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NATO announces $50 billion worth of arms deals at Ankara Leaders' Meeting
Defense companies from NATO member countries gathered in Ankara for an industry forum held in conjunction with the annual summit of the alliance. Officials touted over $50 'billion worth of defence procurement and industrial deals as allies tried to demonstrate their commitment?to bolstering a military budget. Some announcements are based on firm contracts or procurement plans while others are'subject to further negotiation, approvals, or future developments. These agreements are made as European allies continue to be under pressure from U.S. president Donald Trump, who wants them to shoulder more of the defence burden for their alliance. Here are some of the recent deals that have been announced: SAAB Swedish defence company Saab announced that NATO would begin formal negotiations to acquire up to 10 GlobalEye aircraft for airborne early-warning and control. Micael J. Johansson, CEO of the company, told reporters that deliveries could begin as early as 2030. The final price would be between $400 and $450 million for each aircraft. LOCKHEED MARTIN RHEINMETALL Lockheed Martin signed a Memorandum of Understanding with Rheinmetall on Tuesday, committing to?jointly manufacture ATACMS ballistic missiles in Germany. This would be the first time the missile was manufactured outside of the United States. Separately the United States 'will establish a maintenance facility in Europe to maintain Lockheed Martin’s advanced PAC-3 missile for air defence, U.S. Michael Duffey, the Undersecretary for Defense, said Tuesday. Washington is not ruling production abroad out, Duffey said, though it's not clear where the facility is located. The UK Ministry of Defence announced that it will spend $254 million on Lockheed Martin’s long-range Precision Strike Missiles. First deliveries are expected to take place in 2027. The UK may join its current partners Australia and the U.S. in further developing the missile. NORTHROP GRUMMAN NATO - Secretary General Mark Rutte announced that allies would buy five Northrop Grumman MQ-4C Triton drones for high altitude surveillance. Norway, Finland Germany and Denmark signed a letter committing to the purchase. AIRBUS NATO's Secretary General Mark Rutte announced that the alliance will expand its A330 MRTT fleet by one aircraft and launch a fleet of Airbus A400M strategic airlift planes. ISAR AEROSPACE German Rocket Maker Isar Aerospace has signed a contract to?build and utilize a dedicated launchpad for its Spectrum rocket in Spaceport Nova Scotia (east Canada) with Canada's Maritime Launch Services. ACCENTURE, LEONARDO The IT consulting company Accenture and the Italian defence company Leonardo have signed a contract worth about 200 million euro for a seven-year period to design and run a "secure NATO communication network". GERMANY, U.S. Germany and the U.S. have agreed to purchase Raytheon Tomahawk cruise'missiles from the U.S., and station them in Germany, Chancellor Friedrich Merz said on Thursday in Berlin. This removes uncertainty about the future of this programme, after President Donald Trump announced in May that he was reducing the U.S. Military presence in the country.
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Ukraine's top prosecutor: No signs that Kyiv is behind Nord Stream explosions
Ukraine's Deputy Prosecutor-General denied Kyiv's role in the 2022 explosion of the Nord Stream Gas Pipelines and suggested forming a joint investigative team with Germany. Germany suspects Ukrainian state entities are behind the explosions. The explosions occurred months after Russia invaded Ukraine in February 2022. They damaged the Nord Stream 1 pipe, a crucial route for?Russian exports of gas to Europe. In a press release, the Prosecutor's Office said that, according to the findings of the investigation, there was no evidence that Ukraine or its officials or officials had been involved in the explosions that occurred in the Baltic Sea in September 2022, or that Ukraine or its officials issued any orders related to the events. It said that the investigation was not complete and evidence needed to be gathered and examined. German federal prosecutors accused a former Ukrainian officer of being a coperpetrator in the explosions. They said he acted on behalf of an unspecified Ukrainian entity. Serhii K. was arrested in Italy in August and transferred to Germany in Nov. He has denied all charges. According to the prosecutor’s office, Ukraine will try to'set up a joint investigative team with German authorities to enable a prompt exchange of information and continue to work with them. German prosecutors claim that Serhii?K., a Ukrainian army officer who was active in 2022, worked with other military personnel on the plan and execution of pipeline attacks, which were designed to disrupt gas supplies and cut off funding for Russia's war efforts.
