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Russian Urals resumes VLCC shipping to Asia amid higher demand and freight rates
Russian traders are transferring Urals crude to very large crude carriers for delivery to Asia via ship-to ships, according traders and LSEG data. This practice is being revived by the stronger Chinese demand, higher freight costs, and increased Russian trade. China is expected to increase its imports of Russian crude oil as the Middle East's conflict causes disruptions in regional supplies. Russia delivers crude oil to China through pipelines that connect its oilfields to Chinese refiners, and via the Pacific port of Kozmino. During the summer, volumes are also transported from Russia's western port via the Red Sea or the Northern Sea Route. According to LSEG terminal data the VLCC Della departed waters around Egypt's Suez Port on August 21, bound for?Singapore with about 200,000 metric tonnes of Urals crude. Data showed that the cargo was transferred to the tanker via a ship-to -ship (STS). The traders said that the arrangement was used to offset rising transportation costs due to a rise in freight rates and increased?security risks along global shipping routes. The last shipment of Russian Urals crude oil to?Asia via a VLCC occurred?in the winter. Urals crude oil is usually transported by sea from Russia to India where the transport costs are lower due to the shorter journey. Trading sources claim that at least two VLCCs are booked to load Russian crude bound for China via STS operations in the latter part of this month or early in next month. STS transfers are common in the winter, when traders transfer crude oil from Baltic ports to expensive ice-class tanks before transferring them to larger vessels. This reduces overall shipping costs. One trader stated that "reduced traffic in the 'Strait of Hormuz' and the lifting of Venezuelan sanctions have allowed part of the shadow VLCC fleet to be released, creating new opportunities for Russian oil market participants." The cost to ship Urals crude via the Suez Canal from the Baltic ports of Primorsk, Ust-Luga, and Novorossiysk on 100,000-140,000-ton tanks to China is estimated at $20 per barrel. This is roughly $2 more per barrel than deliveries to ports on India's western coast. The cost of shipping Urals crude from western ports into India, its main market, has risen in August due to a strong demand for tankers and the mounting security risks associated with carrying Russian oil. Reporting by. Mark Potter (Editing by Mark Potter).
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Manager Didi says he plans to invest more than $200 million in Argentina
Didi Global, a Chinese ride-hailing service, plans to invest $200 million in Argentina this year in order to develop new services and safety technologies in smaller cities. The company is looking to expand in Latin America. It has a strong business presence in Brazil and Mexico but also sees a significant growth potential in Argentina. This country is the third largest economy in the region. Didi will expand its services, including Didi Moto (which offers low-cost motorbike rides) and "last mile" transportation to complement public transport. Eduardo Coello said that "Argentina is one of Didi’s top priorities worldwide today," in an interview. As it expands into new cities and towns in Argentina where it already has more than 350 locations, the company expects that the number of drivers who use its app will increase by 25% to over 500,000 this year. Coello stated that the number of drivers should increase by another 10% by 2027. Didi invested $160 million in Argentina in 2025. Uber, the leader in Argentina's ride hailing market, announced?in march that it would invest $500,000,000 in the country within the next three-year period, according to Economy minister Luis Caputo. According to estimates, Didi will have completed 130 million trips in Argentina by 2026. This compares with the 3 billion trips that it accumulated in Mexico over a period of eight years. In August, as part of its local investments plan, Didi implemented safety upgrades through its AI and mapping models. Didi has been attempting to expand its business beyond China over the past few years. It reported a profit in the second-quarter of $129 millions, a rebound from the $177 million loss it suffered in the first-quarter. (Reporting and editing by Nicolas Misculin. (Editing by Lucinda Elliot and Rod Nickel.)
