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Dutch court rejects Glencore's bid to purchase back a logistics unit at a discount
The Dutch court rejected Glencore’s bid to buy back Access World Group, its former logistics unit through a private transfer. Opponents said that the price proposed was too low. According to a ruling of the Amsterdam District Court dated July 2, which was released last week, Glencore, a London-listed company, could not transfer Access World Shares?to Tironimus. Hearing was held on 21 May. The court stated that Glencore did not demonstrate that a public auction was harmful. The court added that Tironimus might participate as a bidder at a public sale that could also identify other potential buyers. Glencore sought court approval under Dutch law for a private transfer of shares to Tironimus. The court found that the proposed transfer of shares to Tironimus posed a real risk of conflict of interest. The company refused to comply, citing concerns about the previous sale process, the valuation of the transaction and the potential for a conflict. Glencore has declined to comment. Questioned about VALUATION Global Capital Merchants Limited (based in British Virgin Islands) bought Access World in 2022 from Glencore for $176.7 millions. Glencore initially provided GCM a vendor loan of $100 million to help finance the purchase. This was later increased to $140 millions. The court stated that the sale 'process' was not sufficient to prove the market wouldn't pay more, because the company hadn’t fully disclosed the process. Also, the pool of bidders seemed limited. GCM did not?make the repayment due in January of 2023. According to a court document, by March 31, 2026 the total amount owed was $108.9 million, plus about $20.3 millions in interest. The court also questioned the valuation underlying the proposed sale. According to two sources, Glencore's Vantage Valuation valued the equity at $51.4m. GCM was not available for comment. (Reporting and editing by Susan Fenton; Pratima Dasai)
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UAE: Iranian missiles hit oil tankers in Strait of Hormuz and one sailor was killed
Two Emirati oil tanks were hit by Iranian cruise missiles, killing one Indian crew member and injuring eight others, according to the United Arab Emirates Ministry of Defence. This is the latest incident in this strategic waterway. ADNOC L&S, the shipping arm of Abu Dhabi National Oil Company, confirmed that Mombasa B (VLCC) and Al Bahyah had been struck by a missile while transiting Hormuz. Both vessels sustained "significant damages". Last month, it was reported that the UAE state oil company ADNOC had been one of the most active participants of a U.S.-led military operation to transfer Gulf crude to international buyers via ship-to-ship transfers (STS), beyond the Strait of Hormuz. U.S. Central Command has not acknowledged STS transfers but said that on July 12, it had helped more than 800 vessels transport 400 million barrels through the Strait of Hormuz over the previous two months. The UAE defence minister said that the tankers were attacked in the southern lane while in Omani territory waters. It said that the crew member who died was aboard "the Mombasa". Four of the eight injured were severely wounded. The ministry reported that six of the injured were Indians and two Ukrainians. Both tankers were damaged by the attacks after fires started on board. The ministry stated that the fires were under control. The UAE has "the full right to respond" to the escalation. The Islamic Revolutionary 'Guard Corps (IRGC), said on Tuesday, that two supertankers "offending" had been disabled in the Strait of Hormuz. They were hit after ignoring multiple warnings and turning off navigation systems. The IRGC statement did not mention the vessel names or if it was referring the same tankers cited in the UAE Ministry of Defence. The statement accused the U.S. of "inciting" vessels to take an illegal route and stated that cooperation with "aggressor enemies" would only lead to damage, delays for reopening of the Strait of Hormuz, and a global energy shortage. Separately the United Kingdom Maritime Trade Operations said on Tuesday that a fuel tanker was hit by a projectile unknown while traveling 40 nautical miles northeast from Qalhat, Oman. The UKMTO reported that the tanker's captain reported that the projectile had struck the engine room on the starboard side and that all crew members were safe. It was not possible to verify immediately whether the UKMTO's report referred the same incident that had been reported by the UAE Ministry of Defence. The recent incidents on the waterway follow weeks of increased tensions after the war began on February 28 when Israel and the U.S. launched attacks against Iran. On Monday, the U.S. Military carried out strikes for a third night in a row against Iran as President Donald Trump reinstated his blockade of Iranian ships and proposed charging a 20 percent fee to guard Strait of Hormuz. Iran's top military command has said that the U.S. will not be allowed to interfere in the future of this waterway. Iran has attacked U.S. bases across the region. The conflict has destabilised and spread throughout the Gulf. The conflict has also called into question a U.S.-Iranian interim agreement signed last week to reopen and cease hostilities in the Strait of Hormuz. Before the conflict started in February, approximately a fifth (or 15 million barrels) of all oil and gas transported to the global market was delivered through Hormuz. This fuel is worth more than $1.2 billion.
