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Siemens strengthens rail technology portfolio by acquiring MERMEC, an Italian rail company
Siemens announced on Thursday that it has purchased the core 'business' of Italian rail technology company MERMEC in order to strengthen its -rail portfolio and gain a market -access to Italy. In a press release, the German engineering company said that the parties had 'agreed' not to reveal the financial details of the transaction. Two people who were familiar with the transaction estimated the deal to be worth 1.2 billion euro ($1.40 billion). Michael Peter, Siemens Mobility CEO, stated in a statement that by combining MERMEC’s technical expertise and market-access with Siemens Mobility’s global?presence, and technological leadership, they are strengthening their capabilities in diagnostics and asset intelligence, as well as signalling capabilities. The deal would support the digitalisation and modernisation of Italy's national rail network, it was added. Siemens said it expected revenue synergies to be worth more than 400 million euro per year in the medium term and 500 million euro per year in the long run, according to investor slides. MERMEC is based in Monopoli, a southern Italian town near Bari. It's owned by Angel Holding and its Chief Executive Vito Prontosa. The slides showed that in 2025 the group would have revenues of more than?430 millions euros. 75% of the revenue came from Italy and the core profit margin was 17%. Pertosa stated in the statement that he pursued the deal for health and family-related reasons and that it would help grow the company and create new jobs. Siemens Mobility will acquire MERMEC employees worldwide (1,700) as well as their sites and industrial capabilities. This includes a site in Matera that is set to be a hub for diagnostics of the future. The deal is expected to close by the end the year. Reporting by Alexander Huebner and Giulia SEGRITI in Rome, and editing by Joe Bavier and Gianluca Semeraro.
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Guardian reports that UK's Rayner has been cleared by the tax authority.
The Guardian reported that Britain's former deputy prime minister Angela Rayner was cleared of committing a 'deliberate act of wrongdoing in her tax affairs. She said she wanted to "play her part" in any challenge against Prime Minister Keir starmer. Senior members of the ruling Labour Party have lined up to challenge Starmer. Rayner, however, was unable to run for the leadership until she settled a tax controversy that led to her resignation last year. Rayner said in an interview with The Guardian that she may run for the position if there were a contest. She added, "I will play my role". She said that Starmer "should reflect on" his decision to step down. The Guardian reported that Rayner settled for 40,000 pounds ($54,000.00) of unpaid stamp duty ($54,064.00), after initially paying at a lower rate. However, he has not paid any penalties as a result of this investigation. According to the report, HMRC also confirmed that there was no tax evasion. A spokesperson for HMRC declined to comment because of the law protecting taxpayer confidentiality. Rayner is one of Labour's most recognizable figures. She resigned from her roles as deputy premier, deputy Labour Party Leader and housing secretary after she admitted that she unintentionally paid a lower?tax on a purchase. When asked by The Guardian if Starmer would resign she replied: "Keir must reflect on that." Starmer has so far refused to resign, despite the fact that more than 90 legislators have called for him to do so after a 'drubbing' in local elections. Wes Streeting, the Health Minister, is expected to resign and challenge Starmer to be leader on Thursday. $1 = 0.7398 pounds (Reporting and editing by Jacqueline Wong, Paul Sandle and Rhea Abraham in Bengaluru; Kate Holton and Rhea Abraham in London)
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Russia pounds Ukraine in massive air attack, killing 1
Officials reported that Russia had pounded the Ukrainian capital Kyiv and several other areas in a massive air attack on Thursday. At least one person was killed, while dozens were injured. The first combined drone and missile barrage after the brief ceasefire brokered by the United States came just hours after Moscow launched hundreds of drones during a daytime assault that killed six. Officials in Kyiv reported that one person was killed and several dozen injured during the overnight attack, which Prime Minister Yuliia Shvyrydenko claimed?targeted residential buildings and civilian infrastructure. The State Emergency Service posted images of rescuers searching through the rubble to find survivors in a collapsed apartment block. Mayor Vitalii Klitchko stated that?11 people have already been saved. Andrii Sybiha, Ukrainian Foreign Minister said that the attack during U.S. He wrote: "There shouldn't be any illusions or wishful thoughts. Only pressure on Moscow will force him to stop," he said on X. "I'm certain that the leaders of the United States, and China, have enough influence over Moscow to convince Putin to end the war." Oleksiy Kulba, Deputy Premier of Ukraine, stated that the strike on Thursday night also affected railway infrastructure and ports located in southern Odesa. According to the Ukrainian Air Force, Russia's barrage consisted of 675 drones as well as?56 missiles. The majority were shot down by air defences. It reported that 38 hits were recorded in 24 different locations. The fighting between Russia and Ukraine has now lasted for five years despite a U.S.-backed peace effort that has failed to produce any concrete results. (Writing by Ron Popeski, additional reporting by Gleb Garanich, Anna Voitenko; editing by Christian Schmollinger and Himani Sarkar.)