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Romania investigates the cause of a Black Sea cargo vessel sinking
The Romanian President Nicusor Dan and other authorities confirmed that a merchant ship caught on fire and sank in the Black Sea off the coast of Romania Thursday evening. It is likely to have been 'hit', they said. The Romanian Border Police confirmed on Friday that a fire had broken out on a commercial vessel sailing through the exclusive economic zone of Romania, but they did not give a cause. Since Russia's invasion of Ukraine in full force began in 2022 the Black Sea has been repeatedly targeted, and attacks have accelerated in 2026. Dan said that the ship had been hit and it "seemed to have sunk" during a press conference held in Chisinau on Thursday. He added that there was no information available at this time as to who could have been responsible for a possible attack. "There will be a thorough investigation. It?will be determined, but we shouldn't start to speculate," said the?president. He said that the event took place outside of?Romania territorial waters. The Romanian Border Police announced in a?statement that all 12 people aboard the merchant ship were?rescued. They said that 10 of these people were rescued, with one being injured, by border guards. Two others?were saved by the crew of a merchant ship. (Reporting and editing by Jan Harvey; Pawel Florkiewicz and Anna Koper)
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Typhoon Saudel hits China's east coast and disrupts travel
On Friday morning, typhoon Saudel hit China's east coast twice. Authorities evacuated people and stopped trains and ferries. According to the state media, the typhoon hit the cities of Taizhou at 8:05 am (0005 GMT), and Wenzhou at?9:10 am (0110 GMT). This is the third typhoon that has struck the eastern province Zhejiang in this year. Saudel will bring heavy rains to Zhejiang, a province in the southeast, and?Fujian. There is a possibility of 'local torrential downpours', according to Xinhua, a state-run news agency. As the typhoon moves inward, it may saturate provinces such as Hubei, Guangxi, and Yunnan. State broadcaster CCTV reported that the Wenzhou government ordered an evacuation of more than 820,000 people. Meanwhile, Taizhou authorities closed eight passenger ferry routes, and identified 52,000 people who needed to be evacuated. According to CCTV, the rail operator China Railway Shanghai Group suspended certain services on several lines in Zhejiang between Thursday and Friday. Fujian responded to the typhoon on Thursday by halting all projects along the coast and closing 57 passenger ferry routes. Reporting by Liz Lee and Yukun Zhu; Editing and production by Christopher Cushing, Christian Schmollinger
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Sudan suffers from widespread power cuts
Sudanese Welder,?Shannan Mohammed, has been building furniture in Omdurman for a family little by little as constant blackouts interrupt his work. He points to half-built tables, chairs, and doors in the courtyard of the home. "All of this money has been frozen due to lack of electricity stopping work." Blackouts have plagued areas under the control of the army in Sudan. They have gotten worse recently as a result of the rapid support forces (RSF), who have targeted the power grid. This has been combined with the lack of government funding for repairs. Blackouts have disrupted the lives of hundreds of thousands of people who have returned to Khartoum after the army took it back last year. They have also undermined efforts to rebuild the economy. The power cuts after five hours. The next day, it comes back. It is not a benefit to a worker because it arrives at night, said Mohammed. Mohammed's sister Awatef said that even household chores have become impossible. She said, "I never finish my laundry because the electricity cuts out." "We only order takeout so there is nothing left to store in the fridge." Many people cannot afford generators due to high gas prices. Sudan's premier?minister exempted personal solar panels from fees and customs earlier this month. Both sides are increasingly using drones to wage war in Sudan, which has turned the conflict into a drone-based conflict. The war has destroyed livelihoods and spread the famine to multiple parts of the country. The Khartoum State Government spokesperson, Altayeb Sadeldin, said that the targeting of the electric sector was particularly significant. He cited the looting and destruction of copper wires, fuel, and other components as well as drone attacks as the reasons for outages. He said that Sudan's primary power source, Merowe Dam, was among the targets. The delay in annual rains also affected power generation at other dams. When asked for comment, a RSF source stated that allegations that the RSF targeted the power grid are "incorrect army propaganda".
