Latest News
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Satellogic taps former US geospatial-intelligence chief as president
Satellogic's new president is a retired U.S. Navy Vice Admiral, who led the Pentagon's Geospatial Intelligence Agency. This is a critical hire for the company as it develops a satellite network that can map the planet every day. Frank Whitworth, who led the National Geospatial-Intelligence Agency (NGA) from 2022 until last year, joined Satellogic on Tuesday, the company told . Whitworth will be responsible for "internal operations and integration of mission with sales and marketing efforts while also shaping the strategy for the company’s defense and intelligence products suite," according to a statement from?Satellogic. Satellogic was founded by Argentinian engineers in 2010. It operates 18?Earth imaging satellites, and sells data to companies and governments. Satellogic also sells satellite networks to countries that want their own systems. In 2022, the company became public?by merging a special purpose?acquisition company and bringing in former U.S. Treasury secretary Steven Mnuchin to serve as chairman. Satellogic plans to launch a new constellation called "Merlin", starting with eight satellites. This constellation will provide daily global observations. The company targets clients from the military, intelligence agencies, and industries such as shipping and logistics who demand the most current data. Launches of Merlin satellites are planned for October and beyond. The company views the network as being especially important for imaging oceans. This is because there are fewer satellites that monitor large areas of?the Earth than those that observe land. The Merlin network is integrating its data with Automatic Identification System (AIS) information that ships use. Whitworth served in various intelligence positions for the United States government over a 36 year period. His career culminated with his time as head of NGA, a staff of 16,000 people who provided U.S. military forces with 'geospatial information derived from satellites, and other sources. He helped to expand the artificial intelligence Maven program, which was developed by Palantir for the Defense Department.
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Indonesia will transfer control of a China-funded rail next year
Indonesia's Finance Minister said that the sovereign wealth fund INA or an agency within his ministry would take control next week of the company operating a $7.3 billion high-speed rail funded by China. Indonesia's first bullet train, covering 142 km (88 miles) from Jakarta to the city of Bandung in 2023. This was eight years after the contract was awarded jointly by Indonesian and Chinese companies. The Belt and Road Initiative, also known as "Whoosh", has faced a number of?problems including ballooning costs. Indonesia and China began talks in 2025 to restructure?project debt. Purbaya Yudhi Sadewa, the Finance Minister of Indonesia, said that a finance ministry agency would take over 60% of the company running the railway. Chinese firms will retain 40%. Purbaya?said Tuesday that authorities were weighing up whether to give the stake to the Indonesian Investment Authority (INA) or Sarana Multi Infrastructure, a development finance arm under his minister. He told reporters that he might use SMI or INA. Purbaya stated that the stake would be transferred on September 15. Purbaya didn't say if the current'stakeholder', a consortium headed by the state railway company Kereta Api Indonesia would be compensated. The minister did say that the new controlling stakeholder was responsible for paying back the outstanding loan. Purbaya stated that China has agreed to extend the tenure of the loan to 80 years following restructuring talks. The $4.5 billion original loan from the?China Development Bank was for 40 years with a grace period of 10 years. Indonesia took out additional loans to cover project cost overruns. Purbaya stated that after the handover, 'the railway will be expanded?by about 700 km east, to?the second-largest city in the country, Surabaya. Purbaya did not specify how the extension will be funded.
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BHP and union talks for Port Hedland Iron Ore Workers to Stretch into Next Week
The parties announced on Tuesday that talks between BHP and the?unions who represent workers at BHP's iron ore mines in Western Australia, Port Hedland, ended without a deal. Further?negotiations are scheduled for next week. In recent months, the three unions that make up the Combined BHP Ports Unions met almost weekly to negotiate a four year agreement with the third largest iron ore mining company in the world. The Fair Work Commission, which is the regulator for the industry, will facilitate next Tuesday's talks. BHP released a statement saying that "Today, we presented a strong and updated proposal which is a major step in the right direction towards a fair agreement for our port workers." BHP stated that the offer would lock in for most workers a 17% increase in pay over the four-year agreement. It also included a "transition payment" of A$25,000 ($18.038) over two years as well as an increased roster allowance. Australia's mining industry is one of the highest-paying in the country. Workers in remote hot and dry areas say they should receive compensation for the conditions they face and their time away from family. Adam Woodage, secretary of the Electrical Trades Union Western Australia, said that under BHP's plan, "about 40% of the workforce will be moving backwards." "Resolving an?inequality?between workers by cutting one group's pay... instead of raising the pay of?the other group is not fair or reasonable." Port Hedland, Australia's largest iron-ore loading port, is responsible for around 900,000,000 tons of iron ore each year. BHP transports $80 million in iron ore through the facility every day.
