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India's largest factory hub cancels airport project worth $2.86 billion and looks for alternative sites
Tamil Nadu, India's leading manufacturing state, has canceled plans to build a second airport in its capital, Chennai, according to its chief minister. This is despite calls from industry for increased?aviation capability? Chennai is India's Detroit. It hosts the factories of Hyundai, Renault, Apple suppliers Foxconn, and Tata Electronics. Chief Minister Joseph Vijay said that the state had identified alternative locations which will have a significantly lower impact on agricultural land. Vijay ended in May a decades-old duopoly between?two major political parties. The previous government received approval from civil aviation to build an airport near Chennai at a cost estimated at 274 billion rupees. Farmers had opposed the project. The consultancy Colliers had said that the airport would stimulate demand for air cargo warehousing, manufacturing facilities and industrial parks nearby. Ravichandran Purushothaman, chairman of the southern region of the Confederation of Indian Industry, said that it is important for the government to quickly finalise a new site and give priority to the project in order to "support Chennai's rapidly growing industrial, manufacturing and service sectors." According to a federal government statement made a year earlier, Tamil Nadu was responsible for the largest share of manufacturing and?factory employment in India. State government plans to upgrade an existing terminal, which currently handles 30 million passengers per year, and build a new terminal. Tamil Nadu has signed a total of 674.52 billion rupees worth of investment pacts, including with Saint-Gobain, Indian jeweller Titan, and U.S. computer maker Super Micro Computer. $1 = 95.72250 Indian Rupees (Reporting and editing by Mrigank Dahaniwala in Chennai)
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Uniper, a German gas importer, signs a 15-year deal with Equinor in Norway
Uniper, a German company, has signed an 'agreement' to import from Equinor more than 30 Terawatt Hours of gas per year starting in 2027. The companies announced the agreement on Monday. This deal reinforces Norway's role as Europe's largest economy's main supplier. The agreement, which is equivalent to approximately 2.8 billion cubic meters of natural gas each year, will run until 2041 and represents nearly 3% of Germany's annual imports of gas. According to the network regulator Bundesnetzagentur Norway supplied 44% Germany's imports of gas. This is a significant increase from Russia, which had been the leading supplier before Moscow cut all energy ties with Europe after its invasion of Ukraine. Uniper has signed a contract with Equinor to diversify their supplies. This follows an agreement with Canada, as companies look to boost energy security following shortages linked to the Iran War. After signing the deal in Stavanger (Norway), Uniper CEO Michael Lewis said, "For us, it's really, really important that our portfolio is rebuilt." He added that the agreement couldn't have come at a better time. When you consider the turmoil in the energy market over the past few years, we must diversify our sources of energy. Lewis stated that different suppliers would use different routes. LONG-TERM GAS DEMAND Lewis and Equinor CEO Anders Opedal both stressed the importance of Norwegian energy supply for European security. Opedal, a spokesman for?, said that the agreement sends a clear signal to European industry about the demand for Norwegian gas in years to come. He said, "This is the contract that will last until the 2040s." They also said they would increase their cooperation on projects that produce less carbon dioxide, but did not give any further details. Lewis stated that gas will?remain as a necessary fuel for Germany to transition away from coal. He argued?that increasing gas use near-term could reduce emissions and support longer-term goals of decarbonisation in combination with carbon capturing technology. Sources have previously said that Equinor was among the 'parties interested' in state-owned Uniper. Berlin is seeking to divest from Uniper after saving it during Europe’s energy crisis of 2022. Opedal refused to comment on whether Equinor expressed an interest in the stake. (Reporting from Christoph Steitz and Nora Buli, in Frankfurt; editing by Thomas Seythal, Louis Heavens and Louis Heavens).
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Consultancy says Ukraine's exports key grains fell 11.4% during the week ending August 19.
APK-Inform, an agriculture consultancy, said that the Black Sea ports were blocked, causing a drop in weekly exports of key grains to Ukraine. This was 188,200 tons. The Russian missile and drone attacks on vessels and terminals in the Odesa port hub have effectively stopped operations since the end of July. APK-Inform reported that the?exports consisted of 119,300 tonnes of?wheat and 51,900 tonnes of _corn, as well as 17,100 tons barley. The report by the consultancy stated that "Trading of key grain crops is expected to remain subdued because of security risks in Black Sea ports, and due to limited export routes." Last week, the country's Agriculture Ministry?said that Ukrainian grain exports had?declined?by almost 69% year-on-year so far in August. Ukraine and Russia have intensified their attacks on each other's logistic facilities. Both sides attacked e-commerce warehousing and Ukraine's petrol stations were heavily targeted during the summer. (Reporting and editing by Alex Richardson, Susan Fenton, and Pavel Polityuk)
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The crash of a coach carrying German students in high school in the Netherlands
Dutch police reported that a?coach? carrying high-school students from Germany crashed early Monday morning in the Netherlands, causing eight injuries. The injured were taken to hospital. In a post posted on X, the police department in Gelderland Province?stated that "some of the victims taken to hospital are seriously injured." The accident also caused minor injuries to other?people. A police spokesperson said that the coach, which was carrying more than 50 passengers, "crashed" near Wezep (about 100 km east of Amsterdam) at around 4 a.m. A collision with a delivery van, whose driver was among the injured victims, caused the accident at 0200 GMT. After the accident, both directions of the A28 were closed. Reporting?by Bart Meijer, Inti Landauro and Alex Richardson; editing by Lincoln Feast & Alex Richardson
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Maguire: High gas prices will test the endurance of US LNG exports.
