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Poland will reintroduce windfall tax on oil companies and use the proceeds to reduce fuel prices
Donald Tusk, Poland's Prime Minister, said that the government wants to impose a windfall 'tax' on the excess profits of oil companies and use the money raised to reduce fuel prices. The 'tax' would impose a 60% surcharge on the excess revenue generated between March 2026 and December 2026 by oil companies, which according to the government could generate $4 billion ($1.06 billion). The bill had been rejected by Karol Nawrocki in July, who was an ally of Poland’s nationalist opposition. He then referred the matter to the Constitutional Tribunal. The Constitutional Tribunal has not yet ruled, but the government has revived and resubmitted the bill to parliament. Tusk, speaking before a cabinet meeting, said: "I guarantee that we will implement another option immediately to reduce fuel price if the President finally signs the recently submitted law on extraordinary profit." We will see how the money is spent. But I do hope that no one is still in doubt about the need to sign this bill. This fuel crisis is not a problem that should be paid for by the people. "It is not the Polish people that should pay for this fuel shortage." The Polish government began a programme in March to cap fuel prices. This program ended in July, and it cost the budget about 4.7 billion Zlotys. In the last two weeks of August, a?lower rate of VAT on fuel was in effect. Fuel prices have risen sharply due to the turmoil in global markets caused by the Iran War. This has benefited?fuel companies. Orlen, for example, saw its revenue increase by 26% in the second quarter compared to the same period last year, and its LIFO EBITDA rise by 54%. The transport sector was also facing higher costs. The result was also an increase in inflation.
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Shippers claim that Danube delays can triple the time it takes to transport grain from Ukraine to Egypt.
Shippers reported on Tuesday that the delays caused by congestion and long waiting times for entry into the Danube River, as well as the return to the Black Sea, have increased grain delivery times, from 12 days to over a month. This has impacted profitability. After Russian attacks, 90% of Ukraine's exports were handled by Black Sea ports. Ukraine has three major river port on the Danube. All maritime exports and imported, including priority cargoes are now routed through these ports. The Sulina Canal, however, is not used only by ships heading for Ukrainian ports but also by those destined for Romanian and Moldovan ports. This results in delays, increased freight costs, and, as a result, decreased competitiveness of Ukrainian grains on international markets. Costs Jump by a Huge Amount ASAP - According to a consultancy, the cost for shipping a metric ton (one metric tonne) of grain from Ukraine’s Danube port?to Egyptian ports is around $105 on September 11 compared with just $30 in July when Black Sea ports still operated. ASAP Agri stated that "cargo supply is substantial but the availability of coaster-tonnage willing to make such voyages remains very limited, especially amid the rapidly increasing delays at Sulina." The waiting times for both entry and exit are reported to be approximately 15 days for each. Charterers are left with no choice but to accept the high freight rates that owners continue to demand. Official data revealed that Ukraine exported 606,000 tonnes of grain during the first half September compared to 1.57 million tons in 2025. According to the ministry, "the current export volume" includes 45% of goods shipped via the Danube and 45% via rail crossings in Eastern Europe. Ukrainian authorities said that the country could export at least 500,000 tons of grain per month through the Danube port. Shippers claim that weather conditions in the autumn and winter may reduce volume. The Sulina Canal shipping was suspended Monday due to?high waves. Katerina Kononenko, of AVALON Shipping, said that there was no realistic prospect of a significant reduction in transit times on the Danube from/to Ukrainian ports, given the fact that the autumn and winter will arrive, the weather will worsen more frequently, and the canal may be open for less days.
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The Indonesian survivor of a shipwreck saw the vessel capsize within minutes and waited for 10 hours to be rescued
Rizky Apriliansyah, who was sleeping on the top deck of the Virgo transport 8, the ferry which capsized in 'Indonesia Java Sea on a saturday morning, was woken up by friends at 1 a.m. to urge him to get a life jacket. Rizky said that the ship was already pointing roughly 30 degrees left at the time. He and his friends fled their room in panic. Rizky was a waiter aboard the vessel and recalled waves of up to 3-4 metres hitting it multiple times. This caused the ship to list even more. He said that no alarm had been sounded, and he was afraid other passengers may not have known about the impending disaster. The company that operates the ferry, Virgo Karya, said to local media that they couldn't comment on the alarm because they had to confirm with the crew. Could not contact the company immediately. "When I walked out of that door, I fell immediately?onto ship's railing. Rizky: "I hugged my friends and held on, but we were then swept away by the waves." Within minutes, he, his friends, and a floating 12 kilogram cooking gas cylinder were at sea. They were about 15 meters away from the ship. The ferry flipped over. Rizky stated that the ship capsized in just minutes, and even less than 10 seconds. The survivors floated in the water for around 10 hours until another ship found them and rescued them. As of Tuesday, 129 people were still missing and six?people had died. Rescuers were battling rough seas and strong winds in their search for survivors. Some ?234 were aboard. The ferry was traveling about 510 kilometers from Indonesia's 2nd-largest city,?Surabaya, in East Java to Banjarmasin on Borneo Island. This trip took roughly 20 hours. It was reported missing?Sunday Morning. The authorities found the ship inverted about 80 nautical miles (nearly 15 km) from the Banjarmasin Port. Rizky stated that the ship has been rocked since it left Surabaya. He was only working onboard for three month. He said that he was traumatized and wouldn't work at sea again. He said: "I felt exhausted, overwhelmed, suffocated and just accepted what will happen." His eyes were still red, and there were minor injuries visible on his body.