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Ukraine claims it has hit more Russian fuel tanks as the Crimea campaign intensifies
Ukraine's military said on Thursday that Ukrainian drones had hit 12 more Russian tankers in the Sea of Azov overnight. This was the latest of a series of strikes aimed at disrupting the fuel supply to Russian forces, and isolating the Moscow-occupied Crimea. General Staff of the Ukrainian military said that the vessels were used for the supply of fuel to the Russian army and to transport oil products and petroleum products to circumvent international sanctions. The report added that both a tugboat as well as a dry cargo ship had been hit. According to the Ukrainian defence ministry, the strikes brought the total number of vessels that were?targeted? in the Sea of Azov or the Black Sea during the last four days up to?36. The list included 32 Russian "shadow fleet" tanks and two dry cargo ships. The ministry stated that "they all tried to deliver fuel to Crimea". On Thursday, the regional governor of Russia’s Rostov Region said that two tankers were attacked by Ukrainian drones on the Sea of Azov. Moscow has not made any further comments. Ukraine intensified its attacks on Crimea's logistics and energy infrastructure over the past few weeks. This has contributed to fuel shortages, prompting the authorities to declare "a state of emergencies" in this peninsula that is a key hub for Russia’s war effort. The campaign is a potential pressure point for the oil markets. They are already focused on the risks of disruptions to supply in the Gulf, and the safety of the key maritime trade routes. Robert Brovdi, Kyiv's top?drone commander, spoke to? In an interview with?
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Source: Air India chairman to oversee firm with interim panels; CEO search continues
According to a source with direct knowledge of the matter, Air India Chairman N. Chandrasekaran will set up an interim committee, which includes himself, to oversee the airline while it searches for a replacement for CEO Campbell Wilson. Former top civil aviation ministry officials Pradeep Singh Kharola and Ajay Kumar will be included in the committee. According to the source, one of the goals of this panel is to maintain continuity at Air India during Chandrasekaran’s tenure as chairman Tata Sons, which is still pending. Tata Sons, the Tata Group's?principal holding firm, controls Air India, with 75% of the shares, while Singapore Airlines holds the remaining 25%. A second person who has direct knowledge of the situation said that Wilson, a New Zealander by birth, will be out on notice at the end of September. Sources cited in the article have requested anonymity because they are not authorized to speak with media. Previous reports indicated that Air India commercial head Nipun Aggarwal and Singapore Air executive Vinod Kanan were the leading candidates to succeed Wilson. Wilson announced his resignation in April after almost four years at the position. The Economic Times reported earlier that Chandrasekaran has set up an interim committee to run Air India as the CEO's appointment is expected to be?delayed by a few month. The Economic Times reported that Aggarwal's proposed appointment as CEO was opposed by several people, including Tata Trusts chairman Noel Tata. Tata Trusts is the owner of approximately 66% of Tata Sons. Tata Sons and Air India did not respond immediately to an email seeking a comment. Air India Express and its budget-friendly subsidiary, Air India, both recorded record losses of over $2 billion during the last fiscal. Air India is under intense scrutiny following a series?of safety?lapses, and the Boeing?Dreamliner accident in Gujarat, India last year, which claimed?260 lives. Air India has been hard hit by the Pakistani airspace ban and U.S./Israeli war against Iran which have increased fuel and operational costs. (Reporting and editing by Thomas Derpinghaus; Abhijith Ganahapavaram)
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Norway's oil service workers strike results in production losses of 2.4 millions barrels of oil-equivalent, according to an industry group
Offshore -Norway, an industry group, said on Thursday that a strike by oil service workers has resulted in historical and future production losses for operators worth 1.6 billion Norwegian crowns (approximately $163.62 million) this year. About?1,000 Norwegian Oil Service Workers were locked out in late June as a result of a?strike being carried out by several hundred members from Norway's Safe Union. Offshore Norway reported that five mobile drilling rigs and five fixed offshore installations, as well as?one well-intervention vessel, had suspended all drilling and well-operations. It also said that four inspection, maintenance, and repair (IMR),?vessels, were affected. The production losses continue to increase and are expected to reach 120,000 barrels equivalent of oil per day by mid-July.