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Maguire: Russia's boosted energy exports can cushion the blow of the Iran war.
Russia, despite its heavy sanctions and isolation from the international community, is quietly playing an important role in protecting global commodity markets against the full impact of war with Iran as well as the collapse of energy exports in the Middle East. Russian LNG exports have reached record levels so far in 2026. Meanwhile, the country's crude oil and thermal coal shipments have also increased to multi-year records to offset some of the?record-large declines from Middle East producers. The growth in?Russian energy exports this year is small compared to the increase in energy exports by the United States. This has led most assessments of the energy market balance to overlook it. The share of Russia in global exports from year to date of crude oil, liquefied gas and coal has reached its highest level in many years. This provides far-flung customers with vital energy supplies at a time when global markets are in chaos. The set-up is uncomfortable for policymakers who have to acknowledge that the same player that disrupts energy systems in Europe also acts as a stabiliser globally and helps limit energy shortages on key markets. GROWTH SPURT The U.S. government temporarily loosened sanctions against Russian crude oil and refined oil products. It wanted to ensure that major oil importers would have alternative options for purchasing oil after Iran had blocked shipping through the Strait of Hormuz at the beginning of March. Shipping data from Kpler shows that Russian exporters have taken full advantage of this reprieve. They increased LNG volumes by 12.3% compared to the previous year, reaching a record 13,4 million metric tonnes during the period from January 1 to May 11. The total Russian crude oil and condensate shipments increased by about 2 million tons, or 2.2%, from a year earlier to 91.3?million tonnes. This was the highest amount for this time period since 2023. The Russian thermal coal exports grew by 3% between January 1, 2025 and May 11, which was again the highest amount shipped during this period. SHARE SWELL Kpler data indicates that the higher volumes helped Russia to increase its share in global energy products exports this year. In the first five months of this year, Russia exported 8.4% of all global LNG. This was the highest share since 2022. The 16.2 million ton drop in LNG exports in the Middle East has overshadowed the 1.5 million ton increase in Russian LNG exports compared with 2025. The Russian cargoes, added to the 9,2 million tons of LNG exported by the U.S. in this year have helped soften the blow caused by the Middle East turmoil, and limited the price increases on global natural gas markets. Spot LNG prices in Asia, the region that imports most LNG, have fallen by almost $10 per million British Thermal Units since March when they reached a three-year high. This is due to the steady increase in global LNG exports in recent weeks. The global oil market has also been affected by the increased Russian supply, which posted its first annual increase between January and May 11, 2023. ACCOMMODATIONS ARE AWKWARD The increased Russian energy exports are dampening the crude, LNG, and coal markets. However, they also generate vital revenues for Moscow, even though Russia is still isolated from international communities following its invasion of Ukraine 2022. This highlights the dilemma faced by policymakers who want to reduce Russian influence in Europe as punishment for warring in Europe. Russia has weathered the sanctions of the West pretty well in recent years. This is mainly because it diverted shipments away from Europe's major markets to Asia's fast-growing ones. The rerouting of cargo has ensured that Russia's oil, coal and LNG remain staple ingredients of the global energy diet even though the location of consumption has changed. Many major energy product consumers will be grateful that Russia has remained strong. A more dramatic drop in Russian energy production and exports would have led to a?more acute tightening of the market in the aftermath of the Iran War. The fact that Russia is still a major energy exporter also highlights the harsh reality of the market. In times of turmoil on the energy markets, buyers will look to anyone who can provide the molecules they need, no matter how well-known or respected their country may be among other nations. Exports act as a pressure valve in key energy markets. They limit price spikes, and damage to price-sensitive economies. If the valve was completely shut off, there could be even greater shortages on the market and higher energy prices. These are the opinions of a columnist who writes for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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The deceptive calm of the oil market will not last.
