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Britain and EU sign Gibraltar Treaty to ease border crossings
The 'European Union' and Britain signed a treaty on Gibraltar on Tuesday, following an agreement reached last year to ease border crossings and end years of political insecurity over the British Overseas Territory. The treaty was signed in Brussels by the European Trade Commissioner Maros Sefcovic and the British Minister of State for Europe Stephen Doughty. Also present were Spain's Foreign Minister Jose Manuel Albares Bueno, as well as Gibraltar’s Chief Minister Fabian Picardo. Residents of Gibraltar can use their residence cards to cross over to Spain without having to get their passports stamp. Spanish citizens, on the other hand, can do so using an ID card issued by the government. Arriving passengers at Gibraltar Airport will have to show their passports both to Gibraltar and Spanish border officers. Britain also wants a system that is'similar' to the French police stationed at St Pancras Station in London for the Eurostar service. The Treaty of Utrecht of 1713, which ended the War of Spanish Succession, gave Britain Gibraltar. It is a strategically significant enclave located at the southern tip of Spain. (Reporting and editing by Phil Blenkinsop; Sudip Kar Gupta)
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Thyssenkrupp Steel suspends its own barges due to low Rhine levels
The company announced on Tuesday that it had suspended the shipping of raw materials from Duisburg, a western German city, with its own vessels due to low water levels in the Rhine River. Thyssenkrupp Steel transports approximately 50,000 tons per day of iron ore, coal and other materials up the Rhine roughly 240 km (149 miles) from Rotterdam. Commodity traders have already said on Monday that the low?water level during the current heatwave prevents cargo vessels from sailing on the Rhine fully?loaded, which drives up the?freight transportation costs. The persistent and worsening low water situation now affects the supply of raw material to our Duisburg factory. Low water levels have caused our barge transport to be suspended, according to a spokesperson. The?spokesperson said that Thyssenkrupp uses third-party chartered vessels with shallower drafts. Customer deliveries are not at risk. The spokesperson declined to provide a specific number. She stated that the company has reduced its 'blast furnace production' due to a?tighter supply of raw materials. The Rheinische Post reported earlier on this issue. (Reporting and writing by Tom Kaeckenhoff; editing by Kirstiknolle).
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Hapag-Lloyd: Hormuz freight fee is 'fundamentally incorrect'
Hapag-Lloyd of Germany, the world's fifth-largest shipping company by container volume, criticised the U.S. Plans to impose a 20 percent charge on cargo shipping through the Strait of Hormuz are "fundamentally incorrect". U.S. president Donald 'Trump' said on Monday that he reinstated the blockade of Iranian shipping in the Strait of Hormuz last month. He also proposed charging a fee of 20% to cover the costs of safeguarding this vital waterway. Hapag stated in a press release that it would be "fundamentally wrong" to charge?fees when passing through international waters. The German Shipowners' Association VDR?said that such a measure was illegal and would undermine the principle?of free passage through international waters. Today it is the Strait of Hormuz. Tomorrow, the Strait of Malacca. And the next day, the 'next international strait. What will happen? VDR head Martin Kroeger ?told business magazine Wirtschaftswoche in ?an interview on Tuesday. He added that civilized commercial shipping should not be used as a pawn for geopolitical conflict. The Strait of Hormuz is a crucial route for oil and natural gas supplies. It has now become a central flashpoint in the U.S. - Iran conflict. Iran's blockade has driven up energy prices and fueled global inflation fears. Hapag stated that fees could be justified for major infrastructure like the Suez Canal and the Panama Canal but not the Strait of Hormuz which transported about a fifth of the global oil and gasoline supplies before the war. The Hamburg-based company, which on Monday raised its earnings forecast on the back of strong demand, said it couldn't reliably quantify how Gulf tensions would affect its business. Hapag said that the recent escalation has had no immediate effect on its vessel operations. The company has adjusted their network to ensure vessels do not pass through this key waterway. Reporting by Elke Ohlswede. Miranda Murray and Linda Pasquini wrote the article. Matthias Williams, Mark Potter and Mark Potter (Editing)
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Travel restrictions tightened as Ebola threat rises
