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Turkey, Iraq sign one-year oil pipeline deal
Alparslan Bayraktar, Turkish Energy Minister announced on Saturday that Turkey and Iraq had signed an agreement for a year to maintain the crude oil pipeline between 'the two countries. The agreement extends a bilateral arrangement dating back decades that expired Monday, which allowed the operation of Baghdad’s only export pipeline (ITP), the Iraq-Turkey Pipeline. The minister stated: "While we continue to work towards a long-term agreement on this 'pipeline..., we have implemented a transit arrangement that covers a daily?capacity of 750,000 barrels." Bayraktar stated that he met with Iraq's Oil Minister and his delegation in Ankara and signed a one-year agreement between the Turkish state energy companies BOTAS and Iraqi state oil companies SOMO and NOC. The extension gives time to talk about a?more comprehensive agreement. The Turkish government wants to use the 1.5 million barrels of oil per day (bpd) capacity 'pipeline to its fullest and extend it to southern Iraqi oilfields. Turkish data indicates that the pipeline carrying oil to the Turkish port of Ceyhan carries approximately?170,000 barrels per day.
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India's record renewable power generation in July reduces coal's share to a 1-year low
In July, the share of coal in India's power generation mix fell to its lowest level?in an entire year as renewable energy production surged?to a new record high. The data revealed that renewable power has risen to 20% of India's total mix. The data showed that the number of kilowatt hours (kWh) consumed in July was 36.25 billion, up 30% on last year. Grid-India, the state-run regulator, calculated that coal-power generation dropped to 65.7% from 69% in July. India's clean energy generation has risen as solar and wind output have exceeded 100 gigawatts. This is the first time that this figure was higher than 42.8%. Manoj Kumar, analyst at the Centre for Research on Energy and Clean Air said that the majority of peak power demand occurs during the daytime, when solar contributes more. He cited a rising renewable share in the nation's electricity generation. The data revealed that coal-fired electricity generation increased by 12.8% on an annual basis to 119.40 Gigawatt Hours in July. Analysts attribute the rise in coal-power production to a decline in hydropower and due to an El Nino pattern where "searing heat" is driving the demand for cooling at night. El Nino has caused a significant shift in rainfall patterns and elevated temperatures. This is why hydropower generation fell for the second consecutive month. CREA stated that the lower hydro generation due to El Nino combined with increased power demand could result in a gap in power generation of nearly 18 billion kWh. This will lead to an increase in coal-fired energy in India. Data showed that India's electricity production in July increased 10.4% compared to a year ago, reaching 181.79 billion kWh. Sethuraman N.R.; William Mallard, Editor
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Bangladesh garment workers pay hidden cost of rising heat
The rising temperatures are affecting household budgets as well as factory floors Heat is forcing Bangladeshi workers to spend a larger share of their wages Experts warn that the true cost of heat is not well-measured. Tahmid Zami Tahmid Zami Begum can't spare much money, but staying cool to her is a must. It is a matter of survival. Begum, 32 is one of Bangladesh’s 4 million garment and textile workers, who must set aside a part of their meager income to cope with the rising heat. According to a World Bank report released in 2025, the average summer temperature in Bangladesh has increased by 1.1 degrees Celsius since 1980. This is slightly higher than the global trend of 0.8 to 1 Celsius. The study found that high humidity pushed up the temperature of the air by 4.5 Celsius. Researchers and labour advocates have noted that Bangladesh does not currently have a policy which sets national standards to manage heat risk in its most vulnerable communities. This includes outdoor workers and industrial workers. Ameena Kiwdai, from the workers' rights group, People's Courage?International, said: "These workers pay an invisible heat tax, which is an additional cost burden that results from their effort to bear with the heat." Kidwai wrote a report in 2026 on South and Southeast Asia workers. Begum's garment factory in the Konabari area of the industrial city Gazipur employs less than 1,000 people. Begum, despite the exhaust fans and ceiling fans that cool the factory, is