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Wall Street Journal, July 9,
These are the most popular?stories from the Wall Street Journal. These?stories have not been?verified' and we cannot?guarantee? their?accuracy. Jeff Bezos’ Blue Origin wants to bring in outside investors for first time. The company is aiming to raise 10 billion dollars through a funding round, which would value the rocket manufacturer at $130 billion before the investment. China has said that it found "security vulnerabilities" in Anthropic’s Claude Code. This is a step up in tensions with the U.S. in the race for artificial intelligence supremacy. Apple plans to spend more than $30 billion in a deal with Broadcom, which was reached this week. The chipmaker will also expand its factory?in Colorado. JPMorgan Chase has set its sights on deals with small companies for the next phase of growth in investment banking. Anko van der Werff will be the next CEO of Air Canada. A court of appeals has ruled against a lawsuit that alleged Hudson Bay Capital had violated securities laws to make more than $300 million in short term?profits by trading Bed Bath & Beyond stocks before the home goods retailer filed for bankruptcy in 2023. (Compiled by Bengaluru Newsroom)
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Modi calls for 'historic' Australia-India cooperation in nuclear energy, critical minerals
On Thursday, Prime Minister Narendra Modi stated that India's relationship with Australia offered "historic" opportunities for the two countries to collaborate in areas such as nuclear energy and renewable energy, critical minerals, and green hydrogen. Modi suggested that Australia's capital, technology and resources might help India accelerate its energy transition. He also signalled a possible collaboration in low-carbon aluminum projects. After arriving in Melbourne late Wednesday night, he spoke at an Australia-India Economic Roadmap business event. Both countries are looking to strengthen their economic ties. India is interested in Australia's uranium resources to help achieve a target of 100 gigawatts by 2047, while Australia wants to diversify its trade away from China, which it considers its "top partner". Modi told Australian businesspeople that they have a historic opportunity to work together in the field of infrastructure. He urged them to invest in long-term projects in India's roads, ports, rails and urban infrastructure. He said that India is a good option for investors who want to grow their money in a way that's safe, stable, and sustainable. AustralianSuper, Australia's largest retirement fund, announced on Thursday that it would invest an additional A$500m ($347m) in India's National Investment and Infrastructure Fund. The Australian Financial Review reported on Wednesday, that an agreement on uranium imports to India might be finalised. Although both countries signed a nuclear agreement in 2014, the uranium trade has been restricted due to concerns over ensuring that nuclear fuel is only used for peaceful purposes such as energy production. After meeting Modi, Anthony Albanese called him a "living link" between Australia, India and Australia, stating that Modi's vision helped to reshape Australia's engagement in India's economy. Both leaders will meet for formal discussions later Thursday. Around?1million Australians claim Indian ancestry. India is Australia's 5th largest trading partner, after China, Japan and the U.S. Modi is expected to meet thousands of Indian expatriates at an event on Thursday night in Melbourne's largest stadium. Australian media reported that security has been tightened around the stadium following reports of protests. The Indian leader held large-scale events on his overseas trips. He has addressed stadiums packed with Indian expatriates in Britain, America and other countries. On his last Sydney visit, three years ago, thousands of fans crowded into one of the city's largest indoor stadiums. Modi arrived in Australia following a visit to Indonesia where he signed several deals, including one for the BrahMos Cruise Missile System. He will depart for New Zealand Friday afternoon, before returning to India. Reporting by Melanie Burton and Renju José in Melbourne, and editing by Sonali and Raju Gopalakrishnan.
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Two more Guatemalans plead guilty to the smuggling death of 55 migrants.