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Maguire: Southeast Asia is a key driver for China's clean tech exports.
Southeast Asian nations are the key drivers of China's clean energy export boom. The region has made record purchases this year of grid equipment, clean power generation components, and electric vehicles. According to the energy think tank Ember, ASEAN countries have spent over $20 billion in total on Chinese?clean-tech? products by 2026. This is a 50% increase over 'the same period' a year earlier, and Southeast Asia has cemented its position as Asia’s largest market for clean-tech components made in China. Southeast Asian demand is important because while Europe was the main destination for China's exports of clean-tech products in recent years ASEAN represents the next frontier. It could provide Chinese exporters with a demand boom lasting for years. BROAD BASED DEMAND ON CHINA’S DOORSTEP ASEAN is demanding a wide range of clean-tech products from China. The year-to-date purchase of solar panels, batteries, grid components and heating and cooling systems has all reached record levels. This broad-based demand is a positive development for Chinese exporters. They have heavily relied on advanced economies over the past few years, but they are now facing increasing trade tensions with Europe and North America which could slow down future growth. The development trends in?Southeast Asia indicate that the demand for Chinese equipment will continue to grow as electricity consumption, industrial activity, and energy investment all increase. The economies of the region continue to urbanize at an increasing rate, industrialize more and digitize. The governments are building renewable-energy capacities, expanding power grids and encouraging the adoption of EVs. Solar panels, batteries and EVs are all products that China produces in unprecedented quantities. Southeast Asia has become a major market for China's clean tech output, at a moment when the access to developed markets is uncertain. SOLAR SHINES Export data for solar systems is one of the clearest indications of Southeast Asia’s importance to China’s manufacturers. Together, the?ASEAN countries have spent $4.1 billion on solar panels made in China so far this season, which is a nearly 90 percent increase from 2025. ASEAN accounts for 57% (of China's total exports of solar products across Asia), making it a crucial market for the solar industry. Philippines, Malaysia Indonesia and Vietnam are among the top buyers. They have nearly doubled their solar import spending in 2026, compared to a year ago. The region spent just over $7 billion on energy storage batteries and about $1.6 billion on grid component imports. The region imported EVs worth $6.3 billion, and spent an additional $1.2 billion on heating and cooling systems. WORSE IMPACT Demand for clean energy components is increasing across Southeast Asia, and this has implications beyond China's manufacturing base. The trajectory of emissions will be increasingly shaped by economies in development with increasing populations, expanding industries and rising electricity needs. Southeast?Asia, which has a population of around 700 million people, is one of the world's fastest-growing economies, with an annual GDP growth rate of?around 5%. According to Ember, the economic momentum in the region requires a?steadily increasing power consumption. Coal currently makes up a large part of that power mix. Every additional shipment of solar panels, batteries, electric vehicles and grid equipment to Southeast Asia could potentially accelerate the deployment of lower carbon?energy systems in one of the fastest-growing economies of the world. Clean-tech is no longer just about the place where products are manufactured. The story is not only about the products, but also where they are used. Southeast Asia, by this measure, is one of the key regions in the global transition to energy. Clean-tech imports from China are growing faster than global markets. The share of Asian demand is increasing. Its appetite is spread across all major segments of the 'clean-energy economy. Southeast Asia is a key region as China looks for markets that can absorb its massive clean-tech production. You like this column? Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X 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.
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BHP and union talks for Port Hedland Iron Ore Workers to continue into next week
The parties announced on Tuesday that talks between BHP, and the unions representing the workers at the Port Hedland iron ore operations of the mining giant in Western Australia, ended without a deal. Further negotiations are scheduled for next week. In recent months, the three unions that make up the Combined BHP Ports Unions met almost weekly to negotiate a 4-year contract with?the third largest iron ore mining company in the world. The Fair Work Commission, which is the regulator, will facilitate next Tuesday's talks. BHP released a statement saying that "Today, we have tabled a powerful and updated proposal which is a major step in the right direction towards delivering an equitable and reasonable agreement for our port workers." BHP stated that the offer would lock in an 17% increase to most workers' pay over the course of four years. It also included a payment of A$25,000 (18,038) over two years as well as a rise?to roster allowances. Australia's mining industry is one of the highest-paying in the country. Workers in remote hot and dry regions claim they should receive compensation for the conditions they face and their time away from family. Port Hedland, Australia's largest iron ore loading facility, is home to a total of 900,000,000 tonnes of iron ore each year. BHP transports $80 million in iron ore through the facility every day.
