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Cologne evacuated in large numbers after discovering wartime bombs
The city of Cologne, west Germany, evacuated thousands of people from the central area of the city on Wednesday after three bombs dating back to World War II were discovered. This was the largest evacuation since the end World War Two. A 1,000-metre radius evacuation zone was established at 8 am (0600 GMT) and affected around 20,500 people, including many hotel guests and workers in the old town of Deutz. On Monday, three American bombs with impact fuses were discovered during construction in Deutz, an area bustling on the Rhine's bank. Experts in bomb disposal plan to dearm the ordnance on Wednesday. In Germany, many cities that suffered heavy damage in the war are still plagued by unexploded bombs. In addition to nine schools and hotels, the evacuation zone includes a hospital, two retirement communities, and two retirement homes. Everyone involved hopes the defusing will be finished by Wednesday. The city authority stated that this is only possible if everyone affected leaves their homes and workplaces early on Wednesday morning. Transport disruptions were severe in the city, which has a population of more than a million. The German national rail operator warned that many trains will be diverted or canceled. Before the bomb disposal operation starts, a stretch of the Rhine is blocked off. The Rhine is one of Europe’s most important waterways, allowing commodities like grain and coal to be transported from the Swiss Alps through Cologne. The morning news program of the private television station RTL was interrupted by its main office, which is located within the evacuation zone. The news anchor grabbed his bag and said "We must leave", as the lights went out. (Reporting and Editing by Ludwig Burger, Ed Osmond, and Rachel More)
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Ukraine corn exports are expected to drop sharply in June according to a union of producers
The Ukrainian producers' union UAC announced on Wednesday that Ukrainian corn exports will fall from 2 million metric tonnes in May to just 1 million metric in June, because Ukraine-origin is less competitive than its American equivalent. Ukraine has a long history of corn exportation and is expected to export around 22 million tonnes in 2024/25. In a press release, UAC stated that "in the current conditions we cannot compete with American providers on the European Market". It added that U.S. corn was sold at $230 per ton, compared to $256-$260 for Ukrainian corn. The bulk of Ukrainian corn sold to Greece and Cyprus is in small quantities, usually 2,000 or 5, 000 tons. The union stated that the U.S. only exports large quantities of 25,000 ton or more. UAC stated that Ukraine had limited corn exports available in the remaining months of the season, and they did not exceed 1,5 million tons. Official data shows that Ukraine exported 20.6 millions tons of corn in June. The union predicted that corn prices will gradually fall to $215 in the second half June. Demand could drop and the market may focus on the new crop. Ukraine produced 27 million tons corn in 2024, but this crop could decrease to 26 millions tons in 2025 due to poor weather conditions. Vitaliy Kval, the Ukrainian farm minister, said on Tuesday that the grain harvest could decrease by 10 percent to 51 million tons. (Reporting and editing by Louise Heavens, with Pavel Polityuk)
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Sources say that the high-sulfur marine fuel price in Singapore is depressed due to an oversupply.
Trade sources reported on Wednesday that the prices of high-sulfur marine fuel in Singapore were depressed due to a glut of supplies and a lukewarm market. Marine fuel traders and sellers have seen their margins eroded at the largest refuelling port for ships in the world. This is because marine fuel must be sold above fuel oil cargo price to make a profit, as it covers logistical costs. Trade sources said that Singapore bunker prices of HSFO 380cst have been low, and they've held in discounts on cargo quotes despite the bearish fundamentals. A Singapore-based fuel trader stated that the (HSFO market) is oversupplied by oil of various origins, including Mexico and Iraq. Several trade sources report that some trades for HSFO cargoes have been done at higher prices than the price of cargoes offered ex-wharf bunkering. Fuel oil spot differentials were above $6 per metric ton compared with cargo prices this week. Sources said that ex-wharf marine diesel was sold at a small discount of a single digit to the quoted price. Bunker fuel that is sold ex-wharf means that the seller must transport the fuel to a wharf. A wharf is a dock or terminal where cargo can be loaded and unloaded. Prices of high-sulfur bunker fuel 380-cst on a delivery basis, including the cost of barging, were stuck in very thin premiums over fuel oil cargo prices. A bunker supplier that offers HSFO said, "There's an abundance of supplies but the demand is normal and slow." According to port authority data, the average monthly sales of high-sulfur marine fuel in Singapore have been around 1.6 million tons since 2025.
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Central Cologne evacuated following discovery of bombs
The city of Cologne, west Germany, evacuated thousands of people from the central area of the city on Wednesday after three bombs dating back to World War II were discovered. This was the largest evacuation since the end World War II. A statement by the authority stated that an evacuation zone of 1,000 meters radius will be cleared at 8am (0600 GMT), affecting around 20,500 residents, as well as workers and hotel guests. This area is located in the historic old town as well as the popular Deutz district. On Monday, three American bombs dating from World War II were found in Deutz. This bustling area is located on the Rhine. The statement stated that a team of bomb disposal specialists plans to disarm ordnances later on Wednesday. In Germany, where many major cities were bombed into ruins during World War II, unexploded bombs are frequently found. Such operations usually go well. In addition to 58 hotels, there are also two retirement homes, nine schools and one hospital in the evacuation zone. Everyone involved hopes the defusing will be finished by Wednesday. The only way to achieve this is if everyone affected leaves their homes and workplaces as early as possible on the day of the incident, and stays outside the evacuation zone from the start. The German national rail operator warned that there would be many trains diverted or cancelled.
