Latest News
-
Hitachi Energy invests $528 Million in new transformer plant in Mississippi
The company announced on Tuesday that Hitachi 'Energy' plans to build a $528-million factory in Mississippi for the production of electrical?transformers. This will be the largest?investment made by the company as part of its U.S. Manufacturing expansion. Electricity demand in the United States has reached record levels, largely due to the growth of data centers for the tech industry and the electrification and modernization of buildings and transport. However, there is a shortage of essential electrical infrastructure like circuit breakers and transformers. The Gallman, Mississippi plant is expected to begin operations in 2029 and will be approximately twice the size of Hitachi Energy’s Crystal Springs facility?in the state. The Gallman facility will manufacture mid-range transformers for data center projects, semi-conductor factories and other industrial operations that require large amounts of power, according to the company. These transformers are smaller than the large transformers that are used for very high voltage grid infrastructure. They would be about the size of an attached garage compared to a two-story home, according to Hitachi Energy in Zurich, Switzerland. Andreas Schierenbeck said, "The transformers that will be produced in the next couple of years are essential for building data centers and investing in semiconductors because they close this critical gap between transmission transformers and industrial production," at a conference held in Houston. Hitachi said that its new Mississippi investment would 'complete the $1.5billion?the company has spent to boost production capacity in the U.S. The factory could be able to?produce dozens of Transformers per year, according the company. At a 'Houston conference, U.S. Energy Sec. Chris?Wright stated that the new?Hitachi plant is a necessary component to help build a large electrical infrastructure. "We need transformers to build this big expansion."
-
Global stocks fall as Treasury yields reach new peaks
The global stock market fell on Tuesday as it continued a downward trend from the previous session. This was after U.S. Treasury Yields reached?their highest levels since 2007 and oil prices remained above $100 a barrel. U.S. Treasury Yields have increased over the last month, as investors take into account expectations of higher interest rates and resilient economic growth. They also consider concerns about the long-term fiscal outlook for the United States due to rising inflation. Investors were looking to the Federal Reserve. Traders expected at least a quarter point hike. Fed Chair Kevin Warsh is reluctant to give any guidance on future rates. All three major Wall Street indexes are trading lower. Consumer discretionary, financial and communication services stocks were the main losers. The biggest gainers were energy shares. The Dow Jones Industrial Average dropped by 0.89%. The S&P 500 fell by 0.46%. And the Nasdaq Composite lost 0.69%. STOXX Europe 600 dropped 0.29%, after reaching its lowest level since June 12. After losing more than 2% Monday, the European Tech Stock Index rose by 0.10%. We have to acknowledge that this is an extremely?appropriate movement in the Treasury Market and there shouldn't be any shock factor given that we've seen an 'exuberant' economic backdrop. Last quarter, earnings growth hit 30% and we are experiencing a geopolitical crisis that's driving commodity prices up, said Edison Byzyka. Chief investment officer at Credent Wealth Management. I think the Fed must raise rates immediately. If the Fed doesn't raise rates by at the very least a quarter (percentage point), we will see the bond markets punishing the Treasury market." The main MSCI world stock index fell by 0.53%. Benchmark Brent crude futures were above $108 per barrel as Yemen's Iran aligned Houthis launched another wave of attacks against Saudi Arabia, and dug into positions along the western coast of Yemen on the Red Sea. INTEREST RATE IN?FOCUS The yield on 10-year Treasury notes reached a level not seen since 2007. This was ahead of Wednesday's Fed rate decision. The yield on benchmark U.S. 10 year notes increased by 3.47 basis points, to 4.996%. The benchmark German Bund yields in the Eurozone rose to 3.56%, their highest level for over 17 years. It is expected that the Bank of Japan will raise its interest rates by 25 basis points to 1.25% at the end its two-day meetings on Friday, and signify more tightening in the future. The Bank of Japan is looking to strengthen the yen following intervention that helped the currency recover from a low for the first time in 40 years. As markets awaited a possible Fed rate increase, the dollar gained against its peers. The dollar gained 0.48% against the Japanese yen to 155.07. The euro was down by 0.08% in relation to the dollar, at $1.1540. The dollar index (which measures the greenback in relation to a basket currency) rose by 0.14%, reaching 99.63. Spot gold dropped 0.33%, to $4283.64 per ounce.
