Latest News
-
Portugal fights three major wildfires during the sweltering heat of summer
On Tuesday, more than 1,300 firefighters were backed by 12 waterbombing aircraft to battle three large wildfires that raged in the central and northern parts of Portugal. Authorities had put most of Portugal on fire alert after several weeks of hot weather. The largest fire in the Arouca region, about 300 km north of Lisbon, has been burning since Monday. The civil protection service evacuated a dozen villagers and closed scenic trails at Passadicos do Paiva. Rafael Soares of Canelas village, who lives near Arouca, said: "It is desperate to see that. We need help. We need air support." He was referring to a wildfire which destroyed 6,000 hectares (15, 000 acres) of forest last September. He blamed fires on the droughts caused by climate change, which had left the forests of the area tinder-dry. A wildfire has been burning in the Peneda Geres National Park near the Spanish border since Saturday. The thick smoke it produced engulfed nearby villages, and residents were repeatedly ordered to remain at home. Spain sent several aircraft equipped with water bombs to control the fires. Early on Tuesday morning, three wildfires raged in Spain's Castile and Leon region, with the most serious one located near Avila (about 100 km west of Madrid). Smoke forced residents of Mombeltran to stay indoors. In the Mediterranean, summers can be hot and dry. However, in recent years, heatwaves of greater intensity have caused destructive wildfires due to the rising temperatures across the globe. Turkey has seen dozens of fires in recent weeks, as temperatures have been rising. Ten firefighters died last week while battling an blaze in central Eskisehir Province. Five people were injured and several villages were evacuated in Greece over the weekend due to separate wildfires. (Additional reporting and writing by Inti landauro, Editing by Helen Popper; Writing by Andrei Khalip)
-
Russian rouble declines further vs dollar on Trump's new Ukraine deadline
The Russian rouble dropped further on Tuesday against the dollar, and the Chinese yuan, in response to U.S. president Donald Trump's announcement of a shorter deadline by which Moscow must agree to an end to its war in Ukraine. The rouble fell 1.1% at 1020 GMT to 82.25 per dollar. This is its lowest level since May 12 according to LSEG's data based on quotes from over-the counter. Since July 24, the rouble has fallen 4.7% against dollar in four consecutive sessions. The rouble has fallen due to the central bank's 200 basis-point cut in its key rate to 18%, which was the biggest reduction it had seen in three years. Trump, expressing his growing frustration at the Russian president Vladimir Putin's war in Ukraine and the lack of progress made by Moscow to end the conflict, said on Monday that Moscow had 10-12 days to take action to resolve the conflict. Otherwise he would face the consequences. The CFO of Russia’s largest lender Sberbank, Taras Skvortsov said that the current weakness of the rouble was linked to geopolitical issues. It is difficult to predict how long it will continue. Sberbank predicts that the rouble will weaken towards the end the year to around 90 dollars. The rouble fell by 0.8% against the Chinese Yuan, which is the most commonly traded currency in Russia. It now stands at 11.43. (Reporting and editing by Joe Bavier; Gleb Bryanski)
-
The ECB will consider the 'climate' factor when lending to banks
It said that the European Central Bank would add climate change considerations into its lending operations by late 2026. This will increase pressure on banks to channel funding towards greener industries as the eurozone seeks to reduce their carbon footprint. While lending to banks has been a bit muted over the past few years, it is expected to increase as the ECB slowly reduces the excess liquidity within the financial system. The ECB announced that the Governing council had decided to introduce a "climate factor" which could lower the value of eligible assets pledged to collateral depending on how much an asset is affected by these uncertainties. It said that the new policy is set to take effect in the second quarter of 2026 and will act as a buffer to the financial impact of climate-related uncertainties. The ECB has reaffirmed its commitment to climate risk, while the U.S. Federal Reserve stepped down from a global initiative earlier this year. It has pushed commercial lenders to reveal more about their climate risk, and complained often that they were too slow in responding. The bank has threatened to fine the banks that do not comply. The ECB said that its new "climate" factor will be based on the marketable assets of non-financial companies and the adverse events associated with green transition. Balazs Coranyi is reporting; Andrew Heavens, Helen Popper and Helen Popper are editing.
