Latest News
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Norfolk Southern and Union Pacific defend proposed $85 Billion Merger
Union Pacific and Norfolk Southern have told an U.S. government agency that they are willing to sell?stakes? in smaller railroads, as part of the $85 billion proposed?merger. The deal will create the first U.S. coast to coast?freight railroad?operator. Union Pacific and Norfolk Southern have said that they will not be able to control the Terminal Railroad Association of St. Louis, Kansas City Terminal Railway or TTX Company following the merger. The railroads, which are owned jointly with other major carriers, are operated by independent management. Union Pacific and Norfolk Southern have said that they will divest their ownership in these smaller lines, if ordered by the Surface Transportation Board. They claim that other major carriers use the smaller railroads to delay or stop the merger, in particular?TRRA. Union Pacific and Norfolk Southern have stated that they plan to complete the transaction in the first half of 2027. The carriers claim that the deal will save shippers approximately $3.5 billion per year, improve service reliability and divert freight away from trucks onto rails, while retaining shipper options, as well as deliver broad public benefits, all while protecting union jobs. Attorneys general in several states, as well as freight shippers, who are concerned about higher rates, raised concerns regarding the merger. Railroads predicted that the new network would take?approximately 2,1 million trucks off of the road. This will result in savings for consumers. The deal could reshape America's freight rail sector, allowing for a more efficient operation and reducing interchange delays at hubs such as Chicago. The opposition to the deal is still active. This includes lobbying efforts from BNSF and Canadian Pacific Kansas City, two major rivals. Donald Trump, who publicly supports the merger, removed Robert Primus from the STB Democratic board, which could oppose the consolidation. He then appointed Republican Patrick Fuchs to the position of chairman. This move was seen as a way for the regulator to be more open-minded about approving the deal. (Reporting and editing by David Shepardson, Sabrina Valle)
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US airline fuel costs rose by $3 billion to $1.5 billion in May
Fuel costs in the?U.S. Fuel costs for?U.S. In May 2025, airlines spent $3.62 Billion on fuel, compared to $6.66 Billion in the same month of this year. USDOT said that the cost of fuel per gallon in May was $4.09 - up $1.88 from May 2025. In recent weeks, jet fuel prices have dropped sharply as tensions between Iran and the United States eased. Fuel prices in April rose by 80%, to $6.5 billion. The price of jet fuel is?down by around 40% compared to their April highs, but the oil price rose on Tuesday more than 2% after reports of attacks against vessels near the Strait of Hormuz rekindled fears of "disruptions" in shipping along the vital energy transit route. The cost of air travel has risen significantly since the Iran 'war' began. However, it is not yet down as a result of falling jet fuel prices. U.S. Airlines raised ticket prices, added bag fees and cut schedules as fuel costs rose. However, these steps offset only a portion of the increase. About 80% of domestic flights in the United States are operated by Delta Air Lines, United Airlines?American Airlines, and Southwest Airlines.
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Sources say that the discount for Urals crude in India has risen to $10 or more per barrel.
Three sources claim that discounts for Russian Urals crude have increased to more than $10 per barrel in Indian ports due to a weaker refinery demand and a large supply of alternative products. Between March and June, Urals traded at a higher price than Brent on its two main markets of India and China. This was due to supply disruptions caused by the Middle East conflict. Sources said that the support for Russian crude has waned, as Middle East producers and Iran have resumed exports. This leaves Asian refiners with a variety of options, as well a cooling in demand. Sources said that Urals cargoes scheduled for delivery in August to India were recently trading at discounts of up to $10 per barrel, which is close to the highest levels seen and comparable to those before the Iran conflict. Two sources claim that weak Chinese purchases - as it increased its oil purchases in the Middle East - have also affected the Urals price. China and India account for the majority of Russia's crude oil exports. As a result of the Ukrainian drone attack on refinery infrastructure, Russia has increased Urals exports to record highs. (Nidhi in NEW DELHI; reporters in MOSCOW, editing by Joe Bavier.)