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BHP workers will strike after failed talks, says union
A spokesperson for the Combined BHP Ports Union confirmed that hundreds of BHP Port Hedland iron ore workers will be laying off their tools on Thursday after workers and 'their elected representatives' failed to reach an agreement with the company. Port Hedland, a major artery for BHP, is where it routes $80 million worth of iron ore every day. This action was the largest at BHP in at least 30 years, as unions aimed to gain a foothold in Australia's Iron Ore Regions. The union spokesperson said: "Today, workers at BHP and their elected representatives held a five-hour session of bargaining... no agreement was reached." Workers and their representatives intend to continue with the protected industrial action that has been notified for Thursday, 16th July. After six months of failed negotiations, the unions called for an eight-hour stoppage on July 16 after they could not reach agreement over terms for a 4-year labour contract. The action will run from 2 pm to 10 pm (0600-1400 GMT). BHP, citing positive?progress made on Tuesday, said that it was "?disappointed" the unions had decided to continue with their planned industrial actions on Thursday. It added: "As we do with all potential disruptions in our business, plans are in place to ensure that operations can continue safely." The union added that the parties would resume their?negotiations? on Tuesday, 21st July. BHP will announce its quarterly results this Thursday. Reporting by Melanie Burton, in Melbourne and Shivangi lahiri, in Bengaluru. Editing by Janane Venkatraman and Niveditarjee Bhattacharjee.
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Documents show that China's ICBC wants to return four 737 MAX aircraft leased by SpiceJet.
Two Irish companies owned by the leasing arm of the Industrial and Commercial Bank of China have asked the Indian aviation regulator to deregister the four Boeing 737 Max aircraft leased to SpiceJet. The notices were made public on Monday by the regulator. They are a test for a law that India passed last year to make it easier to "repossess" aircraft by lessors. Sky High LXXX Leasing Company Ltd, Sky High LXXVIII Leasing Company Ltd did not explain why they wanted to be deregistered. Corporate records show that ICBC Financial Leasing is the parent company of the two companies. ICBC is the largest lender in the world by assets. ICBC Financial Leasing didn't immediately respond to our request for comment. SpiceJet, India's fourth largest airline, has reduced its flight schedule and grounded planes. It also delayed the salaries of many of its pilots. SpiceJet is now seeking financing under a government-backed loan scheme to stabilise their operations. A source with first-hand knowledge of the situation said that the airline had received 1,5 billion rupees (15.60 million dollars) through the government's scheme, and hoped to receive an additional 3.5 billion in the next few days. SpiceJet didn't respond to an inquiry about funding. Also reported, at least two aircraft lessees have served the airline with payment default notices this year. SpiceJet stated that the four aircraft ICBC wanted to deregister had been grounded due to manufacturing issues with 'the high-pressure turbochargers in their engines. SpiceJet's spokesperson said that de-registration would eliminate the lease rental costs for assets that had been non-operational over a long period. The airline added that it wouldn't have any impact on its?operations. Planespotters.net, an aircraft tracking website, only lists 11 of SpiceJet’s 53 aircraft as being in service. SpiceJet shares have fallen nearly 63% from the beginning of the year. InterGlobe Aviation, owner of India's largest airline IndiGo, has seen its shares rise nearly 1% in the same time period.
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Italy's Genoa Bridge collapse trial is nearing its first verdict eight years after the incident.