World Health Organization declared on May 17, 2014, that the Ebola outbreak is a Public Health Emergency of International Concern in?the Democratic Republic of Congo. It also stated that there was a very high risk of it spreading to neighboring countries. This decision has led governments to increase travel-related 'containment' measures. The following is a list of?travel restrictions and screening steps announced by various?countries, as well as?measures taken by airlines. Travel Bans/Restrictions UNITED STATES On July 13, the U.S. announced that it would block American citizens living in the DRC, from flying back to the United States via commercial flights. Recent travellers will be placed on a list of "do not board" passengers until they spend at least 21 consecutive days in another country. Washington has also prohibited non-citizens from entering its country if they have traveled to the DRC or Uganda, or South Sudan. CANADA On May 26, the Canadian government announced that all residents of the DRC, Uganda and South Sudan will be prohibited from entering Canada for 90-days starting on May 27. JORDAN According to Jordanian State Agency, the Jordanian Government suspended entry on May 19, for travellers arriving from DRC or Uganda. BAHRAIN Bahrain announced on May 19, that it would suspend for 30 days entry to foreigners arriving from South Sudan, DRC and Uganda. SCREENING MEASURES AND QUARANTINE MEASURES INDIA India has implemented screening and surveillance at airports and entry points. It also issued warnings on precautions and advised citizens to avoid non-essential travel in the DRC and Uganda. THAILAND Thailand's Public Health Ministry announced that, starting May 27, passengers from the DRC and Uganda will only be permitted to enter Thailand through Suvarnabhumi Airport where they will be screened. If they show symptoms of Ebola, travellers from or through these countries must quarantine themselves for at least a week. Kenya's Ministry of Health announced on 25 May that it has enhanced screening of travelers at high-risk entry points. ZAMBIA Zambia has increased screening and surveillance of Ebola cases after authorities ruled two suspected cases out. NATIONS RESISTING RESTRICTIONS EUROPEAN UNION The EU Health Security Committee stated on May 22, that screenings of passengers arriving from DRC or Uganda were not required, citing a low risk for the population. On?June 9, the U.S. Government called on European nations, hoping to prevent the spread of Ebola during the World Cup, to follow Washington's example and place travel restrictions on those who had recently traveled?to Central African countries that were affected by the Ebola epidemic. According to a spokesperson for the European Commission, there is no evidence that more border controls are needed. RESPONSE OF AIRLINES KLM announced on May 29, that it had cancelled flights from and to Entebbe Airport, near Kampala in Uganda. The Dutch airline attributed the cancellations to restrictions linked to the Ebola outbreak. The airline said that it was unable to operate its planned routes because of travel restrictions and entry measures in some countries for those who have recently traveled through Entebbe. This includes the crew. Brussels Airlines announced on June 1, that the Ebola situation did not impact its flight schedule. However, it had adjusted the rosters for its long-haul staff because crews who had traveled to the DRC and Uganda in the past 21 days will be denied entry into the United States. (Reporting from bureaus, compiled by Alexander Klyve Gudbrandsen in Gdansk and Arda Dipova in Gdansk. Editing by Matt Scuffham & Milla Nissi - Prussak.
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Aena's Spanish Airports served 31.6 millions passengers in June
Aena, the airport operator, reported that 31.6 million passengers traveled through its Spanish 'airports' in June. This is 3.8% more than the same month last year. The growing passenger numbers in Spain highlight the country's resilience as an international tourism hub, even though other countries are struggling with geopolitical instability, delays in aircraft deliveries, labour shortages, and increasing?operational expenses that have slowed capacity growth. * The number of passengers increased by 3.7% to 156.2 million in the first half of 2026. This is slower than the rise of 4.5% a year earlier Adolfo Suarez Barajas, the airport at Madrid, was the busiest in Spain. Josep Tarradellas?Barcelona El Prat?and Palma de Mallorca were next. * All?airports? operated by Aena - 46 airports, two heliports, and 17 airports in Brazil - as well as London's Luton, and Leeds Bradford grew by a whopping 3.5 percent in June. (Reporting from Gemma Guasch, Gdansk; editing by Bartosz Dabrowski.
