Latest News
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British grid operator cancels request for backup power during Solar Eclipse hours
The National Energy System Operator of Britain has cancelled a?earlier?electricity?margin?notice for Wednesday evening, which had asked participants in the market to make additional generation capacity during the solar eclipse. * NESO announced that it has canceled its notice 'for the period between 1700 GMT and?1900 GMT. It had originally expected a?system margin shortfall? of 1,200 megawatts compared to the?amount they would like to have available. According to a NESO spokesperson, the notice was issued to customers as a precautionary step due to the'solar eclipse'. There is no risk for the customer's electricity supply. Grid operators across Europe are preparing for a 'drop in solar energy generation during the eclipse.' This is expected to occur between 1715 GMT and 1930 GMT on Wednesday. (Reporting and editing by Nora Buli, Jan Harvey and Joe Bavier).
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Saudi Arabia Bets on defensive allies to prevent war slide
Saudi Arabia, increasingly dragged into wars it did not initiate, is building defensive regional alliances to keep its enemies away and respond more "robustly" to attacks from Iran and its regional allies. Analysts and diplomats say that despite the earliest attempts to build a maritime alliance in the Red Sea and the decision to bring Turkey into a defence agreement with the Kingdom and Pakistan, they have not been able to prevent attacks. Saudi Arabia's military response to the attacks by Iran, Iraq, and Yemen's Houthis last month, which opened a southern front on the kingdom, as well as attacking Saudi shipping, has been very limited. Riyadh is faced with a dilemma. How to protect its ambitious economic plan and deter attacks without getting entangled in an escalating conflict in the Middle East sparked by war between the U.S. One Middle Eastern official said, "Saudi Arabia has a problem because its enemies know that it wants to avoid war." They are abusing it." The Saudi Government Media Office did not respond to an inquiry for comment on this story. Aziz al-Ghashian is a Saudi analyst, and a senior non-resident fellow of the Gulf International Forum. He said: "This is very worrying and exactly what Saudi Arabia was trying to avoid." "Iran, and its?affiliates believe Saudi will not respond. Restraint was interpreted by them as an acceptance that they would be targeted. This is why Saudi Arabia needed to find a deterrent. "The trick is to find a balance," he said. The Houthis attacked oil installations again in the Kingdom after the signing of the defence pact. GRADUAL ESCALATION Saudi Arabia, since the U.S. & Israel began the war against Iran on February 28th, has attempted to absorb the attacks. It chose to pursue a diplomatic approach first before launching limited military responses which were kept secret. Around the time of the U.S. ceasefire in April, there was a tentative calm between the two countries. The Gulf region became a safe haven. In the past few weeks, much of this has been jeopardized. Yemen and Iraq have launched damaging attacks against the kingdom's oil infrastructure, as well as its shipping through the Strait of Hormuz or the Red Sea. Saudi Arabia and the U.S. conducted joint airstrikes against Iraqi militias two weeks ago. They claimed that the Iraqi militias were responsible for the attacks against the kingdom. This was the first time the Saudis had announced a retaliation during the war. Riyadh then announced two days later its intention to lead an maritime defence coalition on the Red Sea. In Mecca, the agreement was announced last week. Yasmine Farouk is the project director of Crisis Group's Gulf and Arabian Peninsula region. She said that the coalitions are "trial balloons", and that a joint military action is unlikely at this time. MECCA DEFENCE AGREEMENT Announced at Islam's holiest site and after Friday prayers, the Saudi-Turkey-Pakistan defence agreement carries the ?symbolic weight of Muslim nations pledging to defend each other as if they were one "Ummah," or Muslim nation, according to Sultan Alamer, a non-resident scholar in the Carnegie Middle East Program. In practice, however, it is less clear. Hakan Fidan, the Turkish Foreign Minister, said on Saturday that the pact is technically the same NATO Article 5 and will require consultations among all parties in order to determine the type of support provided to any country attacked, should they request any. Islamabad, under the pre-existing Saudi Arabian defence pact, had tried to avoid engaging militarily with Iran and its allies. It