U.S. LNG manufacturers have shipped record volumes of super-chilled fuel in 2026. However, rising natural gas prices could soon reduce demand. Data from LSEG show that the prices of key forward gas and LNG in Europe, Asia (which together account for more than 80% U.S. LNG shipments) have risen to their highest levels in'more than three years. The ongoing war between Israel and the United States against Iran has disrupted freight traffic in?the?Gulf, and cut LNG flows from key exporter Qatar by over 60% compared to last year. The ongoing?U.S. Exporters will soon see a softer market, as buyers delay purchases due to high freight costs and seasonal decreases in gas consumption. PRICED OUT According to LSEG, the estimated forward price for LNG deliveries in Asia is expected to rise to over $22 per million British Thermal Units (MMBtu) by October, November, and December. This compares with an average of under $17 per MMBtu in 2026, so far. It would be the highest price seen in Asia since 2023 at the beginning of the year when the global gas market was reeling due to Russia's invasion and disruptions of Russian gas flow. Gas purchases in Japan, China, and South Korea will likely be lower until utilities restock their gas supplies as winter approaches. LSEG data indicates that gas consumers in Europe can expect to pay a benchmark price of $21.50 to 22.50 per MMBtu at the Netherlands Gas Trading Hub from October to December. This would be the highest rate since?late 2012, according to LSEG. The European gas market is showing signs of a slowdown. The use of renewable energy is replacing gas-fired electricity, and households are electrifying their heating systems to reduce fossil fuel usage. Similarly, European gas stocks remain below long-term norms, which means utilities will have to replenish their stockpiles in order for heating demand to pick up. Recent import trends indicate that buyers are not in a hurry to purchase additional LNG at the current price. According to Kpler's data, Europe imported a total 6.2 million tons of LNG during July. This is the lowest total for July since 2021. The slow pace of imports suggests that buyer concerns about fuel prices currently outweigh those regarding potential supply security. EXPORTER PERSPECTIVE The prospect of a near term lull in demand from importers will not cause concern for U.S. LNG suppliers, particularly with the record-breaking?tallies that have already been recorded for the first 7 months of the year. Kpler data show that U.S. companies exported just under 73 million tonnes of LNG between January and July. This is a 23% increase from the same period in 2025. It is possible that prolonged periods of high gasoline prices in certain key markets could?accelerate the electrification effort and the switch to alternative energy sources. The cost-sensitive markets of Asia, which also has a rapidly growing?renewables?generation and a strong growth in battery storage systems, are likely to be the most affected. Storage operators may be discouraged from making discretionary purchases if natural gas prices are high. They will not want to fill up tanks if prices are high, in case the demand is low through the winter. This could limit their reselling options. The LNG exporters should also be aware of the planned increases in export volumes. Several liquefaction expansions are expected to take place in the U.S.A. and Canada before the end of the decade. The majority of these planned expansion projects have been approved on the assumption that gas consumption in all markets will continue to grow in tandem with supply. Gas prices may be high enough in certain regions to reduce local 'demand' and speed up energy transition. Exporters will face fierce competition to find buyers regardless of the amount they have to sell. These are the opinions of a columnist, who is also an author. This column is great! 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. (Reporting and editing by Christopher Cushing; reporting by Gavin Maguire)
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Southeast Asia's budget airline sector is aiming for recovery, but fuel scars remain
Southeast Asia's budget airlines hope the worst fuel crisis from the Middle East is behind them, but they face a "difficult" second half due to margin pressures and strained household budgets. AirAsia, Singapore Airlines and Cebu Pacific's latest quarterly results show that attempts to recover fuel costs by raising fares failed. AirAsia, Cebu Pacific and Scoot all reported losses. Scoot saw its operating loss almost double. The results revealed a strain at the core of the low-cost airline model. Fuel costs are higher than full-service airlines but the price-sensitive nature of passengers leaves carriers with less room to raise fares without reducing demand. The weakened dollar against the?Malaysian Ringgit, Thai Baht, Indonesian Rupiah, and Philippine Peso increased fuel and aircraft lease costs, which are usually priced in U.S. dollars. Mike Szucs, CEO of Cebu Pacific, said in a recent earnings call that the second quarter had been "the most challenging operating environment Cebu Pacific faced since the pandemic." Another executive stated that the airline's fuel costs had more than doubled compared to a year ago, with the impact being magnified by the 8% depreciation of the peso. Cebu Pacific hedged 30% of its fuel requirements for the third quarter at less than $120 per barrel in order to ensure near-term security. Nathan Gee is the head of Asia-Pacific Transportation Research at BofA Global Research. He said that full-service airlines were better protected due to a?strong demand for premium passengers after the pandemic. He said that budget carriers are less likely to benefit from the pandemic because they offer more basic products and have smaller loyalty programs. Betting on a Fourth-Quarter Recovery AirAsia has prepared for a slow third quarter. It says that this