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Dutch court rejects Glencore's bid to purchase back a logistics unit at a discount
The Dutch court rejected Glencore’s bid to buy back Access World Group, its former logistics unit through a private transfer. Opponents said that the price proposed was too low. According to a ruling of the Amsterdam District Court dated July 2, which was released last week, Glencore, a London-listed company, could not transfer Access World Shares?to Tironimus. Hearing was held on 21 May. The court stated that Glencore did not demonstrate that a public auction was harmful. The court added that Tironimus might participate as a bidder at a public sale that could also identify other potential buyers. Glencore sought court approval under Dutch law for a private transfer of shares to Tironimus. The court found that the proposed transfer of shares to Tironimus posed a real risk of conflict of interest. The company refused to comply, citing concerns about the previous sale process, the valuation of the transaction and the potential for a conflict. Glencore has declined to comment. Questioned about VALUATION Global Capital Merchants Limited (based in British Virgin Islands) bought Access World in 2022 from Glencore for $176.7 millions. Glencore initially provided GCM a vendor loan of $100 million to help finance the purchase. This was later increased to $140 millions. The court stated that the sale 'process' was not sufficient to prove the market wouldn't pay more, because the company hadn’t fully disclosed the process. Also, the pool of bidders seemed limited. GCM did not?make the repayment due in January of 2023. According to a court document, by March 31, 2026 the total amount owed was $108.9 million, plus about $20.3 millions in interest. The court also questioned the valuation underlying the proposed sale. According to two sources, Glencore's Vantage Valuation valued the equity at $51.4m. GCM was not available for comment. (Reporting and editing by Susan Fenton; Pratima Dasai)
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UAE: Iranian missiles hit oil tankers in Strait of Hormuz and one sailor was killed
Two Emirati oil tanks were hit by Iranian cruise missiles, killing one Indian crew member and injuring eight others, according to the United Arab Emirates Ministry of Defence. This is the latest incident in this strategic waterway. ADNOC L&S, the shipping arm of Abu Dhabi National Oil Company, confirmed that Mombasa B (VLCC) and Al Bahyah had been struck by a missile while transiting Hormuz. Both vessels sustained "significant damages". Last month, it was reported that the UAE state oil company ADNOC had been one of the most active participants of a U.S.-led military operation to transfer Gulf crude to international buyers via ship-to-ship transfers (STS), beyond the Strait of Hormuz. U.S. Central Command has not acknowledged STS transfers but said that on July 12, it had helped more than 800 vessels transport 400 million barrels through the Strait of Hormuz over the previous two months. The UAE defence minister said that the tankers were attacked in the southern lane while in Omani territory waters. It said that the crew member who died was aboard "the Mombasa". Four of the eight injured were severely wounded. The ministry reported that six of the injured were Indians and two Ukrainians. Both tankers were damaged by the attacks after fires started on board. The ministry stated that the fires were under control. The UAE has "the full right to respond" to the escalation. The Islamic Revolutionary 'Guard Corps (IRGC), said on Tuesday, that two supertankers "offending" had been disabled in the Strait of Hormuz. They were hit after ignoring multiple warnings and turning off navigation systems. The IRGC statement did not mention the vessel names or if it was referring the same tankers cited in the UAE Ministry of Defence. The statement accused the U.S. of "inciting" vessels to take an illegal route and stated that cooperation with "aggressor enemies" would only lead to damage, delays for reopening of the Strait of Hormuz, and a global energy shortage. Separately the United Kingdom Maritime Trade Operations said on Tuesday that a fuel tanker was hit by a projectile unknown while traveling 40 nautical miles northeast from Qalhat, Oman. The UKMTO reported that the tanker's captain reported that the projectile had struck the engine room on the starboard side and that all crew members were safe. It was not possible to verify immediately whether the UKMTO's report referred the same incident that had been reported by the UAE Ministry of Defence. The recent incidents on the waterway follow weeks of increased tensions after the war began on February 28 when Israel and the U.S. launched attacks against Iran. On Monday, the U.S. Military carried out strikes for a third night in a row against Iran as President Donald Trump reinstated his blockade of Iranian ships and proposed charging a 20 percent fee to guard Strait of Hormuz. Iran's top military command has said that the U.S. will not be allowed to interfere in the future of this waterway. Iran has attacked U.S. bases across the region. The conflict has destabilised and spread throughout the Gulf. The conflict has also called into question a U.S.-Iranian interim agreement signed last week to reopen and cease hostilities in the Strait of Hormuz. Before the conflict started in February, approximately a fifth (or 15 million barrels) of all oil and gas transported to the global market was delivered through Hormuz. This fuel is worth more than $1.2 billion.
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Firefighters fight Fontainebleau forest blaze near Paris as two are arrested
At least two people were arrested on suspicion of starting the fire in a forest near Paris. Laurent Nunez, Interior Minister, said on Monday evening that "it is not under control." The main fire in Fontainebleau, and a second one that began nearby on Monday afternoon, had scorched over 1,300 hectares (3.212 acres). Nunez said the fire was only a few kilometers away from the Palace of "Fontainebleau", which explained the deployments of significant resources, such as water-carrying aircraft and helicopters. Canadair's aircraft skimmed across the River Seine on Monday to fill up their fuel tanks in an attempt to contain a fire that had turned the skies black. The 'fire', which was only 70 km (40 miles) from Paris forced the closure the A6 highway connecting the capital to Lyon and the South. Other smaller fires also caused disruption to high-speed trains in the region. Around 900 people have been evacuated. Nunez stated that the Fontainebleau fire is contributing to what will be likely a historical year for France's fires, as 32,000 hectares have already been burned this year. This is more than 2025. He said, "We'll likely have a record year." We expected this due to the major drought. Europe is experiencing its third heatwave this summer. High temperatures and tinder-dry foliage are fueling fires in France, the Iberian Peninsula, and other parts of Europe. Scientists say that climate change makes wildfires more common and harder to fight. Nunez stated that 59 people were arrested in France on suspicion of starting fires throughout the country. He said that half of the people arrested were adults, and half were minors. Some of them had been repeat offenders. (Reporting and editing by Kevin Buckland; Gabriel Stargardter)
Andy Home: The ROI-Congo pivots to the west under the cover of cobalt control
The ambitions of the Democratic Republic of Congo in cobalt are?becoming more and more clear.
