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Texas grid warns of risks when data centers and crypto sites fail voltage testing
According to the Texas grid operator, several large data centers and crypto-facilities planning to connect to the Texas power grid ahead of summer peak demand failed to pass 'key reliability tests. This increases the risk of power failures just as electricity usage reaches its seasonal high. Data centers are causing power grids to be stressed across the United States. Data centers, unlike traditional industrial customers who tend to draw electricity steadily, are designed to disconnect from the grid as soon as there is a problem to protect equipment and maintain services. This makes them a potentially unstable and unpredictable force on grids that are already under pressure due to rising demand. The Electric Reliability Council of Texas, in a report dated 21 May, said that four groups of large electricity consumers, including data centers, were abruptly disconnected during a test of their ability to handle voltage disturbances. It can cause wider outages when large customers suddenly reduce their electricity use. ERCOT, which manages electricity in most of Texas said that it had reviewed approximately 20 gigawatts from large customers who wanted to connect to its system. This included eight projects, totaling about 3.9 gigawatts, which were aiming to begin before July 1. The company said that it had identified four large groups of power users who could trigger a demand trip of more than 5,000 Megawatts under certain fault conditions. These abrupt drops in demand were equal to the electricity consumed by a large city like Boston. ERCOT is currently reviewing test failures to develop plans for protecting the grid against?disruptions. ERCOT has made voltage ride-through failures a priority, as they are a growing risk with more data centers and crypto miners connected to the grid. ERCOT has recorded at least 26 instances since 2023 where data centers and crypto mining facilities were abruptly disconnected from the grid due to their inability to handle disruptions in electricity flow. A failed transformer in a west Texas substation caused 400 crypto-miners, oil and gas production and data centers to be unplugged without warning. According to ERCOT, the mass disconnection caused a surplus of nearly 1,700 megawatts, or 5% of total grid demand. It also forced 112 Megawatts to be shut down. ERCOT has tightened interconnection requirements and performance standards, and new rules have been introduced to ensure that such facilities are able to ride through voltage and frequencies disturbances without being disconnected. (Tim McLaughlin in Boston; Editing by Sanjeev Miglani)
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Finland suspects four persons in breach of subsea cables
The Finnish police, who are investigating the damage done to two subsea cables in the Baltic Sea last year, said that four people were suspected of a crime. Prosecutors will decide whether or not charges should be brought. Finland has seized a cargo ship, Fitburg, on December 31, 'while it was en route to Israel from Russia. They suspected that the cables from Helsinki to Estonia across the Gulf of Finland had been damaged. This is one of many incidents of this nature in recent years. The police?on Saturday said that they had investigated suspected aggravated crimes, attempted aggravated crimes, and aggravated interferences with telecommunications. They were referring the case to prosecutors in order to determine if any charges should be filed. The police said in a press release that the investigation had concluded with four suspects. Three of them remain under a travel restriction. After a series of power outages, telecommunications failures, and gas pipeline disruptions since Russia invaded Ukraine in 2022, the Baltic Sea region has been on high alert. NATO has increased its military presence by adding aircraft, frigates, and naval drones. (Reporting and editing by Terje Solsvik, Essi Lehto)
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Norway opposes tariffs and rejects US claims about forced labour
Norway's foreign minister has rejected a U.S. assessment that the Nordic country?failed? to prevent forced labor, adding?that?the allegation?was unfounded?and shouldn?t be used?by President Donald Trump?to justify new tariffs. The Trump administration proposed Tuesday tariffs of up to 12.5% on imported goods from 60 countries including Norway after concluding that they failed to curb the?trade in products made with forced labor, an assertion that many U.S. trading partners rejected. In a statement issued late on Thursday, Norwegian Foreign Minister Espen Barth Eide stated that "we strongly disagree" with the U.S. authorities' assessment of Norway not doing enough to stop forced labour. The Transparency Act was the first legislation in the world to prevent forced labour from being used to supply chains. Barth Eide said that he had told the U.S. authorities about this. Experts, business groups, and some human right groups say that Trump's threat to slap new tariffs on trading partners will not do much to combat?modern slave trade -- and may even make matters worse. (Reporting and editing by Terje Solsvik, Jagoda Darlandak)
