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Heritage Foundation founder Feulner died at age 83
Heritage Foundation released a statement stating that Edwin Feulner died at the age of 83. He was the founder and longtime President of the influential U.S. think tank, the Heritage Foundation. The statement on Friday did not mention when Feulner died, or what caused his death. Feulner is a Chicago born political scientist who founded Heritage in 1973. He became president of the organization in 1977 and held that position until 2013. In 1989, Ronald Regan, Republican president of the United States, awarded him with the Presidential Citizens Medal. In a joint press release, current Heritage president Kevin Roberts wrote that Feulner established Heritage "to plant a flag for the truth in a city too often seduced with power". They wrote: "What began as a small outpost of conservative ideas, became - with Ed's tireless guidance - the intellectual weapon for the Reagan Revolution and modern conservative movement." Heritage continues to have a profound impact on American conservatism. It is the institution which created Project 2025 - widely regarded as the policy blueprint for President Donald Trump's fast-moving second tenure. Mitch McConnell (a Republican senator and long-time leader) wrote on Facebook that Feulner was "a great man." He added that his dedication to promoting the peace of strength at the end Cold War is a lesson that will endure. Representative Steve Scalise (a Republican majority leader in Congress) wrote on social media about Feulner, saying that he "was one of those architects who built this country's conservative movement." (Reporting from Brad Brooks, Colorado; Editing and proofreading by Christopher Cushing).
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Trump's funding cuts halt water projects and increase risks for millions
According to new research, the Trump administration's decision of cutting nearly all U.S. aid to foreign countries has left dozens water and sanitation projects in the middle of completion around the world, creating hazards for those they were intended to help. After speaking with 17 sources who are familiar with infrastructure plans, we have identified 21 unfinished construction projects in 16 different countries. The majority of these projects were not reported before. Workers have abandoned their shovels, left half-dug holes, and unguarded building materials after hundreds of millions in funding were cancelled since January. This is according to internal documents and interviews with U.S. officials. The United States has left millions of people to their own devices, despite having promised them clean drinking water and reliable sanitation. According to two anonymous U.S. officials, water towers that were intended to serve Mali's schools and clinics have been abandoned. Construction on more than a hundred drinking water systems in Nepal was stopped, and plumbing supplies, 6,500 bags cement, were left behind. According to Pradeep Yadav, the water minister of the Himalayan country, the nation will finish the project with its own money. The project in Lebanon to supply cheap solar energy to water utilities has been scrapped. This resulted in the loss of 70 jobs and stopped plans to improve services for the region. Suzy Hoayek is an advisor to Lebanon's Energy Ministry. She said that utilities now depend on diesel to power their systems. Residents of Taita Taveta County in Kenya say that they are more susceptible to flooding now than before because half-finished irrigation channels could collapse, sweeping away crops. Community leaders estimate that it will cost $2,000 for the community to reduce the flood risk. This is twice the average income of the area. Mary Kibachia (74), a farmer, said: "I am not protected from the flooding caused by the canal. The floods are only going to get worse." SUPPORT BIPARTISAN Trump's demise of the U.S. Agency for International Development left food and medical aid that could save lives rotting and in warehouses. It has also thrown humanitarian efforts all over the world into chaos. According to a study published in The Lancet, the cuts could cause 14 million additional deaths by 2030. Trump's administration and its supporters say that money should be spent on Americans in the United States rather than sent abroad. They also claim USAID has strayed away from its original purpose by funding LGBT rights projects in Serbia. The U.S. Water Projects, with an annual budget $450 million dollars, accounted for only a fraction of the $61 Billion in foreign aid that the United States distributed last year. Washington's water projects were not controversial before Trump was re-elected in November. Both chambers of Congress passed a 2014 