was able to do this despite Saudi Arabia facing hundreds of drone and missile attacks. Iran said that the agreement was a move away from relying on external powers. This is an apparent reference to the United States. It also stated that it had no reason to worry, "so as long as the agreement correctly identifies and addresses the enemy." THE YEMEN HEADACHE Yemen's Houthis ended a four year truce on Saudi Arabia's southern border last month, announcing a naval blockade and shooting at its oil infrastructure. Reports say that the Houthi attacks showed the kingdom's vulnerability to asymmetric war and brought back memories of the 2019 Saudi oil crisis, when production was halved due to Houthi missile and drone attacks planned by Iran. Yemen is a particularly sore spot for Saudi Arabia, which led an intervention in 2015, after Iran-backed Houthis stormed Sanaa's capital, leading to a?international outcry about the high death toll due war and famine. Riyadh wants Yemeni leadership to take the lead in any offensive. It also said that a multinational maritime coalition is needed to protect Red Sea shipping. People who attended the meeting said that invitations were sent just a few weeks before the first session, demonstrating the urgency in which Saudi Arabia approached the mission. Up to now, 14 countries from the region have signed up, and more are expected. Western diplomats claim that European nations are still deciding whether or not to join the coalition, as they worry about their potential involvement in a Yemen war. Saudi Arabia is planning meetings in Jeddah this week to announce the official formation of its new government as soon as possible. (Reporting and editing by Keith Weir; Timour Azhari is the reporter)
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Saudi Red Sea oil exports are halted as Houthi attacks grow
Analysts say that all recent Yanbu loads have been "dark". On July 20, the?Houthis announced a maritime boycott against Saudi Arabia, opening a new front in the Iran War against the United States. Since then, they've claimed attacks against Saudi-linked oil tankers, Yanbu facilities, and most recently the Jazan refinery along the Red Sea Coast. This has led to more vessels operating without publically visible tracking data. Dark voyages are becoming more common, and they obscure the visibility of Saudi oil exports. This makes it difficult to determine the extent to which Houthi threats could disrupt crude flow. The International Energy Agency (IEA), OPEC, and traders use data from ship-tracking firms to estimate global oil supply trends and forecast market trends. The week commencing August 3rd, data analytics firm Vortexa estimated that Yanbu loadings had fallen to 2,38 million barrels a day from 2,71 million in the previous week. Kpler estimated an even sharper fall to 1,78 million bpd, from 4,04?million. AXSMarine estimated a rise from 420,000 to 640,000 barrels a day. Saudi Aramco has not responded to a request from?comment. CONDUCTED DARK Satellite data is used to check movements and fill in any gaps. Last week, all Yanbu liftings took place in the dark. "We're not currently seeing any loadings that have Automatic Identification System (AIS)," said Vortexa analyst George Morris. Nhway Khin Soe, a Kpler analyst, said that 70% of the loadings on the west coast of Saudi Arabia in recent weeks have been dark. He added that all Yanbu cargoes since July?23 were loaded by vessels without continuous AIS coverage. Two years of Houthi attacks against commercial shipping in the Bab al-Mandeb Strait, at the southernmost tip of the Red Sea, had already affected the flow of traffic. Kpler data shows that an average of 32 vessels per day traversed the waterway in the last week. This is down from 50 vessels a single day prior to the Houthi group's latest blockade. Data from ship-tracking shows that Saudi Arabia is sending more oil through the Red Sea. This can be done via the Suez Canal, or Egypt's SUMED Pipeline, which connects?Ain Sokhna, on the Red Sea coast, to Sidi Kerir, on the Mediterranean Coast. Morris, Vortexa, said that the average crude and condensate load at 'Sidi Kerir was a record 2,17 million bpd, which is around 50% more than the previous weeks. About 90% of total volumes were Saudi crude. In recent days, the cost of war-risk insurance has increased and tanker companies have also changed their sailing strategies. Previously, the major tanker operator DHT exited via Bab al-Mandeb to lift oil from the Red Sea. Svein Moxnes Harfjeld, CEO of DHT, said in a recent earnings call that "that has become more challenging." It's fair that most VLCC (supertanker), not just ours have moved north and northwest.