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Sleepless Ukrainians are wondering when Russia will strike next
Diana Bobrovska, a Kyiv resident, was so worried about a Russian air strike on her neighbourhood following a devastating strike?on Monday she spent a 2nd night "sheltering" with her 2-year old son. The 31-year old said, "Two night without sleep is difficult," standing next to the wreckage of the apartment building that was ripped apart in the attack. "Plus, the nerves -- it's very bad to be honest." Bobrovska, and other witnesses at the scene - where eight victims were killed in their homes – said that they expect strikes to get worse as Russia takes advantage of Ukraine's critical lack of U.S. made interceptors. The air defences failed to intercept any of the 23 missiles fired by Russia in the attack on Kyiv, and the surrounding area overnight. This attack resulted in the death of 25 people. Serhii Beksrestnov, a defence ministry adviser, said on local TV that Ukraine has effectively "run out" of Patriot missiles required to intercept ballistic projectsiles. Volodymyr Zelenskiy, the Ukrainian president, has repeatedly asked allies for more Patriot missiles. He will ask this question again at NATO's summit in Turkey next week. According to data from the air force, in July, only 'four' of 49 ballistic rockets fired by Russia were shot down. In recent months, Russia has intensified its air war against Ukraine as its ground forces struggled on the battlefield while also being attacked by Ukrainians on its oil and military industry. 'IT'S GOING TO GET WORSE' Roman Starostyshyn lives just a few steps from the destroyed building in Kyiv. He recalled that on Monday, a series explosions shook his home and it sounded as though he heard "the smash of a hammer". If the attacks get worse, he said, he might consider moving his entire family out of city. Starostyshyn said that it would get worse before getting better. "I think the darkest period is before dawn and we may still be in for a dark time," said Starostyshyn, a doctor. Vladimir Putin said that he would continue his war despite Russia's increasing?difficulties. Moscow wants Kyiv to cede its eastern 'Donetsk Region' that it has not been able to conquer after four years of war. Donald Trump, the U.S. president, has spoken to both Zelenskiy and Putin. He said on Tuesday in Ankara that he believes the war can be "settled soon". Anastasia Rybak, 32, who is on maternity leave and whose husband serves, was defiant during what she called a "Russian Roulette" of attacks. She said, "You may leave the country but I will not." "Our country is a country." (Written by Dan Peleschuk, edited by Daniel Flynn and Barbara Lewis).
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Canada - 7 July
These are some of the most popular stories in selected Canadian newspapers. The?newspapers have not?verified?all of these stories and?doesn't?vouch? for their accuracy. THE GLOBE AND MAIL BP agreed to sell its share in the Bay du 'Nord offshore project in Canada to partner 'Equinor, as the British energy giant sharpens its focus on opportunities with higher returns. The federal government will invest hundreds of millions of dollars in the 'Teck Resources' trail metals complex in British Columbia in order to increase production of germanium. This is part of a move to strengthen North American supplies of defence metallurgy. Air Canada has again reduced flights to the United States. High jet fuel prices and a lower demand for trips southward are to blame. NATIONAL POST The Bank of Nova Scotia will 'team up with Lightworks Sun Life, and TELUS in order to build and share infrastructure that would help them deploy AI technology more quickly, safely, and at lower costs. (Compiled by Bengaluru Newsroom)
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NATO allies discuss Hormuz tensions and mission with Gulf Arabs
