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The bizarre features of Trump-Putin's summit and back in the USSR
The first U.S. - Russian summit in four-years was marked by a flurry superpower style signalling between Washington and Moscow regarding the war in Ukraine. But on the ground, Alaska, there were moose, bears, and other bizarre and peculiar sights. Donald Trump hopes that Friday's summit, which will take place at an air force base from the Cold War era, will be the beginning of the end to the most deadly war in Europe since World War Two. Vladimir Putin, who is in control of the war, has offered a possibility of a deal to limit nuclear strategic weapons. The Kremlin hopes that this would lead to a much wider discussion about U.S. global interests and Russian ones beyond Ukraine. Sergei Lavrov - Putin's Foreign Minister - arrived in Anchorage, 8,000 km (nearly 5,000 miles) from the frontlines of the war. He wore a sweatshirt that bore the initials "USSR", the old Soviet Union ("????") The front of the sweatshirt has "USSR" ("????") across it. At least one live TV feed featured a bear and an moose. The Kremlin Press Pool was located in the Alaska Airlines Center. A semi-open room was divided by partitions, and reporters were seen constructing their own beds. Russian journalists said that they were fed at no cost on a nearby campus. According to the latest timings and assuming that Putin is on time, they will meet in Anchorage at 11:00 am (1900 GMT), Friday. The state's western tip is just 90 km (55 miles) away from Russia's Far East. It was settled in the 18th century by Europeans, including Russians. Alaska was purchased by the United States from Russia in 1867 for $7.2million. No Russian leader had ever visited Alaska before. "I get the historical context." "It's exciting," said Russian American Anchorage resident Galina Tomisser, a former schoolteacher. She said: "I only hope that this meeting and this summit will produce some fruitful outcomes." Alaska has seen different waves of immigrants from the former Soviet Union, including both Russians as well as Ukrainians. Pro-Ukrainian demonstrators held up a large Ukrainian banner with the words "ALASKA STRONGLY SUPPORTS UKRAINE". Helen Sharratt (65), originally from England, a resident of Anchorage, said: "This is nothing but a show for Donald Trump." "He wants to appear good, and he thinks he is doing something. But he doesn't do anything." Meeting with Putin, well, I'm not sure who is worse when it comes to making a deal but then not following through. The Russian room at the Chilkoot Charlie's Bar in Anchorage is decorated with Soviet and Czarist memorabilia, including photos of Vladimir Lenin, the last Tsar Nicholas II who was killed by the Bolsheviks, in 1918. In Moscow, matryoshkas with images of Trump and Putin were also selling well. There was apprehension and fear in Ukraine about what Putin and Trump could agree on at a meeting that Ukraine and its European supporters were not invited to. "I don’t believe anything good will come out of it. The conflict will continue. There won't ever be a positive result. Konstantyn shtanko said in Kyiv that at best it would be a frozen war. (Reporting from Anchorage, Moscow, and Kyiv by Guy Faulconbridge Editing Frances Kerry
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TSX futures remain steady as Trump-Putin summit takes center stage
Futures linked to Canada's major stock index stabilized on Friday, after the previous session saw losses. Attention was now focused on a high-stakes U.S. and Russian summit that will discuss the potential end of the war in Ukraine. Futures for the S&P/TSX Index rose 0.04% at 05:30 a.m. ET (0930 GMT), after the S&P/TSX index lost ground on Tuesday when a higher-than-expected U.S. Inflation report clouded expectations for a Federal Reserve rate cut. CME Group’s FedWatch tool shows that odds of a 25 basis-point drop next month have dropped to 92.6%, from 100% previously, before the data. Bets on a 50-bps jump are also gone. It was decided that Donald Trump, the U.S. president, and Vladimir Putin, the Russian leader would meet in Alaska on Friday evening. However there are few chances of a lasting ceasefire ending Ukraine's conflict. Oil prices fell ahead of the summit on increased concerns about fuel consumption due to disappointing economic data in the U.S. The gold price remained stable, but was poised to decline for the week. Copper prices were on course for gains. Canadian stocks are still on track for a positive week-end, despite Thursday's losses. The TSX has gained 0.56% this week. Around 75% of Canada’s exports are sent to the U.S. and many of them are exempted from tariffs as part of the continental trade agreement. A Fed decision could benefit Canada as well. At 8:30 a.m. Investors in the United States will be analyzing June wholesale and manufacturing trade data. The U.S. will release retail sales, consumer sentiment, and import prices later in the day. Air Canada and its Flight Attendants remained at odds Friday despite pleas from the government to resume bargaining in order to avoid a strike. CLICK CODES TO GET CANADIAN MARKETS UPDATES: TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian Markets Directory ($1 = $1.3793 Canadian Dollars) (Reporting and Editing by Vijay Kishore; Vijail Sharma).
