Latest News
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Swiss Federal Prosecutors Probe Terror Links to Knife Attack
The Office of the Attorney General (OAG), a Swiss federal prosecutor, has taken charge of the investigation into the knife attack that occurred at Winterthur Railway Station on Thursday. They are treating this case as terrorism-related. The federal prosecutor announced that criminal proceedings had been opened against the suspect on suspicion of multiple attempts at murder, participation in or support for a terrorist organization, and involvement with a terrorist group. Three Swiss men have been injured in the 'attack that took place in Winterthur on Thursday morning, just north of Zurich. Three men were stabbed, one in the leg and two in the neck. A third was stabbed on the thigh. All three men were taken to hospital, with the third requiring emergency surgery. The police arrested the suspected perpetrator, a dual Swiss-Turkish citizen of 31 years, at the station, just a few moments after the initial emergency call. Investigators have now focused on the motive of the attack. This includes a thorough review of the background and history of the suspect. The prosecutor's department said that its "main hypotheses" is that the attack was suspected to be terrorism. Police said that the suspect was reported to police in 2015, for "spreading propaganda" from the militant hardline group Islamic State. The Swiss newspaper Blick said it had also 'obtained a video of a man running out of Winterthur Station shouting 'Allahu akbar, an Arabic phrase that translates to 'God is the greatest. The video was not independently verified. The federal prosecutor said on Friday that the incident was a sign of jihadist-motivated terror in Switzerland. (Reporting and editing by John Revill)
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European shares gain monthly on Middle East Peace Hopes
European shares edged higher on Friday to close the month with gains. Investors clung to hopes that a proposed agreement could be reached extending a Middle East truce and reopening the Strait of Hormuz. Market optimism was sparked by reports that U.S. president Donald Trump had been weighing a preliminary U.S. Iran agreement. He said that he would reach a decision on the deal by Friday. Kathleen Brooks is the research director for XTB. She said that the market may test its patience if a deal cannot be reached by the end of June. This could have a major impact on the oil price as well as the rally in the global stock markets. The STOXX 600 pan-European index rose 0.1%, to 626 points. This was a positive week's end. The benchmark index was 'within striking range of record highs this week, and had secured a monthly gain of 2.5%. However, recent escalation in the Middle East conflict has capped further advancements. European stocks?continue?to lag behind tech-heavy counterparts in Asia and the United States because of the region's limited?exposure to technology stocks. Marija Veitmane is the head of equity analysis at State Street. When asked if a geopolitical solution?could spark a major rally Marija said no, pointing to structural demand destruction as well as looming rates hikes which could impact corporate profitability. The data confirmed the hawkish view, with inflation in four of the largest eurozone economies above the European Central Bank’s 2% target rate for the third consecutive month. Investors are pricing in 50 basis points tightening before year's end, according to LSEG. Crude oil prices, which are a vital resource in Europe's energy crisis, have fallen and could be on course for their first drop in two months. Airline stocks, such as Lufthansa, Air France, and consumer discretionary stocks, like luxury, are sensitive to energy price changes. Both have added more than 2%. Defence stocks are among the top sectors with a 0.7% increase. NATO has accused Moscow of reckless behavior and promised to "defend each inch of allied territory" following Romania's report that a Russian drone crashed into an apartment building in the member state of NATO during an attack against Ukraine. During geopolitical conflict, the sector usually gains on increased military spending. CTS Eventim rose 10.7% after the German ticket company said that its revenue grew by 23% during the first quarter of 2026. This was due to strong demand for live performances. Orkla shares fell 5.3% as UBS downgraded it from "neutral" to "sell", citing the increasing pressure from inflation and the Middle East Conflict. (Reporting and editing by Johann M Cherian, Bengaluru. Sherry Jacob Phillips, Joyjeet Das, Joe Bavier.
