Latest News
-
Sinograin will auction imported soybeans in preparation for US shipments
Sinograin, China's state-owned stockpiler, said it would auction 500,000 metric tons of?imported?soybeans this Friday. This will be the first sale of such a size since January. The market is expecting the state stockpiler free up space to receive U.S. soybeans. According to a notice issued by the National Grain Trade Centre, this sale is scheduled for 1:30 pm (0530 GMT) and will offer 504,000 tons of soybeans that were produced between 2022-2025. The 'auction' is probably to clear storage space in preparation for the purchase of 25 million metric tonnes of U.S. soya beans, said Johnny Xiang of AgRadar Consulting. An Asian trader stated that the market expects China will auction off around 500,000 metric tonnes of imported soybeans every week in the upcoming weeks. Chinese buyers waited to buy soybeans from last year's harvest in the U.S. until October's summit between leaders of Washington and Beijing helped ease trade tensions between Beijing. State traders COFCO and Sinograin bought approximately 12 million metric tonnes of U.S. soya beans. China began 'buying' new-crop U.S. soya beans after a May 14-15, 2017 summit between Presidents Donald Trump & Xi Jinping. The summit?left unchanged China’s commitment...to purchase 25,000,000 metric??tons of soybeans per year through 2028. Reporting by Ella Cao and Shi Bu, Editing by Louise Heavens & Leroy Leo
-
Royal Caribbean trims revenue outlook as bookings soften
Royal Caribbean reduced its 'annual revenue forecast' on Tuesday, citing a'modest near-term impact" on bookings for certain sailings as a result of the geopolitical uncertainty. The company's profit forecast was raised for the year, but shares were still down about 5%. The company expects its annual revenue to increase by 9% as opposed to the 10% it had predicted in its previous forecast. High fuel prices are a problem for cruise operators, as they have to pay higher operating costs and face a squeeze on profitability. This is due to the uncertainty surrounding U.S. - Iran negotiations. The company's?previous forecast? of $17.10 to $15.50 was replaced by a profit adjusted for fiscal 2026 between $17.73 and $17.87 per share. Royal Caribbean said the increase in earnings expectations reflects ?stronger-than-expected second-quarter performance and an ?improved outlook for the remainder of the year, even ?as it accounted for a "modest ?booking impact ?for select itineraries primarily due to prolonged geopolitical activity."
-
The largest US power grid is moving ahead with a plan to meet rising demand
PJM Interconnection is the largest U.S. Grid Operator. They are moving forward with plans for backstop procurement of power to 'help ensure adequate -electricity supply if demand from data centers surges. The grid operator that serves 13 states, including the District of Columbia and will file two proposals to federal regulators. The first would be to establish a "reliability-backstop procurement" in order to deal with potential power supply shortages. PJM stated that the second tool would be an operational tool designed to?help maintain system reliability in periods of?supply shortfalls? while managing rapid load growth. PJM is'seeking ways to bring more generation online in order to meet the rapidly increasing electricity demand, especially from data centers. It anticipates that demand for electricity from large new customers, such as data centers, will rise by about 70 gigawatts in 2038. In its latest annual capacity auction, held 'this month', power prices were near records highs at?about $325 per megawatt day. PJM failed to meet its reliability requirements for a second consecutive auction. PJM announced on Monday that it would hold the 'one-time backstop purchase' from September 30 through October 21. Results are expected to be available in early December. Reporting by Kavya BALARAMAN and Noel John from Bengaluru. Mark Potter edited the article.
-
Singapore Airlines reports first quarterly loss since 2020 as Air India losses and fuel costs weigh
Singapore Airlines reported its first net loss since 2022 on Tuesday, due to losses at its 'associate Air India' and higher jet fuel costs because of the Middle East conflict. The flag carrier of the city-state posted a loss of S$76.79million ($58.79million) for three months ending June 30 compared to a profit last year of S$186.79million. The last time SIA posted a quarterly loss, it was during the pandemic in the fourth quarter of FY2021/22, which ended on March 31, 2022. This compares to the LSEG's estimate of a loss at S$4.3m. The airline's record revenue for the quarter was S$5.71bn, an increase of?19.3% on a year-on-year basis, thanks to strong passenger demand, and a 12% rise in passenger yields. Scoot and SIA carried 10.9 million passengers in a record, an increase of 6.3%. Cargo revenue increased by 33.5%, to S$708 millions, on the back of higher yields and more passengers. Total expenditure increased by 27.9%, to S$5.61 Billion, mainly due to a 78.5% increase in net fuel prices, which jumped from S$2.25 Billion. After the Middle East conflict broke out on February 28, jet fuel prices spiked, causing fuel cost before hedging to double. Operating profit dropped 73.8%, to S$106 million. A S$42m drag on the net?loss from a larger share of losses at Air?India in which SIA has a 25% stake was partially offset by an S$85m reduction in tax expenses. Singapore Airlines reported that demand for air travel and cargo remains strong, but warned that a prolonged Middle East conflict could impact supply chains, global commerce and macroeconomic conditions. ($1 = 1.2927 Singapore Dollars) (Reporting from Julie Zhu and Kumar Tanishk, in Bengaluru. Editing by Vijay Kishore & Louise Heavens).