-
Russian oil tycoon Shvidler lost Supreme Court appeal against UK sanction
The UK Supreme Court ruled on Tuesday that billionaire oil tycoon Eugene Shvidler's appeal against British sanctions imposed upon him due to Moscow's invasion in Ukraine was dismissed. Shvidler received a sanction in March 2022 because of his relationship with Roman Abramovich - the former owner of Chelsea Football Club - and Shvidler's previous position as director of Evraz, a Russian steel producer listed on London. Forbes magazine estimates Shvidler's net worth at $1.6 billion. His lawyers appealed the Supreme Court arguing that other businessmen with greater involvement were not sanctioned. They cited BP's joint venture with Rosneft. The British Foreign Office, who has sanctioned more than 1,700 people or entities since the Russian invasion, said it was correct to believe that sanctioning Shvidler would achieve Britain's goals in foreign policy. Shvidler claimed that the Supreme Court's ruling "brings back my USSR days" by rejecting his appeal with a majority of four to one. The ruling confirms Britain's record of successfully defending sanctions against Russia in court. Shvidler stated in a press release that no British businesses or individuals with links to Russian state-owned firms have been sanctioned. He added that Britain's actions were "more of a cheap virtue signaling for purely political reasons". He added, "There is little sympathy from the public for me as a wealthy US/UK entrepreneur, but I think this judgement applies to everyone who faces state power." The Foreign Office didn't immediately respond to an inquiry for comment. STRIDENT DISSENT Shvidler said that British sanctions had destroyed his business, and disrupted the lives of his family and himself. The majority of the Supreme Court found that the sanctions struck an equitable balance between Shvidler’s rights and the goals of the sanctions regime. The majority judgment of Judges Philip Sales & Vivien rose stated that there was a "rational link" between the sanctioning Shvidler, and the goal to incentivize him to oppose Russia’s invasion and exert pressure on Abramovich. The statement said that sanctioning Shvidler would "send a clear message to those in Mr Shvidler’s position to stay away from Russian business". In a stridently dissenting decision, Judge George Leggatt said that Britain's "flimsy" reasons for sanctioning Shvidler didn't justify the "serious intrusion of freedom" sanctions. He said that it would be irrational for Shvidler to be sanctioned only if the British sanctions were likely to achieve their goals by punishing Shvidler because he was a director at a company that had invested in Russia's extractives sector. BP declined comment. The Supreme Court dismissed an appeal by Russian businessman Sergei Naumenko whose superyacht, worth 51 million dollars and 44 million euros, was detained in London.
-
US and China resume discussions in Stockholm to ease the tariff hostilities
U.S. officials and Chinese officials started a second round of talks on Tuesday in Stockholm to resolve long-standing economic disputes. They also hope to halt the escalating global trade war. Meetings may not produce immediate big breakthroughs, but both sides could agree on another 90-day period of tariff truce that was agreed in mid-May. The meeting may pave the path for a possible meeting between U.S. president Donald Trump and Chinese president Xi Jinping in later this year, although Trump denied on Tuesday that he was actively seeking one. The Swedish Prime Minister's Office in central Stockholm, Rosenbad, hosted the delegations for over five hours. Scott Bessent, the U.S. Treasury secretary, was seen Tuesday morning arriving at Rosenbad after a separate discussion with Swedish Prime Minister Ulf Kristiersson. He Lifeng, Vice Premier of China, also arrived. After the first day, neither side issued a statement. China faces a deadline of August 12 to reach a durable agreement on tariffs with Trump's Administration, following preliminary agreements in May and Juni to end weeks worth of escalating tit for tat tariffs as well as a suspension of rare earth minerals. If there is no agreement, the global supply chain could be thrown into turmoil by U.S. tariffs returning to triple-digit rates that would be equivalent to a bilateral embargo. The Stockholm talks come after Trump's largest trade deal to date with the European Union, which was announced on Sunday. It included a 15% tariff for most EU exports going to the United States. There was also a deal reached with Japan. The Financial Times reported Monday that the United States has halted restrictions