Latest News
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The Russian central bank claims that higher fuel prices in Russia have accelerated the consumer price increase
The Russian central bank published the minutes of its July 24 meeting on Wednesday. They stated that higher fuel prices in Russia accelerated the consumer price growth in June by 0.3% and by 0.2% in the first half. After Ukrainian drone attacks on oil refining facilities disrupted the supply, Russians experienced a 'fuel shortage across all 11 time zones of the country. This led to long queues, higher gas prices, and rationing in some regions. Authorities say that the?situation? has stabilised?in many areas. Central bank officials said that the total direct and indirect impact on inflation of the fuel price increase will not exceed 1.5% for the entire year. The benchmark interest rate was cut to 14% from 14.25% on July 24, despite an 'inflation spike linked to Ukrainian drone strikes on major oil refineries and ecommerce warehouses. The regulator stated that most?board members thought there was room for more rate cuts in this?year, although the scope had shrunk. Reporting by Elena Fabrichnaya, Writing by Anastasia Teterevleva, Editing by Andrew Osborn
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TAE, a developer of fusion energy, signs an agreement for future fuel supply options with helium-3
TAE Technologies, a developer of fusion energy, announced on Wednesday that it had signed a deal with Black Moon Energy, whose private company could 'provide helium-3 as a fuel option in the future for its planned power plant. Nuclear fusion is still a long way from commercial power plants. Developers are still trying to prove the performance of reactors, attract capital, and ensure long-term supply. TAE has raised over $1 billion from Alphabet, Google, and Chevron. It is planning to build its first fusion plant, Da Vinci. The power plant will be able to generate 50 megawatts of electricity. Site selection is planned for later this year and operations are expected to start in 2031. The company stated that future power plants will be designed to produce between 350 and 500 megawatts. According to the companies, this agreement also includes collaboration in commercial development. Michl Binderbauer, TAE's chief executive officer, said that the agreement could offer a "alternative fuel supply option" as the company transitions to commercial power generation. Trump Media announced in December that it would acquire TAE through an all-stock transaction valued at more than $6 billion. This deal would create a publicly-traded fusion-energy firm. In 'June, the companies had planned to spin-off Trump Media's legacy business in social media, including Truth Social, and other assets into a separate listed entity. The Foothill Ranch, California-based firm expects to file merger-related documents to U.S. regulators, and complete the transaction by the end of 2026. This is subject to regulatory approvals, and other closing conditions.
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India eyes Venezuela blocks operatorship; regains Russia's Sakhalin-1 stake
India's Oil and Natural Gas 'Corp (ONGC) hopes to sign agreements soon with Venezuela 'to operate two oil 'blocks under the South 'American nation's 'new petroleum 'law', its finance chief'said 'on Wednesday. ONGC Videsh (ONGC Videsh is the overseas investment arm of the state-run ONGC) holds a stake of 40% in the San Cristobal oil field, and along with other Indian firms, a stake 18% in the Carabobo-1 Project. "Now, we are able to work freely on Venezuelan projects." We had restricted our operations in Venezuela because of sanctions-related risks," said finance director Anupam agarwal on a?analyst's call following the company's earnings for the June quarter. He said Venezuela offered additional incentives under its 'petroleum laws' and that ONGC was experienced in 'operating fields of similar geology? in India. He said, "We are taking over operatorship of some projects from PDVSA, we believe we will soon see positive developments." RUSSIAN SKHALIN-1 ASSET Agarwal stated that ONGC regained their 20% stake in Russia's Sakhalin-1 project for oil and gas after a four-year gap. He said that the restored stake increased the group's revenue contribution to the project from 5 billion to 6 billion rupees. After the West imposed broad?sanctions against Moscow in response to its invasion of Ukraine, Sakhalin-1 was transferred by Russia to a new domestic operator. ONGC has agreed to pay?payments to the Sakhalin-1 Abandonment Fund?in roubles, using dividends that have been frozen in Russia. This will allow it to keep its 20% stake, as was reported last year.