Export restrictions have been used by the world's biggest producer of strategic metals, which are used in everything from stealth bombers to mobile phones, to reduce excesses and raise prices.
Kinshasa is trying to shift its focus away from Chinese operators and towards the United States, as it gains more control of its cobalt industry.
This rebalancing is accompanied by a renewed effort to integrate the artisanal and smaller-scale mining sector (ASM), a minefield of ethical issues for Western cobalt purchasers, into official sectors.
MOVING MARKETS
Congo has restricted cobalt exports from February of last year. A full ban was replaced by a quota-based system in October.
Shipments only started picking up again early this year due to teething problems with the new administrativesystem.
China's import numbers are still very low. According to the World Bureau of Metal Statistics which collects customs data, the largest buyer of Congolese Cobalt imported only 5,000 metric tonnes between January and April. This is down from nearly 200,000 tons during the same period in 2025.
The stock surplus built up by previous years' Congolese production has cushioned the supply shock.
Cobalt metal prices have been flat so far this year. However, at $26 per lb they are more than twice as high as before Congo stopped exports in early last year.
Supply chain tensions are increasing.
The price of cobalt hydrxide, the form in which the metal is shipped by Congo has continued to rise, and it now trades at the same level or even higher than the?metal prices this year.
According to Ying Lu of Project Blue consultancy, this price inversion is reshaping supply chains as refineries use more metal to make sulphate - the type cobalt that battery manufacturers use.
This may not just be a temporary glitch. Project Blue says that this shift in pricing suggests the market is charging a premium for cobalt units originating from the DRC.
Securing Access
As U.S. investments increase in Kinshasa, China's refiners will find it more difficult to secure access to Congo cobalt.
The Congo's mineral wealth, especially cobalt, was the foundation of the U.S.-brokered agreement with Congo and Rwanda last June to end years' hostilities.
Recent announcements indicate that the deal is beginning to work.
Virtus Minerals - which describes itself as an U.S. critical minerals platform - bought the privately held Chemaf cobalt and copper mines in may and hopes to resume full operations following years of uncertainty.
The Congo's Entreprise Generale du Cobalt has signed a Memorandum of Understanding with Trafigura, a trading house in the United States and EVelution for the supply of the latter's new proposed cobalt refinery.
The Lobito Atlantic Railway is another U.S.-backed project that links the Congolese Copper Belt with the Angolan Port of Lobito.
Western operators now have a viable alternative to the Chinese-backed TAZARA rail, which carries goods to the Tanzanian port at Dar es Salaam.
ARTISANAL ARTISANAL ARTISANAL ARTISANAL ARTISANAL ARTISANAL ARTISANALL 'GOLDSTANDARD'
EGC must ensure that ASM it provides to its Western partners are ethically pure.
Illegal mining in Congo and the cobalt markets has been a problem for many years.
Kinshasa tried to integrate its shadow mining industry before, but with limited success.
A new venture between the EGC and Mercuria, a trading house, aims to "establish" a "Gold Standard", for responsible ASM mining at the Kasulo site.
If Congo is to reduce its dependency on China by opening up new markets in the United States, it must assure Western consumers that they are not purchasing "blood cobalt".
More Power
This year, events have conspired in a way that will increase Congo's influence on the cobalt markets.
Sherritt International’s Canadian refining operation is under serious scrutiny after the latest round of U.S. Sanctions forced the company's joint venture operations in Cuba to be discontinued.
Ambatovy's nickel-cobalt operations are being sold to a new owner after a cyclone knocked them out in February.
The nickel refineries in Indonesia, another non-Congo cobalt source, are under pressure due to reduced mining quotas, and problems with sourcing the sulphuric acids they need.
The Congo, which is already responsible for 70% of the global mining supply.
This power is being used to redefine the cobalt markets and the strategic position of the country in the global race for critical minerals.
Andy Home is a columnist at. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn 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 seven days a weeks.
(source: Reuters)