-
Britain strengthens diplomatic relations with Venezuela
Britain announced on Tuesday that it would be upgrading its diplomatic relations with Venezuela by appointing an ambassador in the country. This move, it claimed, would enhance Britain's ability to support a democratic transition. In a written statement to the parliament, the government stated that "this decision is part a broader international reengagement." Britain stated that the move was not an endorsement of Venezuela's disputed election of 2024 or any political party, but rather reflected its longstanding policy to maintain?relations? with the Venezuelan state. After the U.S. ousted Nicolas Maduro from power in January, the government of acting President Delcy Rodriguez is now in charge. Venezuela welcomed the decision. Oliver Blanco said that Caracas appreciated Britain's'move' to improve diplomatic relations. Blanco stated that "we reaffirm our willingness to further a respectful dialogue and promote cooperation on areas of common interest to both countries, and to help'recover resources which?rightfully belongs to the Venezuelan people."
-
Israeli strikes in Gaza killed two people including a child.
Health officials in Gaza said that Israeli airstrikes on a vehicle Tuesday killed at least two Palestinians including a child and injured seven others. The strikes occurred in Sheikh Radwan, a neighbourhood located north of the Gaza Strip. The Israeli military claimed it had?struck a?militant? in the area without providing any further details. Witnesses said that some of the casualties were caused by a second strike which hit near people who had rushed to assist in the rescue. The video was not immediately verified, but it showed that a missile had exploded near at least five people. Palestinians held funerals for two Palestinians who were killed in Israeli airstrikes a day earlier, Ahmed Al-Batsh Rafat Zummar. According to Hamas and Israeli military sources, Batsh was the local Hamas commander. Medical personnel said that Batsh was killed in an attack against his vehicle in the northern Gaza Strip. In separate statements, the Israeli military claimed that both men were killed and described Zummar as a Hamas leader. Hamas did not immediately comment on Zummar’s affiliation. In Gaza City, Al Shifa Hospital, relatives and friends bid farewell to Batsh’s body. It was draped in a Hamas flag and a white shroud. On top of the corpse, an M16 assault weapon was placed. Khalil al-Batsh said that Israel believed it would eliminate the spirit of jihad and resistance within us. At the funeral, he said: "I tell them this cowardly operation strengthens our people’s determination to keep on going down this path." A U.S.-backed ceasefire in October 2025 halted the large-scale fighting?in Gaza. However, it did not end Israeli strikes, and little progress has been made on the?steps toward permanent peace. Hamas claims that Israel violated the ceasefire, and undermined efforts to implement U.S. president Donald Trump's plan?to resolve the Gaza conflict. This includes the Israeli removal from the Gaza Strip and the disarmament by Hamas. Israel claims that Hamas violated the agreement. According to Gaza's health officials, more than 1,300 Palestinians (mostly civilians) have died since the ceasefire came into effect. The Israeli military, however, claims that four Israeli soldiers were killed. Hamas doesn't usually reveal information about the deaths of its fighters.
-
Investors' appetite for IPO tests is tested by Dangote's profits in Europe
Nigeria's Dangote Oil Refinery has emerged as one of the key suppliers of fuels to Europe, following disruptions in Middle East exports. This highlights its growing influence on global fuel markets. It also generated a record profit before its debut at the stock exchange. According to the prospectus of the Lagos refinery, by increasing?fuel?exports during this crisis, the company has been able to achieve a profit of 1.82 billion dollars in the first six months of 2026, on revenues of over $13 billion. This is a significant improvement from the $476 million loss it suffered in 2025 due to conflict-related disruptions that increased the demand for the refinery's exports. Dangote’s refinery, built to end Nigeria’s dependence on imported oil, is influencing global fuel flow at a time when the market is under stress. The trend will continue, as Middle East disruptions persist and refinery capacity is expanded. Janiv Shah, Rystad Energy, said that "Dangote will likely increase its role in the upcoming years". The gasoline industry will have the largest structural impact. "Jet fuel and diesel are also growing in importance". In response to U.S. and Israeli attacks, Iran closed the Strait of Hormuz at the end February. Europe lost a quarter its diesel and jet fuel supply. Fuel inventories at the oil trading hub in Northwest Europe have plummeted to their lowest levels in 12 years as a result of the Middle East's drop in exports. According to Kpler, Europe imported around 80,000 barrels of jet fuel per day from Dangote in the second quarter. This is equivalent to 13% of the supply shortage and makes the refinery Africa's biggest supplier of fuel. The data shows that only the U.S. accounted for more imports from Europe than Nigeria during this time period. "Without Dangote Europe would have still sourced fuel, but at a much higher clearing price. Shah of Rystad said that there could have been deeper stock draws. REFINERY HELPS TO SATISFY TIGHT MARKET Dangote has also increased exports of gasoil and diesel, which are both?part of a group known as middle distillates of fuels. Kpler reports that Dangote's exports of diesel and gasoil have increased by 23%, to 488,000 bpd as of 2026. Sumit Ritolia, Kpler analyst, said that "these barrels have been increasingly supplying West Africa and Europe where they helped ease an otherwise tight middle distillate market". Dangote's influence on the gasoline flow has been significant since Dangote started operating in 2024. Kpler reports that Dangote has produced between 270,000 and 300,000 barrels per day of gasoline since 2026. Nigerian imports have fallen from around 400,000 bpd to 83,000 bpd. Europe has traditionally provided the majority of this volume in a trade worth $17 billion per year. Dangote wants to double its capacity to 1.4m bpd in 2029. This would make the refinery the second-largest in the world, alongside Reliance’s Jamnagar facility. When asked about refinery expansion plans, Chief Executive David Bird said that a?diesel hydratreater will allow Dangote a greater range of diesel specifications to be exported. He said, "We must ensure that we can sell our product anywhere in the globe, any time of the year."