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Britain will step up its subsea cables protection in response to the rising Russian threat
Britain has proposed tougher punishments for shipowners or operators who damage'subsea cables,' including prison sentences. The aim is to deter Russia and hostile?states sabotaging the nation's infrastructure. Subsea cable carries over 99% of international data traffic. This includes calls, messages, and other internet services, as well as more than PS1.4 trillion worth of British financial transactions every day. Last month, Britain claimed to have exposed a Russian covert submarine operation around UK waters. This was a bluff? to hide other specialist vessels operating near critical underwater infrastructure. Liz Lloyd, the Telecoms Minister said that Britain had strong military capabilities for protecting cables. However, overhauling 140 year-old legislation will remove a "grey zone" of legal uncertainty around suspected malicious activities to increase deterrence. She said that "as hostile activity from Russia and other countries grows, protecting these cable is more important than ever" for our economy, daily life, and security. "That's why we intend to go further, with tougher sanctions for reckless damage and stronger security obligations as well as new powers to react quickly when incidents occur." Russia previously denied British allegations that it had threatened or targeted subsea cable. Lloyd said sabotage committed by an enemy state already carries a life sentence for the perpetrators, but that new laws will cover the use of proxy actors by state actors as well as reckless damage. She said that the government would also "work with cable operators and owner to reduce accidental damages arising from fishing activities or vessels dragging their anchors which, she said, "accounted for almost all cable outages". Lloyd stated that the company was consulting with industry about establishing a British repair ship in order to increase resilience. He added that a final decision would be made 'later this year. She added that the government would also examine?environmental regulations to accelerate the laying down of new cables in deep water where the impact on marine wildlife was very limited. (Reporting and editing by Kirsten Doovan; Paul Sandle is the reporter)
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Putin says that it is too early to determine if the drone that strayed in Romania was Russian
Vladimir Putin, the Russian president, said that it was still too early to say if a drone crashed into a Romanian apartment block. He suggested that the drone could have been Ukrainian. NATO condemned Moscow for its reckless behavior and promised to "defend each inch of Allied Territory" after Romania reported that a Russian drone crashed into an apartment 'block' in the member state of the alliance during an attack against Ukraine. "Who in Romania claims that this drone is Russian?" Putin asked reporters at a press conference in Astana (Kazakhstan) He claimed that he only heard about the incident after a day of talks. He said that until an investigation is carried out, no one could say what the origin was of a drone. Putin claimed that drones from Ukraine had been seen in Finland, Poland, and the Baltic states. Putin said: "The first reaction was the same as what is happening in Romania now, namely that Russians were coming." After a few days, it became clear that the incident had nothing to do with Russian drones. Putin also responded to remarks made by European Commission President, Ursula von der Leyen. Von der Leyen accused Russia of having crossed 'another line' with this incident and said that she hadn't examined the drone debris herself. Putin asked Romania to'share information about what happened? and possibly drone fragments, so that Moscow can conduct its own investigation. Reporting by Vladimir Soldatkin, Anton Kolodyazhnyy; Writing by Guy Faulconbridge/Maxim Rodionov. Editing by Andrew Osborn.