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Air Canada and union are deadlocked, despite the government's plea for a deal to avoid a Saturday strike
Air Canada and its flight attendants remain at odds despite the government's pleas that both sides return to bargaining in order to avoid a strike which would disrupt travel for tens thousands of passengers. Canada's largest airline has announced that it will cancel 500 flights before the strike on Saturday. This leaves 100,000 passengers scrambling to find alternatives. Air Canada cancelled 30 flights on Friday morning (0930 GMT) according to Flightradar. Flight attendants at the carrier are preparing to go on strike on Saturday morning just before 1 am EDT over stagnant contract negotiations on union demands of higher wages and compensations for unpaid labor. The strike will hit Canada's tourism industry during the peak of summer travel and put the Liberal government, led by Prime Minister Mark Carney to the test. The carrier has asked the government to intervene and enforce arbitration. Air Canada Rouge, its low-cost subsidiary, carries about 130,000 passengers a day. Air Canada has the most flights from Canada to the U.S. despite recent reductions in travel due to trade tensions. The Canadian Union of Public Employees (CUPEU), which represents cabin crew, reported that Air Canada has stopped negotiating. It has also sent out notices to its flight attendants that they will be locked out. Patty Hajdu, the Canadian Minister of Jobs, has repeatedly encouraged both sides to negotiate. Arielle Meloul Wechsler, Chief Human Resources Officer at Air Canada, said that the airline was "available for bargaining at any time as long as the negotiation is substantive." Air Canada and its union clashed on Thursday night over an agreement that would prevent thousands of passengers from being stranded abroad when the strike was expected to start Saturday. The agreement would have delayed cabin crew's walkout until Saturday, when they return with their passengers. Air Canada announced on X on Friday that 25,000 additional passengers will be stranded as a result of the union rejecting the deal. They also said that the usual double number of flight attendants failed to report for work Thursday night. In a message to its members, however, the union stated that it supported the deal. This failed, because Air Canada refused to honor the collective agreements of their members when they return on Saturday, with passengers. The union stated that the flight attendants contract will cease to be valid when the strike starts on Saturday. The dispute revolves around the way airlines pay flight attendants. Most airlines have paid flight attendants only when the planes are moving. In their most recent contract negotiations, North American flight attendants have asked for compensation for the hours they worked. This includes tasks like boarding passengers or waiting at airports before and after flights. (Reporting by Allison Lampert, Montreal; Editing and proofreading by Christian Schmollinger).
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Ukraine reports attacks on Russian oil refinery and Caspian port hub
Kyiv announced on Friday that Ukraine had attacked the Syzran refinery located in Russia's Samara Region in the middle of the night. The previous day it also struck a Caspian Sea cargo vessel and port used to transport supplies from Iran into Russia. The strikes took place hours before the summit between U.S. president Donald Trump and Russian President Vladimir Putin, which Ukraine was not invited to, in Alaska, to discuss war in Ukraine. Russia is also making gains in Ukraine's eastern part. According to new General Staff figures published on Friday, Ukraine, facing regular Russian missiles and drone attacks has targeted the vast majority of its deep-strikes this year against Russian oil refineries, and "storage" facilities that are not specified. The Ukrainian military has not confirmed if drones were used in its two latest long-range attacks. It claims that its deep strike campaign is designed to weaken Russia's ability to wage a full-scale conflict it started in February 2022. Kyiv military released a statement via the Telegram app saying that its strike had caused fires and explosions in the Syzran Refinery. The refinery produces a variety of fuels, and it is said to be one of the largest oil companies Rosneft network. The regional governor of Samara said that a drone attack had caused an "industrial enterprise" to catch fire in his region. However, the fire was quickly put out. The Russian Defence Ministry said that it shot down Ukrainian drones in nine regions. The Ukrainian military said that it also struck the Caspian Port of Olya, in Russia's Astrakhan Region on Thursday. It hit a ship which was transporting drone parts from Iran and ammunition. According to the U.S. Treasury Department, and Ukrainian military intelligence, the vessel "Port Olya-4" regularly transits through the Caspian Sea and carries cargo between Iran, and Russia. The Ukrainian military stated in a Friday statement that Russia uses Olya as an important logistic hub for the delivery of military products from Iran. The U.S. Treasury and State Departments imposed sanctions last September on companies and ships they said were involved with supplying Moscow Iranian weapons. The Ukrainian military reported that terminals and ports accounted for 7% of the successful Ukrainian strikes on Russian soil since the start of 2025. The majority of deep strikes in Ukraine took place between 200 and 1000 kilometres (124-621 miles), the report said. Ukraine estimated its strikes caused $74.1 billion worth of damages in this year. However, it did not give details about its calculations. Could not independently verify Ukrainian military claims. Reporting by Anastasiia malenko. Tom Balmforth, Mark Potter and Tom Balmforth edited the report.
