Western Europe

The U.S. IPO Market is set to have its best week in 2021, as ebullient equities fuelled by robust debuts of notable newcomers are driving the market. renewed enthusiasm After tariff-driven volatility in the early part of the year, the long-awaited recovery was held up by new issues. The Winklevoss Twins' crypto-exchange Gemini and Swedish fintech Klarna are both set to list shares this week in New York, while StubHub will be going public next week. Many would-be issuers are encouraged to test investor interest by the eye-popping performance of high-profile names. In the days after their debuts, the IPO...

The maritime agency NABSA announced on Tuesday that U.S. grains trader Bunge will finish loading 30,000 metric tonnes of Argentine soymeal destined for China by Wednesday. This is the first time such a cargo has been loaded. Bunge sent a soybean meal shipment to China in July. Last month, the company diverted the sale from China to Vietnam due to "commercial reasons." According to NABSA’s daily port activity reports, the Sumatra ship will be loaded at T6 terminal which Bunge jointly operate with Argentina’s AGD, in the port city of San Lorenzo north of the agricultural hub city of Rosario....

Emergency responders in the second busiest seaport of the United States said that 67 shipping containers were thrown into the water by a ship berthed at Long Beach, Southern California on Tuesday morning. There were no injuries reported, and the port was not affected in any other way. Containers fell from the 837 foot (255 m), Portugal-flagged Mississippi, while it was docked at Pier G container terminal. According to Unified Command which includes the U.S. Coast Guard and Long Beach Fire and Police Departments, the Port of Long Beach, and the Army Corps of Engineers, some of the containers that...

On Monday, firefighters were called to respond to a possible hazardous materials incident at Heathrow Airport in London. Heathrow Airport, Europe's busiest international airport, announced on Twitter that Terminal 4 was closed while emergency services responded to an incident. All other terminals are operating normally. The London Fire Brigade stated on its website that "specialist crews were dispatched to assess the scene, and Terminal 4 Check-in was evacuated for safety reasons while firefighters conducted operations." They added that they were first notified about the incident at 1601 BST (1701 GMT). The brigade reported that around 20 people were assessed by...

The differentials between Brent and Urals crude were not much changed on Friday. However, Russia's oil plans for September could be revised after a drone attack was carried out on the Rosneft oil refinery in Ryazan. Two industry sources said that Ryazan had suspended operations at the CDU-6, its main crude distillation unit due to an fire caused by a UAV attack. India's finance minister stated on Friday that it will continue to purchase Russian oil if it is economical. This was despite the Trump Administration's decision on Friday to impose high import tariffs on Indian products due in part...

In one of the deadliest accidents in Lisbon's public transport system, a car derailed and crashed on the Gloria funicular line. At least 16 people died. The authorities are investigating the cause for the accident. Here are some facts regarding the line: The street Calcada da Gloria is named after this railway. Gloria is the most famous funicular line, particularly among tourists. Gloria is a bridge that connects the downtown area of Lisbon, located at the intersection of Avenida da Liberdade, the main commercial street, and Restauradores Square. It also links the Sao Pedro de Alacantara terrace, which provides panoramic...

In one of the deadliest accidents in Lisbon's public transport system, a car derailed on the Gloria funicular line and crashed. At least 17 people died. The authorities are investigating the cause for the accident. Here are some facts regarding the line: The street Calcada da Gloria is named after this railway. Gloria is the most famous funicular line, particularly among tourists. Gloria is a bridge that connects the downtown area of Lisbon, located at the intersection of Avenida da Liberdade, the main commercial street, and Restauradores Square. It also links the Sao Pedro de Alacantara terrace, which provides panoramic...

Authorities reported that around 20 people were injured in the crash of Lisbon's Gloria funicular, which is popular among tourists. Three people were gravely injured. The footage showed that the funicular-like tram, which transports people up and down the hillside of the Portuguese capital was destroyed and that emergency workers were pulling people from the wreckage. In a press release, President Marcelo Rebelo de Sousa expressed his regret for the accident and expressed the hope that the authorities would quickly determine what caused it. It connects the downtown area of Lisbon, near Restauradores square, with Bairro Alto, a district famous...