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Brokers bet on winners of various sectors as the World Cup soccer tournament kicks off
Analysts predict that the 2026 FIFA World Cup in host countries will bring billions of dollars to their economies. This will be driven by an unprecedented surge in consumption, which will boost sectors as diverse as retail, athletic wear and tourism. The tournament is set to be held from?June 11, to July 19, and will be the biggest soccer event in history. It could drive consumer spending during a period when broader demand is fragile. According to FIFA's analysis of the socioeconomic impact, which was conducted in conjunction with the World Trade Organization (WTO), the first three-nation World Cup (WC), which includes the United States, Canada, and Mexico, is expected to bolster the global GDP by approximately $41 billion. Here are the stocks and sectors that brokerages believe will benefit from this once every four years event: HOTEL OPERATORS B. Riley estimates that a total 13.1 million World Cup visitors, including both ticketed and unticketed attendees generated 21.3 million hotel room nights across all online travel platforms. Analysts say that U.S. hotel chains Marriott, Hilton, and Hyatt, as well as the online travel platforms Airbnb and Booking Holdings, as well as Expedia, are likely to benefit from this event. Marriott expects World Cup momentum to continue into the third quarter. Airbnb predicts that hosts in New York, New Jersey and Boston will earn the most money during the World Cup. Airline Tickets Goldman Sachs thinks WC could have a?net positive' effect on U.S. Airlines. Goldman stated that "June tends to be a lower season for inbound leisure travel and corporate travel, while a significant portion of the peak outbound travel season occurs after the WC has ended." The war in Iran has caused a sharp increase in the price of jet fuel, forcing U.S. airlines to raise fares, which is causing budget-conscious Americans delay or cancel their summer vacations. BEER STOCKS Jefferies estimates that more than 1 billion pints will be consumed worldwide during the holiday season. This represents a 0.3% increase in?volumes for the industry. Markets such as the U.S.A., Mexico and Brazil are expected to improve. Analysts at Jefferies said that after five years of volatile beer prices, the market should improve in 2026. The timing of the tournament is also a plus. Roughly 75% of matches will be played in the U.S. while 84% of the matches involving participating countries are in the beer-drinking-friendly time zones, the analysts added. Bernstein, Goldman and Jefferies believe that Corona beer maker Anheuser-Busch InBev will be the main beneficiary. Anheuser-Busch InBev is the official beer sponsor of the WC. Heineken, world's second largest brewer, will also benefit from the exposure it has in Latin America and Europe. US RETAIL AND 'SPORTSWEAR Goldman predicts that a surge of merchandise demand by fans will push sales up at Dick's Sporting Goods, and Academy Sports. Analysts said that sportswear brands like Adidas, Puma, and Nike could benefit from increased brand exposure and marketing during the World Cup. Goldman pointed out that Adidas, the official sponsor of match balls, has sponsorship deals with multiple teams. This allows it to gain global exposure at the event. FOOD, RESTAURANTS, AND DELIVERY Citi said that traditional?grocers like Albertsons and Kroger as well as larger retailers such Walmart and Target are likely to benefit during the World Cup from increased household spending. Tourism and group viewings are expected to support a rise in restaurant demand. This could lift McDonald's Pizzas, Domino's Pizzas, Wingstops, and Chipotles, as well as food distributors like Performance Food Group, US Foods, and Sysco. MEDIA AND DIGITAL ?PLATFORMS Deutsche Bank analysts stated that they expect the men's World Cup in 2026 to generate the largest US advertising revenues ever. Morgan Stanley estimated that the tournament would generate between $300 and $400 million in advertising revenue to Fox, the broadcaster of the English-language rights. Deutsche Bank pointed out that Comcast's?Telemundo which holds the Spanish-language broadcast rights is another potential beneficiary. Citi stated that internet companies like?Alphabet?s YouTube and Meta Platforms?s Instagram could benefit from an increase in user activity. BETTING OPERATORS The World Cup is expected to increase overall betting volumes, and Deutsche Bank expects Flutter Entertainment to outperform DraftKings. Macquarie predicted that global wagers would exceed $50 billion, or nearly $0.5 billion each match. This is compared to the 35 billion dollars for the previous tournament in 2022.