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Finnish utility Fortum warns about lower power production as profits miss forecast
The Finnish utility Fortum posted a larger than expected decline in its second-quarter profits due to a decrease in electricity production from its nuclear and hydro plants. It also warned that power output would be lower for the remainder of the year. Fortum's comparable operating profit for April-June fell from 233 to 115 millions euros (134.21millions) a year earlier, falling short of the average estimate of 133 millions in a survey provided by the firm. Fortum shares dropped to a new low of three months and were down 3.4% by 0731 GMT. In a press release, Markus Rauramo, CEO of the company, said that lower volumes and prices at its Power Generation unit had affected earnings. Hydroelectric and nuclear production in the second quarter was down by 2.2 terawatt-hours (TWh) compared to last year. Fortum and Uniper, who jointly own the Oskarshamn Nuclear Plant in Sweden, were responsible for this. The earnings report revealed that the volume of nuclear and hydropower production fell by 11% and 31% respectively in the second quarter. Fortum, which estimates a nuclear output drop of 2.9 TWh, warned that "in 2025 the total generation volume is expected to be clearly lower than the normal level." It said that 1.3 TWh of this total were already realized in the first half 2025, with the majority of future deficiencies expected to be seen in the third-quarter. The annual hydropower volume this year is expected to be lower than in a typical year when the output reaches between 20 and 20.5 TWh. Demand is also uncertain. Several power-intensive hydro projects in the area have been cancelled or delayed. However, data centres are increasing their demand. Rauramo stated that "uncertainty" in the Nordics' operating environment is high due to geopolitical conflicts, and U.S. Tariff plans.
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Maguire: A refresher on Russia’s commodities clout before Trump talks
The talks between U.S. president Donald Trump and Russian president Vladimir Putin could be the beginning of Russia's return to the world stage, and the return of its commodities after Moscow was recently isolated internationally. Before its invasion of Ukraine, in 2022 Russia was the leading exporter and supplier of energy products into Europe. This included crude oil, natural gases, coal, aluminum, nickel, and steel. The sanctions imposed by the West on Moscow in 2022 have caused a major disruption of these commodity flows. Russia's gas exports through pipelines fell by half, and its oil shipments were diverted to new markets. Here is a breakdown on where Russia stands in terms of production and exports for some of the most traded commodities around the world. This will give you an idea of potential market impact should relations with Russia resume to normal. GAS CRUNCH The fallout from Russia's invasion in Ukraine has had the greatest impact on natural gas. Russia, the second largest gas exporter and producer in the world, has seen its outbound shipments severely cut after sanctions were imposed by Europe and the United States on Moscow in 2022. Many European nations, including Germany, had secured the majority of their gas supply from Russia. However, they quickly reduced imports by pipeline in an effort to punish Moscow for launching a war. The volume of Russian gas exported via pipeline fell by 38% from 2022 to 2023, as European buyers switched from gas to LNG and other fuels in order to replace the lost supplies. Data from the Energy Institute show that in 2024, Russia will export 108.2 billion cubic metres of pipelines, which is 46% less than 201.3 billion cubic metres exported in the year 2021. In an effort to compensate for the revenue lost from gas pipelines, Russia increased exports of natural gas liquefied. The Russian LNG export volume has risen by around 12% in the last 12 months and reached a record high of 44,3 billion cubic meters in 2024. The lack of pipeline connections to other regions led to an increase in Russian gas inventories in 2022. This in turn sparked a greater use of gas by industry and power companies and sparked ongoing efforts to boost LNG capacity. In 2023, the Russian industry cut production in response to the collapse of the export market. Since then, production has risen to around 630 billion cube metres in 2024. CRUDE DIVERSIONS Russians are the third largest crude oil producers and exporters in the world. This has had a major impact on the crude oil market. The Russian crude oil market has also been hit by a decline in production and exports since 2022. However, exports are down more than the production due to increased domestic stocks. Energy Institute data show that in 2024 the Russian crude oil production was estimated to be 10.75 million barrels per day, a decrease of 4% compared to 