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South Bow aims for a decision in 2027 on Canada-US oil pipe revival
The company announced on Friday that it had secured the shipper agreements it needed to move the project forward. The proposed 550,000-barrel-per-day Alberta-to-Wyoming pipeline, dubbed Prairie Connector, could increase Canada's crude exports to the U.S. by 12%, ?adding much-needed Canadian pipeline capacity. South Bow, in collaboration with its U.S.-based partner Bridger Pipeline, has said that it had'secured 20 year binding contracts' from oil companies, through a process started this year to gauge interest. This?month, sources said that South Bow is close to achieving its goal of 450,000 bpd or 80% initial pipeline capacity. PIPELINE - PARTLY ASSEMBLED in Canada South Bow was spun off by TC Energy, the former Keystone XL promoter, in 2024 to takeover its oil pipeline business. The new pipeline will not use the same route in the United States as an earlier project, which was canceled by former President Joe Biden in 2021. However, some of the Keystone XL pipe that has already been assembled on the Canadian border would be used. The new proposal has been granted a cross-border permit by U.S. president Donald Trump. South Bow CEO Bevin Wizba said on Thursday that the company could not proceed until it had evidence of a "durable" permit, and that it would not be revoked in the future by another administration. TPH Energy analyst AJ O'Donnell said that while the open season was successful in securing?shipper's commitments, there are still lingering risks with the U.S. Permit. O'Donnell stated that "without assurances" that the new U.S. government would not revoke permits in 2029 as Biden did for KXL, it is likely the project will be stalled. South Bow hasn't publicly disclosed the price of its project. However, ATB Capital Markets analysts estimated that it would cost $2.2 billion ($3 billion C$) and could take between two and three years to complete after an investment decision. Canada is the fourth largest oil producer in the world, producing 5.5 million barrels per day. Forecasts indicate that this could rise to 6.1 millions bpd in 2030. Reporting by Amanda Stephenson, Calgary; Arathy Smasekhar, Houston Editing Rod Nickel
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US Travel Group warns that closing Newark Airport to international travel will cost $8 billion per year
The U.S. Travel Industry Group said that the removal of immigration officials from Newark Airport would cause "immediate harm and lasting harm". It could also strand Americans and cost the U.S. $8 billion in annual spending by tourists. U.S. Travel Association reported that U.S. Customs officials process 5,000,000 Americans returning to the United States annually at Newark Airport in New Jersey, near New York City. The group warned that "Americans from all over the country could have their flights to the U.S. canceled or diverted." The group said that "millions of international visitors would face the same disruption and, with the FIFA World Cup just weeks away, the damage done to America's image as a welcoming country would be significant and long-lasting." The group also added that a shutdown could threaten billions of dollars worth of imported cargo. The head of Homeland Security warned on Thursday that the Trump administration may soon stop processing international passengers and cargo at the 'Newark Airport because local law enforcement officials are not helping federal immigration officials up north in New Jersey. DHS Secretary Markwayne Mullin said that local police did not ensure that federal immigration officials were able to enter and exit a New Jersey Detention Center and warned that he would reassign Customs Officials from the Airport. Mullin stated on Tuesday that the Trump administration was preparing plans to stop the processing of international travelers and cargo in major U.S. Airports located in "sanctuary Cities" which have refused to cooperate with a?immigration clampdown. This could effectively stop international air travel at major airports of 'Democratic States,' as millions of tourists are expected to arrive for the start of FIFA World Cup next month. The final will take place on July 19, in East Rutherford (New Jersey), about 12 miles away from Newark Airport. The U.S. Justice Department has published a list of'sanctuary cities and states. This includes many major cities with international airports, including Boston, Denver, Philadelphia, Chicago Los Angeles, New York City Newark, Seattle, and San Francisco. Last year, more than 50 millions international travelers visited the three main New York airports.
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There are some flights to the Middle East that have resumed but there is still disruption.