-
UPS increases its full-year revenue estimate after Amazon volume pullback
'United Parcel Service' raised its yearly revenue forecast Tuesday after a 'planned pullback in Amazon.com shipments and a greater focus on more profit-making shipments. The world's biggest parcel delivery company is consolidating by closing facilities and cutting jobs in order to streamline operations and generate $3 billion of cost savings by the year 2026. The company expects a revenue of $91.2 Billion in 2026, and earnings per share of $7.22. In April, the company forecast revenue of $89.7 Billion in?2026 and an adjusted operating margin of 9.6%. Carol Tome, CEO of Amazon said: "We have successfully completed our Amazon glide-down initiatives and related network reconfiguration projects as planned." UPS's quarterly performance was boosted by higher package volumes and higher yields, as well as fuel surcharges. Reporting by Lisa Baertlein, Los Angeles; Abhinav Paramar, Bengaluru. Editing by Pooja Deai.
-
Safran, a jet engine manufacturer, raises its targets after a record-breaking first-half profit
French jet engine maker Safran raised financial targets after posting stronger-than-expected ?first-half profits on Tuesday, driven by demand for spare parts on the widely ?used engines it supplies jointly ?with GE Aerospace. The French company said that aftermarket demand was a major factor in its record operating margin for the first half of 2018.4%. CFM, by far the largest jet engine manufacturer in the world by number of engines sold, reaps maintenance profits on its CFM56 jets, which continue to power thousands of aircraft despite the recent LEAP being used for narrow-body plane deliveries. Safran's?mid-year operating profit increased 29% to EUR3,24 billion ($3,68 billion), while revenues rose 19% to EUR17.57 milliards. The sale of spare parts for civil engine grew 27.9%. Analysts expected an average operating profit of EUR3,06 billion on revenues of EUR17.47?billion. The shares of the French company dropped slightly in early trading. Safran's core Propulsion Division, which accounts for just over half of the company's'sales', reported a 28% increase in earnings to EUR2.25billion, while Equipment & Defense grew 29% to EUR907million. Aircraft Interiors has continued its gradual turnaround, with a profit up to EUR54 million from EUR27 millions. Safran has raised its target percentage for revenue growth in the full year to "mid teens" from "low to mid teens". Safran has also raised its prediction for growth of LEAP engine deliveries from 15% to "high teens". GE Aerospace raised its revenue and profit forecasts for 2026 last week, driven by the demand for engine equipment and services. Safran noted that the Middle East and supply chains were to be kept under review, but also stated that the LEAP engine production exceeded 500 units for a fourth consecutive quarter. Olivier Andries, CEO of the company, said that it continues to seek out new suppliers wherever possible. In defence, questions remain over the future of Safran's fighter-engine joint venture with Germany's MTU Aero Engines after the collapse ?of the Franco-German-Spanish FCAS fighter. Andries stated that the venture is funded through September, and the future of it will depend on the paths taken by each country in the future.