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WHSmith UK reportss Q3 sales growth on the back of strong travel demand
WH Smith, a British retailer, reported a 5% increase in its total revenue like-for-like for the third-quarter, while North America grew 2%. Travel demand boosted sales across all of WH Smith's product lines despite macroeconomic uncertainty. Why it's important Sales are up amid worries about North America travel, at a moment when U.S. Tariffs have caused global turmoil and dampened growth prospects for businesses. WH Smith, however, said that it still expects a steady demand for travel, and is banking on a good summer to boost footfall in transit zones. It also maintained its annual forecast, saying it was well positioned during the summer peak period. SSP Group, a company that operates airport food outlets, recently reported heightened insecurity, especially within its North America operations. KEY QUOTE Analysts at J.P.Morgan said that, "Although macro-uncertainty still exists regarding the US, we believe the Q3 North America LFL results should ease investor concerns in the near term and reassure investors that the U.S. economy is not experiencing a drastic slowdown." CONTEXT WH Smith is a brand that has been around for more than 230 years. It operates 1,200 stores at airports and railway stations in 32 countries. In the first half of this year, the company sold its UK high-street business to Hobbycraft's owner Modela Capital to become a pure-play online travel retailer. By the Numbers The company reported an increase of 7% in its total revenue, calculated on a constant-currency basis for the 13 week period ending May 31, The company also opened 10 new shops in North America. MARKET REACTION On Wednesday, shares were up 2.9% to 1,054 pence. The stock is down around 14% this year. (Reporting and editing by Sumana Naandy in Bengaluru, Anandita Mehrotra from Bengaluru)
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The liquid assets of the Russian national wealth fund have fallen due to high-speed railway investments
The Finance Ministry reported on Wednesday that liquid assets in Russia's National Wealth Fund fell from $40.4 billion to $36.2 billion or 1.3% projected GDP. The ministry bought foreign currency in recent months to replenish the fund, despite plans to use the wealth fund this year to cover the deficit. The Ministry of Transport said that it has transferred 300 billion Russian roubles (about $3.83 billion) in the form of a subordinated loan this month to major banks to finance construction of an high-speed rail between Moscow and St. Petersburg. The finance ministry announced on Monday that the total assets of the fund had increased to $148.8 Billion as of June 1. This is up from $144.6 Billion as of May 1. ($1 = 78.3000 Russian Roubles)
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China criticises Rubio's remarks about 1989 Tiananmen Protests
China's foreign ministry stated on Wednesday that the United States "distorted" historical fact and attacked China’s political system in its commemoration Tiananmen demonstrations of 1989. Lin Jian said, at a regular press conference, that China had lodged a formal complaint with the U.S. On June 4, 1989 Chinese tanks entered the square and troops fired to put an end to pro-democracy protests. The Communist Party never published a death count, but rights groups and eyewitnesses say that the number could be in the thousands. Marco Rubio, the U.S. secretary of state, said that Tuesday: "Today we honor the courage of the Chinese people killed while they attempted to exercise their freedoms. We also remember those who are still being persecuted as they continue to seek justice and accountability for the events on June 4, 1989." He said, "The CCP actively attempts to censor facts but the world won't forget." (Reporting and editing by Himani Sarkar; Reporting by Ryan Woo)
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Norway sells its stake to Norwegian Air for $87.8 million
The Norwegian government announced on Wednesday it has sold the remaining Norwegian Air shares for 892 millions crowns ($87.80million), a stake resulting from the airline’s restructuring during pandemic times. In a press release, the Norwegian state, represented in part by Norway's Ministry of Trade, Industry and Fisheries, said that it sold 65.58 millions shares, or 6.26% of its total stake, for a price per share of 13.60 crowns. The transaction was at a discount of 3.3% to the closing price of Tuesday's Oslo Bourse. Cecilie Myrseth, Minister of Trade and Industry, said: "We have been clear since the beginning that we don't want to be long-term players in Norwegian." In May 2021, the government issued a loan of 1,21 billion crowns to the airline as it was going through reconstruction. The government has bonds that will be due to repayment in Norwegian later this year or in 2026. The government announced on Wednesday that the state had made more than 500 millions of crowns through its transactions.
Carney and Canadian Premiers bid to accelerate major projects, reduce US reliance
Mark Carney, the Prime Minister of Canada, met with the leaders of 10 provinces on Monday to discuss ways to speed up the approval process for mining and energy projects.
Carney claims that streamlining the process would boost the GDP and offset the damage caused by U.S. Tariffs.
Carney said Ottawa would declare a number of projects as being in the national interests in an attempt to speed up their construction. He has requested a list from the provinces of possible candidates. The approval process will be shortened to just two years from five.
Carney, at the beginning of the meeting held in Saskatoon in western Saskatchewan province, said: "We are in the process redefining our relationships with the United States... The coming weeks and month will be crucial."
The progress may be slow. Alberta, a province that produces energy, insists on a pipeline to carry bitumen west, even though there is no current proposal to build it, and British Columbia, a province in the Pacific, is against the idea.
Indigenous groups, who are able to have a say in the development of natural resources on their land, say that they will fight any attempts to reduce the approval process which would violate their rights. (Reporting and editing by Nia William in Ottawa, David Ljunggren)
(source: Reuters)