Latest News
-
Discover Airlines, a subsidiary of Lufthansa, says that fuel shortages in Namibia could affect flights to Europe
Discover Airlines, a subsidiary of Lufthansa, said on Thursday that a temporary fuel shortage could affect its flights to Europe. The airline said that aircraft operating flights to Frankfurt and Munich out of Windhoek were being rerouted through Angola in order to refuel. A spokesperson for the Lufthansa Group said that there was a temporary and local shortage of?fuel at Windhoek International Airport. As reported in local Namibian media, Lufthansa has not responded to the question of whether its cargo freight is also affected by fuel shortages. Namibia Airports Company issued a statement stating that it was aware of fuel supply challenges for the Jet A-1 at the main aviation gateway in the country and that efforts were being made to minimize disruptions. (Reporting by Wendell Roelf, Additional Reporting by Sfundo parakozov, Writing by Nilutpal Timsina and Editing by Alexander Winning).
-
Shein postpones IPO until September 1, according to sources
Shein plans to list its Hong Kong initial public offering on Monday, according to a source with knowledge of the matter. Two other sources also said that Shein is aiming for a September 1 listing, which is slightly later than originally planned. One source said that while September 1 was the "target date", the listing might happen a few weeks later. Last week, it was reported that Shein had hoped to list her company on August 28. Investors' appetite for Shein has been dampened by the slowing growth and increasing costs, as first reported by South China Morning Post. Shein, the online fast fashion retailer, was once seen as a disruptor to established brands like H&M and Zara because of its ultra-low price and rapid supply chain. Shein's valuation is aiming for $26 billion to $27 billion according to a source who has a direct knowledge of the issue. This is a sharp drop from the $100 billion it was valued at in its private fundraising in 2022. Investor?meetings in advance of the IPO began with the company requesting an IPO valuation between $30 billion and $40 billion. Shein did not respond to an inquiry for comment. Reporting by Kane Wu, Helen Reid. Mark Potter and Mrigank Dhaniwala edited the report.
-
Minister: Indonesia denies involvement in the transshipment and trans-shipment of goods as claimed by a recent U.S. government report
Airlangga hartarto, Indonesia's senior economic minister, denied the recent U.S. claim that it was involved in a 'transshipment' of a goods. Here are some details: * Airlangga was referring to the report published by Washington which stated that the U.S. is losing between $19 and $26 billion annually in 'tariff revenue' due to 'goods, mostly originating from China, being transshipped via third countries including Indonesia to avoid U.S. Import duties. * "Indonesia, along with Brazil, Malaysia Thailand, Turkey and Vietnam, has been accused of being a part of a global?transshipment -network. "We deny that these allegations are true," said the minister. * He added that it is "not true" if transshipment from another country?is used for processing here.
-
Shein delays Hong Kong debut until September, SCMP reports
Shein has delayed its Hong Kong market debut until September due to a'slight delay' in accepting investor orders for the IPO of a fast fashion retailer at a lower valuation, according to a report by The South China Morning Post on Thursday. Shein intends to introduce multiple cornerstone shareholders, but most positions will be filled by existing investors, according to the report, which cited sources familiar with the issue. Shein didn't immediately respond to an? Shein did not immediately respond to a? Shein, according to a report on Monday, is aiming 'to launch its long-awaited Hong Kong IPO this week with a valuation of just a 'quarter of the almost $100 billion figure seen?in a stock sale a few years ago. Reports indicate that the firm's IPO valuation will be in the $25 billion range, down from the $30 to $40 billion range that was speculated earlier this month. Shein, founded in China in 2012 is best known for its $5 dresses and $10 denim jeans that are sold to shoppers in about 160 countries. South China Morning Post reported that the company 'intends to begin book-building as early as 'August 24. It originally aimed for the entire IPO to be completed by?the?end of August. The report said that investment banks involved in the deal are considering using their own funds as cornerstone investors. Reporting by Nikita Jino, Bengaluru. Editing by Mrigank Dahniwala
-
LSEG data indicates that France is set to ship rare wheat to Sudan
LSEG data showed that a ship in 'France will be loading '67,000 metric tonnes of wheat bound for 'Sudan in the next few days. This is the first shipment of this kind in 18 years. The data indicated that a bulk carrier would have begun loading at Rouen on Wednesday, before topping off next week at Dunkirk - another northern French port. According to data from the European Commission, France, as the largest wheat producer in Europe, hasn't exported wheat to Sudan since 2008. The traders are watching to see if the importers will look for alternative supplies of grain to 'Russian and Ukrainian' following a severe disruption in Black Sea trade due to an escalation of attacks on ports and ships between Moscow and Kyiv. According to traders, it was not clear whether the French wheat shipment for Sudan would replace Russian or Ukrainian supplies. Russia is still the biggest supplier of wheat to Sudan. According to figures from the central bank of Sudan, in the first half 2026, Sudan imported wheat from Russia worth $341million out of $381million. According to the central bank, Sudan imported 1.3 million tonnes of wheat in the first half of the year. According to the U.S. Department of Agriculture, Sudan's annual exports are expected to reach 2.8 million tons during the 2026/27 season. This will maintain the increase in demand for imports seen since the beginning of Sudan's civil conflict in 2023.
