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Heatwave in the UK breaks June records
The temperatures in Britain will likely break records for the month of June this week. Authorities have issued a rare "extreme heat" warning as a heatwave that has been sweeping across western Europe moved northwards along the English Channel. The weather forecaster in the country said that the mercury could reach '39 degrees Celsius (102.2 Fahrenheit) in the middle of this week. This is part of a 4-day heatwave, which will easily surpass the record set in June 1957 at 35.6 C and then matched in 1976. Met stated that the heatwave could cause temperatures to rise above 39 degrees in certain places. The highest temperature recorded in Britain is 40.3 C in July 2022. The heatwave in June follows a record breaking May when the country's hottest day of the month reached 35.1 C. The UK Health Security Agency issued its only'second heat-health alert' since the first one in 2022. It warned that even healthy people could be at risk of death and urged the elderly to exercise extra caution. The?Met Office stated in a statement released on Monday that humidity is a factor making the heatwave more dangerous. Heat stress will be a threat to everyone. Heat alerts were issued for parts of northern Spain and parts of France due to temperatures expected to reach?42 C. In England and Wales, hospitals, schools and train stations will be prepared for the impact of extreme heat. In the past, people were advised to stay at home and avoid travelling. Some schools also closed early during heatwaves. The temperature in Britain is expected to drop to 32 C on Friday. (Reporting and editing by William James; Sarah Young)
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Former Spanish transport minister sentenced to 24-years for corruption
The Spanish Supreme Court sentenced Jose Luis Abalos, former Transport Minister to a total of?24?years for corruption. This is the first in a string of scandals that have affected the ruling Socialist Party. Abalos has been convicted for crimes such as criminal organisation, bribery and embezzlement, in addition to 'influence peddling', all of which were linked to the rigging public contracts, including face masks, during the COVID-19 Pandemic. Koldo Garca, his aide, was sentenced 19 years in prison. Victor de Aldama, a businessman, received a?four-and-ahalf-year prison sentence. However, the court suspended it in recognition of the fact that he had helped uncover the scheme. The condition was that he not commit a re-offence, submit biannual activity reports, and complete one year of community service. The trial is one of many graft cases that involve the entourage?of?Prime Minster Pedro Sanchez. He was one of Europe's few remaining leftist leaders who took power in 2008 by ousting the corrupt centre-right government on the promise to clean up politics. Sanchez is being criticized by his allies but has not been named as a suspect in any of these cases. He says that the cases are part of an effort to remove him.
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The Ukrainian Economy Ministry proposes a 30% increase in rail freight rates
The Ukrainian economy ministry has proposed to increase state railway 'Ukrzaliznytsia ''s freight rates by 30% starting August '1'' in order to stabilize the company's finances. However, steelmakers and farmers have warned that this may make them less competitive. Rail remains an important part of Ukraine’s logistics network. It carries both freight and passengers. The government is under pressure to increase its cash flow as it tries to restructure debt. Ukrzaliznytsia's CEO Oleksandr Ptsovskyi said this month that his firm must?increase its tariffs this year by at least 45 percent to restore its finances. In a weekend note, the economy ministry stated that the proposed increase of 30% is expected to generate more revenue for Ukrzaliznytsia and to increase the financial capacity of the company to partially cover its funding shortfall by 2026. The Ministry will consult with the industry, but it has?the right to implement an increase on its own. The company described the tariff increase of 30% as a "compromise", however, steelmakers and agricultural producers were against the rise in freight rates. They said it could reduce their competitiveness on foreign markets. Pertsovskyi stated that an increase of 45% in tariffs would cover approximately half of the projected cash shortage for the company, which is $587 million. In the note, the ministry did not indicate whether additional tariff increases would be possible to reach "the 45% level". Ukrzaliznytsia stated that a decision regarding a future tariff increase starting January 1, "will be taken separately." Even with a higher rate, it's not enough Rail company says that the increase in tariffs alone would not be enough to stabilize its finances. However, if it is approved, it will allow it to resume support from international financial institutions and introduce additional optimisation measures. Ukrzaliznytsia said that the new tariffs will only increase the transport costs by a small amount - $3.2 per metric tonne?of ore, and $3.6 per tonne of grain when transported along the full route of up to 466 miles (750 km). The planned tariff increases were opposed by major shippers, who claimed that the increase could threaten 300,000 steel industry jobs and lead to the closing of key companies. The agriculture and metallurgical sectors in Ukraine, among others, say that the rate increase would be a major competitive disadvantage to Ukrainian exporters, at a time when the country is desperately trying to maintain industrial output, exports and jobs, as well as foreign currency revenue. (Reporting and editing by Thomas Derpinghaus and Alexandra Hudson.