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Argentina recommends awarding the dredging contract to Jan de Nul, and local partners, despite US concerns
The Economy Ministry announced that the Argentine government had recommended awarding an important?dredging contract in Argentina to Belgian dredging firm Jan De Nul, and its local partner Servimagnus. Rep. Brian Mast, chairman of the U.S. House Foreign Affairs Committee, warned in May about the "malign influence" of China in the bid to win the major contract for Argentina. Jan De Nul, and its local partner Servimagnus, denied any Chinese ties. * The recommendation is for the concession to dredge the Parana River and maintain it, as this river carries 80%?of?the trade of the country. In a late-Thursday statement, the ministry recommended that DEME, a Belgian competitor company, be rejected. *?Jan de Nul - Servimagnus? scored 66.20 in the technical evaluation stage, compared to 42.14 points for DEME. The statement said that both firms had submitted identical tariffs and received the maximum score for the economic component. DTA Engenharia, a Brazilian company, was declared inadmissible after failing to provide the required bid-maintenance guarantees. Before a final?award, a seven-day period has been opened for formal 'challenges' to the recommendation. The ministry added: * "The awarding of the contract will end the process and bring an end to the deadlock in the construction work on the waterway." * The waterway is a 3,400-kilometer natural river transport route that runs along the Parana River and the Paraguay River. It's essential for importing soybeans to Argentina, which are used in the production of oil, meal and other products.
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UAE markets benefit despite the stalled US/Iran peace talks
The stock markets of 'the United Arab Emirates' closed higher on Friday. Dubai outperformed its regional peers despite the fading hopes of a diplomatic breakthrough between Israel and the U.S. Hezbollah, a militia backed by Iran, rejected a ceasefire on Thursday in?Lebanon and Israel announced it?wouldn't withdraw troops from the?country?undermining U.S. president Donald Trump's attempts to halt fighting?and achieve a peace?deal? with Tehran. Dubai's main index of shares rose by 0.9%, boosted by gains in the industrial and utilities sectors. Salik Company, a toll operator, increased by 1.6% while Emirates Central Cooling Systems grew 2.5%. Abu Dhabi's benchmark indices settled 0.3% higher, with the largest utility company Abu?Dhabi?National?Energy rising 6.2%. Alef Education's stock rose 1% following the?full migration to Microsoft Azure of its digital learning ecosystem with Core42's sovereign cloud capability. Brent crude was down?0.32% to $94.73 per barrel at 1232 GMT. (Reporting from Mohd. Edrees, Bengaluru. Editing by Shailesh. Kuber.)
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Pentagon: US forces board a sanctioned oil tanker in the Indian Ocean
The U.S. Indo-Pacific Command announced on Friday that U.S. forces had seized the stateless sanctioned oil tanker Davina in the Indian Ocean overnight. Washington has placed a sea blockade against Iran, while Tehran has fired at ships to stop them from?sailing? through the Strait of Hormuz and entering the Middle East Gulf. In recent months, U.S. forces intercepted "multiple commercial and petroleum tankers" in the Indian Ocean. Indo-Pacific Command posted on X that "we will continue to enforce global maritime law to?disrupt illegal networks and 'interdict vessels providing materials support to Iran wherever they operate". According to data from ship tracking, the Davina is a supertanker that can carry up to 2 million barrels of crude oil. The U.S. placed sanctions on it in October 2024 because it was involved in?oil trade with Iran. Ship tracking data on MarineTraffic showed that the vessel, also known as the Lenore was last spotted on June 5, off the southern coast of Sri Lanka. Separate shipping data revealed that the vessel's?draft indicated it was almost fully?laden with an oil cargo. (Reporting and editing by Doina chiacu and Joe Bavier; Reporting and Editing by Susan Heavey, Jonathan Saul)
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Swedish court orders that seized cargo ships can be transferred to Ukraine