France and Britain are expected to present plans for a multi-national maritime mission in the Strait of Hormuz on Tuesday at a meeting between NATO and Gulf Arab Foreign Ministers. Diplomats, however, say that Iran's refusal of the proposal makes it "unlikely" to break the impasse over this vital waterway. Ministers from Bahrain Kuwait Qatar and United Arab Emirates will meet on the sidelines a NATO summit taking place in Ankara. This follows weeks of tensions along the crucial waterway despite a temporary U.S. Iran peace agreement. SHOWING SUPPORT FOR GULF ARAB NATIONS UKMTO, the United Kingdom Maritime Trade Operations agency, reported early on Tuesday morning that a tanker had been struck east of Oman’s Limah. Axios had reported that Iran's Revolutionary Guards launched at least two missiles against commercial ships transiting the Strait of Hormuz. Maxime Prevot, Belgian Minister of Foreign Affairs, said that before the meeting, "In the Gulf Region, Bahrain, Kuwait and Qatar as well as the United Arab Emirates have been directly targeted by Iranian strikes this spring." "Their stability and ours are inextricably connected." "This goes beyond the Strait of Hormuz, no matter how important it is for Europe's security of energy," he said. TRUMP BLAMES LACK OF SUPPORT FOR?IRAN After the United States and Israel launched a military operation against Iran in February, Iran began blocking the waterway. The passage is still difficult despite the mid-June interim agreement, which keeps shipping costs and global supplies chains under pressure. NATO allies have avoided direct involvement in this conflict and instead focused on plans outside of the alliance to reopen a strait through which a fifth?of the oil supply passes. After arriving in Ankara, U.S. president Donald Trump stated that he would not have attended if it had not been hosted by President Tayyip Erdoan, his friend. He also criticised NATO allies, claiming they were unwilling to support him during his war with Iran. "We were not treated well because of something we did in Iran." We don't want anyone's help. I didn't want their help. "But before I asked they said they wouldn’t be there," said he, pointing at Britain, Italy France and Germany. IRANIAN BACKING IS NEEDED FOR THE FRANCO BRITISH MISSION The European nations said that they did not want to be 'drawn into the war which was launched without their consultation, but were ready to assist in securing the Strait after the War. France and Britain are leading efforts to form a coalition of about a dozen countries that will guarantee safe passage across the Strait once tensions have eased or the conflict has been resolved. However, any long-term agreement would require Iranian consent. Iran has consistently opposed any foreign military presence in the region, using this issue as leverage in its negotiation with Washington. Last week, it dismissed remarks made by France's president Emmanuel Macron that the mission will proceed. A European diplomat claimed that Macron, who is set to arrive in Ankara on Monday after visiting neighbouring Syria as the 'first European head of state, was flexing muscles to make Europe look like an 'allegiant in front of Trump at the summit. The diplomat stated that "but in the end, as long as Iran does not give the green light, everyone is too afraid." Two other diplomats also said that the meeting on Tuesday would be symbolic. In the immediate vicinity, several NATO allies deployed minehunters and other support vessels. Paris and London hope to send an initial mission to the Gulf of Oman. This waterway connects the Arabian Sea with the Strait of Hormuz, and is bordered on three sides by Iran, Oman, and the UAE. A Franco-British statement issued on July 3 stated that "The Sultanate of Oman agreed to work with United Kingdom and France in order to ensure the safety of navigation within its sovereign territorial waterways." (Reporting by John Irish, editing by Andrei Khalip, Alexandra Hudson)
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Israel's Energy Minister touts oil pipeline bypassing Hormuz
Israel's Energy Minister said that the Gulf countries' dependency on oil shipments via the Strait of Hormuz would be'significantly reduced' by a pipeline connecting the Gulf to Europe via Israel. This would also allow them to avoid Red Sea shipping disruptions. After 'the U.S. launched strikes on Iran?on February 28, and Tehran effectively shut the strait, oil prices soared. Prices have fallen since a U.S. and Iran ceasefire, but there are still fears that tensions will rise again. Eli Cohen, Israel’s energy minister, said in an interview at Jerusalem that the Gulf countries don't want to depend on Iran or Houthis in Yemen when it comes to oil exports. "If you build a land route to bypass Iran and the Houthis,?you will do so... The State of Israel is the best option." Yemen's Iran aligned Houthis has?frequently attacked ships in the Red Sea over the past years. The idea of a pipeline through Israel was mooted before, but due to Middle East tensions it never became reality. SAUDI PLAN Saudi Arabia considers expanding the capacity of its crude oil pipeline?to?the western Red Sea Coast, according to sources familiar with