is the weakest period for regional travel. AirAsia plans to reduce seat capacity in the third quarter by 20 to 25 percent compared to last year, return 25 older planes to lessors between 2026-2027 and suspend the Sydney-Kuala Lumpur flight from October. This is part of a larger network recalibration. Bo Lingam, CEO of the airline, said in a press release that it was adopting a "deliberate and tactical approach" in order to protect the bottom line. Jet fuel prices averaged $183 per barrel during the second quarter. AirAsia recorded an $82 million net loss on foreign exchange. Lingam stated that the airline anticipates restoring capacity to prewar levels in fourth quarter with forward bookings in line with last years. Scoot continues to increase capacity, as the demand is strong. Scoot's passenger unit costs rose 21.7% during the three-month period ending in June. This pushed its operating loss from S$17 to S$32, despite higher fares. Scoot would have had to fill all seats to cover its operating costs, compared to an actual load of 90.6%. Calvin Chan, Scoot's Chief Commercial Officer, said that the airline's fare adjustments have not completely offset the higher fuel prices. The Middle East conflict continues to cloud the future. Gee? said that a decline in fuel costs would not only ease immediate pressure on airlines but also encourage them to compete more aggressively with fares and restore capacity. He said that intra-Asian routes are particularly vulnerable because the supply of narrowbody aircraft is recovering faster than widebody jets. This additional?capacity may not be enough to meet the weaker demand. Brendan Sobie, an independent aviation analyst, said that the middle class in Southeast Asia could be unable to travel during the peak season and for the remainder of the year due to tight budgets. He said, "The short-term prospects are rather bleak." While there is some hope for improvement in the fourth-quarter, it's too early to tell.
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Low river levels have a negative impact on the Ok Tedi copper mining company in Papua New Guinea
Ok Tedi Mining in Papua New Guinea is evaluating alternative logistics to'supply its copper and gold mining due to a 'lower than 'normal water -levels on the Fly River, which will also increase costs. The miner in PNG's Western Province is actively sourcing alternative logistic arrangements to ensure fuel supply and other essential consumables. It also sources equipment, as well as operational requirements. In a press release, Kedi Ilimbit, the Managing Director and CEO of Kedi Mining and Processing Company said that "at present mining and processing operations are continuing". While the current conditions present additional logistical challenges, OK?Tedi continues to adapt and adjust its operations as needed. The miner also said that Ok Tedi has experienced increased costs in managing the effects of the dry weather. This is particularly true for logistics and supply-chain management. Ok Tedi mined 105,000 tons of copper, 300,000 gold ounces and 1 million ounces silver in the past year. BHP developed and mined the mine in the southwest Pacific nation in the 1980s. BHP then divested its control and gained legal immunity, after disposing of its mine 'tailings' into river systems. The PNG government has owned it since 2013. Reporting by Melanie Burton, Editing by Stephen Coates
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Due to torrential rainfall, offices and schools in southern Taiwan have been closed
On Monday, torrential rains in southern Taiwan caused offices and schools to close. Some rail services were also disrupted. Officials are bracing themselves for a typhoon that is expected to hit the northern part of the island at the end of the week. Over the last few days, a low-pressure system hovered above southern Taiwan, causing heavy rains and flooding. Local governments in Kaohsiung, Tainan and Pingtung, which are home to a total of?more than four million people, closed offices and schools. The Kaohsiung Government said that it expects the cumulative rainfall to exceed 1.3 meters (4.3 feet) over the five-day low-pressure period, nearly half of what the city usually receives in an annual cycle. Taiwan Railway announced that there would be delays on the east coast main line, and on trains going to and from Kaohsiung or Taitung. Express services will not run and local trains are dependent on weather conditions. April Yao, Taitung's county chief, wrote on her Facebook page: "If you have nothing to wear for goodness sake do not go out." Taiwan's Central Weather Administration stated separately that Typhoon Saudel is currently?heading toward Japan's southern Okinawa area and?is expected?to pass by the northern part Taiwan on Friday morning before reaching the east coast of China. Ben Blanchard, reporting; Lincoln Feast, editing.
Iran warns of fines and detention for vessels that violate the transit rules of Hormuz
The Persian Gulf Strait Authority posted on X that Iran had issued a warning to vessels who violated its 'arrangements for 'transiting the Strait oHormuz. They could be subjected to restrictions such as fines, imprisonment, or confiscation.
The 'warning' increases the risks for shipowners and charterers who have vessels that transit the Strait of Hormuz. This is a vital waterway used for energy shipping around the world.
The PGSA, a newly-established body?Iran established?with a view to managing the strait has advised cargo owners to refer to an updated listing of vessels deemed uncompliant for 'voyages relating the Persian Gulf.
The list will also include vessels that engage in?transshipment or ship-to-ship transfer operations with non-compliant ships?.
The post stated that ships wishing to have their names removed from the list of non-compliant vessels must submit a'request' with the relevant explanations?to Iran's maritime authorities.
(source: Reuters)