A Swedish court ruled on Monday that the seizure of an unidentified cargo ship in 'the Baltic Sea' was legal and that it could be sent to Ukraine where it is suspected of transporting grain illegally from Russian-occupied territory. The Swedish coast guard and police seized the Caffa in March off the southern Swedish coast, claiming it was operating under a false banner and had violated maritime and ship safety laws because of its lack of seaworthiness. According to the ruling of June 4, a lawyer for the owner Caffa Shipping Limited had challenged the seizure, and asked for the vessel's?release. The court stated that Ukraine was seeking the ship in connection with an investigation of suspected war crimes, including the removal and appropriation of property from Russian-occupied territories. Hakan Larsson, public prosecutor, said that in an email to?, "the court confirmed that the seizure was legal and that the vessel could be handed over to Ukraine." The district court ruled that the alleged conduct may constitute a crime of war under Swedish law. This cleared the way for the vessel to be transferred and the evidence it contained to the Ukrainian authorities. Larsson stated that the decision must be legally binding before any transfer of ownership can occur, and added?that owners have three week to appeal. The lawyer for Caffa?Shipping did not respond immediately to a further comment request. The police reported that the majority of the 11 crew members of the 'Caffa were Russians at the time of the seizure. According to the ship tracking service MarineTraffic, the vessel is a general cargo ship measuring 96 metres. Reporting by Jagoda darlak. Terje Solsvik, Mark Potter and Terje Slsvik edited the article.
Armenians are increasingly worried about war with Azerbaijan due to escalating ceasefire violations
Khnatsakh residents are anxious at nightfall.
Locals claim that every evening, around 10 pm, Azerbaijani soldiers fire into the night skies from their positions high above.
Villagers say that bullets have been hitting houses regularly, but no one has been injured so far. Azerbaijan has denied that its troops are firing across the border and accused Armenian forces of violating ceasefire.
Karo Andranyan (66), a retired mechanic, said, "It is very tense at home because we have children, little ones and elderly."
Azerbaijani flags and a military position on a hillside are only 100 metres away from his door. This is a reminder that Armenia's bitter enemy is close by. Since the early 1990s, the heavily militarized 1,000-km border is closed.
Two major wars have been fought in the last 40 years. This has destabilised the Caucasus, a region which is important for Russia, Iran, and Turkey because it contains major oil and natural gas pipelines towards Europe.
Experts say that the rising tensions along the border increase the likelihood of a new conflict between Armenia and Azerbaijan, as the two countries approach a crucial juncture in their tortuous peace process.
In March, both sides announced that they had reached an agreement on the outline of a treaty of peace to be signed by 2026. This raised hopes for reconciliation. The draft envisages both sides delineating their shared borders, but requires Armenia to amend the constitution before Azerbaijan can ratify the deal.
After months of relative calm, the reports of ceasefire breaches along the border are now soaring.
Andranyan believes the gunfire at night is meant to intimidate both the local villagers and the small garrison Armenian troops that are stationed in the village. He said that the village, which according to census data had 1,000 residents, was emptying because locals were afraid of a return to war.
What are we to do?
Despite the fact that there has been no death on the border in over a year, cross-border gunfire is reported frequently. Azerbaijan has made the majority of accusations against Armenia since March. These include cross-border gunfire, and damage to property.
Both sides have denied claims of ceasefire violation.
Since 2020, the simmering conflict has decisively shifted in Azerbaijan’s favor. The oil and gas producer regained territory lost during the 1990s. It also progressively reestablished control over Nagorno Karabakh where ethnic Armenians established de facto autonomy since the collapse the Soviet Union. It retook Karabakh in 2023, causing 100,000 ethnic Armenians from the region to flee to Armenia.
Marco Rubio, the U.S. secretary of state, told a hearing of Congress last month that there was "a real risk" of war. He stated that the U.S. wished Azerbaijan to "accept a peace accord that doesn't cause them to invade a neighboring nation, Armenia."
Azerbaijani president Ilham Aliyev has been in power since 2003. He said that in January, Armenia was a "fascist menace" that must be eliminated.
Laurence Broers is an expert in Armenia and Azerbaijan from London's Chatham House. He said that a full-scale conflict was possible but more localised clashes are more likely.