forced to take frequent breaks to cool down. Researchers at Australia's Griffith University found that temperatures in Bangladeshi factories during the summer months regularly exceeded 30 Celsius. Begum's homecoming is also no relief. She can't get enough sleep because the ground is warm and radiates heat all night. A 2024 study published in the journal Computational Urban Science found that the average land surface temperature in Gazipur (located just north of Dhaka) increased by approximately 2.01 Celsius from 2000 to 2020, as more green space was built. Last month, to offset the government's?subsidy to the power sector, it raised electricity prices by over 16%, increasing the cost of cooling homes and factories. Begum said, "The cost of electricity is increasing and this has an impact on my monthly household expenditure." Women workers are at particular risk of heat stress. The national guideline for heat-related illnesses states that mothers in Bangladesh are more likely to deliver babies with cramps, heatstroke or headaches when the weather is hotter. This is because infants have less ability to deal with heat. "Work was especially harder when I had my youngest child. Begum explained that she would have to take frequent breaks or half-day leaves during her pregnancy. She was docked 100 takas when she missed a half-shift. PROFIT HIT As workers suffer heat stress, factories owners are also faced with additional costs because they have to invest in cooling. In a report published in February 2026, the nonprofit Apparel Institute stated that climate-related risk, such as carbon pricing, volatile raw material prices, and rising energy costs could reduce worldwide company profits up to 34% in 2030. Mohiuddin Rubel, the managing director of Denim Expert Ltd. said that he had added more fans to his factory's production area and improved the?ventilation. He has also taken other measures, including better access to drinking salts and water as well as more frequent breaks for hydration and first aid support for heat-related illness. He said that these?measures' have increased Rubel's factory operating costs between?2% and 5% due to the higher electricity consumption. Workers are responsible for a significant portion of the costs. Md. Safiqul, a garment worker who has his own routine, buys cold drinks and sodas to quench his thirst during hot days. He spends an average of 2,500 taka per month on drinks and hydration salts. Health risks affect productivity as well. Rubel stated that workers who are unable to sleep well due to the heat or have a long commute may be fatigued when they arrive at their workplace. Delays at work can also affect income. Islam said that if I'm late by three days, a day's pay, or "hajira", is taken from my salary. Rubel, however, said that the cost of increasing heat can't be covered by factories. He said that government investment in reliable healthcare, electricity and water services is necessary to improve the well-being of workers and industrial resilience. Further research is also needed on heat tax. He said that a stronger policy to support workplace adaptation would benefit businesses, and protect the health and productivity of workers.
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Caribbean Bets on biofuel, boats and barriers as sargassum piles up
Each day, hundreds of Mexican hotel employees, tractor operators, and Navy personnel with specialized training head out to the beach at dawn to remove massive amounts of rotting seaweed from Caribbean beaches near popular tourist resorts. Hotels in the Caribbean have slashed rates and invested millions of dollars to remove the foul-smelling algal blooms from their beaches. Governments and businesses are also looking for solutions. How it all began Sargassum, a brown seaweed which forms floating'mats' on the ocean surface, was previously confined to the 'Sargasso Sea in?the North Atlantic. However, unusually strong winds in 2010 blew sargassum out into the nutrient rich tropical waters of West Africa where it thrived. The seaweed that was displaced became a belt of self-sustaining algae, which travelled on ocean currents through the Caribbean and north Brazil, bringing a mass of algae to Caribbean island nations and the Riviera Maya, as well as the Gulf of Mexico. Sargassum is a tropical Atlantic sargassum that feeds off nutrients from rivers like the Amazon, Orinoco, and Congo, upswells of the deep oceans, Saharan dust, and rising sea temperatures. WHERE IS IT GOING? The University of South Florida’s?Optical Oceanography Lab anticipates that 2026 will be the second largest year in terms of sargassum, and more seaweed