shares of the German premium automaker fell even further. They now trade at the lowest levels since November 2, 2020. BMW shares were trading 5.3% lower at 1415 GMT and were ranked as the bottom blue-chip index in Germany. Analysts noted the impact of a 'guidance cut' that was triggered by the prolonged weakness on the important Chinese market, as well as Iran's war. Berenberg analysts stated that "the magnitude of this new downgrade is greater than what we anticipated." They added that "this could lead to a deeper strategic reset under the new CEO", referring specifically to Milan Nedeljkovic who replaced long-time leader Oliver Zipse in the last month. Analysts have said that BMW could announce capacity reductions in Europe and accelerate its strategy to localise production in North America, China and other parts of the world. Peter said BMW is confident about the U.S. market, which he described as stable and important. The market is important and stable, but BMW was selling less in Europe despite its local strategies. Peter said that there was space for both foreign and local?automakers to compete in China. The country is the world's largest auto market, has seen a price war, and remains the biggest auto market. (Reporting and writing by Makini Brrice, Additional reporting and writing by Christoph Steitz and Rachel More; Editing and editing by Dominique Patton & Alexander Smith).
Airport security takes action as World Cup fans gorge on ranch dressing
The Transportation Security Administration has issued friendly advice for those who wish to bring home ranch dressing after visiting the United States to watch the World Cup.
The 'TSA' decided to issue a helpful warning after receiving numerous posts on social media from fans who love Ranch dressing.
They wrote on Instagram: "If you are visiting a large sporting event, and you discover RANCH during your stay... pack it into your CHECKED BAGGAGE on the way home."
If you are travelling within the U.S.A., keep all carry-on sauces to 3.4 ounces (100ml or less) and put any larger containers into your checked bags. Some heroes wear 'capes. Some heroes wear?capes.
The TSA told travelers to avoid throwing away their ranch dressing before reaching security because airlines will check it for them. Trevor Stynes reported, Ed Osmond edited.
(source: Reuters)