As regional carriers re-build their schedules following war-related disruptions, some airlines are gradually restoring flights to the Middle East. However, the conflict continues disrupting wider traffic flows. Middle Eastern airlines have increased capacity following severe disruption caused by the Iran War, but many carriers outside of the Gulf still divert Europe-Asia flights to avoid the area. The latest flight information is listed below alphabetically: AEGEAN AIRLINES The largest airline in Greece has cancelled flights between Thessaloniki and Tel Aviv up until June 26. Dubai flights are cancelled until August 31. Erbil, Baghdad and Erbil flights will be cancelled until July 2. AEROFLOT The Russian flag carrier announced that it would resume flights to the United Arab Emirates on June 1. AIRBALTIC AirBaltic, a Latvian airline, has announced that flights to Tel Aviv are cancelled until the 28th of June. Dubai flights are cancelled until 24 October. AIR CANADA The Canadian carrier has canceled flights to Tel Aviv, Dubai and Abu Dhabi until September 7. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv up until the 28th of June. AIR FRANCE-KLM Air France has suspended Tel Aviv flights through June 7. Air France has suspended its flights to Tel Aviv until June 7. KLM suspends flights to Riyadh, Dammam and Dubai until July 12, and until August 2. CATHAY PACIFIC Hong Kong Airlines has suspended all flights to Dubai, Riyadh and cargo services until May 31, and until August 31, respectively. The airline plans to continue all scheduled flights after June. The U.S. carrier plans to resume New York JFK-Tel Aviv flights from September 6 and has extended the suspension of services on the Atlanta-Tel Aviv routes through December 18. The launch of the Boston-Tel Aviv flight, originally scheduled for late October, has been delayed. EL AL ISRAEL AIRLINES All flights to Dubai have been cancelled until 31 May. FINNAIR It has cancelled all flights to Doha until October 2 and continues to avoid the airspaces of Iraq, Iran Syria, and Israel. The airline will only resume Dubai flights in October. British Airways, owned by IAG, has decided to delay the resumption of flights to Dubai, Doha, and Tel Aviv until August 1. It also plans to reduce Middle East flights when they resume and to permanently drop Jeddah from its list of destinations. The airline also plans to reduce the number of flights to?Dubai and Doha as well as Riyadh, Tel Aviv, and Riyadh to just one per day. Iberia Express, the Spanish low-cost carrier of IAG, has cancelled all flights to Tel Aviv until May 31. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until August 1, as well as Doha-Tokyo until July 31. The Polish airline has suspended its flights to Tel Aviv till May 30. The airline has also cancelled its flights to Riyadh up until June 30, and to Beirut between March 31 and June 27. LOT will operate its winter route from Dubai to Riyadh in October. LUFTHANSA GROUP Austrian Airlines plans to restart flights to Tel Aviv on June 1. SWISS, ITA Airways, and Lufthansa plan to resume flights in July. Brussels Airlines suspended its operations until October 24, ITA Airways, SWISS, and Lufthansa will continue to suspend flights until September 13 Until October 24, SWISS, Austrian Airlines, Brussels Airlines, Lufthansa and SWISS have suspended their flights to Abu Dhabi and other destinations, including Amman, Beirut and Dammam as well as Riyadh. Erbil, Muscat, Tehran and Riyadh are also affected. Eurowings, the low-cost carrier, has suspended flights from Tel Aviv to Beirut and Erbil. ITA Airways has also extended its suspension of flights to Riyadh through June 30. MALAYSIA Airlines will resume limited service to Doha on July 2. NORWEGIAN AIR The low-cost airline has delayed the launch of its Tel Aviv, Beirut and Beirut services until June 15. PEGASUS Pegasus Airlines, Turkey's national airline, has cancelled all flights to Iran, Iraq Kuwait, Bahrain, Dammam Riyadh Abu Dhabi Sharjah until June 1. QANTAS Australia's national carrier has added flights to Rome, Paris and London to respond to a surge in demand on European routes. The number of flights to Paris will rise from three to five weekly return flights, and the Perth to Singapore service will go up from daily to ten a week. A new schedule will be implemented gradually for flights starting in mid-April. It will run through late July. ROYAL MAROC Moroccan carrier announced that flights to Doha and Dubai will be cancelled until 30 June. SINGAPORE Airlines To meet increased demand, the carrier has extended its Singapore to Dubai flight suspension until August 2. It also added services on Singapore-London Gatwick (late March) and Singapore-Melbourne (late March to October 24). TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights until June 30, including to Dubai, Bahrain and Erbil. WIZZ AIR Low-cost airlines resumed their flights to Tel Aviv from May 28, but flights to Dubai and Abu Dhabi, as well as flights to Amman in Jordan remain suspended. All flights to Medina have been suspended permanently. (Compiled by Josephine Mason and Jamie Freed. Elviira Loma, Tiago Branao, Agnieszka Olenka, Bernadette HOG, Boleslaw LaSocki, Romolo Tosiani. Matt Scuffham and Alexander Smith edited by Milla Nissi, Susan Fenton, Jonathan Ananda, Milla Nissi-Prussak, and Jonathan Ananda.