Physical oil is at the center of the storm, a calm that deceives after the initial panic to deal with the largest oil crisis in history. China's dramatic reduction in purchases has cushioned the blow of the Iran war so far, and U.S. exports have surged. This delicate balance could not last long, as the peak season for demand is approaching. The crude oil market is surprising calm, despite the sudden loss of nearly 20 million 'barrels of Middle Eastern Oil per day, or about a fifth of global supply, after Iran closed the Strait of Hormuz, shortly after the start of joint U.S. and Israeli airstrikes on February 28. This is because a large part of the world still has to adjust in a complicated, fragile way to ensure adequate supplies. Exports from the U.S., and other producers in the Atlantic Basin have increased dramatically. This has helped to fill a large part of Middle Eastern demand. China deliberately reduced its purchases, and other countries have been reducing their inventories in a rapid manner. This unexpected availability has eased the pressure on prices. Physical Brent crude oil is currently trading at around $110 per barrel, well below the peak of its crisis. This balancing act, however, is not sustainable. The oil market could enter a more dangerous phase as the closure of Hormuz is likely to continue for several weeks, despite the sputtering efforts to achieve peace. SUPPLY CRUMBLING The initial reaction to the Middle Eastern shortage of oil in the?hardest-hit regions' was to cut consumption. Asia, where 60% of oil was sourced from the Gulf until February, took the brunt. Refiners closed down units and governments implemented energy-saving measures. Emergency reserves were also released in large quantities. According to Kpler Shipping Data, Asian crude imports fell in April to just?18.7 million bpd. This is a sharp drop from the average of 25 million bpd expected in 2025. Refiners were forced to find alternative feedstock in far-flung places, primarily the U.S.A. and Latin America. This shift has fundamentally changed global trade flows. According to Kpler's estimates, U.S. oil exports by sea reached a new record of 8.55 million barrels per day in April, and will likely surpass 10 million in May. This cements America's position as the largest oil and natural gas producer in the world. The wave of emergency purchases drove up physical oil prices in March and April. As refiners competed to secure limited supplies, crude oil from the Atlantic Basin reached a record-high of $150 per barrel. Due to the long distances involved with shipping oil from these areas to Asia, there is a delay of up to 8 weeks between purchase and delivery. This means that replacement barrels have only just arrived. This, along with the dramatic drawdown of global crude inventories helps explain why the prices on the physical market have dropped significantly in recent weeks. CHINA FACTOR China is another key player that has contributed to easing the global scramble. After the Iran War broke out, China, the world's biggest oil importer, drastically reduced its crude purchases. Kpler reports that from a near record of 11.5 millions bpd seaborne imports in February, shipments dropped to 8 million in April, and will drop even further to 6.9 million in May. This is the lowest level for nearly a decade. In May, Chinese refiners largely avoided the market. They refused crude from Saudi Arabia and resold refined products from West Africa. This behaviour indicates that China's oil exports will continue to be low well into the summer. Beijing's vast oil stockpiles were estimated at 1.3 billion barrels in February, which is roughly equivalent to four months worth of imports. China does not provide detailed information on its oil reserves, which makes it difficult to determine how aggressively the country has used its reserves. The International Energy Agency reported that China's above ground crude stock fell by 7,000,000 barrels in march, marking the first drop in six months. The Paris-based agency does not have visibility into oil stored in underground caverns. China's unique situation is highlighted by the 27% increase in Asian imports between April and may, when excluding China. Kpler predicts that U.S. exports to the region will nearly double from 1.1 million barrels per day in April to 2 million barrels per day in May. DANGER ZONE The relative calm of today should not be misinterpreted as a new equilibrium. The world's oil stocks are rapidly depleting as the Hormuz Crisis enters its 12th week. According to the IEA, global inventories have dropped by 246 millions barrels, which is equivalent to 4 million bpd. Refiners will also be looking to increase their supply in the near future, ahead of the crucial summer season for fuel consumption in Northern Hemisphere. Politics could impede the U.S. surge in exports. Gasoline prices could rise sharply if the U.S. inventory shrinks and summer demand increases. The Trump administration has denied any claims of oil export restrictions, but that could change once American consumers start feeling the pinch. Overall, the market response to the "Hormuz" shock is a testament of the flexibility and depth?of the global petroleum system. The shock absorbers thin out with every passing day that Hormuz is blocked. The economic impact of this conflict will become more evident as summer approaches. Ron Bousso is a columnist at. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Hantavirus risks to US public remain low, CDC states
The risk of hantavirus spreading to the general public is very low, according to the U.S. The Centers for Disease Control and prevention has over 100 staff working on this outbreak, a government official said on Wednesday. Please know that we are here to safeguard your health. Dr. 'David Fitter', incident manager of the CDC hantavirus response said that based on the current information the risk to the general public is low. Dr. Brendan Jackson is the CDC's team leader in Nebraska. He said that the CDC was conducting public health assessments in Nebraska where 16 out of 18?passengers? from the cruise ship affected by a hantavirus epidemic?were flown and?quarantined? on Monday. The group was aboard the MV Hondius - a luxury expedition ship that has been linked to an outbreak involving the Andes Virus, the only hantavirus known to have a limited 'person-to person' spread. Hantaviruses are usually spread by rodents. Medical clearance was given to a passenger, who was quarantined with others after being placed in Nebraska biocontainment on Monday because he tested positive for the 'hantavirus. Officials at a press briefing said that the passengers are being tested for hantavirus in U.S. medical facilities. 16 of the passengers were at the University of Nebraska Medical Center, and two others at Atlanta. One of the passengers is experiencing symptoms.