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China's oil imports in August rose for the second consecutive month as a result of easing fuel export controls
Customs data released Tuesday showed that China's crude oil imports were up from July but down 23.4% compared to a year ago. After restricting exports of refined oil products since March in order to protect domestic supplies, the world's largest oil buyer imported 14.6% less oil than it did a year ago. Domestic consumption also fell due to higher prices. The second consecutive month saw a month-on-month increase in oil imports. However, China has eased its controls on refined oil since July. China imported?37.93 millions metric tons or 8.93million barrels of oil per day, an increase of 6.2% from July. According to Kpler, a ship-tracking company, onshore oil inventories fell by 550,000 barrels a day in August. This is compared to 80% drop per day that occurred in July. Muyu Xu is a Kpler analyst. He said that imports would gradually improve after September. However, seaborne imports are expected to remain between 8.5 and?9 millions bpd. Inventory declines will also slow down. China's refined product exports, which include gasoline, diesel and kerosene, reached 6.01 million tonnes in August. This is a 29% increase month-on-month and surpassed the 5.33 millions tons of August last year. Emma Li, an analyst with the ship-tracking company Vortexa, said: "The increase in crude imports month-on-month is in line a surge in fuel exports during August and continued exports throughout September." Vortexa anticipates exporting at least 3,000,000 tons of transportation fuel to other destinations than Hong Kong by September. This is a 50% increase from the same month last year. China's first-eight months refined oil exports totaled 34.24 millions tons, down 9.6% compared to the same period last. According to Oilchem, domestic transportation fuel consumption has also improved slightly from July. Gasoline demand was 12.6 million tonnes and diesel demand 15.48 million tonnes in August. According to Oilchem, the demand for gasoline and diesel was still down by 8% and 10%, respectively, compared to a year ago. Chinese customs data showed that China's natural-gas imports, including LNG and pipeline gas in August, were?at 10,33 million tons. This is a 12.9% decrease from the previous year. Natural gas imports in the first eight-month period were 78.23 millions tons, a 4.4% drop on an annual basis.
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The yen is also rising in the morning bid for Europe
Gregor Stuart Hunter gives us a look at what the future holds for European and global markets. The summer is officially over. Buckle up! Carry trades are starting to fail as the markets expect a path of rate increases from the Bank of Japan. The?Japanese?currency?traded as much as 1 percent firmer at 152.89. This is its highest since February. Just weeks after it hit a four-decade low, the U.S. government and Japanese authorities intervened to stabilize the currency. The yen was also boosted by data released on Wednesday showing that Japan's economy expanded faster than originally estimated from the previous quarter in the April-June period. These figures, along with the real wage growth numbers, confirmed expectations that the Bank?of?Japan would continue to hike interest rates from next week until well into next. The currency gains weighed on the jittery stock markets. The Nikkei was up 0.3%, and MSCI's broadest Asia-Pacific index outside Japan was 0.5% higher. This was led by the 2.3% increase in South Korea shares, which is a competitor with Japan for memory chip production. S&P 500 E-mini Futures were down 0.1%. Investor confidence was boosted by a faster pace of Chinese exports in August compared to the previous month. Imports rose as well, although less than expected. On Tuesday, copper prices reached a new record high as fears of a shortage of supplies grew. Early European trading saw pan-regional futures up 0.1%. German DAX Futures were also 0.1% higher. FTSE Futures were flat. The Middle East is still ambiguous about the future of maritime traffic through the Strait of Hormuz, despite the assurances given by U.S. president Donald Trump in June. Iran has threatened to wage "economic war" against the United States and fired a missile at U.S. ships, pushing Brent crude up 0.4%, or $97.49. This is the third day that Brent crude has been creeping towards the $100 per barrel mark, which the benchmark oil price has not reached since May. Trump may have been better off referring to May 1, the day many countries outside the U.S. observe the labour movement. Remember to not wear white after Labor Day, in keeping with the frazzled spirit that pervades our times. The following are key developments that may influence the markets on Tuesday. Earnings of the company Casey's General Stores and GameStop Corp Economic Events Germany: exports, imports and trade balance for July France: current account and trade balance July