-
Germany's Merz promises relief plan 'soon' as pump prices hit record
The embattled German Chancellor Friedrich Merz, who is under pressure to respond to citizens' concerns ahead of an upcoming state election, promised that he would be bringing "very soon" proposals to protect consumers from record fuel prices. Merz's Christian Democrats (CDU), which are largely rural, face the prospect of their worst ever state election results in Mecklenburg/Western Pomerania. Merz said at a business conference that the price of a litre E10 gasoline in the United States had reached a record of EUR2.286 per gallon. Prices have increased since the conflict in the Middle East began late February. Merz did not give details on how an intervention would work, but he said that he was consulting the 16 federal states in Berlin and his coalition partners. Lars Klingbeil of the Finance Ministry, who will be 'pressing for a windfall-tax on European energy companies at an informal meeting of EU finance ministers said that he didn't know Merz’s proposals, but it was important to make a decision quickly. The CDU-led Economy Ministry has resisted the idea of a price ceiling, which is supported by Klingbeil’s Social Democrats. They claim it would be hard to implement. In May and June of this year, the government reduced energy taxes by 17 cents a litre. STATE PREMIER CALLS FOR A PRICE CAP Merz has promised to better connect with voters following his party's?trouncement in a state election held this month, which handed an historic victory to the far-right Alternative for Germany. According to a source within the party, the chancellor has said repeatedly that he intends to serve his entire four-year term. His conservatives will meet on Sunday in order to rally around him. Manuela Schwesig is the SPD state premier for Mecklenburg/Western Pomerania, hoping to win a second term. She has accused Merz of standing aside while fuel prices rise, and she wants a national fuel price cap, based on Luxembourg's model. ($1 = 0.8665 euros)
-
ADNOC Trading sources claim that it buys millions barrels of Iraqi crude.
Three people with knowledge of the matter said that Abu Dhabi National Oil Co. (ADNOC), a trading company, has purchased millions of barrels at a discount from Iraq's?state?oil firm. This is an expansion of its role in the market amid the disruptions caused by the Iran War. Two Iraqi energy sources reported that the state-owned company of the United Arab Emirates, through its trading division, was the largest lifter of Iraqi oil in August and in September. This helped boost Iraqi exports, which had been severely curtailed during the early months of the conflict. ADNOC has agreed to purchase 32 million Iraqi barges in August, at discounts of $24.90 to 27% per barrel. A further 40 million barrels will be purchased in September. This includes 10 million?barrels for $18 a barrel and 30 million barrels with a discount of $25, according to one Iraqi source. According to the second Iraqi source, while Iraq's state oil marketing organisation SOMO allocated ADNOC 32 millions barrels in august, the UAE giant lifted only 20 million barrels because of export restrictions and Basra Oil Company’s inability to secure enough crude. ADNOC has so far lifted 14 millions Iraqi barrels in September, a person told me. A third source claimed that ADNOC bought 20 million barrels from the state-owned SOMO of?Iraq in tenders for a discount between $25 and $27 per barrel. Other companies also buy Iraqi crude. Trade sources said that SOMO had offered August-loading shipments at steep discounts. This attracted other buyers, including Chinese state giants PetroChina and Zhenhua oil, TotalEnergies and Vitol as well as Trafigura Mercuria, and Cathay Petroleum. Iran's official news agency IRNA said that Iran had granted permission to a number of oil tankers transporting Iraqi crude oil through the Strait of Hormuz last month after Baghdad repeatedly requested it through different channels. Iraq's exports were severely curtailed during the early months of the war, in part due to its location on the top of Gulf and the absence of its own shipping fleet. ADNOC, the state-owned oil company, has become more agile since the start of the war. It uses an expanding fleet of tankers as well as a pipe to Fujairah in order to move oil out of the Gulf of Aden and across the Strait of Hormuz. Put the past behind them Despite the attacks on ADNOC tanks, 'Iranian president Masoud Pezeshkian met with UAE crown prince Sheikh Khaled Bin Mohamed bin Zayed Al Nahyan at the BRICS Summit in New Delhi on Sunday, stating that the two sides agreed to 'put the past behind them. According to Kpler, Iraq exported about 2 million barrels per day in this month. This is down from the 2.354 millions bpd of August but higher than the 1.374million bpd of July. According to Kpler, UAE crude exports rose to 3.236 millions bpd last month. This is up from 2.886million bpd during August and 2.871million bpd during July. One of three sources stated that ADNOC intends to process the majority of crude oil purchased from other Gulf producers and sell it more on the international market.