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Sabotage disrupts Dutch rail services before the state opening of Parliament
ProRail, the rail infrastructure operator, said that deliberate acts of sabotage disrupted train services across 'the Netherlands on Tuesday just hours before a ceremonial opening of Parliament. ProRail reported that pipes were found on railways at over 20 locations in rural areas, mostly in the middle and east of the country. We found materials that were deliberately placed. Joke van Der Cruysen, spokesperson for ProRail, said that they now consider this a'sabotage of railway infrastructure. The King Willem-Alexander was set to open the new session of Parliament on Tuesday with a speech presenting the budget plans for 2027. All trains were stopped in the vicinity of the blockages, and there were other serious disruptions, such as international services to Germany. ProRail stated that "it is still unknown who is responsible for the incident or what motive there is". The Dutch intelligence agency AIVD announced that it is investigating with police and prosecutors. In recent months the budget plans have been met with a slew of protests, from both labour unions and farmers who are upset about the 'plans to reduce social benefits. On Tuesday, farmers were due to protest in The Hague. ProRail reported that the pipes disrupted not only rail travel, but also road traffic because several 'level crossings' had to remain closed.
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Drone incursions cause chaos and fear along NATO's Baltic border and Finnish border
The presence of military drones in the airspaces of Finland, Estonia Latvia and Lithuania is raising concerns that the conflict in Ukraine could spill over to the NATO border with Russia. Some of Ukraine's drones missed their targets as it attacked Russian Baltic Sea oil shipping ports. This led to warnings from neighbouring countries. In Latvia, the drones led to a?collapse of government. The following is a list of recent drone incidents that have involved Finland?and?the three Baltic States: Two Ukrainian military drones that escaped from Russia enter Estonia and Latvia on March 25. One drone crashes into a chimney near the Russian border at Estonia's Auvere Power Station, while another crashes in Latvia. Lithuania reported earlier that a Ukrainian drone crashed into a lake. From March 29-30, Finland reports that unmanned aerial vehicle (UAV) are suspected of violating its territorial boundaries in the southeast. F/A-18 fighters are deployed. One object has been identified as Ukrainian. Finland claims that Russian jamming may be responsible for drones drifting in to Finnish airspace. The 31st of March - Estonia, Latvia and Finland detect foreign drone activity near their border with Russia. Estonia discovers drone debris in Tartu County. Estonian armed forces claim that drones found in the country were likely intended for Russia and came from Ukraine. On May 7, Latvia and Lithuania call on NATO to increase air defences following the crash of two drones believed to have crossed from Russia. One explosion damages four empty oil tanks at a storage facility for oil in the Latvian area of Rezekne. Andris Spruds, Latvia's Defence Minister, resigns on May 10, after Prime Minister Evika Silina said that anti-drone system deployment was not fast enough. Ukraine claims that the drones are Ukrainian, but were diverted to Russia by electronic warfare. May 14:?Silina steps down as Latvia's prime minister. Finland warns 1.8m people in the Helsinki area to stay inside because of suspected drone activities, and suspends all air traffic at Helsinki Airport while scrambling fighter planes. Alexander Stubb, the president of Finland, says that there is no immediate military threat. May 17-18 - Explosives were found near the wreckage of a suspected Ukrainian drone that crashed into Lithuania. May 19: A Romanian NATO fighter plane shoots down an suspected Ukrainian drone after it entered from Russia. Ukraine apologizes to Estonia and other Baltic Allies, claiming that Russia redirected a drone using electronic warfare. Lithuania issues an air danger warning, tells the people of Vilnius to seek shelter and suspends all traffic at the airport in the capital over a drone that was in its airspace. The Lithuanian Parliament has taken shelter underground. Rail traffic is suspended, and schools and kindergartens have brought their children into shelters. On May 21, Latvia said that NATO fighter jets were airborne in the region bordering Russia and Belarus and warned people to take cover. In the border areas, Latvia and Estonia have issued a?warning? asking residents to take shelter overnight if they suspect drone activity. NATO jets are scrambled. June 8: A French NATO fighter jet shoots down a drone over Latvian airspace. Officials say that tourists are canceling their visits to the Latvian border regions due to drone incursions. Andris Kubergs, the Prime Minister of Latvia, has announced that he will be spending his summer holiday in the affected region. Finland, as a precautionary measure, imposes temporary restrictions on airspace and the maritime area near its border with Russia. A NATO fighter jet shoots down a drone in the airspace of Latvia on August 14. Later, it is determined that the drone was Ukrainian. Finland temporarily restricts its airspace. Finland investigates the possible territorial violation of a drone that was found off its southern coast on September 2. According to the Ministry of Defence, the drone is intended for mapping and surveying. It does not pose any danger to the public. The national crisis management center of Lithuania reports that on September 15, a NATO fighter jet shot down a drone believed to have come from Belarus.