The differential between Brent and Urals crudes held steady on Tuesday, but Russia intends to reduce crude oil exports out of its western ports in September to about 1.9 million barrels per day from around 2.0 million bpd. Calculations showed that daily shipments of Urals, KEBCO, and Siberian Light grades in Primorsk Ust-Luga, and Novorossiisk should fall by about 6% from month to month. Two sources familiar with shipping data said that Russia would deliver oil to Brunei for the first ever via the Northern Sea Route in September. This will expand its export reach by using the strategic Arctic...

Irish airline Ryanair announced on Wednesday that it would reduce its passenger capacity for Spain by one million seats next winter in response to a fee increase announced by airport operator Aena, which it called "shameless". Aena's CEO Maurici Lucena responded by accusing Ryanair of "self-righteousness", "rudeness", "blackmail" and greed, as the long-running conflict between the largest airline in Spain by passenger numbers and the operator of most of the country's commercial airports escalated. Ryanair stated in a press release that the Aena fee hike of 6.5% announced for 2026 rendered some regional routes non-viable. Eddie Wilson, CEO, Ryanair DAC,...

Two sources familiar with this matter claim that the British financial watchdog contacted commodity trader Mercuria to inquire about its large London Metal Exchange aluminum holdings, which have distorted prices of contracts with short maturities. The LME has not broken any rules, but the disruption of its largest volume market leaves consumers in the packaging, construction, and transport industries without access to aluminium metal and price transparency. Mercuria, a Swiss company and the Financial Conduct Authority of Britain declined to comment. Since May, Mercuria has held over 90% of all aluminium warrants. These are documents that confer ownership. LME data...

The difference between Brent and Urals crudes dated on Monday was stable, while Caspian Pipeline Consortium said that two of their three oil moorings were now operational. CPC, which transports about 1.5% global oil, has announced that it has brought back one of its Black Sea docking points after maintenance to offset the risk of export restrictions. CPC announced late last week that it had shut down the second oil mooring due to an oil leak, limiting terminal export capacity to only one mooring. This mooring is not capable of handling the full export volume. CPC announced that its third...

Sources said that the differential between Urals and Brent crudes in Russia remained unchanged, but that exports of this grade were revised upwards for September due to lower domestic refining. Two industry sources and calculations show that Russia revised its September crude export plans from western ports up to 2.1 millions barrels per day, an 11% increase over the initial schedule. This is due to drone attacks on domestic refining plants reducing local demand for crude. PLATTS WINDOW On Wednesday, there were no bids or offers made on Urals, Azeri BTC Blend or CPC blend in the Platts Window. The...

Two sources who have direct knowledge of this matter said that a group of investors, led by BlackRock’s Global Infrastructure Partners, is in discussions with lenders in order to secure financing of up to $10 billion for Aramco’s Jafurah deal. Two sources confirmed that JPMorgan, Japan's Sumitomo Mitsui Banking Corporation, and other banks are in discussions to take part in the transaction. This will allow Aramco the opportunity to receive cash up front in exchange for regular payments. They declined to name the individuals because it was not public information. Aramco BlackRock JPM and SMBC all declined to comment. Aramco...

According to the Commission president, eight bottlenecks in the power grid will be addressed as a priority by the European Union, in order to reduce the uncompetitive prices of energy and improve energy security. "I present today a new project called Energy Highways. Eight critical bottlenecks have been identified in our energy infrastructure. "From the Oresund Strait and the Sicilian Canal", said European Commission President Ursula von der Leyen in her State of the Union Address in Strasbourg. We will work to eliminate these bottlenecks, one at a time. The 27-member states of the EU have a wide range of...

Two sources who have direct knowledge of this matter said that a group of investors, led by BlackRock’s Global Infrastructure Partners, is in discussions with lenders in order to secure financing of up to $10 billion for Aramco’s Jafurah deal. Two sources claim that banks, including JPMorgan, and Japanese lender Sumitomo Mitsui Banking Corporation are in discussions to participate in this transaction. They declined to name the individuals because it was not public information. Aramco BlackRock JPM and SMBC all declined to comment. Aramco will lease the development and usage rights of gas processing facilities located around the Jafurah Gas...