-
Sources say that ADNOC, the UAE's oil company, buys millions barrels of Iraqi crude.
Abu Dhabi National Oil Co. (ADNOC), a trading company, has purchased millions of barrels at a discount from Iraq's oil company, according to three people who are familiar with the situation. This is a result of the Iran War, which has caused supply disruptions. Two Iraqi energy sources reported that the state company's trading arm was the largest lifter of Iraqi oil in August and in September. This helped boost Iraqi exports, which had been severely curtailed during the early months of the conflict. ADNOC has agreed to purchase 32 million Iraqi barges in August, at discounts of $24.90 to 27% per barrel. A further 40 million barrels will be purchased in September. This includes?10,000,000 barrels for $18 a barrel and 30,000,000 barrels for $25, according to one Iraqi source. According to the second Iraqi source, 'while Iraq's State Oil Marketing Organisation SOMO allocated ADNOC 32 millions barrels in August due to export restrictions and Basra Oil Company's inability secure enough crude', the UAE giant lifted only 20 million barrels. ADNOC has so far lifted 14 millions Iraqi barrels in September, a person told me. A third source stated that ADNOC purchased about 20 million barrels?crude' from Iraqi state-owned SOMO through tenders, at a discount between $25 and $27 per barrel for the lifting of September to October. Other companies are also buying Iraqi oil. SOMO offered August loading?cargoes for steep discounts to attract other buyers, including Chinese state-majors PetroChina and Zhenhua oil, TotalEnergies and Vitol as well as Trafigura Mercuria and Cathay Petroleum. Iran's official news agency IRNA said that Iran had granted permission to a number of oil tankers transporting Iraqi crude to pass through Strait of Hormuz last month after Baghdad repeatedly requested it through different channels. Iraq's exports were severely restricted in the early months of the war, in part due to its location on the Gulf and its lack of a shipping fleet. ADNOC, the state-owned oil company, has become more agile since the start of the war. It uses an expanding fleet of tankers as well as a pipe to Fujairah in order to transport?oil across the Strait of Hormuz and out of the Gulf. Put the past behind them Despite the attacks on ADNOC 'tankers', Iranian President Masoud Pezeshkian on Sunday met with UAE crown prince Sheikh Khaled Bin Mohamed bin Zayed Al Nahyan at the BRICS Summit in New Delhi. He said that the two sides agreed to?put the past behind them. According to Kpler, Iraq exported about 2 million barrels per day in this month. This is down from the 2.354 millions bpd of August but higher than the 1.374million bpd of July. According to Kpler, UAE crude exports rose to 3.236 millions bpd this month from 2.886million bpd last August and 2.871million bpd during July. One of three sources stated that ADNOC intends to process the majority of crude oil purchased from other Gulf producers and sell it more on the international market.
How three European human rights cases could form climate litigation
Does federal government inactiveness on climate change violate human rights?
That is the question the European Court of Human being Rights will for the very first time seek to respond to in Strasbourg, France, as it guidelines on Tuesday on 3 separate climate cases.
The verdicts will set a precedent for future lawsuits on how rising temperatures affect people's right to a liveable world.
The following sets out what is at stake.
WHAT ARE THE SUITS?
Six Portuguese youths are taking legal action against 32 European nations for supposedly stopping working to prevent disastrous climate modification that they state threatens their right to life.
The case, which has actually been described by experts as David v. Goliath, does not ask for monetary payment, however for federal governments to considerably cut emissions.
At the exact same time, thousands of senior Swiss women have argued that their government's woefully insufficient efforts to battle worldwide warming put them at danger of passing away throughout heatwaves.