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Saudi Arabia real estate gigaproject developer replaces chief executive
New Murabba has changed its chief executive, a sign that changes are taking place across the major real estate projects in the Kingdom amid a retooling the Gulf country's economic transformation plan. According to its website, New Murabba is owned by the PIF wealth fund of the country. Sabah Barakat was also mentioned as acting CEO in a statement made this week regarding an investment partnership. He replaces British Manager Michael Dyke who has been chief executive since 2024. Barakat is an executive in the PIF, and also acts as group CEO for state-backed developer ROSHN. Dyke's future at New Murabba was not immediately known. New Murabba did not respond to requests for comment when asked by the PIF. Dyke was not available for comment. One of the company's biggest projects is the construction of an enormous cube-shaped building at the heart of a downtown Riyadh development. The shake-up follows reports that the project had been facing problems for months. Saudi Arabia is investing hundreds of billions of dollars in an ambitious plan called "Vision 2030", spearheaded by the PIF, to transform its economy. The aim is to create new industries through investment in various sectors, including tourism, technology and massive real estate projects. However, overspending and lower-than-anticipated global oil prices in recent years hit ?state revenues and left Riyadh struggling to deliver some ?of the projects, which were omitted or largely scaled back under the wealth fund's 2026-2030 strategy, released ?in April. Knight Frank, a real estate consultancy, estimated that the New Murabba District would cost around $50 billion. The initial plans called for the completion of the project by 2030. However, it will now be completed by 2040. (Reporting by Federico Maccioni; Editing by Susan Fenton)
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New York Times Business News - August 28, 2018
These are the most popular stories from?the New York Times Business Pages. ? This information has not been verified and we cannot vouch for its accuracy. Twenty-one universities in Canada announced their hiring of dozens researchers on Thursday, with the majority coming from the United States. The U.S. FDA approved updated COVID vaccinations on Thursday. This cleared the way for manufacturers to ship doses of vaccine to pharmacies and doctor's offices. A U.S. Federal Judge on Thursday temporarily again prohibited the U.S. Postal Service is prohibited from implementing a plan that would restrict the use of mail-in voting, a measure put into place after a directive by U.S. president Donald Trump. Trump has signed an executive order to rename Lake Ontario as Lake America. This is in response to his threats to rename this easternmost Great Lake, part of a escalating war of trade with Canada. John Ratcliffe is the C.I.A. The director of the C.I.A. made a secret visit to Moscow last week to'share' his bleak assessment about the Russian war on Ukraine and to urge the Russians 'to cut a deal, before their economic and military situation worsens. A federal judge ruled that the Trump administration acted illegally in 'labeling' the artificial intelligence startup Anthropic as a security threat and barring the company from working for the U.S. Government. (Compiled by Bengaluru Newsroom)
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Swiss stocks: Factors to be on the lookout for August 28
Here are some of the main factors that could affect Swiss stocks on Friday: ?STATEMENTS OF COMPANY FLUGHAFEN?ZUERICH AGR Reports the first half-year EBITDA of CHF 374.2 millions. ADVAL TECH Holding AG The company reported a strong order intake. Edisun Power Europe Revenue for H1: CHF 5.57 million. JUNGFRAUBAHN HOLDING A G The company posted a profit for the first half of 'the year of CHF 28,9 million. ECONOMY Swiss August?KOF indicators due at 0700 GMT. Seen on 103.3. (Reporting by Zurich newsroom and Gdansk newsroom) |1|For Top News ?in a multimedia Web format on Eikon visit: ?https://bit.ly/2NDFd6g FOR RELATED PRICES, NEWS AND ?OTHER ?TOPICS, DOUBLE-CLICK ON: Daily Swiss stock market report ?in German All SMI ?constituent stocks DJ STOXX index Top 10 STOXX sectors Top ?10 EUROSTOXX sectors Swiss ?mid-cap index Swiss ?all-share index Swiss market digest Sector overview All Swiss news Swiss research news All equity news SPEED GUIDES: |1|
Malaysia's Yinson receives take-private offer from major shareholder valued at $1.7 billion
Malaysia's Yinson Holdings announced on?Friday its major shareholder was currently engaged in preliminary discussions regarding the a?privatisation of the?energy -infrastructure company, valuing it as 6.87 billion ringgit (1.71 billion dollars).
The major shareholder of the firm, Yinson Legacy, is offering a price indicative of 2.35 ringgit per share for the acquisitions it does not already hold in Yinson Holdings. This represents a 9.3% 'premium' to the last closing price.
LSEG data shows that Yinson Legacy owns a 24.68 % stake in the Malaysian listed firm.
In a letter sent to the company, Yinson Legacy said that "the final offer price is subject to change based, among other things, on due diligence and the commercial viability" of the proposed scheme.
Yinson Legacy said that 'there is no guarantee' that the discussions will lead to the offer being implemented.
Separately shipping?company MISC announced that it was part of a consortium with Yinson Legacy for the proposed privatisation of Yinson Holdings. Reporting by Nikita Marie Jino, Bengaluru. Editing by Shakesh Kuber.
(source: Reuters)