Andrea Cerulli was driving his car to work in the port of Voltri on the western edge of Genoa when the Morandi Motorway Bridge collapsed under him. He was one of 43 people who died in the worst infrastructure disaster in Italy in years. Cesare Cerulli, son of Cerulli, has spent the last eight years completing high school. He also passed his final exams, and will be starting university in the fall. When his father died, he was only 10 years old. He is now an adults. Cesare, along with dozens of relatives of victims, will return on July 16 to Genoa's courtroom to hear the first instance verdict of the case over the collapse. This follows 284 hearings over a period of almost four years. The case is both a'search for accountability and a symbol for the slow pace in which justice is delivered in the complex Italian criminal process. COLLAPSE AT THE END OF A NATIONAL HOLIDAY In Italy, the collapse of an motorway bridge at the end of a holiday on the eve was a shock and sparked years of investigation into the management of aging infrastructure. The accident sparked a dispute that led to the sale of Atlantia's controlling interest in the motorway operator Autostrade per l'Italia. On trial are 57 defendants including former managers and executives of Autostrade, Atlantia as well as engineers from Spea's maintenance subsidiary and former officials in the transport ministry. All defendants have denied any wrongdoing. Genoa prosecutors requested prison sentences of up to 18-1/2 year for the most serious charges. Many lesser charges such as the forgery of documents are already barred by time. Families of victims have endured a long wait. Cesare said, "I was building sandcastles on the Calabria beach with my friends that morning." His mother only told him about his father's death after his return to Genoa. He said, "I never got to say goodbye." He says that despite approaching adulthood, revenge thoughts have never entered his mind. He said, "It's right that justice be done for me, everyone, and our country." What went wrong? The trial revolves around the question of what caused the collapse of the bridge. The prosecution claims that the collapse was caused by years of poor maintenance, ignored warnings and delayed safety works. They claim that important work had been postponed, while profits were generated and distributed. Defense lawyers reject this theory. Defence lawyers reject that theory. Over almost four years of proceedings, the opposing viewpoints have been heard. The trial began in July 2022, and involved extensive testimony and technical evidence. Slow Pace of Case Francesco Pinto said the length of the case reflected the complexity of the evidence as well as broader issues within Italy's penal justice system. Pinto said that the trial was a "symptom" of the structural crisis in criminal proceedings in Italy. He added that the appeals trial would take at least 18 months and the final verdict of the Supreme Court of Italy, another year. Giovanni Paolo Accinni is a lawyer representing?former Atlantia Chief Executive Giovanni Castellucci. He offered a different interpretation. Accinni claimed that the delays were largely due to the decision of the prosecutors to carry out extensive technical pre-trial examinations into the causes of the collapse. The defence argued that much of this work had to be repeated during the trial, which lengthened proceedings. Legal arguments are less important to relatives than getting a clear answer from the court. Egle Possetti is the spokesperson of a committee that represents victims' families. She said: "If responsibility is not clearly defined, we as a nation have a serious issue." (Reporting and editing by Keith Weir, Emilio Parodi)
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Norwegian Air Shuttle announces a larger-than-expected quarter loss
Norwegian Air Shuttle, a budget airline, reported a larger-than-expected operating loss for the quarter on Tuesday. The increase in fuel prices and the Supreme Court of Norway's decision regarding ETS obligations from 2020 were to blame. Norwegian's result was a dramatic reversal of its performance a year earlier, when it had made a profit?of 1.25 billion crowns during the period April-June and announced that it would pay its first ever dividend. Norwegian's operating losses were 603 million Norwegian crowns (about $61.7 million) in the second quarter. This was higher than the 517 million crowns loss that analysts expected. Budget airline booked a one off?733million crown loss in June after the Supreme Court of Norway rejected its appeal regarding 2020 EU emission obligations that it claimed it couldn't meet while it was under reconstruction. Flight cancellations and disruptions have been caused by the U.S. and Israeli war against Iran, and the blockade of Strait of Hormuz. The conflict has caused the disruption to continue, even though some airlines have started resuming flights. Norwegian 'Air's unit costs, or the average cost to fly an aircraft seat, increased 6% over the past year -to 0.76 crowns during the third quarter. The airline has hedged about 55% of its estimated jet fuel consumption in 2026, and approximately 25% for 2027. Norwegian said that the overall market condition remained good. The number of tickets sold was higher than the same period last year despite a "softer" demand for the summer season. Reporting by Vera Dvorakova, Gdansk. Editing by Matt Scuffham.