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Draft order from Ukraine's Economy Ministry proposes a 30% increase in rail freight rates
The Ukrainian economy ministry announced over the weekend that it would be increasing rail freight tariffs by 30% on August 1st to help stabilize the financial position of the state railway Ukrzaliznytsia. The war against Russia is now in its fifth and final year. Railways are still a crucial part of Ukraine's logistic network, transporting both passengers and freight. The government is under pressure to reduce its debt because of increased spending on infrastructure and security. Ukrzaliznytsia's CEO Oleksandr P. Pertsovskyi said?this month the firm had to increase their tariffs this year by at least 45% in order to help restore its finances. The ministry stated in a statement that the implementation of the order would increase the financial capability of Ukrzaliznytsia to partially cover the funding gap in 2026. A higher rate would help reduce the company’s funding?shortfall by 2026, and partially cover its funding gap of 191.50 million hryvnias in 2026. Pertsovskyi stated that a 45% increase in tariffs would cover about half of the projected cash shortage for the company, which is $587 million. In the note, the ministry didn't specify if further tariff increases would be planned to reach the 45% threshold. Major shippers have opposed the proposed tariff increase. They said that it would threaten 300,000 jobs and force the closure of important enterprises. (Reporting and editing by Thomas Derpinghaus; reporting by Pavel Polityuk)
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Sources: China plans to build a second LNG terminal in China for Russian cargoes sanctioned by the United States
Three sources familiar with the situation said that China is building a second terminal to import liquefied natural gas from Russia's Arctic LNG 2 project. This will expand a route which has relied on only one facility so far. Sources say that the newly constructed Longkou LNG Terminal in eastern China's Shandong Province, operated by state pipeline company PipeChina, will be receiving Arctic LNG 2 cargoes. The move will provide a lifeline for the $21 billion project that is currently under sanctions. It will also help Moscow, as its gas exports have been affected by Europe's decision not to purchase any more and its oil sector has been put under pressure due to Ukrainian attacks. The second import terminal would allow China to receive larger volumes of Russian LNG sanctioned by the United States, while Arctic LNG 2, which is designed to produce 19,8 million metric tonnes a year, could be used as an additional export outlet. PipeChina and Novatek, the majority owners of Arctic LNG 2, did not respond to a comment request. PipeChina's Beihai Terminal in Guangxi has been the sole recipient of Arctic LNG 2 cargoes sanctioned by China. The facility received the first shipments of the Arctic LNG 2 project in August 2025, aboard the Arctic Mulan. According to Kpler estimates and ship tracking data, Beihai received 41 cargoes of LNG, or 2.6 millions tons, from Arctic LNG 2. Many were delivered via two floating storage facilities in Russia. Beihai has also received 3 LNG cargoes at Russia's Portovaya Terminal. One source said that China needed an additional terminal in order to handle more cargoes sanctioned. They declined to give their names as they were not authorized to speak to the media. China, the world's largest LNG buyer, bought 7.57 millions tons of Russian LNG last year, according Chinese customs data. Sources said that Longkou was a logical choice because it, like Beihai is operated by PipeChina, and is located closer to the Koryak floating?unit, in Russia's Far East, where Arctic LNG2 cargoes are reloaded and stored. A senior industry executive stated that Longkou had completed its mechanical construction phase and would be ready before October to meet peak winter demand. The Longkou terminal in Yantai, on the coast, has a capacity to receive 5 million tons per year, compared to 6 million tons for Beihai. Fourth source said that the Dalian LNG terminal in northeastern China, owned by PipeChina, is being considered as a possible future receiving point. Novatek recently increased hiring in China, according to a different source. Novatek cut its cargo prices between 30 and 40% in August 2025, according to a report last year. This was done to lure Chinese buyers despite the sanctions. Reporting by Marwa Rashed in London, Emily Chow in Singapore and Aizhu Chan in Singapore. Editing by Mark Potter.
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Singapore Airlines plans debut 5-year dim sum bond
Singapore Airlines announced on Monday that it plans to sell its first benchmark five-year dim sum bond, a offshore yuan debt issued outside of mainland China. Four banks have been hired to help arrange the deal. The benchmark size of offshore yuan bonds is usually 1 billion yuan (147.6 millions dollars), which means they are large enough to be traded easily by investors. Singapore Airlines hasn't revealed the size of its planned expansion. The airline?said that it tapped Bank of China, DBS HSBC Standard Chartered and Standard Chartered to help with the bond sale. ? The decisions were reported earlier on Monday based on a document. The company said in an email that it had been "monitoring the offshore renminbi market (CNH). We view current conditions as being favourable for the issuance of CNH bonds." CNH is yuan that's traded outside of mainland China. Singapore Airlines announced that the planned deal would be a five-year benchmark CNH bond, under its existing S$10 Billion ($7.7 Billion) medium-term notes programme. The proceeds will be used to finance aircraft purchases, related payments, corporate working capital, and existing debts. Singapore Airlines has said that execution will take place in two days. The final coupon size and interest rate - paid to investors - will be determined at the pricing. Singapore Airlines said that it regularly reviewed its funding needs against its cash position. "We have regular access to capital markets, and we tap them whenever conditions are favorable." The statement said that more details would be released in an announcement by the Singapore Exchange once the transaction has been priced. Documents seen earlier by us on Monday indicated that the airline would be holding a global investors call?on Monday. Document showed that the deal could be launched as early as Tuesday depending on'market conditions. In January, the airline sold S$500,000,000 of 10-year notes.