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India eyes Venezuela blocks operatorship; regains Russia's Sakhalin-1 stake
India's Oil and Natural Gas 'Corp (ONGC) hopes to sign agreements soon with Venezuela 'to operate two oil 'blocks under the South 'American nation's 'new petroleum 'law', its finance chief'said 'on Wednesday. ONGC Videsh (ONGC Videsh is the overseas investment arm of the state-run ONGC) holds a stake of 40% in the San Cristobal oil field, and along with other Indian firms, an 18% share in the Carabobo-1 Project. "Now, we are able to work freely on Venezuelan projects." We had restricted our operations in Venezuela because of sanctions-related risks," said finance director Anupam agarwal on a?analyst's call following the company's earnings for the June quarter. He said Venezuela offered additional incentives under its 'petroleum laws' and that ONGC was experienced in?operating similar geology - fields?in India. He said, "We are taking over operatorship of some projects from PDVSA." We believe that we will soon see positive developments. The new agreements have been signed. RUSSIAN SKHALIN-1 ASSET Agarwal stated that ONGC regained their 20% stake in Russia's Sakhalin-1 project for oil and gas after a four-year gap. He said that the restored stake increased the group's revenue contribution to the project from 5 billion-6 billion rupees per quarter, up to a total of?10 billion Indian?rupees (about 105.13 millions dollars). After the West imposed broad?sanctions against Moscow in response to its invasion of Ukraine, Sakhalin-1 was transferred by Russia to a new domestic operator. ONGC has agreed to pay?payments to the Sakhalin-1 Abandonment Fund?in roubles, using dividends that have been frozen in Russia. This will allow it to keep its 20% stake, as was reported last year.
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Reliance's luxury unit brings Kim Kardashian SKIMS to India
Reliance Brands is the luxury retail arm of Reliance Retail. They have partnered with Kim Kardashian's SKIMS in order to bring this shapewear brand into India. This comes as global companies race to enter India's growing fashion and beauty market. The company, which is a subsidiary of Mukesh-Ambani's Reliance Industries, said that it would launch the SKIMS name across both physical and digital channels?starting in Delhi and Mumbai. Indian beauty retailers are racing to introduce international brands into the country as Gen Z and younger consumers gravitate towards global trends in beauty and brands backed by celebrities, thanks to social media. This year, Indian beauty and fashion retailer Nykaa teamed up both with Selena Gomez’s Rare Beauty as well as Shiseido Group’s NARS Cosmetics. SKIMS is a new partnership that will add to Reliance Retail’s growing portfolio of foreign brands, including Rihanna’s Fenty Beauty, Fenty Skin and designer brands like Stella McCartney and Valentino. The entry of SKIMS comes at a time when India's shapewear industry is booming, with a mix?of?homegrown direct to consumer brands, such as Underneat, competing for customers. SKIMS, founded in 2019, has recently opened'stores in London and Dubai after raising $225m in funding which valued the company at 5 billion dollars.
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Phillips 66 surpasses its quarterly expectations as the Iran War boosts US refining profits
Phillips 66'reported a nearly 4-fold increase in'second-quarter profits on Wednesday, crushing Wall Street expectations, as the Middle East conflic? squeezed global fuel suppli?es and sent U.S. refinery margins soaring. The Iran War has been a boon to U.S. refiners, as buyers from around the world have scrambled for alternative fuels amid fears of disruptions in Middle Eastern exports. Fuel exports from the United States have reached record levels, especially for diesel and other refined fuels. Phillips' refining segment reported a record jump in earnings adjusted to $3.09 Billion from $392 MILLION a year ago. The?realized profit margin? in the second quarter?more than?doubled from a year ago to $24.08 a barrel. The company's quarterly net profit was $3.85 billion. This is its highest quarterly profit since the 2022 Russian invasion of Ukraine, which disrupted global supply chain and increased refinery earnings. In premarket trading, shares of the company increased 1.4% to $208,67. Phillips 66’s renewable fuel segment reported a quarterly adjusted profit of $544 million compared to a loss of $133 millions a year ago. After years of margin pressures, U.S. refiners have begun to see better returns on renewable fuels. This is due to a recent rise in the blending of biofuels mandates as well as a rise in diesel prices related to the Middle East conflict. According to data compiled and published by LSEG, Houston-based Phillips 66 posted an adjusted profit of $9.41 for the three months ended June 30 compared to analysts' average estimates of $7.44.