-
Bundesbank: German economy is hampered due to depleted rivers
The Bundesbank stated that the depletion of German rivers is hampering the recovery in Europe's largest economy. The Rhine, and other German rivers are so shallow due to months of dry weather that ships can't be fully loaded. This increases costs and delays transport for cargo owners. The Bundesbank stated that this would likely slow down the recovery of Germany's economy, which will at best grow slightly in this quarter. In its monthly report, the Bundesbank said that "limited transport routes along major rivers and sharply increasing transport costs will likely" significantly impede industrial production and export growth. The Bundesbank's monthly report states that "the low water levels have a noticeable impact on the overall economic activity during the third quarter." The report noted that German industry still had a low capacity utilization rate and that the recent increase in interest rates by the European Central Bank was also dampening corporate investment. The German central bank stated that inflation could temporarily rise further from 2.8% in July. However, the outlook was still dependent on Middle East conflict. It warned?that it was not clear that the conflict would have a second-round effect on inflation through increased negotiated wages. Reporting by Francesco Canepa, Editing by Toby Chopra
-
The Iran War energy crisis has just begun: Bousso
The Iran War has brought the oil refining sector to its knees, indicating that gasoline and diesel prices could remain high for many years. The global energy inflation shock will continue to be felt, whether or not a deal is reached. Oil markets have adapted well to the sudden loss of a quarter of the world's crude oil supplies during the conflict in the Middle East, but the refinery industry has had fewer options. The difference between the crude oil and fuel prices is telling. Benchmark Brent crude is currently around $90 per barrel. Although this is a 25% increase from levels when 'the conflict' began on February 28, the price is still a far cry from the peak of $118. The same has not been true for refined products. Since the start of the war, European diesel prices are up more than 70%. In contrast, U.S. gas prices are up around 60%. This is due to a drastic decline in refinery output. According to the International Energy Agency (IEA), the war has wiped out more than 20 percent of the Middle East’s 9,6 million barrels of refinery capacity per day, and fuel exports are still suppressed because of the Strait of Hormuz closure. Many refiners in Asia were forced to reduce their operations due to the loss of Gulf crude. The strain was then exacerbated by the months-long Ukrainian attacks on Russian energy infrastructure. In recent months, these attacks reduced Russia's refinery throughput to less than 4 million bpd. This forced Moscow to ban the export of diesel in July. Diesel refining margins have soared to record levels in Europe, Asia, and the U.S. Since February, European diesel cracks are now above $75 per barrel. U.S. Diesel margins are up more than 140% and reached a new record of $100 this week. Pre-war fuel stocks have helped to mitigate the crisis, but they are now essentially gone. According to the U.S. Energy Information Administration, global oil stocks dropped at a rate equivalent to more than 3% in demand between March and July. They are expected to continue to decline until the end of this year. U.S. Diesel inventories have reached their lowest level for this time of the year in 30 years, and gasoline stocks are at the weakest seasonal levels since 2012. The disruptions in the global fuel industry have combined to create a gaping hole that the industry struggles to fill. According to the IEA, global refinery runs were 5.1 millions bpd less than a year ago. The high prices have also reduced the demand from businesses and consumers but not enough to offset 'the supply crunch. The demand for refined products fell by a total of 4?million barrels per day (bpd) last quarter, resulting in a deficit of more than one million barrels per day. In the third quarter, it is expected that the balance will continue to worsen. Refinery runs will be down 4.1 million barrels per day (bpd) compared to last year, but demand is only expected to drop by 2.4 million. The geopolitical situations in the Middle East and Russia are fluid, making these projections highly uncertain. Fuel supply is decreasing faster than demand. INFLATIONARY PRESURES What if Washington and Tehran achieve a diplomatic breakthrough that permanently reopens Strait of Hormuz. This would probably lead to a drop in crude oil prices but not necessarily a quick recovery in the refined products market. More than 20 refineries in the Gulf were damaged during the war and many will need extensive repairs. Before the war, lead times for critical equipment, such as compressors, heat-exchangers and specialised catalysers, were already long. A'speedy recovery' is therefore improbable. China's reaction to tightening supply will be crucial. During the war, the world's