On Wednesday, two more Guatemalans pleaded guilty to human smuggling in Texas. The charges stemmed from the December 20, 2021 crash of a truck that killed 55 out of the 160+ migrants who were crammed inside. Jorge Agapito Ventura (34),?who?was arrested in Texas on December 20, 2024 and Oswaldo Manuel Zavala Quino (26), one of five co defendants extradited to America the following year, face a maximum sentence of life imprisonment. According to a press release from the U.S. Justice Department, Sentencing has been set for October 6. In their guilty pleas in Texas federal court, both admitted that they conspired with others to smuggle unaccompanied children and adults from Guatemala into the United States via Mexico. Charges stem from a similar operation where an estimated 166 migrants were?packed into a tractor trailer rig which overturned and slammed against a bridge abutment in Chiappas in Mexico on December 9, 2021. The accident resulted in the deaths of 55 migrants, including a girl of 16 years old, and the injuries of dozens more. Surviving migrants said that they were crammed into the trailer compartment with such force, most of them could only stand. The video footage shows bodies scattered around the crash site. Federal authorities describe the incident as one of recent history's deadliest smuggling tragedies. Mexican officials said at the time that nearly all of?the victims were Guatemalan. Authorities in Chiapas said that among the injured were three Dominicans, a Honduran and a Mexican. Three of the four Guatemalans who were extradited into the United States in this case pleaded guilty in similar charges - one in April, and two in last month. The charges?against?the sixth defendant are?still pending. In a press release, Assistant U.S. attorney general A. Tysen Duva stated that "these defendants worked together in order to exploit?vulnerable persons by breaking immigration laws of this nation with deadly consequences following." (Reporting and editing by Shri Navaratnam in Los Angeles)
US power companies scramble for equipment to meet the surge in demand from data centers
The demand for critical grid equipment, such as transformers, is increasing across the U.S. This has led to a shortage of these items, which in turn increases costs and delays, and forces utilities and developers into placing orders well in advance.
Transformers - which are used to increase or decrease electricity voltage - have been in short supply for the past five years, when demand started to rise faster than supply because of COVID-19 related lockdowns.
Experts say that the rapid expansion of AI infrastructure is further reducing supplies. The lead times, which is the time between an order and delivery for high-voltage converters, have increased from around one year in 2020 or 2021 to several years.
Ben Boucher is a senior analyst at Wood Mackenzie and said that the most important concern for developers today is equipment availability.
He said that while large power transformers face the greatest shortages on the market, data center construction is driving demand for circuit breakers and other switchgear. These items are expected to experience greater market deficits.
The power industry is struggling to bring more equipment online in order to meet the accelerating demand for data centers and lower prices.
Federal regulators, for example, ordered grid operators last month to investigate new protocols that would quickly connect data centres and other large energy consumers.
LONG WAIT, HIGHER PRICE
According to an analysis by Wood Mackenzie, the U.S.'s data center capacity will reach 110 gigawatts in 2030, up from 24 GW today. This means that electric vehicles would consume eight times as much electricity over this period.
The consultancy firm? said that the share of data centers in the electrical equipment market would increase to 40% under scenarios with accelerated growth, up from just 2% by 2020.
According to Boucher, the lead time for generator step-up-transformers will exceed 160 weeks by the first quarter 2026. This compares to an average of only 143 weeks between 2024 and 2026. For high-voltage breakers, the lead time climbed to 125 week in the second half last year compared to just 77 weeks from 2023.
Prices are also rising due to the surge in demand. The cost of transformers could rise by 4% up to as much as 10% in the next 12 months, depending on their type.
Although long-term agreements for supply can ease the burden, they "don't solve everything," according to Louis Finkel. Senior vice president of Government Relations at the National Rural Electrical Cooperative Association.
ADVANCE BUYING OF EQUIPMENT 5 YEARS IN ADVANCE
Utility companies and developers responded to the challenge by buying equipment in advance, refurbishing transformers that are older, asking their customers to pay upfront for equipment with long lead times and diversifying their sourcing.
California's Roseville Electric Utility, according to CEO Dan Beans used to purchase equipment for projects that were a year away, but now operates on a 3-year timeline in order to secure all the supplies they?need.
He added that because the waiting period for large transformers used in?substations has exceeded three years, the utility purchases equipment for projects it knows will be completed five years ahead of time.
Miska Pukkila is the senior manager for strategic sourcing at Wartsila?Storage. She said that developers are increasingly sourcing multiple suppliers from different geographies to ensure they are not dependent on a single manufacturer or region, and lock in deliveries through long-term contracts.
Beans said that as the shortage of transformers became more acute, suppliers who bid to sell to Roseville Electric Utility began to shift overseas. About three-fourths (74%) of their bids are now from countries such as China or South Korea.
He noted that domestic?suppliers typically quote longer lead-times and higher prices than their overseas competitors.
According to Pukkila, in some cases utilities and developers offer more favorable payment terms or pay upfront to secure earlier production slots, and shrink lead times.
Utility companies and industry will look to reduce long lead times for equipment, as well delays in projects like the queues to connect the grid, by delaying the retirement of power plants, as well expanding the domestic manufacturing capacity.
(source: Reuters)