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Hungary and Albania both cut power in the face of Europe's heat
Emergency services in Albania battled a wildfire?in the southern region Mallakaster while?Hungarians?cut back on power consumption due to a heatwave?and drought?that continued to affect large parts of Europe's south and east. This summer, Europe, the continent that is warming up fastest in the world, was ravaged with record-breaking temperatures and devastating wildfires. France and Spain were particularly hard hit. It is now Italy that has been focusing on the heatwave. Temperatures in some places reached around 40 degrees Celsius. It was the heat that prompted the Vatican's decision to move Pope?Leo's weekly general audience, which had been held in St Peter's Square during the July holiday, indoors. Rome visitors welcomed the decision, as they were seeking relief from the hot conditions. A tourist from Mexico named?Diego Amaya said, "I suppose that it is better to have it inside because of the heat." RECORD LOW ON DANUBE Hungarian households and companies reduced their power consumption in the past week following a government appeal to reduce the pressure on the grid due to the severe drought. Budapest, the capital of Hungary, is bracing itself for the heatwave's peak on Wednesday and Thursday. Temperatures of 40 C to42 C (104 F - 108 F) are expected. The Danube's record-low levels have forced Hungary to shut down its only nuclear plant that uses river water for cooling. This has created an energy crisis which has stretched the power supply capacity to the limit. Wildfires in Albania's Mallakaster forced 15 families to evacuate, along with their animals and pets. Ground and aerial crews battled the flames, trying to prevent them from reaching homes near a nearby village. In the rocky, mountainous terrain, south of Gjirokaster, an Albanian city, efforts continued to be made to contain another wildfire. This fire was likely started by lightning. A wildfire in Greece has destroyed thousands of acres of farmland northwest of Athens. The fire was likely caused by electricity conductors vibrating and then fanned with gale force winds. On Wednesday, the fire appeared to be largely contained. However, hundreds of firefighters were still in the area to keep it from re-igniting. Six helicopters also doused scattered smoke spots. The agriculture is suffering from the hot and dry summer. According to an analysis released on Wednesday, Britain's cereal harvest is likely to be the worst since 1984 when comparable records were first kept. This is because the crops have withered after one of the most arid and hot spring-summer seasons on record.
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Gold reaches a one-month high as US-Iran hopes for peace ease inflation concerns
On Wednesday, gold rose by more than 2% to a new one-month-high as investors looked forward to key U.S. employment data and hoped that a U.S. Iran peace deal would ease inflation fears. By 1113 GMT, spot gold had risen 2.3% to $4168.34 an ounce, its highest since July 7. U.S. Gold Futures increased 1.8% to $4227.40. Donald Trump, the U.S. president, said that his administration had "very positive discussions" with Iran on Tuesday during an all-day negotiation. This has fueled expectations for a quick end to this five-month conflict. There are more signs that a Gulf ceasefire agreement is in the works, and this means Treasury yields will be moving lower on account of inflation concerns, making non-yielding investments like gold even more attractive," Jamie Dutta said, a market expert at trading platform Nemo.money. The U.S. Dollar remained under pressure. This made metals priced in greenbacks more appealing to holders of other currencies. Yields on the benchmark 10-year U.S. Treasury notes fell to an all-time low. In a high-interest rate environment, gold tends to lose appeal despite its role as an inflation hedge. It yields no return. According to the CME FedWatch Tool, traders now price in a 57% chance of a rate hike for September, down from 67% one day earlier. Jeff Schmid, President of the Federal Reserve Bank of Kansas City, said that monetary policy needs to be tightened to bring "too-high" inflation to 2%. Concerns about the Fed’s credibility are likely to ease over the next few months as the central bank increases interest rates. This would lead to gold prices dropping and settling under $4,000 per ounce by the end of this?year," said Hamad Hussain a climate and commodities economist with Capital Economics. The ADP Employment Report is due at 1215 GMT, and the non-farm payroll report for July will be released on Friday. Spot silver rose 3.3% to $61.50 an ounce, its highest level since July 7. Palladium was up 1.5% at $1,373.35, following a two-month high. Platinum rose 1% to $1752.20. (Reporting and editing by Rashmi aich and Joyjeet Das in Bengaluru)
Hurricane Melissa slams Caribbean and accelerates towards Bermuda
Hurricane Melissa, which swept through the Caribbean on Thursday and was seen gaining speed as it moved across open water towards Bermuda, left a path of destruction and high winds from Jamaica to Cuba.