is likely to accumulate around the Caribbean region and southeastern Florida over the coming months. Brian Barnes, a research assistant professor at the University's College of Marine Science who works in the laboratory, said that the novelty of this phenomenon and its seasonality make it difficult to predict its future course. He said that the seaweed's mass could double every five years. MEXICO RECORD NUMBERS Mexico is looking to protect the tourist attractions along its Riviera Maya, including Cancun and Tulum, by purchasing more boats for picking up sargassum, and deploying larger barriers off of the coast. According to data from the government, Mexico has collected 96,151 tons of sargassum this year. This is up from 92783 tons in 2012. Mara Lezama said at a Thursday press conference that the best way to combat sargassum was to intercept it before it reaches our coastlines. Federal Mexican officials expect a new open sea sargassum ship to arrive in a month. They are also looking for more ships to be sourced from Japan, and to supply smaller Mexican vessels to Dominican Republic. CREDITS FOR CARBON Some companies are attempting to get carbon credits by sending out boats that make bales from sargassum, which releases methane when it decomposes. They then sink these to the ocean floor. However, this practice has raised concern about possible abuses, impacts to deep-sea eco-systems and over-harvesting of offshore clusters. Barnes explained that it's important to strike a balance, because the sargassum off-shore is a habitat for turtles and other fish. If you want to clean up the Caribbean, you will have many collateral damages. Barnes stated that many companies contacted him to ask for his advice on carbon credits projects. However, he wasn't convinced they would produce positive results. When life gives you a sargassum Sargassum's abundance has prompted a number entrepreneurs to attempt to transform the seaweed into lucrative commercial products or new energy sources. They have overcome challenges, such as safely removing the toxic metals that are absorbed by the algae. Alicia Barcena, the Environment Minister, said that out of 200 projects, at least 11 could be industrialized and 39 are already producing products. These include fuel, bioplastics, laminates, and fertilizers. Felix Navarrete is an executive with sargassum refiner Carbonwave. He said that his company already sold fertilizer overseas and after receiving regulatory approval from Mexico's sanitation watchdog was now looking to market to local farmers. Carbonwave is also interested in supplying materials to the textile and cosmetic sectors. Quintana Roo's state government plans to expand a Cancun biofuel?plant. What's Next? The Caribbean Government and Industry Leaders have warned about the severity of the crisis. They also encourage tourists to continue visiting their beaches, make the most out of their vacations and stay up-to-date by choosing less affected areas. Mexico will host a conference in Cancun in early October, which is a joint European Union and Caribbean conference on Sargassum. Representatives from both regions will discuss ways to increase sargassum collections while protecting coral reefs and beaches. (Reporting and editing by Tom Hogue; Sarah Morland)
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Egypt increases most household electricity tariffs by an average of 12%
The Electricity and Renewable Energy Ministry in Egypt announced on Friday that the rates would remain unchanged for households within the first consumption category, but increase them by an average of 12 percent for all other residential customers. The ministry stated that it had approved the new accounting rate "in order to ensure the stability and financial sustainability" for Egypt's electricity and renewable energy network. This includes production, transmission, and distribution. Egypt spends about 100 billion pounds ($1.9 billion) a year to bridge the gap in production costs and consumer tariffs. The state subsidy is shrinking with increasing household consumption. Customers pay 25% at 50 kWh per month, increasing to 50% at 300kWh, 60% at 500-600kWh and 88% at 700-1,000kWh. According to the ministry, households that consume 2,000 kWh are required to pay for their entire bill without any subsidy. Egypt raised electricity prices in April for commercial and residential users who use more energy. The increase was attributed to a global energy crisis caused by the Gulf War, which had doubled Egypt's import bill. A drone attack, which caused damage to Egypt's Floating Store Regasification Units (FSRU), prompted the government to increase prices.