2022's output of 11.2 million bpd. In 2024, Russian oil exports totaled just over 7,000,000 bpd. This is a drop of 8% compared to the 7,6,000,000 bpd exported by 2022. The Russian crude oil trade also saw a significant shift in its destinations as traders had to find new homes for their barrels. Exporters had to find new markets for their oil, just as they did with gas. India, a country that has been a strong supporter of Russian oil traders in the past, is now stepping up its purchases as Europe reduces its oil imports. Kpler's commodities intelligence firm shows that India's imports from Russia of crude oil have more than doubled between 2022 and the year 2024. They went from 321 millions barrels to 651,000,000 barrels. Europe's imports from Russia of crude oil dropped 30% between 2022 and 2024. India became the largest market for Russian crude in 2013. China, the second largest Russian crude oil purchaser, bought 460 millions barrels in 2024. This is an increase of 17% over 2022. COAL, METALS & MUCH MORE The war between Russia and Ukraine has also affected the coal markets, since Russia is the world's sixth largest coal producer. It is also the third largest coal exporter. Due to a large fleet of coal-fired plants in Russia, the production of coal has remained largely constant since 2022. Local power companies have been using additional supplies previously exported. The total coal production in Russia is expected to be down around 2.3% by 2024 compared to 2022, and exports are down almost 10%. The competition between Indonesian coal and other producers has squeezed Russian coal off of several international markets. China and India, the two largest coal consumers, have also reduced their demand for coal imports. The Russian Federation is also the world's leading exporter and producer of key metals such as aluminium, nickel and cobalt, which are in high demand across a wide range of industrial and technical applications. Russia is a major producer of diamonds, industrial gases, wheat, barley and other crops. Any rapid resumption of trade between Moscow and international communities will have wide-ranging repercussions. Any further deterioration of relations with Moscow after the upcoming meetings could keep Russia's abundant commodities out-of-reach for many buyers. This would result in tighter global markets. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. 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Hong Kong delays the trial of Jimmy Lai, a democrat who has heart problems
After his lawyer claimed that Jimmy Lai had heart palpitations, the closing arguments in a trial for national security against Hong Kong's pro-democracy entrepreneur Jimmy Lai was delayed until Friday. Closing submissions will resume on Monday, after the court adjourned for Lai to get medication and a monitor. Lai founded the Apple Daily paper that was closed in June 2021 after a raid by police and an asset freeze. He has pleaded no-conviction to two counts of conspiracy to collide with foreign forces and one charge of conspiracy for publishing seditious materials. Robert Pang, Lai's lawyer, told the court Lai had experienced episodes when he felt "collapsing". He added that he accepted the recommendations of a visiting specialist and was still making arrangements. Esther Toh, one of the judges said, "He doesn't have the medication prescribed by the specialist or the monitor. I am concerned." Lai, who is a British national, has been in solitary confinement since more than 1,700 day, and his son had previously expressed concern about his declining health. The prosecutor Anthony Chau informed the court that there was a medical team on standby and that medication and a heart monitor would be available before Monday's hearing resumed. Several Western governments, such as the U.S. have called for Lai to be released immediately, claiming that the trial was politically motivated in light of a long-running crackdown on national security in the China-ruled financial center. Hong Kong and Chinese officials have insisted that Lai is receiving a fair trial, and they've condemned foreign governments who interfere with domestic affairs. In a Thursday media interview, U.S. president Donald Trump stated that he will "do all I can to rescue him." The closing arguments are expected to take eight days. Three judges will then be expected to deliberate for several months, over five years since Lai's first arrest in August 2020. Lai, wearing a windproof white jacket, arrived at the court Friday. He smiled and waved his family and supporters - some of whom had waited for hours for a ticket to the packed courtroom. His trial for national security In December 2023, the process began. Lai, in the witness box said that he was defending freedom of speech and denied allegations that he had lobbied for the U.S. imposing sanctions on Hong Kong or China. (Editing by Greg Torode & Saad Sayeed).