As the storm passed, people in the Bahamas and Turks and Caicos were slammed with rain and dangerous winds. Bermudans, located around 600 miles (970km) northeast of the last position of the storm, prepared for the expected evening arrival.
Authorities in the region are struggling to keep up with the devastation. They have confirmed 25 deaths, 10 of which were children, in Haiti and four in Jamaica.
According to the U.S. National Hurricane Center at 1200 GMT, Melissa had winds close to 105 mph (165 kph) and was downgraded to a Category 2.
WALKING BAREFOOT IN MUD
The Florida-based forecaster predicted that it would continue to accelerate northeastward, and "pass northwest of Bermuda" on Thursday before likely weakening Friday.
Bermuda will, among other things, close its causeway Thursday night as well as all schools and ferry services on Friday. This is "out of a sense of abundance of caution," said National Security Minister Michael Weeks in a press release.
He said: "I urge all residents to be vigilant as we face another natural threat to the way of our lives." He added that people should stay off the roads and check on their neighbors until further notice.
Melissa, the strongest hurricane to ever directly strike Jamaica, struck the island on Tuesday. It had sustained winds of over 185 mph - far exceeding the minimum strength required for a hurricane classified as Category 5.
Alfred Hines, aged 77, described how he narrowly escaped the floodwaters in a Montego Bay neighbourhood. He waded through thick mud with his bare feet.
He said on Wednesday, "I saw the water around my neck and then (after) 10 minutes, I saw it at my waist. I made my escape."
I just want it to be over and for things to return to normal.
Kingston, the capital city of Jamaica, was spared from the worst damages and its airport is set to reopen Thursday.
The U.S. forecaster AccuWeather estimates that Melissa will cost up to $22 billion dollars in economic losses and damages. Rebuilding could take 10 years or longer. The front page of the Jamaica Observer on Thursday read "DEVASTATION".
EVACUATIONS & FLOODS
AccuWeather reported that Melissa was the Caribbean’s third most intense hurricane recorded, and its slowest moving, making it particularly destructive.
As the storm approached the Bahamas, the government evacuated nearly 1,500 people in one of the largest evacuations it has ever conducted.
Video showed Wednesday that high winds tore up palm trees at a resort in the vicinity of George Town and created waves.
The hurricane did not hit Haiti directly, but it pounded the Caribbean nation with rain for days. Authorities reported that at least 25 people died, mostly due to flooding in Petit-Goave. This coastal town is 64 km west from the capital, where a river burst it's banks.
Haiti's disaster agency reported that at least 12 people were missing and 10 children had died. More than 1,000 homes in Haiti have been submerged and more than 12,000 people have moved to emergency shelters.
According to initial media reports, Cubans in at least 241 isolated communities were still without communication on Wednesday after the storm passed through Santiago province. This affected up to 140,000 people.
As the storm approached, authorities in eastern Cuba evacuated approximately 735,000 residents.
Scientists claim that hurricanes are becoming more intense and occurring with greater frequency due to the warming of ocean water caused by greenhouse gas emission. Many Caribbean leaders are calling on heavily polluting nations to offer reparations, either in the form or aid. Reporting by Sarah Morland, Brendan O'Boyle, Steven Aristil, Herbert Villarraga, Dave Sherwood, Zahra Burton, and Maria Alejandra Cardona from Mexico City; writing by Andrew Heavens and editing by Timothy Heritage.
(source: Reuters)