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Singapore minister defends Singapore Airlines' investment in Air India
Singapore's Transport Minister defended on Tuesday the 'Singapore Airlines investment in Air India', stating that 'the city-state's Flag carrier must grow abroad because there are limits to how many passengers will fly into or out of Singapore. In response to a parliament question, Minister Jeffrey Siow stated that the flag carrier is a publicly listed company which funds its investments out of its own balance sheet. It has not requested additional capital from shareholders. Temasek, a Singaporean state investor, owns the majority of the airline. Singapore Airlines' 25.1% share in Air India has affected its earnings, and the carrier's multi-billion dollar losses have increased. Last month, it was reported that Air India wants to raise?about $1.5billion in new equity from its owners Tata Sons & Singapore Airlines. Singapore Airlines and its shareholders will have to decide whether the investment in Air India is worth it. Singapore Airlines and its shareholders will have to decide whether its investment in Air India is worth it. He said that Singapore Airlines had not asked its shareholders for more capital. If it did, this would be a matter of commercial interest between the company's shareholders and Singapore Airlines. Singapore Airlines announced in a press release on Tuesday that the flag carrier will continue to fund investments in India with its internal resources. This is subject to approval by the board and a strict capital allocation framework. The airline said that Air India's transformation is a multi-year, complex programme and it's not expected to be linear. It also stated that the flag carrier's commitment was long-term?strategic aligned with the multi-hub strategy. Kenneth Tiong of Singapore's Workers' Party, an opposition lawmaker, was prompted by the news last month to ask that Temasek funds not be used for the Indian carrier's support and to submit the question to parliament on Tuesday. Singapore's Senior minister K Shanmugam stated on?Saturday that Temasek, as an investor in Singapore Airlines, expects that the company make responsible investment choices. Such decisions, however, are up to the company. He also requested that police investigate what he called racist remarks about the Air India investment debate. "That news gave rise to a series of anti-Indian and racist rants online," Shanmugam stated over the weekend. He added that Temasek CEO and senior managers had been attacked because of their ethnicity.
Indian steel prices to increase further due to rising coking coal prices and demand revival
Executives and analysts expect Indian steel prices to increase 'further' in the upcoming?weeks due to a pickup in demand for infrastructure?and?automotives following the monsoon. Meanwhile, higher coking coal prices will raise production costs at mills.
While higher prices may help mills recover from margins squeezed due to rising coking coal costs but input costs for infrastructure, construction, and auto companies are increasing as demand increases.
Government data revealed that mills in India, which is the second largest producer of crude steel after China, reduced prices for products like hot-rolled coils (HRCs) by 280 rupees per metric ton.
According to commodities consultancy BigMint, HRC prices increased by 4,000 rupees a metric ton from August to early September to a record high.
Vedant Goel is the director of Enlight Metals. He said, "We expect steel to rise by about 3,500 rupees a ton in the coming weeks."
Shankhadeep Mukherjee is the principal analyst of steel at CRU, a London-based consultancy.
BigMint reported that the sharp price recovery was supported by planned mill maintenance shutdowns, tighter availability at spots and low distributor inventories.
A large steel mill executive who wasn't authorized to speak with the media said that further price increases will be expected in the near future, due to maintenance shutdowns and post-monsoon stocking. Other factors include festive demand, project demands, and higher costs of?coking coal.
Imports are a major source of pressure.
The executives stated that a significant increase in steel price is unlikely to occur within the next few months, due to rising imports from China and other countries.
India imposed safeguard duties on certain steel imports to stem a surge of overseas shipments. In June, it also launched an anti-dumping probe into HRC imports originating from China. Japan and Russia.
Imports are up despite the trade restrictions.
India was a net steel importer between April and July. The government's data shows that finished steel imports increased 36.6% compared to a year earlier. China was the biggest supplier of India's steel imports.
Fitch Ratings said that if the competitive pressure returns, higher imports will be the main risk to margins.
(source: Reuters)