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EasyJet flight attendants will strike in France on August 15-16.
The SNPC and FO trade unions announced on Wednesday that EasyJet 'flight attendants in France' will go on strike August 15-16 to demand better conditions. The statement stated that talks between a group of unions and the company regarding working conditions failed to produce any results. EasyJet is solely responsible for any flight cancellations or disruptions that result from these days. The company has refused to respond seriously to repeated warnings by trade unions in the past few months. A request for comment from a spokesperson?for?easyJet was not immediately responded to. The London-listed carrier is being purchased by the investment fund Apollo. This deal values 'the airline at PS5,70 billion ($7.70billion).
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Canada - August 12
These are some of the most important stories in selected Canadian newspapers. These stories have not been?verified and we cannot vouch for the accuracy of these reports. The Globe and Mail ** Canada's top negotiator Janice Charette warned that the White House could impose new tariffs on August 19 that would be a "cliff", which might stop negotiations with the U.S. ** Canada's H&R Real Estate Investment Trust announced a C$6.7billion ($4.81billion) breakup deal, whereby GO Residential REIT would acquire its U.S. Residential portfolio, and a group that included Blackstone, PSP Investments and Crestpoint, as well as entities linked to Chief Executive Officer Tom Hofstedter, would buy other assets. ** Air 'Canada' is selling a 25 percent stake in its Aeroplan loyalty program to Blackstone Inc., and a group?of?Canadian Pension Funds for C$2.5 billion (1.79?billion). This will help the airline to reduce debt.
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Senior Iranian official: Iran and US are not discussing the extension of the ceasefire.
According to a senior Iranian official, there were no discussions between Iran and the United States about extending their ceasefire agreement because the deal, according to Tehran, had no start date and, therefore, nothing to extend. Sources cited by Anadolu, Turkey's news agency, said that Washington and Tehran had agreed on a 60-day truce under their interim agreement signed in June. The deal stated an "immediate & permanent termination of military operations across all fronts". However, it quickly unraveled. U.S. president Donald Trump declared it "over" by July 7, and Iran's Foreign Ministry declared it "suspended", a week later. There is no discussion of an extension, because from the?Irani perspective, there was no period that started and so nothing to extend. Source: "The United States violated interim agreement 48-hours after it was made and withdrew a few days afterwards," said the source. The 60-day period in the agreement?refers a timeframe that could be extended within which Iran, the U.S. and other countries were expected to come to a final agreement limiting Tehran's nuclear program and lifting U.S. sanction. Before entering the 'next phase of negotiations,' a series of'requirements such as a ceasefire, a free navigation in Gulf, and waivers to allow Iran to sell its oil were considered necessary. "The?U.S. is one of the topics that are being discussed by mediators. Returning to the interim agreement and setting a timeline for implementing commitments. The source said that there has been no progress in this matter. (Reporting and Writing by Parisa hafezi; Editing by Alex Richardson).
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Yemen Houthis claim ship attack that killed four in the Red Sea
The Houthis, a group of Yemeni armed forces that are allied with Iran, attacked a ship on Tuesday in the Bab el-Mandeb strait at the southern entry to the Red Sea. According to Houthi news agency Saba, three Pakistanis were killed in the attack. Yemen's Transport Ministry said that four?crew of a small cargo vessel were killed when it was attacked by the Houthis Tuesday. The deaths aboard the Egyptian-owned Tihamah were the first Houthi attacks on ships since the Iran War began on 28 February. The Houthis claimed the ship carried Saudi military equipment. Saudi authorities did not immediately comment. Houthis announced on July 20, they would impose a blockade in the Red Sea against Saudi Arabia as a response to what they called a Saudi siege? on Yemen. Riyadh, however, has denied this claim. Since then, they've launched attacks against Saudi Arabia, and?Yemen’s Mocha and Marib?which is controlled by the?internationally recognized, Saudi-backed government based in Aden. Reporting by Mohammed Ghobari; Writing by Nayera Abedallah; Editing by Chris Reese & Alex Richardson
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E.ON CEO: Full grid protection against drones is 'illusory.'