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Air Canada and unions clash despite pleas from the government for a deal to avoid a Saturday strike
Air Canada and its flight attendants remain at odds despite the government's pleas that both sides return to bargaining in order to avoid a strike which would disrupt travel for tens thousands of passengers. Canada's largest airline has announced that it will cancel 500 flights before the strike on Saturday. This leaves 100,000 passengers scrambling to find alternatives. Flightradar showed that Air Canada cancelled 27 flights by 10 pm EDT (0200 GMT Friday). Flight attendants at the carrier are preparing to go on strike on Saturday morning just before 1 am EDT over stagnant contract negotiations on union demands of higher wages and compensations for unpaid labor. The strike will hit Canada's tourism industry during the peak of summer travel and put the Liberal government, led by Prime Minister Mark Carney to the test. The carrier has asked the government to intervene and enforce arbitration. Air Canada Rouge, its low-cost subsidiary, carries about 130,000 passengers a day. Air Canada has the most flights from Canada to the U.S. despite recent reductions in travel due to trade tensions. The Canadian Union of Public Employees (CUPEU), which represents cabin crew, reported that Air Canada has stopped negotiating. It has also notified its flight attendants of its intention to lock them out. Patty Hajdu, the Canadian Minister of Jobs, has repeatedly encouraged both sides to negotiate. Arielle Meloul Wechsler, Chief Human Resources Officer at Air Canada, said that the airline was "ready to negotiate anytime as long as the negotiations are substantive." Air Canada and its union clashed on Thursday night over a deal to prevent thousands of passengers from being stranded abroad when the expected strike begins Saturday. The agreement would have delayed cabin crew's walkout until Saturday, when they return with their passengers. Air Canada announced on X on Friday that 25,000 additional passengers will be stranded as a result of the union rejecting the deal. They also said that the usual double number of flight attendants failed to report to work on Thursday evening. In a message to its members, however, the union stated that it supported the deal. This failed, because Air Canada refused to honor the collective agreements of their members when they return on Saturday, with passengers. The union stated that the flight attendants contract will cease to be valid when the strike starts on Saturday. The dispute revolves around the way airlines pay flight attendants. Traditionally, most airlines have paid flight attendants only when the plane is in motion. In their most recent contract negotiations, North American flight attendants have asked for compensation for the hours they worked. This includes tasks like boarding passengers or waiting at airports before and after flights. (Reporting by Allison Lampert, Montreal; Editing and proofreading by Christian Schmollinger).
Drone attacks on Russian energy sites
Energy markets are closely watching developments that may affect global oil and gas supply as U.S. president Donald Trump meets Russian President Vladimir Putin on Friday in Alaska.
Trump said that Putin seemed ready to negotiate a peace in Ukraine after warning the day before of "serious implications" for Russia, if a deal wasn't reached.
The possibility of a reduction in sanctions is still uncertain, especially given the European opposition to any bilateral U.S./Russia agreement. A ceasefire would stop the attacks on energy installations in Russia and Ukraine.
The following is a list of recent attacks on energy sites in Russia. Russia is one of the largest energy producers in the world.
SYZRAN REFINERY
The Ukrainian military announced on Friday it had attacked the Syzran refinery in Russia’s Samara region over night.
Kyiv’s military released a statement via the Telegram app, reporting an explosion and fire at the refinery.
VOLGOGRAD RIFFINERY
On August 14, the Ukrainian military reported that its drones had hit a Russian refinery located in Volgograd, causing massive fires.
In February, a drone attack forced the Volgograd refinery operated by Lukoil to stop operations for just over a week.
BRYANSK PUMPING STRATION
The Ukrainian military confirmed on 13 August that drones had struck the Uniecha pumping station located in Russia's Bryansk Region. A large fire and damage were reported. The Druzhba system did not experience any disruptions to crude oil flows.
KRASNODAR REGION REFINERIES
Authorities reported on August 13 that a small fire started by debris from an abandoned drone at the Slavyansk Oil Refinery in Russia's Krasnodar Region was quickly extinguished. No injuries were reported.
The Afipsky refinery, also in the Krasnodar Region, was damaged by falling drone debris on August 7. However, the extent of damage wasn't immediately known.
A drone attack caused debris to fall on the Ilsky oil refinery, located in Krasnodar, Russia.
SARATOV RIFFINERY
Ukraine claimed that it had struck an oil refinery located in Russia's Saratov Region in an overnight drone strike on August 10 causing an explosive and fire. However, the extent of damage is unclear.
After a drone attack in February, the Saratov refinery had to stop fuel production.
SOCHI OIL DEPOT
Local authorities reported that two oil tanks caught fire in Sochi, southern Russia on August 3, following a drone attack by Ukraine. The fires were extinguished later.
NOVOKUIBYSHEVSK REFINERY
Two industry sources reported that the primary oil processing has been stopped at Rosneft's Novokuibyshevsk Refinery in Russia since August 2, following an attack by a Ukrainian drone during the week prior.
RYAZAN RIFFINERY
Three industry sources reported that the Ryazan oil refining plant, which is also operated by Rosneft halted about half its capacity for refining on August 2, following an attack by a Ukrainian drone.
Ryazan has been hit several times. The refinery was forced to stop operations in late January and February after drone strikes. Reporting by Robert Harvey, London. Mark Potter (Editing)
(source: Reuters)