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FAA chief to discuss air traffic management reforms as airlines are urged to better manage delays
A 'pilots' union and an aviation consultant have said that airlines affected by air traffic control staff shortages need to do more to prevent delays from snowballing to larger disruptions. This comes as lawmakers prepare to discuss reforms in the U.S. aviation sector on Tuesday. Bryan Bedford, the head of the Federal Aviation Administration (FAA), is scheduled to testify in front of a U.S. House Appropriations Subcommittee on a planned overhaul for air traffic control that will cost $12.5 billion. This comes a day after an official watchdog raised concerns about budget shortfalls. Staffing shortages and technological issues have led to flight cancellations and delays in the U.S.A., Australia, and Britain, creating challenges for airlines around the globe. JetBlue Airways, based in New York, said that its air traffic related flight cancellations have nearly doubled this summer in the Northeastern U.S. compared to the average for the previous three summers. The region has been hit by storms and controllers shortages. Cirium's data shows that JetBlue has a cancellation rate of 8.3%, compared to less than 3% for rivals such as Frontier, Delta Air Lines, and United Airlines. JetBlue's Pilots' Union, which is in contract negotiations with JetBlue, has urged it to take extra steps to avoid flight delays and cancellations spiraling out of control. Wayne Scales of JetBlue, the JetBlue branch of the Air Line Pilots Association, said in a message on September 7, "This summer has taken a toll, with long days and repeated disruptions. There was too much chaos that could have been avoided." Scales writes that pilots have asked JetBlue to develop a plan for preventing operational challenges, which left crews waiting in July for reassignments or hotel accommodations. He said that "storms and air traffic restrictions will occur; no airline is able to completely eliminate operational disruptions." What management can control, however, is how JetBlue responds and how effectively it recovers. Air Traffic Control Constraints JetBlue stated in a press release that it had prepared extensively for its summer operation, based on weather conditions and previous years' air traffic control performance. However, storms and the absence of controllers can upset even "the best planning." The carrier stated that "the unpredictable nature of weather and air-traffic control can make it difficult to plan ahead, and cause delays to compound quickly." JetBlue's large footprint in the Northeast makes this situation even worse. Bob Mann, a consultant in the U.S. aviation industry, said that airlines operating in Northeastern airspace -- which is the most congested area in "the nation" -- could experience delays. He said that software existed to reduce the impact of canceled and delayed flights. However, it is not widely used. Bedford met with CEOs from major U.S. Airlines last Thursday to discuss FAA plans to use advanced software to overhaul flight schedules and improve flight management. The SMART system could more efficiently reschedule flights that were cancelled due to bad weather. JetBlue was impressed by the system. "It has the potential to provide both the FAA, and airlines, with better information and tools in order to anticipate constraints sooner, make better operational decision, and recover faster when disruptions happen."