E.ON CEO?Says?On Wednesday that critical energy?grids can't be protected from outside threats like drones. This comes a week after an incident with drones at one of Germany’s airports raised the issue of increased risks for critical infrastructure. Leonhard Birnbaum, after presenting the first-half results, said: "At this time we cannot secure any airports in Germany. Not even the major ones." How could I tell you we have our distribution network, which is spread out across the country, in control? The CEO of E.ON - Europe's largest energy grid operator - made the comments after an explosive drone was discovered last week near the runway at the Leipzig/Halle Airport, exposing its vulnerability to external attacks. "I do not believe in complete protection. Birnbaum added that E.ON was working on several initiatives to 'raise the protection. "But when it's about drones, we must admit that the progress is so rapid and extensive that, at this time, we can't guarantee that we are completely protected against a?malicious?drone attack." Birnbaum stated that it was E.ON's responsibility to ensure that they can quickly restore the supply after any successful attacks. (Reporting and editing by Linda Pasquini.)
Tata's chairman resigns after tensions with charity
He said that the chairman of India's largest conglomerate Tata Sons would not seek re-appointment. He cited the lack of support from the board after tensions with the charitable arm which controls the 'group. N. Chandrasekaran’s decision to depart in February adds to 'the difficulties 'of the 158 year-old group. The 158-year old company faces mounting losses in airline Air India and a sharp drop in sales of its Jaguar Land Rover cars. It was also forced to overhaul processes after a leak at its electronics division that affected Apple and Tesla. Chandrasekaran's 63-year-old departure from Tata Sons in February has sparked a simmering dispute between him and Tata Trusts which owns 66%. Both sides have been at odds over a number of issues, including whether Tata Sons would be listed on the stock exchange, losses at Air India and how to deal with a minority shareholder's planned exit.
Tata Sons, which controls over 30 Tata companies including TCS, Air India, and?Tata Motors, postponed its decision to reappoint Chandrasekaran chairman in February after Noel Tata of Tata Trusts opposed the move.
Chandrasekaran stated in his statement that it has been six-months since the?board met, and to date no resolution has been achieved.
He added that "Tata Sons, a large organization, has many strategic projects in critical stages of execution... Clarity on leadership is essential for employees, investors and partners, as well as other stakeholders."
Tata Trusts has not responded to a request for comment. Sources with direct knowledge, but who refused to identify themselves, claimed that Chandrasekaran's resignation was solely due to disagreements with Tata Trusts.
Tata Motors, the parent company of Jaguar Land Rover, fell 1.3%, while shares in TCS, which is where Chandrasekaran began his career, dropped 4%. Tata Steel lost over 1%.
Under Chandrasekaran the group's profits have increased substantially. Some parts of the group are making significant losses, such as Air India and digital and ecommerce, said Deven Choksey.
TATA HAS EXPERIENCED DISSENT BEFORE Tata has experienced discord before. Over the years Tata, India’s largest conglomerate based on market capitalisation acquired Jaguar Land Rover and British tea company Tetley. Last year, it announced that it had agreed to purchase European company Iveco’s trucks and buses in a $4.36 Billion deal. Tata is also a partner in Starbucks India and runs hundreds of Starbucks stores. Tata Trusts and Tata Sons have had turbulent relations in the past. In 2016, the board of Tata Sons sacked its then-chairman for a disagreement with Ratan Tata, head of group patriarch and charity arm.
Tata products are available almost everywhere in India, from cars to hotels and tea, and everything between.
Tata Group companies generated combined revenues of $185 billion in the last financial period. As of March 31, the 26 companies that are publicly listed had an aggregate market capitalisation totaling $277 billion.
Chandrasekaran began his corporate career in 1987 at TCS as an intern. He spent the rest of his time at the 'IT giant', where he rose through the ranks, becoming a?CEO (in 2009) before becoming the Tata Sons Chair in?2017.
The Tatas are descended from Persians, who arrived in India for the first time in the 8th century. Chandra (also known as Chandrasekaran) is not related to Tatas and was the first non Parsi Chairman of Tata Sons.
(source: Reuters)