law that doubled the funding. According to advocates, the United States improved the lives tens of thousands of people over the years by building toilets, irrigation canals, and other water and sanitation project. John Oldfield is a consultant for water infrastructure and a lobbyist. He said that by building water infrastructure, the United States has improved the lives of tens of millions over time. Do we want girls to carry water for their families on their heads? "Or do you want girls carrying schoolbooks?" he asked. The U.S. State Department has not responded to a question about the impact on the water projects of the halting. The agency has restored funding for some life-saving project, but Secretary Marco Rubio said that American assistance would be limited in the future. At least one project has been restarted. After King Abdullah's diplomatic push, funding for a $6 Billion desalination facility in Jordan has been restored. Those familiar with the programs, who spoke under condition of anonymity, said that funding for other countries, including Ethiopia, Tanzania and the Democratic Republic of the Congo has not been resumed. Women in these areas will walk hours to get unsafe water. Children will also be at risk of disease, and the health facilities in these areas will close. This is according to Tjada McKenna CEO of Mercy Corps. The nonprofit worked with USAID to implement water projects that benefited 1.7 million people in Congo, Nigeria, and Afghanistan. She said: "This isn’t just about the loss of assistance -- it’s about the unraveling progress, stability and human dignity." The Perils of Fetching Water Former USAID water kiosks are now used as playgrounds for children in eastern Congo where the fighting between Congolese troops and M23 rebels have claimed thousands of victims. Evelyne Mbaswa told how her son, 16, went to fetch some water in June but never returned home. This is a common experience for families living in the violent region. The mother of nine stated, "When we send girls to school, they're raped and young boys are abducted . All of this is due to the lack of drinking water." A spokesperson for Congo's government declined to comment on requests. USAID in Kenya was amidst a $100 million, five-year project to provide drinking and irrigation water for 150,000 people, when, according to documents viewed by, contractors and staff were told to stop working in January. DAI Global LLC's memo dated May 15, 2015, states that only 15% of the project was completed. According to correspondence, $100,000 worth of pipe, fencing, and other materials were left exposed on construction sites where they could be damaged or stolen. USAID signage on those sites clearly shows who is responsible, according to several memos. According to a draft of a memo sent by the U.S. Embassy in Nairobi to State Department, this could harm the United States’ reputation and give a boost for extremist groups looking to recruit new members in the region. Al Shabaab, a Somalia-based group with ties to al Qaeda, has been responsible in Kenya for a series of high-profile assaults. One such attack in 2015 on a Kenyan university killed at least 147. The memo stated that "the reputational risk of failing to complete these projects could become a security threat." DAMAGING FLOODS Community leaders in Kenya's Taita Taveta county, which is a rural area that has experienced cyclical flooding and drought, said workers were only able to construct brick walls for 220 meters of a 3.1 kilometre irrigation canal (1.9 miles) before they were told to stop. These walls are not plastered and therefore vulnerable to erosion. Juma Kubo is a leader in the community. She said that without plaster, walls would collapse during heavy rains, and water flow will destroy farms. The community asked for the Kenyan Government and international donors' help to finish the project, with a projected cost $526,000. Kubo stated that they will sell the steel cables and cement left at the site to raise funds to backfill and plaster the canal. Stephen Kiteto Mwagoti is an irrigation officer for the county. He said that the county needs "funds so we can finish the project as much as we can, with the materials available, if we cannot complete it completely." Kenyan authorities did not reply to our request for comment. Kibachia has been living with flooding for many years and needs help now. After three months of work on the project was completed, her mud-hut was inundated with water up to her knees. It was bad this time. She said that she had to use dirt to repair the damage done by the floods. Where can I go?" "This is home."
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SHANA reports that a fire was contained at Iran's Abadan Refinery. One person died.