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China's oil imports in June hit near 10-year-low amid Iran war
China's crude imports in June fell by?41.3%, to the lowest level for almost a decade. This was due to a drop in refinery run rates due to a weak domestic market and export restrictions on refined oil products. Customs data on Tuesday showed that China imported 29.27 millions tons of crude oil, or 7,12 million barrels per days, in June. This is the lowest level since October 2016. After oil imports fell to an eight-year low?in May, the slump continued into June, with imports dropping by another 12%. According to Vortexa, the ship tracking company, China's seaborne crude oil imports were around 6 million barrels per day in June. Imports from the Middle East also hit their lowest level in 10 years, and Iranian oil imports dropped 40% month over month to less than 800 thousand barrels a day. According to Chinese consultancy Oilchem, in June, China's crude distillation units had an utilisation rate of 57.72%. This was down by 3.28 percentage points from the previous month, and 13.09 percentage points on a year-on-year basis. "Refinery runs rates were probably near a decade-low, due to weak domestic demand and restrictions on refined oil products exports." If refined products are loosened, run rates may see a partial recovery," said Emma Li at Vortexa. The oil market is also considering the permanent loss in demand from China due to the sharp drop in fuel consumption following the oil price spike. China's massive electric vehicle fleet suggests that it can live with less oil. Natural gas imports also rose 3.7% on an annual basis to 10.9 millions tons in June, according to data from Customs. Natural gas imports fell 3.4% in the first half?2026 to 57.45 millions tons from the same period last year. The data does NOT separate LNG from gas piped across the land. In June, China exported 4.36 millions tons of refined oil products. Export restrictions in March were imposed to protect domestic supplies amid the Iran War. This resulted in a 13.2% drop year-on-year. 1 ton = 7.3 barrels of crude. (Reporting and editing by Thomas Derpinghaus, Sonali Paul and Lewis Jackson)
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Typhoon Bavi causes severe flooding, forcing more than 260,000 people to evacuate
Typhoon Bavi, which caused a lot of flooding in northeastern Liaoning Province, was the most powerful storm that hit Mainland China this year. Authorities said that heavy rain will continue through Tuesday with some areas experiencing extreme downpours. Bavi is bringing tropical moisture northward and creating a flow of humid air to northern China. Videos posted on Chinese social media show a 'lighthouse' in Shenyang (the provincial capital of Liaoning) severing its high-voltage electricity line, drifting along the?main roads, and even crossing under a bridge. All schools and training institutes have been ordered to suspend their classes. Transport services in the northeastern cities, including Shenyang, Jilin and others have also been severely disrupted. Bavi formed 13 days ago in the Pacific Ocean, covering an area as large as France. Even though it made landfall in China's eastern provinces on Saturday, its structure was largely intact on Monday. This makes Bavi the longest-lasting tropical storm in Asia-Pacific this year. Chinese meteorologists claim that Bavi's long-lasting nature is due in large part to the fact that its warm core has been preserved exceptionally well. This allows Bavi to retain a lot of moisture even as it churns towards the Korean peninsula. When 'Bavi', which is currently a tropical storm, begins to slow down and release the moisture it has been holding, heavy rains are expected. (Reporting from the Beijing newsroom, writing by Farah Masters; editing by Stephen Coates).
Firefighters fight Fontainebleau forest blaze near Paris as two are arrested
At least two people were arrested on suspicion of starting the fire in a forest near Paris.
Laurent Nunez, Interior Minister, said on Monday evening that "it is not under control." The main fire in Fontainebleau, and a second one that began nearby on Monday afternoon, had scorched over 1,300 hectares (3.212 acres).
Nunez said the fire was only a few kilometers away from the Palace of "Fontainebleau", which explained the deployments of significant resources, such as water-carrying aircraft and helicopters.
Canadair's aircraft skimmed across the River Seine on Monday to fill up their fuel tanks in an attempt to contain a fire that had turned the skies black.
The 'fire', which was only 70 km (40 miles) from Paris forced the closure the A6 highway connecting the capital to Lyon and the South. Other smaller fires also caused disruption to high-speed trains in the region.
Around 900 people have been evacuated.
Nunez stated that the Fontainebleau fire is contributing to what will be likely a historical year for France's fires, as 32,000 hectares have already been burned this year. This is more than 2025.
He said, "We'll likely have a record year." We expected this due to the major drought.
Europe is experiencing its third heatwave this summer. High temperatures and tinder-dry foliage are fueling fires in France, the Iberian Peninsula, and other parts of Europe. Scientists say that climate change makes wildfires more common and harder to fight.
Nunez stated that 59 people were arrested in France on suspicion of starting fires throughout the country. He said that half of the people arrested were adults, and half were minors. Some of them had been repeat offenders. (Reporting and editing by Kevin Buckland; Gabriel Stargardter)
(source: Reuters)