on tech exports into China in order to avoid disrupting negotiations with Beijing, and to support Trump's attempts to secure a summit with Xi later this year. Trump reacted to suggestions that he wanted a meeting with Xi. "This isn't correct. I am NOT SEEKING ANYTHING! I might go to China if President Xi extends an invitation. "Alternatively, I have no interest!" He wrote about Truth Social. COMPLEX TALKS In Washington, senators of both major parties are planning to introduce legislation this week that targets China for its treatment towards minority groups, dissidents and Taiwan. They will emphasize security and human rights. This could complicate talks in Stockholm. Sources familiar with the situation told Monday that Taiwan President Lai Ching Te is also planning to postpone a trip to the United States in August, which his team had proposed to the Trump Administration. Beijing would have been furious, and the talks could have been derailed. Taiwan denounces Washington's support of Taipei and claims that China has claimed Taiwan as its territory. The previous U.S.-China talks held in Geneva and London between May and June were aimed at reducing the U.S. and Chinese tariffs from triple-digit rates and restoring flow of rare-earth minerals, Nvidia H20 AI chips and other goods that had been halted. Washington claims that China's export-driven, state-led model floods the world market with cheap products, while Beijing says U.S. export controls for national security on tech items are meant to stunt Chinese economic growth. Bessent already announced a deadline extension, and said that he wanted China to rebalance their economy from exports towards more domestic consumption - a goal of U.S. policymakers for decades. Analysts believe that the U.S. and China negotiations will take more time than other Asian nations. China's hold on the world market for rare earth magnets and minerals, which are used in everything from car windshield wiper motors to military hardware, has proven to be a powerful leverage point against U.S. industry. (Reporting and writing by David Lawder in Stockholm, Greta Rose Fondahn, Maria Martinez, and Janis Laizans; editing by Emelia Sithole Matarise).
-
GMR Energy, India, in talks with investors about issuing 5-year bonds
Two sources said that GMR Energy, the holding company for two major power plants, plans to raise 16 Billion Rupees ($184 Million) through five-year bonds. Sources said that the company would offer a rate of return internal (IRR), of 14.60%, to investors in this issue. This includes alternative investment firms, banks and foreign investors. Sources requested anonymity because the discussions are private. The company didn't respond to an email asking for a comment. The company owns GMR Kamalanga Energy as well as GMR Warora Energy which both operate thermal power stations. The proceeds will be used to repay existing loans and for inter-group lending. The bonds will be redeemed by installments. 20% at the end each of the third and fourth years and 60% at end the fifth. The issue will be subject to a put option by the end February 2028, and then every four months after that. The bond will have a "make-whole" call whereby it will buyback bonds worth 5 billion rupees within 12 months of the date of issuance and the rest of the 11 billion rupees within 21 months. The company raised money through bonds back in December 2023. ($1 = 86.8100 Indian Rupees) (Reporting and editing by Nivedita Battacharjee; Khushi Mhotra, Dharamraj Dhutia)
-
Minister: Indian forces kill 3 Pakistanis in Kashmir attack
Amit Shah, the Home Minister of India, said that Indian forces had killed three Pakistanis who were involved in an April attack in Jammu and Kashmir Federal Territory in which 26 men died. New Delhi reported that the attackers were Pakistani nationals who had been backed by Islamabad. They opened fire on a tourist-friendly valley in Pahalgam's picturesque, mountainous region in Kashmir before fleeing to the nearby pine forests. New Delhi was prompted by the attack to launch a targeted strike against what it termed "terrorists infrastructure" in Pakistani Kashmir and Pakistan. This led to four days intense fighting between nuclear-armed neighbors before they agreed on a ceasefire. Shah said to parliament that the three terrorists responsible for the deaths of our citizens were now dead. Indian army reported that three people were killed during a fierce gunfight in a forest in Kashmir on Monday. Pakistan denies involvement in this attack, the worst on Indian civilians since the 2008 Mumbai terrorist attacks. They have also requested an independent investigation. Shah