the matter. This would allow the kingdom, and perhaps neighbours, to transport more oil, without having to cross the Strait of Hormuz. Cohen stated that Israel already had infrastructure in place with a pipe connecting its Red Sea port city Eilat with the southern Mediterranean city Ashkelon. However, infrastructure would need to be built to connect Arab countries, if they were willing. Cohen told the U.S. that he had proposed a 700 km-long pipeline from Saudi Arabia to Eilat. The oil would then be transported through the 'Trans Israel Pipeline' to Ashkelon and onto oil tankers bound for Europe. Cohen, who is a member of Israel's security cabinet, has praised the U.S. actions in the war against Iran. However, Cohen said that Israel could be forced to act alone if Iran advances its nuclear weapons program. He also expressed his hope for a 'peace deal' with Lebanon. Israel and Iran's Hezbollah reached a ceasefire agreement last month. OIL AND GAS Israel launched on Monday a tender to search for more gas near its Mediterranean coast. Cohen, citing geological data believes that oil may also be present under the gas. However, this requires deeper drilling. He said that alternative energy was a priority, but he also added that solar would account for at least 30% by 2030. (Reporting by Steven Scheer Editing by Alexandra Hudson)
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Cuba struggles to restore electricity to the island after nationwide grid collapse
Cuba struggled to restore power on Tuesday after its national grid had collapsed the day before. This left a?million people still without?electricity throughout the Caribbean island nation. The cause of Monday's blackout, the third in the country this calendar year, is still unknown. Nearly 10 million people were left in the dark over night. Grid operator UNE announced early 'on Tuesday that it had reconnected the central part of Cuba to the grid from the 'western port of Mariel up to Sancti Spiritus Province, but the eastern and western extremities of the island remained off. On Tuesday morning, power was restored to about one-third the Havana capital. However, large swaths of the city were still without power and it was spotty where power had been restored. The latest grid failure comes at a time when the United States has stepped up its pressure on Cuba. They have cut off the island's fuel supply, and imposed severe sanctions as part of a bid by the Trump administration to force a change in Cuba's communist government. Cuba and the United Nations both deemed the Trump administration's measures as a violation of human rights and illegal. Reporting by Dave Sherwood in Havana and Ayose Naranjo; editing by Andrea Ricci
Panama Canal could reduce Neopanamax draft from 44 feet to 44 inches in 2027 according to incoming official
At a Tuesday event, the Panama Canal Authority (ACP), the new administrator, Ilya Espino, said that the ACP could reduce the maximum vessel draft for its largest locks from 44 feet to 44 feet in the summer of 2027 depending on rainfall levels.
She added that the canal does not plan to reduce the number of vessels allowed to transit each day.
As part of its water conservation measures, the authority said that it would reduce the maximum draft for ships transiting through its larger "Neopanamax" locks. The authority informed shippers that the maximum draft would be reduced by 49.5 feet from July 3 to 49 feet on?July 24?and to 48.5 feet in August 15 as part of water-conservation measures.
These measures are part of a water management strategy to protect operations from the threat of El Nino later in this year. The draft restrictions will limit the depth of the water that vessels can sit, forcing some ships to reduce their cargo before transiting the Canal. Espino said that the authority, which is expected to assume the post from?2026-2033, was still assessing the anticipated rainfall levels.
She said: "We need to prepare for the summer of next year." If El Nino impacts rainfall through December we could end up with a situation similar to?2023.
A severe drought in that year forced the canal authorities to drastically reduce the vessel?draft limit and the traffic on the waterway.
The Middle East conflict has caused disruptions to?shipping in the Suez Canal, which have increased demand for a?passage via Panama this year. Espino stated that the canal 'currently handles 36 to 37 transits daily through its locks compared to 40 to 41 transits a few months ago. (Reporting and editing by Elida Moreno, Marianna Parraga)
(source: Reuters)