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Exxon and Chevron warn that fuel prices will continue to rise due to the Iran war
ExxonMobil, Chevron and other top U.S. oil companies warn that global supplies of refined products and diesel will remain tight and lead to high prices for the rest of the year. The Iran war is causing major disruptions in energy supply. The two companies both reported huge increases in their second-quarter profits for refining on Friday, as they saw an increase in margins due to declining fuel stocks combined with reduced exports from China and refinery problems in Russia. Mike Wirth, CEO of Chevron, said in an earnings call that "we'll see some upward pressure on product pricing... into the third and possibly beyond that." He also added that the demand for distillates such as diesel and heating oils is unlikely to decrease over the long-term. As U.S. gas prices continue to rise, the margins and resulting?profits will increase. This is a challenge for President Donald Trump as well as the Republican Party who are battling to keep their majority in Congress during the November midterms. The largest?U.S. The oil majors claim that they are doing all they can to maintain output. HIGH PRODUCTION Exxon reported that it operated its U.S. refining plants at full capacity, and had a second quarter record for diesel production. Chevron also said that it had achieved a record throughput of over 1 million barrels / day at its U.S. refining facilities. Exxon CEO Darren Woods still said that it was critical to resume shipping through the Strait of Hormuz in order to?supply crude oil to the market. "The usage that we have seen cannot be sustained on a long-term basis." "I think that this refining problem will be with us for a long time," he told CNBC. Woods said that the company's largest refining footprint outside of China is in the United States, and that disruptions to crude supply have made it difficult for the downstream business. Chevron estimated that downtime during the third quarter would cost downstream earnings between $175 and $225 million. Exxon said scheduled maintenance will be lower in the third quarter than the previous three month period. RBC Capital Markets' Biraj Borkhataria, an analyst at RBC Capital Markets, said that some investors might have expected Exxon, given its large refinery footprint, to report even stronger results in refining. Exxon's second-quarter earnings were just below consensus expectations, but Chevron exceeded them. Exxon's shares fell 1% while Chevron rose about 2%. Sheila Dang, reporting from Houston; Nathan Crooks & Rod Nickel, editing.
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Stocks are boosted by earnings from the tech sector; bond yields reach multi-year highs
U.S. stock prices rose on Friday, as investors re-entered the AI market after?strong earnings by Amazon and Microsoft. Meanwhile, longer-dated Treasury rates hit multi-year highs amid fears that rising oil prices could fuel inflation. A source said that currency markets were also on high alert for any further intervention a day after the Japanese authorities intervened to support the yen. Microsoft forecasted strong cash generation for the fiscal year 2027. Amazon's cloud revenue grew at its fastest rate in over four years a day after that, assuring investors who were eager to see proof that AI investments are paying off. Andy Jassy, CEO of Longbow Asset Management, Tulsa Oklahoma, said: "There was concern that Amazon's expenditures were moonshots, or irresponsible." The Dow Jones Industrial Average increased 0.53%, to 52,485.74, while the S&P 500 rose 0.70%, to 7,489.81, and the Nasdaq Composite gained 1.00%, to?25,373.85. Apple's shares dropped by more than 7% after a disappointing report showed that it was having difficulty securing enough components due to the AI-driven boom in data centers. South Korea's KOSPI, which had suffered heavy losses this week, jumped 17.91%. It was a record-breaking comeback. The tech-heavy stock exchange, which is still around 30% below its all-time peak, has become a symbol of investor sentiment towards AI-related shares. The MSCI index of global stocks rose by 1.22% to 1,120.59. The pan-European STOXX 600 fell by 0.12% while Europe's FTSEurofirst 300 fell by 0.09%. HAWKISH FED SPEAK SENSES BOND YIELDS HIGHER Three Fed policymakers, who had dissented for a rate increase at the meeting this week, made their case on Friday in public. The Fed held rates steady, a result that was expected and in line with the market's pricing which indicated a roughly one-in-three probability of a rate hike. The decision was met with unusually high uncertainty, however, due to traders' adjustment to Fed Chairman Kevin Warsh’s preference for less guidance. The yield on the benchmark U.S. 10 year notes increased by 4.51 basis points, reaching 4.747%. This is the highest level since January 2025. The 30-year yield increased by 4.39 basis points, to 5.259%. This is the highest level since mid-2007. The odds are 69% that the Fed will raise rates at its September meeting. The oil prices ended July with a $1 increase per barrel, their largest monthly gain since March. This was due to concerns about global crude flow after Iranian reports said that some tankers had been forced to return in the Strait?Hormuz. Teddy Bunzel is the head of Lazard Geopolitical Advisory, Lazard Asset Management. He wrote: "The shock-absorbing capacity of oil markets is rapidly diminishing, and a failure to deescalate will be more costly than previous tensions." The crucial Strait of Hormuz remains blocked. Houthi-backed Iran has also attacked the alternative route through