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Saudi Arabia is the top buyer of Russian fuel oil by sea in May, according to data?
Data from traders and LSEG revealed that Russia's seaborne fuel oil and vacuum -gasoil exports fell by about 6% on a month-to-month basis to 3.2 -million metric tonnes in May. This was due to Ukrainian drone strikes against infrastructure which curtailed shipments and output. Saudi Arabia remains a major destination for fuel oil, VGO and air conditioning products, as the high temperatures of summer have boosted demand. However, calculations based on data show that shipments to Saudi Arabia were down 17% since April, at 1.23 million tonnes. The increase in exports was attributed to disruptions caused by the Iran War, which changed flows and boosted demand for crude oil. Also, the temporary lifting of U.S. restrictions on Russian oil products also contributed. Analysts say that Saudi Arabia will burn more imported fuel oil this summer because of the loss of natural gas from shut oilfields after the Iran War curbed oil exports. Since the European Union's full ban on Russian oil products came into effect in February 2023, the Middle East and Asia are the main markets for Russia's VGO and fuel oil. LSEG data shows that Russian fuel exports to Singapore and Malaysia - major hubs for bunkering and storing - fell 39% a month on a monthly basis in May, to around 0.4 millions tons. Nearly 140,000?tons VGO and fuel oils loaded at Russian ports last month, were bound for transfers near Port Said, Egypt. The final destination is unclear. Shipping data shows that exports to India, which was once one of Russia's biggest markets for fuel oil, dropped by 28%, to 120,000 tons. All data is based upon the departure date of the cargo. (Reporting and Editing by Alexander Smith).
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Wall Street Journal, June 22,
These are the most popular?stories from the Wall Street Journal. ? This information has not been verified and we cannot vouch for their accuracy. China has added 10 defense contractors and two rare earth producers to its export control list. Pakistan and Qatar, who are acting as mediators in the talks between Iran and the U.S., have confirmed that the two countries had agreed to establish a'mechanism to ensure the termination of military operations?in Lebanon. Castlelake, a U.S. investment company, said that easyJet's board had rejected its third 4,74 billion pound ($6.26 billion),?takeover offer. The firm encouraged shareholders to seriously consider the proposal as it sought to privatize the airline. Donald Trump, the U.S. president, expressed frustration with the problems at the Lincoln Memorial Reflecting Pool. He said that multiple people were arrested and that the pool may need to be drained in order to make repairs. After a campaign that centered on his promise to dismantle the armed groups,?far-right 'populist'?Abelardo de la Espriella narrowly won Sunday’s presidential election in Colombia with 49.6%. SoftBank-backed Chinese robotics firm Coowa is preparing to file for a Hong Kong IPO within the next 2 to 3 months. ($1 = 0.7571 pound) (Compiled from Bengaluru Newsroom)
How is the UK PM Starmer chosen as his successor?
Keir Starmer, the Prime Minister, announced on Monday that he will resign. A new leader should be in place by the time parliament returns in September.
What happens next?
How does a Leadership Contest work?
To replace Starmer, a candidate would have to gain the support of?20% of Labour MPs. Labour currently holds 403 seats. That's 81 legislators, including the challenger.
Candidates must also meet thresholds to receive support from the grassroots Labour Party and affiliated organisations such as unions.
Who gets to decide 'the winner?
In the event that more than one candidate is qualified, the winner will be decided by a vote of all Labour Party affiliates and members. The winner becomes Prime Minister.
How long would it take?
Starmer stated that the nominations would begin on July 9, and end before Parliament?goes to recess scheduled for July 16, even though it is decided by the party's ruling body.
He said that if there was to be a competition, it would have to be finished by the time Parliament returns, which is scheduled on September 1.
WHAT HAPPENS IF ONLY ONE CANDIDATE IS ELIGIBLE?
There is no vote if only one candidate reaches the threshold for support. The candidate is then 'elected unopposed and becomes Prime Minister. (Reporting and editing by Alex Richardson; Philippa Fletcher, Sarah Young and Alex Richardson)
(source: Reuters)