The Iranian oil ministry's SHANA News Agency reported that the fire, which started on Saturday and killed one employee at Abadan's refinery unit, was brought under control. The operations are not affected, it was said. Shana reported that "according to preliminary technical investigations, the cause of fire was a leaking pump in Unit 70. No evidence of human intervention or sabotage has yet been observed." Firefighters from Abadan, and other nearby areas, were reported by state television. Local news agencies had earlier published videos of large flames and smoke stacks rising from a section of the refinery. The facility is Iran's oldest crude-processing facility, located in the oil-rich Khuzestan Province in the southwest, which has been ranked as one of the world's hottest locations. The temperatures are near 50 degrees Celsius. Refineries in Iran, as well as other oil and gas processing facilities, need major renovations and repairs. Reporting by Menna al-Din, Dubai Newsroom and Barbara Lewis.
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China promises tougher measures against the smuggling strategic minerals
China pledged on Saturday that it would intensify its crackdown against the smuggling and enforcement of laws in relation to strategic minerals, which are deemed vital for national security and development. The comments by the ministry of commerce came after the state security minister accused foreign spy agencies that they had tried to "steal", rare earths, and promised to crackdown on infiltration and cyber espionage targeted at the crucial sector. China, the world's biggest supplier of strategic minerals and chips, began export restrictions in 2023. At a meeting with officials in charge of export control coordination, the commerce ministry described smuggling of strategic minerals and their export as a serious problem that must be addressed. In a press release, it stated that "cases of smuggling are still being committed by criminals who use their selfish interests to smuggle goods and there is collusion between foreign and domestic parties." It added that evasive methods, such as false statements and transshipment to third countries, were becoming increasingly hidden. The report urged government agencies to stop the illegal export of strategic minerals and technologies. The Ministry of Foreign Affairs said that China will take a zero-tolerance approach to the smuggling, and export, of strategic minerals. It will also intensify its efforts to enforce laws. China announced in May that it would tighten its grip on critical materials and the supply chains for strategic minerals. Beijing had earlier launched a campaign to combat the smuggling strategic minerals like gallium, germanium and antimony. (Reporting and editing by Clarence Fernandez; Shanghai Newsroom)
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BASF Signs Up for Long-Term Natural Gas Supplies from Norway
German-based chemical firm BASF and Equinor have signed a long-term strategic agreement for the annual delivery of up to 2 billion cubic meters or 23 terawatt hours of natural gas over a 10-year period.The contract secures a substantial share of BASF’s natural gas needs in Europe, with the deliveries scheduled to start on October 1, 2025.Natural gas is a key feedstock for European industries, especially in the production of chemicals and fertilizers. BASF uses natural gas both as an energy source and as a raw material in the production of basic chemicals.The long-term partnership will support the company’s strategy to diversify its energy and raw materials portfolio. The gas is sold on market terms.BASF develops a broad portfolio of solutions that are essential components in the manufacturing of everyday consumer goods, such as car interiors, sportswear, personal care items, and agricultural solutions. Equinor has been supplying gas and liquids to BASF for several years.“This agreement further strengthens our partnership with BASF. Natural gas not only provides energy security to Europe but also critical feedstock to European industries. I am very happy that our gas also supports BASF’s efforts to reduce their carbon footprint. Gas from Norway comes with the lowest emissions from production and transportation,” said Anders Opedal, president and chief executive officer, Equinor.
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Mayor of Odesa: One killed in Russian drone attack on Ukraine Odesa
The mayor of Odesa said that Russian forces launched a massive drone attack early Saturday morning on the Ukrainian Black Sea Port, destroying at least one apartment building with multiple floors and killing a resident. HennadyTrukhanov, the mayor of Moscow, said that figures on injuries were being prepared. Trukhanov posted a message on Telegram saying that all emergency crews were working in enhanced mode. Trukhanov said earlier that at least twenty drones were converged in the city. The city is a frequent Russian target. He said at least one apartment building with multiple floors was on fire. Online pictures showed an engulfing fire near the top floor of a building, and emergency crews putting up ladders. Smoke billowed out of windows. Parents carried children in blankets to safety. (Reporting and editing by Ron Popeski, Himani Sarkar, and Les Adler).