Bab el-Mandeb Strait, worsening the situation. BOJ HOLDS RATE DAY AFTER INVESTMENT The yen gained 0.22% against greenbacks?to 159.16 each, after sharp gains on Thursday, when Japan carried out yen-buying and dollar-selling interventions, according to market sources. A source familiar with this matter said that the U.S. Treasury told banks to "stand by" for any future intervention in the yen markets on Friday. The BOJ held interest rates at the same level on Friday but indicated its determination to increase borrowing costs. BOJ Governor Kazuo Ueda stated at a press briefing that inflation risks are skewed upwards and the central banks is prepared to accelerate rate increases if monetary conditions are accommodative. Analysts say that the BOJ's rate hikes are unlikely to improve the outlook of the yen. "The fundamentals and technicals of the yen are very poor." Lauren van Biljon is senior portfolio manager for rates and FX at Allspring Global Investments. She said that intervention was not a long-term, credible solution. The dollar index fell by 0.12%, to $99.95. The euro rose 0.02%, at $1.1529. Spot gold dropped 1.26%, to $4.050.69 per ounce.
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France and Spain help Greece to fight fires near Athens
Greece fought?wildfires in multiple locations on Friday, from the outskirts and central parts of Athens all the way to Crete. France and Spain gained some relief after bringing the major fires under control. Wildfires have ravaged Europe this summer, following a series of record-breaking heatwaves. This has left 'vast' stretches of parched vegetation ready to burn and forced hundreds of thousands to flee. As smoke billowed out of densely forested hills surrounding Athens, authorities scrambled a formation water-bombing planes to put out the fire. Boeotia is a small coastal town located north-west from Athens. Residents and visitors were evacuated by coast guard boats, fishing vessels and helicopters as thick orange smoke covered the area. Images from live images showed olive trees on fire in the rolling hills. As the night fell, the red glow of flames could be seen on an inaccessible hilly terrain?above Porto Germeno a seaside town that is a popular getaway for Athenians. Residents were warned to leave the area. The winds may have died down. That's the good news for today. The intensity of the fire seems to be down, but there is still a large, uncontrolled front," Georgios dasiotis said, vice-prefect of Boeotia Prefecture. Dasiotis, a Greek SKAI TV reporter, said that most of the fire was located in an area that was difficult to access. On Friday, there were more than 70 fires across the country. The Greek fire brigade warned that it was on maximum alert and that fires were particularly frequent in Evia, a small island east of Athens, where the Attica peninsula is located. IMPROVEMENTS ON THE LANDSCAPE IN FRANCE & SPAIN Authorities in southwestern France began allowing residents to return home after declaring a major fire, which had been burning for over a week, as?contained. In a press release, Gironde Prefect Sophie Brocas announced that evacuation orders had been lifted in 12 districts to the west and south of Bordeaux. This allowed 144,000 people out of 220,000 who were displaced, to return home. Recent scientific studies confirm that climate change caused by humans is responsible for the extreme heat and drought experienced in Europe over the past few months. This has left no respite to emergency crews. Climate Monitor data showed that Europe's average temperature was predicted to be 24.9% Celsius (76.8% Fahrenheit) on Friday, 3.3 C (5.4 F) higher than the norm from 1961-1990. This makes it the continent farthest away from its historical norm. In recent weeks, the plumes of smoke ash that were blown into the air have exposed millions to harmful air pollution. Scientists are concerned about fine particulate pollution, also known as PM2.5. This is linked to cardiovascular disease, lung cancer, and respiratory problems. Tourists evicted Crews on the Greek island Crete were still fighting persistent hotspots along a 15 km (9.3 mile) front, and preventing new outbreaks. The fire in central Crete forced hundreds of tourists to evacuate, both by land and sea. Giorgos tsapakos, the deputy regional governor of Civil Protection of Crete said: "We are fighting an enormous battle to contain the fire and hope to have it under control by the end of?day." Tsapakos stated that the firefighters were having a difficult time due to strong winds predicted until Saturday night with gusts up to 115 km/h (71mph). The International Federation of Red Cross and Red Crescent Societies based at?Geneva estimates that 2,000 tourists have been evacuated due to fires in Crete. They also claim that homes, farmland and olive groves, as well as livestock, were destroyed. Spain lifted its national emergencies in Avila and Madrid on Thursday, returning control back to the regional authorities when conditions improved. Fire crews were on high alert on Friday for any flare-ups, and nearly 1,000 residents from seven housing developments in Pelayos de la Presa & San Martin de Valdeiglesias (capital region)?were unable to go home. A fire in the province of Castellon, further east, was still active for 48 hours but did not spread. About?7,000 people are still displaced. However, about 1,000 of them have returned to their homes. Firefighters in Zamora, near the Portuguese border's Arribes del Duero Natural Park were hampered by strong winds. Flames spread through canyons of the Duero River and Tormes River. Fourteen villages have been evacuated, and two more were told to stay indoors.