The ladies's attorneys are seeking a judgment that might require Bern to cut carbon dioxide emissions much faster than planned.
In the third and final case, Damien Carême, a previous mayor of the French commune of Grande-Synthe, is challenging France's. refusal to take more ambitious environment steps.
WHAT RIGHTS MAY HAVE BEEN VIOLATED?
This will be the first time the European Court guidelines on. whether presumably weak environment change policies infringe on. individuals's human rights enshrined in the European Convention.
The Portuguese youths have argued their right to life is. threatened by climate change-driven occasions such as wildfires,. which failure to deal with climate modification especially. discriminates against youths who face the prospect of an. progressively unliveable world.
The Swiss females have actually stated Bern violated their right to life. by failing to cut emissions in line with a pathway that restricts. international warming to 1.5 C (2.7 F).
Their case points out a U.N. Intergovernmental Panel on Climate. Change report that found that females and older grownups were among. those at highest risk of temperature-related deaths during. heatwaves, and uses the candidates' medical records to reveal. their vulnerability.
Carême's application, made in 2019, will assess whether. inadequate government action can amount to an offense of the. right to life, by exposing people's homes to climate risk.
All of us are trying to achieve the same goal, said. 23-year-old Catarina Mota, one of the Portuguese youths. A win. in any among the 3 cases will be a win for everyone.
WHAT COULD THE RULINGS BE?
The 17-judge panel could release very different verdicts for. each case. The judgments can not be appealed.
The three cases are rather unique in regards to who's. bringing the case, which federal government or federal governments is being. taken legal action against, and what the ask is in the case, stated Lucy Maxwell,. co-director of the Environment Litigation Network.
Some of the involved governments have actually argued the cases are. inadmissible. Switzerland has stated it is not Strasbourg's task to. be supreme court on environmental matters or to implement. environment treaties.
The court may choose a case is too tough to fit within. the existing framework of the Court and requires to be decided at a. national level, Maxwell said. The latter is a common result. that could supercharge nationwide responsibility.
The European Court may issue a statement that those. federal governments have actually not adhered to their human rights. responsibilities since their 2030 targets are too weak and not in. line with science, she said.
WHAT CAN A JUDGMENT VERSUS GOVERNMENT ACHIEVE?
A judgment against the Swiss or Portuguese government would. send a clear message that governments have legal duties to. considerably increase their efforts to combat environment modification in. order to safeguard human rights, Maxwell stated.
This ought to lead to those nations revising their 2030. emissions reductions targets.
If countries do not upgrade their targets, additional lawsuits. could be carried out at the nationwide level and courts could. problem financial penalties.
Any failure of governments to comply with domestic court. orders triggers significant guideline of law problems, Maxwell said.
We rely on the compliance of federal governments with national. court orders.
HOW WILL THE RULINGS SET A LEGAL PRECEDENT?
A local human rights court has never before ruled on. environment cases, and the verdicts are likely to be game-changing.
If successful. it would be the most important thing to. happen for the climate in Europe considering that the Paris Arrangement. because it sort of has the impact of a regional European. treaty, said Ruth Delbaere, a senior legal campaigner for civic. movement Avaaz, which has assisted to raise funds to cover the. Portuguese youth's legal costs.
All 3 cases are being chosen by the court's top bench -. called the Grand Chamber - where just cases that raise severe. questions about the Convention's analysis are sent.
The cases' outcomes will for that reason serve as a blueprint for. both the Strasbourg court and national courts thinking about. comparable cases.
Gerry Liston, a senior attorney arguing the Portuguese case,. stated the most impactful outcome would be a judgment that binds. the 32 countries that are Europe's major emitters. They consist of. the European Union and neighbouring nations.
However a judgment versus even simply one nation could be applied. as precedent against all 46 signatories of the European. Convention.
A win could embolden more neighborhoods to bring similar cases. versus federal governments. Similarly, a loss for the complaintants could. deter future legal action.
6 other environment cases have been postponed by the. Strasbourg court pending Tuesday's three judgments, said Joie. Chowdhury, a senior lawyer at the Center for International. Environmental Law.
These consist of a claim versus the Norwegian federal government. that alleges it violated human rights by providing new licences. for oil and gas expedition in the Barents Sea beyond 2035.
Whatever happens today will also have impact beyond. Europe's borders, Maxwell said.
Courts in Australia, Brazil, Peru and South Korea are. considering human rights-based climate cases.
They will be taking a look at what takes place in Europe and there. will be causal sequences well outside, she said.
(source: Reuters)