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Morrison, the former Australian PM, will testify in front of a US House committee on China
The committee announced on Friday that former Australian PM Scott Morrison would testify on Wednesday at an U.S. House hearing about China's "economic pressure against democracies". Rahm Emanuel, the former U.S. Ambassador to Japan, will also appear before the House Select Committee on China. The already rocky relations with China, which were exacerbated after Australia banned Huawei's 5G network in 2018. Canberra demanded an independent investigation of the origins COVID-19. China responded to the United States by imposing tariffs and limiting imports of Australian products, such as wine, barley, and beef. The United States called this "economic coercion." Morrison lost his bid to be re-elected in 2022. This week's report Canberra is nearing an agreement Sources familiar with the issue said that an agreement with Beijing would allow Australian suppliers the opportunity to send five canola trial cargoes to China. This move is a step towards ending the years-long trade freeze. China imposed 100% tariffs this year on Canadian canola oil and meal amid strained diplomatic relations. The Australian Prime Minister Anthony Albanese has visited China in the last week. Underscoring the warming of relations Emanuel has been a harsh opponent of China since last year, when he told a Chicago newspaper that he was considering running for president in the 2028 election. Beijing uses Other countries such as Japan and the Philippines are subjected to coercion, pressure and threats. In a speech in 2023, Emanuel stated that "economic coercion is the most persistent and pernicious weapon in China's toolbox." The Chinese Embassy at Washington declined to comment immediately. (Reporting and writing by David Shepardson, Ismail Shakil; Editing by Margueritachoy)
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Investors focus on tariffs, earnings and economic data as they look at US yields.
MSCI's global index of equity prices rose slightly, while U.S. Treasury rates fell and Wall Street stocks were little changed on Friday. Investors digested mixed economic data and waited to hear corporate earnings. They also monitored the latest U.S. trade threats. The University of Michigan released its Surveys of Consumers on Friday, which showed that while U.S. consumers' sentiment improved and their inflation expectations decreased, they still perceived a substantial risk of rising prices. A second report shows that U.S. homebuilding fell to an 11-month-low in June due to high mortgage rates, economic uncertainty and home purchase barriers. This suggests residential investment declined again in the 2nd quarter. On Thursday, news of stronger-than-expected U.S. retail sales and a drop in jobless claims suggested modest improvements in economic activity and helped push the S&P 500 and Nasdaq to record closing highs. The mood dimmed on Friday after the Financial Times reported U.S. president Donald Trump wants a minimum of 15% to 20 % tariffs against the European Union. According to the report, he is not swayed by EU's latest offer of a reduction in car tariffs. He will keep these duties at 25%. The headlines of today's trade reminded investors to expect volatility through August. said Lindsey Bell, chief investment strategist at 248 Ventures. Investors are likely to be taking money off the table as we head into the weekend, given the lingering uncertainty over tariffs and the market's premium valuation following new highs. She said that investors' concerns could be seen in the shares of American Express, Netflix and other companies. Both fell after solid earnings reports or forecasts and had reached high valuations before results. Amex dropped 2.3% and Netflix fell 5%. Bruce Zaro said that many investors still had high expectations for future earnings and placed bullish bets before the July expiration of equity options. Investors are betting on the earnings season in the coming weeks, when growth and technology companies will report, said Zaro. He noted that investors also want to profit from the strong performance trend of megacap names. There's a concern of missing out. "There's a fear of missing out." The S&P 500 rose 0.59% for the week. The Nasdaq rose 1.51 %, while the Dow dropped 0.07%. The MSCI index of global stocks rose by 1.18 points or 0.13% to 927.47. It had earlier reached a new record high. The STOXX 600 Index in Europe closed earlier down 0.01% and 0.06% on the week. The U.S. Dollar fell against the Euro but showed a weekly increase as investors assessed central bank policy amid indications that tariffs could be fueling inflation pressures. Trump also continued to publicly criticize Fed Chairman Jerome Powell. After a Financial Times article on the U.S.'s tougher stance against European import tariffs, the euro lost some of its gains. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and other currencies) fell by 0.05%, reaching 98.46. The euro rose 0.27% to $1.1626. The dollar gained 0.09% against the Japanese yen to reach 148.73, as polls indicated that Shigeru Shiba's government coalition could lose its majority at an election held on Sunday. U.S. Treasuries rose in price, pushing their yields down, following comments by Federal Reserve Governor Christopher Waller, who urged a rate reduction later this month. Technical buying also helped to drive the rise. Most officials have expressed a desire to keep rates the same. According to CME Group’s FedWatch tool, traders bet on 95.3% of the probability that rates won't change after this month's meeting. The yield on the benchmark 10-year U.S. notes dropped 3.9 basis point to 4.424% from 4.463% on Thursday. Meanwhile, the 30-year bond rate fell 1.8 basis point to 4.9958% compared to 5.014%. The yield on the 2-year bond, which moves typically in line with expectations of interest rates for the Federal Reserve fell by 4.4 basis points, to 3.873% from 3.917%, late Thursday. Crude oil futures remained steady in commodities as mixed economic news from the United States offset concerns that sanctions imposed by the European Union against Russia over its war in Ukraine might reduce oil supply. U.S. crude oil ended the day down 0.3% or 20 cents, at $67.34 per barrel. Brent finished at $69.28 a barrel, down by 0.35% or 24-cents. The price of gold rose on Friday, as the weaker dollar and continued geopolitical and economical uncertainty increased demand for this safe-haven. Platinum prices also eased following their highest levels since 2014. Gold spot rose by 0.33%, to $3349.66 per ounce.
Vard Books Construction Order for CSOV Pair
Norwegian shipbuilder Vard has signed a contract for the design and construction of two Commissioning Service Operation Vessels (CSOVs) for an undisclosed international customer.
The agreement, valued between $115 million and $230 million, also has an option for one additional vessel Vard said.
The two CSOVs are of VARD 4 19 design developed by Vard Design in Ålesund, Norway. The design is upgraded, and tailor made to the customer’s needs to give environmental benefits with a hull design optimized for low fuel consumption, as well as high operability and comfort.
The hull of the first vessel will be built at one of Vard’s yards in Romania while outfitting, commissioning, and delivery will be from one of VARD’s yards in Norway.
The second vessel will be built at Vard Vung Tau in Vietnam. The first vessel will be delivered mid-2027, the second in mid-2028.
The onboard battery hybrid propulsion system enables the vessels to run with zero emission for periods, as well as adding peak power and maintaining a highly energy efficient profile in all operations.
The design is also prepared for future operation on methanol, providing an additional sustainable option to its operations
With the length of approximately 87 meters and a beam of about 19,5 meters, the vessels will be equipped with the Electric Controlled Motion Compensated (ECMC) 30-meter Walk-to-Work-gangway system from Vard subsidiary Seaonics, providing technical personnel stepless access to offshore windfarm installations ranging from 15 to 30 meters above sea-level.
The system features a tower with an integrated elevator and is suitable for both personnel and cargo transfer. Further, to ensure safe and efficient handling operations, the vessel will be equipped with the ECMC C25 7-ton 3D compensated crane with, capable of lifting items of up to 5 tons at a reach of 25 meters.
Also, the vessels will be issued with DNV’s Cyber Secure (Essential) notation. Cybersecurity notations provide demonstrated cybersecurity readiness where cyber resilience is integrated into every stage of our shipbuilding process, from concept to delivery.
“With the order of these two latest vessels, we’ve now surpassed 40 tailored walk-towork vessels ordered or delivered—a milestone made possible by our clients’ continued confidence in our design, solutions, and quality,” said Runar Vågnes, SVP Sales and Marketing in Vard.