-
Finland restricts maritime and air traffic near Russia due to drone threat
The?militaryof Finland said on Tuesday that it had 'closed' a section in Finnish 'airspace, and restricted'maritime traffic' off 'the southern coast of the country near the Russian border because of the risk of drones flying into the area. This year, Ukrainian drones that were targeting Russia have strayed into the airspaces of Finland, Estonia Latvia and Lithuania, raising fears that the conflict in Ukraine has spilled over to NATO's northern border. A military spokesperson stated that Finland is taking the necessary steps to ensure "safe countermeasures" and the safety for bystanders if drones stray in the area. The military spokesperson said that it could not comment on where the information about drone activity came from, as "it is 'operational'?information". Ukraine has increased its attacks against Russian targets using?long-range drones. The?NATO and Ukraine have blamed Russian jamming of signals for diverting some 'Ukrainian drones to NATO airspace. Moscow accuses Ukraine of deliberately guiding drones across borders. Reporting by EssiLehto and ElviiraLuomaEditing by TerjeSolsvik
-
Oman has presented regional mechanisms for Hormuz in Iran, a source claims
Oman presented to Iran a proposal for a regional?joint mechanism to manage the Strait of Hormuz with voluntary fees. On Tuesday, a Gulf?source told? Source: Under the Omani plan, which is supported by the region, Iran will not be the sole owner of this vital waterway. The proposal is based upon the Strait of Malacca where users of the strait contribute to navigation, environmental protection, and search and recovery. U.S. air strikes on Iran were abruptly suspended over the weekend. This raised hopes for a diplomatic resolution that would allow shipping to resume in the Strait of Hormuz, which was responsible for a fifth of the world's energy supply before the conflict. Donald Trump announced on Monday that the United States is having "good discussions" with Iran, and that there's a chance of a deal. However, he warned U.S. air strikes will resume if negotiations fail to deliver. Abbas Araqchi, Iran's foreign minister, discussed Monday the Strait of "Hormuz" with his Omani and Saudi colleagues. According to Iran's Foreign Ministry, "He stressed the need to strengthen cooperation and advance joint efforts to establish stability in the area and lift the insecurity that has been imposed on the Strait of Hormuz because of the aggressive actions of the United States."
Drone incursions cause chaos and fear along NATO's Baltic border with Finland
Concerns that the war in Ukraine may spill over into NATO's northern border with Russia are being stoked by military drones entering the airspace of Finland.
Some of Ukraine's drones missed their targets, causing security warnings to be issued in neighboring countries. In the case of Latvia, this led to a?collapse' in government.
The following is a list of recent drone incidents that have involved Finland and the?three Baltic States:
Two Ukrainian military drones that strayed into 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.
29-30 March - Finland reports an alleged territorial violation in its southeast by unmanned aerial vehicle and deploys F/A-18 jet fighters. One object identified as a Ukrainian AN-196 swarm drone.
According to Petteri Oorpo, the Finnish Prime Minister, strong Russian electronic jamming may explain why drones are drifting in Finnish airspace.
March 31 - Estonia, Latvia and Finland detect foreign drone activity at their border with Russia. The Finnish border guard also finds a drone in its territory. Estonia discovers drone debris in Tartu ?County.
Estonian armed forces claim that drones found in the country were likely to be from Ukraine, and intended for Russia.
May 7: Latvia and Lithuania ask NATO to strengthen air defenses after two suspected drones crash in Latvia. One of the drones explodes in an oil storage area in the Latvian town of Rezekne. It damages four empty tanks.
Andris Spruds resigns from his position as Latvian defence minister on May 10, after Evika?Silina said that anti-drone system had not been deployed quickly enough. Ukraine claims that the drones are Ukrainian but were diverted to Russia by electronic warfare.
Silina resigns from her position as Latvian prime minister on May 14, triggering the collapse in coalition government of Latvia after Spruds’ Progressives party withdrew its support.
The authorities in Finland have warned 1.8 million people to stay inside because they suspect drone activity. They also suspended air traffic at Helsinki's capital airport and scrambled fighter jets.
Alexander Stubb, President of Finland, says that Finland is not directly under military threat.
May 17-18: Explosives were found near the debris from a suspected Ukrainian drone that crashed near the border with Latvia and Belarus.
A Romanian NATO fighter plane shoots down an suspected Ukrainian drone?over Estonia, after it entered Estonian airspace via Russia.
Ukraine apologizes to Estonia and other Baltic Allies for the electronic warfare that Russia used to redirect the drone, but denies using Latvian and Estonian territory as a launch pad to attack Russia.
Lithuania warns the people of?Vilnius that they should take cover and stops traffic at its airport. This is due to a drone flying in their airspace.
Lithuanian legislators seek shelter underground in?parliament while train traffic has been suspended and schools and kindergartens have taken children to shelters.
NATO fighter jets are battling the threat and the people of the regions bordering Russia and Belarus need to take cover.
On June 3, Latvia and Estonia issued warnings in the bordering regions of Russia. Residents were asked to seek shelter if any drone activity was suspected.
According to Latvia, NATO fighter jets have scrambled in response.
A French NATO fighter plane shoots down an unmanned aerial vehicle in Latvian airspace on June 8.
Officials report that tourists are canceling their visits to the Latvian border regions due to fears of drone incursions. Andris Kulbergs, the new Baltic Prime Minister, says that he will spend his summer holidays in the affected region.
Finland places temporary restrictions on airspace and shipping near its border with Russia from July 2 to 28.
The military said on July 28 that these precautionary measures were taken to "ensure the authorities can operate in the event drones straye into the area". Reporting by Jesus Calero, Jagoda Darrak; Editing by Peter Graff, Jan Harvey
(source: Reuters)