Israeli strikes kill 2 in Gaza and destroy medicines storage warehouses
In separate strikes, Israel's military killed two Palestinians and destroyed two 'warehouses' near a hospital storing medicine. The strikes came amid uncertainty about whether Israel had accepted the Hamas-negotiated disarmament deal.
Palestinian officials confirmed that two Palestinians died in an Israeli airstrike in the Sheikh Radwan area of Gaza City, central 'Gaza. The Israeli military claimed that the militants targeted by their airstrike were Hamas, but refused to give further details.
The Palestinian Health Ministry in Gaza released a statement stating that an Israeli airstrike destroyed two warehouses used by the Al-Aqsa Martyrs Hospital to store medicines in Deir al-Balah, a southern Gaza suburb.
The military has not yet commented on the attack.
The strike also damaged two other warehouses that housed medicine and the hospital's outpatient clinic. No immediate reports have been made of injuries. The hospital stated that the warehouses contained essential?medical supply used to treat dialysis patients with kidney failure, as well as other materials such gauze used for wound care and routine treatments.
Khalil Al-Daqran said that the Israeli occupation had committed a "heinous crime" during the strike.
He said that "in the middle of night (the military) destroyed a warehouse which contained medical supplies for the hospital."
Witnesses reported that the military issued an evacuation order for the area before the strike.
Under international humanitarian law, hospitals and other civilian sites can be protected. However, this protection may be lost if the site is used for military purposes. Israel's military claims that Hamas, and other armed group operate within civilian facilities and areas.
Fatima Sharab said that many people who needed medical attention were sheltering near the warehouses to be close to the hospitals.
She said, "The strike struck and then we returned to the camp - there was no camp."
Israel has continued to strike Gaza after agreeing to a ceasefire last October, mediated by the United States. In the nine months since then 1,222 Palestinians have been killed. Palestinian health officials claim that the majority of those killed were civilians including women and kids. Hamas does not usually announce its casualties.
Donald Trump, the U.S. president, appeared to announce on Thursday a breakthrough in his plan to end the conflict. Israel and Hamas had agreed to it last year. The ceasefire was the first step.
Trump stated that Hamas had agreed to lay its weapons down. Hamas ruled Gaza for?nearly 20 years before launching the attack on Israel in October 7th, 2023 that sparked the Gaza?war.
Benjamin Netanyahu, the Israeli prime minister, has not yet made a public comment. However, his National Security Minister Itamar Bin-Gvir called the agreement "inacceptable" and said that Israel should continue its policy of assassinating Hamas leadership.
The Board of Peace, Trump's appointed body to implement the plan for ending Gaza war, published a roadmap Thursday that outlines the final steps in implementing the initiative. In the document, it is stated that Israel has committed to Trump's plan of 20 points which was signed by Israel last year. (Writing and editing by Hugh Lawson; Alexander Cornwell)
(source: Reuters)