He said Azerbaijan's population, which is 10 million, is three times that of Armenia. It has little incentive to sign a peace agreement quickly and could instead use smaller scale escalation to force its neighbor to make further concessions during the talks.
Ilham Aliyev's strategy of escalation and militarization was a great success, he said.
The Armenian authorities have insisted that there will not be a war. Nikol Pashinyan, the Prime Minister of Armenia, said in a speech delivered last month that "despite all arguments and all provocations", the two countries will not fight again.
Azerbaijan’s Foreign Ministry responded to questions regarding the tensions along its border by referring to previous comments.
In a May statement, Baku said it was committed to peace and had no territorial claims against Armenia. In a statement in May, it said that Yerevan’s actions "call Armenia’s commitment to peace into question".
The Azerbaijani Defence Ministry has denied Armenian reports that cross-border gunfire had taken place.
Tensions in the South
The conflict is centered in Armenia's southernmost region of Syunik, where the majority of ceasefire violations have been reported.
Syunik divides Azerbaijan's main body to the east and the Azerbaijani enclave of Nakhchivan in the west. It is also a crucial trade route between Armenia and Iran, with which it shares a border to the south.
Azerbaijan demands that Armenia build a route through Syunik and Nakhchivan since 2020. Baku said the passage would be Armenian territory, but with minimal control from Yerevan.
Azerbaijani officials also claim that the southern part of Armenia was historically Azerbaijani land, but they haven't made a formal territorial claim.
Armenia has closed its border with Azerbaijan and its frontier with Turkey, a close ally to Baku. This makes its border with Iran the lifeline of trade. Syunik's corridor could cut off the country's access to its remote mountainous border.
Armenia and Iran share a warm relationship, despite Armenia’s Christian faith and its increasingly pro-Western orientation. Iran was Armenia's largest importer in 2022. Tehran's Defence Minister visited Yerevan in May. Iranian media reported that he expressed Iran's opposition against redrawing borderlines in the region.
Armenia's tensions with its traditional ally Russia are a major problem. Russia opposes Armenian efforts to move closer to the west and has strengthened its ties with Azerbaijan.
"Armenia has open borders with Georgia and Iran. "This keeps the country moving," said Tigran Grizaryan, director at the Regional Centre for Democracy and Security, a think tank in Yerevan.
Grigoryan stated that Azerbaijani demands for the corridor may be the spark to future military escalation. He said that the ceasefire violation could be an attempt to force Armenia to make concessions over the issue.
He said: "If Armenia lost its border with Iran that would be a disaster."
Requests for comments from the Iranian and Russian Foreign Ministries were not answered.
The Iranian connection is evident throughout Armenia's south.
Iranian road workers work to widen a mountainside road that is clogged by lorries coming from the south, headed north toward Georgia and Russia.
Some locals are selling red wine in plastic bottles to newly-arrived truckers from Iran where alcohol is prohibited.
Meghri is the historic town at the southernmost point of Armenia, and the gateway to Iran.
Bagrat Zakaryan, Bagrat's deputy mayor, said that the town, which is only 16 km from Azerbaijan and has a population of 4,000, had its everyday life overshadowed due to tensions with Baku.
He said that "given the recent events of Karabakh and what President Azerbaijan says, there's this feeling of terror."
Opportunity for Peace
Some people are more optimistic than others about the prospects of peace.
Armen Davtyan, who was deputy director at Meghri railway station from 1993 to 1993, sat on a crossroads that connected Yerevan with Baku and Iran with the Soviet Union until its dissolution in 1991.
After the Karabakh War of 1988-1994 and the closing of the border, Davtyan began working as a borderguard.
A derelict train with an emblazoned Soviet emblem lingers in the parking lot of the station, just metres away from the Iranian border.
Davtyan said that he remembered fondly the days before the war, when Armenians worked with Azerbaijanis on the railways. He hopes to see cross-border trains again arrive at Meghri Station one day.
He said: "I understand that some people fear that the Azerbaijanis may return if the rail reopens."
"But if people in 2025 are still afraid of us opening up transport links, that seems a bit absurd." (Reporting and editing by Daniel Flynn; Felix Light)
(source: Reuters)