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Poland arrests employee of arms manufacturer suspected of spying
Wladyslaw KOSINIAK-KAMYSZ, the Polish Defence Minister, announced on Friday that a PGZ employee had been detained on suspicion of spying for a foreign'state. Poland claims that its role as the hub for military supplies and other goods?to Ukraine makes it a 'target' for Russian spies who are trying to gather information on Kyiv’s efforts to repel Russia’s invasion, as well?as to engage in sabotage. Kosiniak Kamysz reported on X that "On May 27,... the department of military affairs detained a Polish citizen, an employee of a PGZ Group facility, on suspicion of espionage for a 'foreign'state." The district court of 'Poznan' ordered, on May 29th this year, the implementation of preventive measures in the form of a?temporary arrest? for a period?of 3 months. (Reporting and editing by Hugh Lawson; Anna Wlodarczak Semczuk)
Why Americans are paying for unfinished power projects
Unknowingly, millions of Americans finance electric grid projects without realizing any benefits.
According to an analysis of regulatory disclosures, policymakers are allowing utilities to charge customers for transmission lines and power plants long before they have been built. This increases bills for the near future in exchange for the promised savings decades down the line. Incentives are being offered to boost grid upgrades in a time when artificial intelligence data centers demand a lot of power. However, they also increase power bills for businesses and households.
In the past, utilities that wanted to invest in expensive infrastructure projects had to obtain loans from investors and banks, and were only allowed to pass on those costs to their customers once the projects were completed.
These projects can also be financed ahead of time under the Construction Work In Progress (CWIP), a benefit which boosts cash flow for electric utilities and reduces their borrowing costs. These fees can amount to several dollars per household, multiplied by millions of customers.
According to a review involving several thousand pages of rate disclosures from electric utilities, at least 40 U.S. States now offer some form of CWIP incentive. This is twice as many states as a decade earlier, when a study by the economic consultant Brattle Group revealed fewer than twenty states had CWIP provisions.
Until now, there have been no reports on the extent to which CWIP policies spread over the last five years in tandem with the explosion in construction of data centers. Two dozen analysts, industry officials and consumer watchdogs were also interviewed to understand the impact these policies have on the repair and buildout of the grid, as well as the electricity bills for American households.
CWIP policies were used to fund a variety of large energy - and infrastructure projects. These included the Vogtle reactors in Georgia which had significant cost overruns. Another project in Nevada is raising bills for benefits that will be realized decades from now. And a Virginia offshore farm has collected around $2 billion before it even began operations.
The?U.S. After decades of relatively low demand for electricity, the 'U.S. According to U.S. regulators, the electric grid's buffer reserve has become dangerously thin across several regions. This increases the likelihood of rotating blackouts. Grid operators expect electricity demand to increase by more than 2% annually through 2045 after an average annual growth rate of 0.5% between 2009 and 2024.
Reporting indicates that many of the state CWIP policies were introduced only in the last few years as grid tightness increased.
Missouri Governor Mike Kehoe reversed a ban on CWIP incentives in Missouri that had been in place for 50 years to address the rising demand of power from data centres. Arkansas, Kansas Oklahoma and North Carolina all have CWIP provisions in place since 2024.
In a press release, the Governor's?office stated that "Governor Kehoe is convinced CWIP encourages new energy generation and reduces long-term financing cost passed on to ratepayers." Without CWIP, utility bills would increase dramatically when a new plant is brought online. CWIP allows for these costs to be recouped more slowly, reducing the price shocks that customers experience.