A senior executive of Malaysian state oil company Petronas stated on Wednesday that Southeast Asia was well positioned to export its biofuels into other markets, such as Europe, as the production capacity in the region exceeds demand. Ahmad Adly Alias told the APPEC Conference in Singapore that by 2030, Asia's annual sustainable aviation fuel production capacity is expected to reach 4,000,000 metric tons. He said that "this surplus positions ASEAN to be a viable net-exporter into markets such as Europe." Ahmad Adly stated that Asia's strength lies in the availability of feedstocks, increased production capacity, and an accelerating demand. He...

London's Underground rail network halted on Monday, as workers began a strike over pay and conditions of employment. This caused travel disruptions for both commuters and tourists. The underground rail network is expected to be shut down until Thursday. This means that the 3.7 million people who use it daily will have to work from home or find other ways to travel. Forest, which operates 15 000 e-bikes throughout London, reported that it was experiencing four times the demand for its ebikes at 9 am. Some commuters opted for buses or the few remaining train lines, but most reported longer...

London's Tube system came to a halt on Monday, as workers began a strike over pay and conditions of work. This caused commuters and visitors to the British capital great inconvenience. Between Monday and Thursday, there are not expected to be any London Underground trains. The Docklands Light Railway that connects Canary Wharf with the City of London will also not operate on Tuesday or Thursday. Many Londoners chose to cycle to work and others took detours on Monday morning. Laura Sutton, 46 a legal adviser, was at London Bridge Station. She said, "The prospect of having to wait all...

London Underground workers will begin rolling strikes Sunday. The action is expected to cause major disruptions for Londoners and bring the network to an end. The staff are staging a series staggered walksouts, so there will be almost no "Tubes" between Monday and Friday. The Docklands Light Railway that connects Canary Wharf with the City of London and its financial centre, the City of London will also not run on Tuesdays and Thursdays. The RMT union stated that the dispute was centered on pay, fatigue, shift patterns, and a reduction of the working week. Eddie Dempsey, RMT's General Secretary said:...

According to an initial report, a problem with a cable caused a Lisbon funicular rail popular with tourists, to hurtle down the hill. It crashed into a house, killing 16 people, and injuring 22 others. After leaving the track, the yellow tram-like carriage that carries people up and over a steep slope in the Portuguese capital hit a building on Wednesday. It was only a few metres away from its identical twin at the base of the steep hill. The Office for Air and Rail Accident Investigations in Portugal released on Saturday its first investigation report into the crash. The...

The President of Ukraine, Volodymyr Zelenskiy, said that thousands of troops may be sent to Ukraine as part the security guarantees offered by allies after Russia's war against his country is over. On Thursday, French President Emmanuel Macron announced that 26 countries have pledged to provide Ukraine with post-war security guarantees including an international force on the land, sea and air. Macron said initially that these countries would deploy to Ukraine but later stated that some would provide guarantees whilst remaining outside Ukraine. For example, by helping train and equip Kyiv’s forces. Zelenskiy told reporters after a meeting with Antonio...

The Ukrainian president Volodymyr Zelenskiy announced that he will meet with the President of the European Council, Antonio Costa, and Slovak prime minister Robert Fico to discuss energy matters on Friday. Roman Andarak, Ukraine's deputy minister of energy, said on Friday in Copenhagen that Zelenskiy would be expected to discuss with Fico a phased out Russian oil delivery via Ukraine during their meeting. Slovakia relies heavily on oil supplies from Russia via Druzhba, whose infrastructure Ukrainian drones attacked recently. This caused repeated interruptions in supply, which prompted a furious response from Bratislava. Ukraine has been fighting a full-scale Russian invasion...

Rosneft Germany (the refinery's biggest shareholder) said that oil flows through the Druzhba pipe to Germany's PCK refinery are expected to return back to normal by the week's end following repairs to damages. Last month, Ukrainian drones hit an oil pumping facility in Russia's Tambov Region, causing a disruption of supply via the Druzhba pipe. After the Russian invasion of Ukraine, the PCK refinery in Schwedt in northeastern Germany is partly supplied by crude oil from Kazakhstan. Burkhard Woelki, a spokesperson for Rosneft Deutschland, said that the company imports 120,00 tons of oil per month from Kazakhstan. He added that...