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'Miraculous:' 11 survivors of plane crash rescued off Florida
All?11 passengers aboard a private plane that crashed in the sea near central Florida'survived' and were rescued by a u.s. rescuer a few hours later. Air Force Reserve Team, U.S. Coast Guard officials and Air Force officials announced on Wednesday. At a press conference held a day following the crash, Air Force Major Elizabeth Piowaty (commander of one of the aircraft that was involved in the rescue) told reporters: "It's pretty miraculous for all of those people to have survived." The plane that crashed, a twin engine turboprop with 11 adults aboard, was about 80 miles away from Melbourne, Florida. It activated an emergency locator which the Coast Guard picked up. The Coast Guard reported that Piowaty’s HC-130J Combat King II was already airborne during a training flight when the search began. Her crew joined the 'operation' immediately. Major said that her team found the life raft as a storm approached and dropped a package containing food, water, and extra flotation for the survivors to survive until rescuers reached them. At the briefing, Air Force Captain Rory Whipple recalled that the survivors had been on the raft "for about five hours" and they looked distressed, both physically and mentally. Officials said that the?survivors were ultimately hoisted to safety and flown to Melbourne Orlando International Airport to receive medical treatment by a crew of a hovering helicopter dispatched from an Air Force Reserve base near Melbourne. Whipple stated that the crew managed to get all 11 survivors in the helicopter using nine hoists. They completed the rescue within five minutes before they would need to refuel the helicopter mid-air. Officials from the Air Force and Coast Guard said that they did not have immediate information on the severity of injuries or the medical condition of survivors. The Coast Guard reported that the aircraft had suffered a 'engine failure'. According to the Bahamian authorities, they were investigating the cause of the accident. The Coast Guard reported that the plane had left Marsh Harbour, Bahamas and was heading to Freeport on Grand Bahama Island. This distance is about 100 miles. Reporting by Steve Gorman, Los Angeles; editing by Jamie Freed
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Brazil's Amaggi acquires 40% stake in corn ethanol producer FS
FS is a 'leading corn ethanol 'producer' in Brazil. The agribusiness company Amaggi agreed to purchase a 40% stake, the companies said on Wednesday. This marks the agribusiness' entry into a rapidly growing industry that's gaining ground over sugarcane based biofuel. The deal, whose value wasn't disclosed, will support FS growth plans. FS operates three plants in the Mato 'Grosso area, which have a combined annual production capacity?of 2.5 billion liters of ethanol. According to the Sugarcane Industry Union (Unica), corn ethanol represented 27% of the total production in the Center South region for the harvest 2025/26. In a joint statement, the companies stated that they expect "significant synergies to be achieved" in areas like corn origination and optimization, logistics, and exports. Amaggi's CEO Judiney Carrvalho said that the operation was part of an?industrialization strategy and vertical integration of its operations. Amaggi, a company that specializes in?the trade, production, transportation, and processing of grains?will be a shareholder with Summit Agricultural Group, based in the United States. Bruce Rastetter said that the partnership brings together "two companies who have strong synergies between their operations." The deal is still subject to approval. It was submitted to Cade on Wednesday. (By Leticia Fukuchima and Roberto Samora, Sao Paulo, Edited by Matthew Lewis.)
BlackRock's GIP joins forces with Temasek and Abu Dhabi heavyweights in order to secure infrastructure deals worth $30 billion
BlackRock's GIP partnered with Singapore's Temasek, Abu Dhabi's L'IMAD and state oil company ADNOC in order to launch a partnership aimed at $30 billion of investment across the 'Gulf' and Central Asia.
The partnership will raise both equity and debt capital for investments in greenfields and brownfields infrastructure assets, including those within the energy, transportation and logistic sectors.
The firms did not disclose a timeline for fundraising or equity split between the founding partners.
The announcement brings together one of the largest alternative asset managers in the world with some of the most active infrastructure investors from the region. BlackRock acquired GIP in 2024, in a deal valued at around $12.5 billion.
The 'Iran War' has caused a global shock and disruption in business in the Gulf Cooperation Council.
Last month, it was reported that additional lenders were working to sell a $7 billion stake in Kuwait Petroleum Corporation’s crude oil pipeline system. Meanwhile, Saudi Arabia’s Aramco signed a $11 billion infrastructure deal with a GIP led consortium for its Jafurah project.
The partnership also reflects the continued interest of global investors in the UAE and wider region as destinations for long-term investment, supported by strong macroeconomic foundations, a pipeline of investable opportunities, and an increasingly mature investing landscape, said Chia Song Hue, CEO at Temasek Global Investments.
This week, a $15 billion investment pipeline has been announced in Abu Dhabi to attract private financing for infrastructure projects.
Jassem Bu Ataba al?Zaabi, managing director of L'IMAD and CEO, said: "Infrastructure is a key component of our investment strategy. This is especially true in markets with strong structural trends."
L'IMAD has become a global investment powerhouse with assets estimated at $300 billion.
(source: Reuters)