stated that India has "a lot of proof" to prove that the "terrorists", who were killed, are Pakistanis. Security forces have recovered voter identification cards from Pakistan for two of them as well as chocolates that were made in Pakistan. He added that forensic tests had shown the rifles the attackers carried were used during the April attack. The Pakistani foreign ministry didn't immediately reply to a comment request on Shah's comments. Himalayan region in Kashmir The cheapest place to buy is in the Heart of hostility India and Pakistan have fought in two of their three conflicts over this region which both countries claim but only rule in part. New Delhi accuses Islamabad that it is helping Islamist Separatists fighting security forces Pakistan claims to only provide moral and diplomatic support to Kashmiris who are seeking self-determination in their part of Kashmir. (Reporting and editing by YPrajesh, Giles Elgood, and Sakshi Dayal)
-
As trade optimism wanes, gold gains some ground; focus on Fed meeting
The gold price rose on Tuesday, as the initial euphoria surrounding the U.S. EU trade truce waned. Investors were looking forward to the Federal Reserve's policy meeting in order to gain clarity about the U.S. rate trajectory. As of 8:27 GMT, spot gold rose 0.4% to $3,327.30 an ounce. Bullion fell to its lowest level since July 9 Monday. U.S. Gold Futures rose 0.5% to $3325.40. "We're seeing a reset in sentiments after a few trade deals. But there are still some obstacles to overcome," said Ricardo Evangelista senior analyst at brokerage company ActivTrades. If the U.S. fails to reach an agreement with China and if there is not an extension of the deadline, then we may see a return in risk off. We could also see a return in global economic uncertainty dominating investor sentiment. On Sunday, the European Union and United States announced an agreement on tariffs that will apply to most EU exports. This is nearly three months after Britain secured a baseline tariff of 10%. Investors pondered on the negative aspects of the U.S. EU trade agreement and realized that tariffs would be here to stay. This had unwelcome consequences for inflation and growth. Gold is used to store value in times of political or financial uncertainty. The top U.S. economic officials and Chinese economic officials held five-hour long talks in Stockholm, Sweden on Monday to resolve the longstanding disputes that are at the heart of the trade war between two of the world's largest economies. They also sought to extend the truce for three months. The focus now shifts towards the U.S. Central Bank's two-day meeting, which begins later today. Expectations are that rates will remain unchanged, but traders will pay attention to comments to gauge when the next Fed rate reduction will occur. Spot silver remained at $38.18 an ounce while platinum dropped 0.6% to $1382.10, and palladium fell 0.4% to $1,000.
Australia's Viva Energy falls as new tobacco laws dent the first-half convenience sale
Shares of Viva Energy fell as much as 11 percent on Monday, after the Australian fuel retailer reported a decline in convenience sales in the first half due to new tobacco laws.
The stock dropped up to 11.4%, to A$1.94, its lowest level since June 10 and set to suffer its largest single-day percentage decline since late February.
The company stated that it expected its group-level earnings before interest taxes, depreciation and amortisation to be A$300 (A$195.4) million on a replacement costs basis. This is well below the A$452 reported a year earlier.
Convenience sales fell 10% on an annual basis to A$835 Million, due in part to a 27% decline in tobacco sales as a result of the new plain-packaging rules and increasing pressure from illicit tobacco products.
The second quarter performance was largely unchanged year-on-year, excluding tobacco.
Australia's
New smoking laws implemented in April require tobacco companies print health warnings onto the paper that covers the filter of each cigarettes.
Commercial and industrial sales declined 2% against last year. However, second-quarter volume grew 2% over a year earlier and 6% over the March quarter. This was aided largely by better weather conditions and increased demand.
The Geelong Refinery recovered its margins through the first half, reaching $8.2 a barrel despite a January unplanned outage and increased energy costs.
Viva opened nine OTR stores, formerly On the Run in the second quarter. Eleven more were under construction or undergoing conversion at the end of June. ($1 = A$1.5352) Reporting by Rishav chatterjee, Bengaluru. Editing by Sumana nandy
(source: Reuters)