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Games-Asiad organizers promise to address complaints about accommodation as the cruise ship arrives
The Asian Games organizers have committed to address complaints about accommodation from athletes and officials. A cruise ship docked at Nagoya, Japan on Tuesday that will accommodate around 4,000 people during the multi-sport event. Local organisers opted not to build a dedicated Athletes' Village and instead looked for creative ways to accommodate the 17,000 athletes and officials who will be arriving 'for 'the 20th Asiad. The Italian cruise ship Costa Serena docked in Japan's largest port on Tuesday. Other participants will stay in hotels, Airbnbs and shipping container style huts. In a welcome speech, Hideaki Ahmura, President of the Aichi - Nagoya Asian Games said: "We are delighted to welcome this ship hotel here at Kinjo Pier." This is the first time that a similar facility has been used in Japan for housing during a major sporting event. This innovative accommodation will allow us to host an international sporting event of a great scale. Basketball and soccer competitions have already begun. The Games officially begin on Saturday, but they've been going for a while. Media reports have complained about the size and shape of the beds inside the shipping container style huts that will house 2,000 visitors. Yuta Matsuo, the manager of accommodation at the venue, said: "We are aware of the concerns and dissatisfaction expressed by athlete delegations." "However we do not simply acknowledge these issues. We are already taking steps to improve the living conditions for the athletes during their stay. Matsuo stated that the Japanese Olympic Committee had approved the entire accommodation program. However, Matsuo understood that some delegations may have special needs. Matsuo stated that a resident centre would be open 24 hours per day to deal with any complaints from athletes or officials. He said: "We are doing everything we can to make sure that athletes don't have to worry or be anxious for long periods of time." Matsuo said that the Costa Serena's cabins could be small, but encouraged athletes to take advantage of the large shared space on board. He said: "We hope the delegation will take into consideration the ship's amenities and relaxation options, taking a holistic view instead of focusing on cabin size." Local organising committees maintain that the accommodation problem arose as they only expected 15,000 athletes and officials to attend the Games. The Aichi-Nagoya Asian Games Organising Committee announced in a joint press release with the Olympic Council of Asia last week that the number of participants?would be limited to 17,000 and all?those who applied would receive a guaranteed place to stay. After torrential rainfall battered Nagoya, several hundred athletes and officials were briefly evacuated from the accommodation. On Wednesday, more heavy rains and flash flooding are expected. The Games, which will be the third to be held in Japan from Saturday to October 4, will take place.
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India's August goods trade deficit is $26,86 billion
According to a calculation based on export and import statistics released by the government on Tuesday, India's merchandise trade deficit decreased to $26,86 billion in August. According to a survey, economists expected that the August deficit would be $32 billion, up from a $31.98-billion deficit in the preceding month. India is looking to diversify export markets. Its trade agreement with Britain has been in force for some time, and an upcoming pact between the EU and India could open up more opportunities for its domestic products. Government data shows that?imports dropped to $70.67billion from $76.22billion in July. Merchandise imports also fell, to $43.81billion in August, from $44.24billion in the preceding month. After an attack on the Saudi oil pipeline, and the Houthis' advance in Yemen, new?strikes are testing nerves?in the Middle East.
Palm oil prices rise for the second consecutive session.
The price of Malaysian palm oils futures rose?for the second consecutive session on Tuesday. This was due to?a continued rise in crude oil prices.
At close, the benchmark palm oil contract for November delivery at 'the Bursa Derivatives Exchange was up 33 ringgit or 0.68% at 4,883 Ringgit ($1,196.08).
The Malaysian financial markets will close on Wednesday due to a public holiday. Trading will resume Thursday, September 17
Anilkumar bagani, the research head of Sunvin Group's vegetable oil brokerage in Mumbai, said that BMD CPO futures traded higher today due to gains in energy prices.
He added that the expectation of tightness in next year's market due to Indonesia B50?biodiesel mandate, and a possible production reduction due El Nino were additional sources of support.
The oil price rose by more than 2% after attacks on Saudi Arabian infrastructure, which left the East-West pipeline of the kingdom 'offline. This sparked fears that repairs to energy infrastructure and transport routes may take longer.
Palm oil is a better option as a biodiesel feedstock because crude oil futures are stronger.
Dalian's palm oil contract, which is the most active contract, dropped by 0.46%. Chicago Board of Trade soyoil prices were up by 0.58%.
As palm oil competes to gain a share in the global vegetable oil market, it 'tracks' rival edible oils.
A circular posted on the Malaysian Palm Oil Board's website on Tuesday showed that Malaysia had raised its October crude palm oil reference price at a level which maintains a?10% export duty.
Exports of Malaysian palm oil products fell between 17.8% and 25,6% in the month from September 1-15, according to cargo surveyors.
The Solvent -Extractors' Association of India reported that India's imports of palm oil in August increased 7% from July to 782,761 metric tonnes.
The palm?ringgit (the currency of trade) fell 0.21% in value against the dollar. This made the commodity more affordable for buyers who hold foreign currencies.
(source: Reuters)