The National Governors Association (NGA), which represents state Governors, has stated that it doesn't take a stance on if CWIP would be appropriate for specific states or projects.
Business and consumer groups have criticized?CWIP, claiming that it has increased power costs to fund projects which may not benefit them.
Paul Cicio is the president of Industrial Energy Consumers of America (a trade group representing large manufacturers). "The average ratepayer doesn't know this is happening."
WHY WAIT DECADES for a payout?
According to the U.S. Energy Information Administration (EIA), U.S. electricity prices have already increased by 40% in the last five years in order to pay for massive investments in an aging electric grid. In hotspots such as Virginia, Maryland and Pennsylvania, data center prices have risen double-digits in the past year. Ben Inskeep is the program director of Citizens Action Coalition of Indiana in Indianapolis, a consumer watchdog organization. He said that "huge rate increases have created a massive affordability crisis for electric power." "CWIP incentives add insult to injury for customers."
Utilities, states and other stakeholders say that CWIP incentives can be crucial to kick-starting the types of projects required to shore up the grid and meet the growing demand after decades of underinvestment. They also claim that these provisions will lower the costs for ratepayers in the long run by reducing the financing costs.
According to Berkshire Hathaway's disclosures, NV Energy, a utility owned by Berkshire Hathaway, charges an average customer $4 a monthly to cover financing costs for long-range high-voltage lines that are scheduled to come into service in 2028.
Utility says that using CWIP as a way to finance the project will be cheaper than borrowing money from Wall Street. This will save money for ratepayers.
Mark Garrett, consultant at Nevada's Bureau of Consumer Protection, said that the benefit calculated - as lower rates – could be as low as 0.1%. It would take a half-century to see the benefits. Garrett stated that a ratepayer must stay with the CWIP for at least 52 years to receive any benefit. This means that a 40-year-old average ratepayer will be 92 years old before they see any benefits from the CWIP model.
NV Energy has not responded to messages seeking comment about Garrett's analysis.
According to regulatory disclosures, in Virginia, the state with the largest concentration of data centres, Dominion Energy has already collected about $2 billion from electric customers for a $11.5 billion offshore farm that is still under construction. This amounts to an average monthly charge of around $11.23, which is the peak amount. Dominion executives claim that the CWIP structure is expected to save ratepayers about $2 billion in the 30-year life of the project.
Wall Street analysts have described the capital expenditure by U.S. utilities as a super-cycle of investment that will surpass $1 trillion over the next five year period. According to financial results, utility companies earn a rate of return that ranges between 9% and 12% on their capital expenditures.
Are Georgia's nukes a cautionary tale?
CWIP incentives often come with provisions that protect utilities from delays and cancellations as well as cost overruns. Ratepayers are left to pay the bill, according to Jason Walter, a University of Tulsa economist.
This is a concern because there has been a long history of projects that have failed, were delayed or over budgeted in the U.S.
Walter stated that "if a project - particularly one involving nuclear energy - cannot attract private investment without a government backstop, this is a clear indication that it may not be an economically responsible investment." "Forcing captive ratespayers to serve as a 'bank' for speculative project serves no clear public benefit."
In some cases, the structure has already triggered a public backlash.
Georgia voters ousted two?Republican Public Service Commissioners in November. This was a result of a referendum against CWIP, which was sparked by massive cost overruns on the construction of two Vogtle reactors.
Georgia regulators report that the project was seven years late and cost $35 billion, which is more than twice as much as the initial estimate of $14 billion. Georgia regulatory documents show that households in the state have paid an average of $1,000 in CWIP costs since 2009, as electricity rates rose sharply.
Patty Durand is the director of Georgians For Affordable Energy. She said that Georgia's nuclear quest should be seen as a warning across the nation for the nuclear hype currently underway. "Georgia's ratepayers suffered a severe blow, and any elected officials who support these high-risk projects could suffer the same fate as the two commissioners, who lost their seats, due to consumer anger."
(source: Reuters)