second largest refinery drastically reduced its processing rate and curtailed exports of fuel. The demand destruction may be greater than expected as businesses and consumers cut back on their spending due to the high energy costs. The urgent need to replenish, and in some instances expand, global fuel inventories will?add upwards pressure to the refining market for many years. This dynamic increases the likelihood of an extended period of energy-driven price inflation in this winter and beyond. Recent inflation data already point in this direction. U.S. consumer prices rose by 3.4% from July of last year, largely due to a 14.7% rise in energy costs. This included a 24.6% increase in gasoline. Euro-zone inflation increased to 2.9% in July, mainly due to a 10% increase in energy prices. In Japan, the producer price index rose by 7.2%. Wall Street economists and analysts still believe that the spike in energy prices will only be a short-term phenomenon, unlikely to affect core inflation. If the crisis in refined products is as severe as current data indicates, this assumption could be overly optimistic. This is particularly true in Europe and Asia where the price of liquefied gas has also risen. Energy prices have risen in the U.S., and current projections for the year are at risk. Donald Trump, the U.S. president who has made lowering costs of living one of the central pillars of his second term in office, seems to have acknowledged this by warning Americans last weekend to be prepared for higher energy prices. The world is experiencing a slow-motion crisis six months after the Iran War began. Fuel market safety buffers have been eroded as inventories are depleted. Meanwhile, disruptions from the war continue straining the already over-stressed refinery system. Just getting started is the energy crisis that will really affect global economic growth. You like this column? Check out Open Interest, your new essential source for 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.
-
Vietnam's foreign ministry says it will constructively address US concerns about transshipment.
Vietnam's Foreign Ministry said that it will continue to address U.S. concerns about transshipment in a constructive manner. Washington had said last week it lost annual 'tariff revenues' of between $19 and $26 billion on goods, mostly from China, which are transshipped via third countries including Vietnam to avoid U.S. import duties. Pham 'Thu Hang, spokesperson for the Foreign Ministry in Hanoi, said at a regular Hanoi press conference: "We will...continue to engage...in dialogue regarding U.S. concerns in a positive manner and consistent the Vietnam-U.S. Comprehensive Strategic Partnership." She said: "This will 'help to maintain the stable, mutually benevolent growth of economic relations and trade between the two countries and... at the same time, contribute to a wealthy, transparent,?investment, and business environment in Vietnam." Reporting by Phuong nguyen, Writing by Khanh Vu, Editing by David Stanway & John Mair
Sources say India is considering low-cost loans to help renewable energy projects that have been affected by the power restrictions.
Four industry sources said that India may offer low-cost loans for'renewable energy producers' to compensate them for the losses they have suffered because of inadequate transmission infrastructure.
According to official figures, the?transmission?network of this South Asian nation has been unable to keep up with the growth in renewable energy, especially solar. Solar represents 162 gigawatts or almost a third its total power generation capacity. Sources said that India's renewable power developers had lost around 45 billion rupees (470.21 million dollars) since February 2025 due to limited infrastructure.
One source said that in some cases, up to 70% of power generated by renewable energy projects cannot be added to grid.
Sources spoke under 'condition of anonymity' because they weren't authorised to speak publically?on this issue.
A request for comment was not immediately responded to by the federal ministries of finance and?power. India, the third largest solar power producer in the world, has cut its output by 14% or 8,133 Gigawatt Hours between April and Juni.
Sources said that the ministry of power was looking at low-interest loans with long terms of 7 to 8 years as compensation for producers.
The government is reportedly discussing the plan with energy companies and determining which projects qualify for compensation.
Sanjeev Aggarwal is the?founder and executive chairman of Hexa Climate which develops renewable project. He said that his company has experienced curbs, without providing details, and that it raises financial problems.
He said that lenders need to have confidence in the future generation when they are calculating debt. If curbs are frequent, and not compensated for, this would result in higher costs of capital.
The rating agency ICRA estimates that approximately a third of India's newly-commissioned 54.8 GW clean energy capacity is being evacuated via temporary transmission by May 2026.
(source: Reuters)