Oil tanker collision: Why ships are getting lost on radar in the narrow Strait of Hormuz, where one-fifth of the world's oil passes
Why the Oil Tanker Collision in Strait of Hormuz matters
Electronic interference suspected
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Iran silent on collision
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Two oil tankers caught fire after colliding 24 nautical miles off the United Arab Emirates' east coast on Tuesday. Authorities said no crew member was hurt and no oil entered the sea. The UAE coast guard moved 24 people from the tanker Adalynn to Khor Fakkan port. The crew on the second tanker, Front Eagle, stayed on board as the blaze on its deck was contained. Owner Frontline said an investigation will follow, with no sign of outside interference.Front Eagle was carrying two million barrels of Iraqi crude to Zhoushan, China, according to TankerTrackers.com. Adalynn, owned by India‑based Global Shipping Holding Ltd, had no cargo and was heading toward the Suez Canal.TankerTrackers.com wrote on X that the Front Eagle 'executed a starboard (right) turn, resulting in a collision with the port quarter (aft port side)' of the slower‑moving Adalynn.The collision happened near the Strait of Hormuz, the narrow channel that carries roughly one‑fifth of the world's seaborne crude. Any disruption here can unsettle global energy markets and maritime insurance costs. The Strait of Hormuz links the Gulf with the Gulf of Oman and the Arabian Sea. Data from Vortexa shows that 17.8 million to 20.8 million barrels of crude, condensate and fuels moved through the narrow passage each day between January 2022 and May 2025.The clash came as ships in the Gulf report signal problems during missile exchanges between Iran and Israel. A U.S.-led maritime centre said it received reports of interference near Iran's Bandar Abbas port and other Gulf areas. Windward, a shipping analysis firm, counted almost 1,000 ships affected since the fighting began. Its chief executive Ami Daniel said, 'There is usually no jamming in Strait of Hormuz and now there is a lot.'Tehran, which has threatened before to close the strait in response to Western pressure, has not commented on Tuesday's crash or on the wider reports of signal disruption.
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Time of India
2 hours ago
- Time of India
How a $30 million crypto pardon scheme failed even before it got to Trump
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The audacious plan crystallized over a lobster dinner in Puerto Rico. That's where a self-styled connector for the MAGA era says he and a child actor-turned-crypto enthusiast hatched an idea to secure a presidential pardon for Bitcoin booster Roger Ver and make millions for themselves in the men, Matt Argall and Brock Pierce, had only tenuous ties to the entrepreneur known as Bitcoin Jesus, but they knew he was angling for a grant of clemency from President Donald Trump , who had just been elected to a second term. Most importantly, the pair suspected Ver was a billionaire, and figured that if all went accordingly, he'd be willing to pay $30 million for their Argall reached out to Ver, who was under indictment for tax evasion, offering to assemble a group of people with strong connections to Washington insiders who could help push the administration for a pardon. He proposed Ver wire $10 million to a trustee account to set the process in motion and cough up an additional $20 million success fee for him and his associates once the pardon came through, according to communications reviewed by Bloomberg News and confirmed by people with direct knowledge of the unclear whether Argall and his associates had genuine connections to people with power, much less the clout to persuade them that Ver's pardon was a worthy cause. The White House denied any knowledge of the the episode shows how people on the periphery of the MAGA movement are touting supposed ties to Trump and other administration officials to try to persuade white-collar defendants to fork over money. Those pitchmen, promising to try to get the cases in front of the White House, are increasingly seeking to cash in on the clemency business, a space once largely populated by pro-bono the fee proposed to Ver is at the higher end of the scale, other lobbyists, lawyers and consultants are offering more a la carte options to potential clients; a $5,000 finder's fee to be put in touch with someone who knows someone or $1 million to prepare an application that is intended to appeal to Trump's grievances about overzealous a series of communications over encrypted networks earlier this year, Argall and Pierce formulated a plan for Ver. At times, other potential participants with conservative credentials and clemency track records were brought into the discussion. Those people have since denied playing any significant role in the game plan, according to people familiar with the pitch and a review of communications, went something like this: Try to convince as many MAGA influencers as possible of the merits of Ver's cause, present Ver as someone who was treated unfairly, and leverage purported relationships with senior White House officials to get the case in front of House spokesman Harrison Fields said all pardon applications are thoroughly reviewed by the pardon czar and White House counsel's office.'The pardon process is a serious one, and outside grifters trying to make a big buck by overstating access to the White House will realize that soon enough,' he said. 'The president, after consulting with his senior advisers, will have the final say on pardons.'Ver had a reputation as one of cryptocurrency 's most effective promoters when the industry was still in its infancy. Last year, he was charged with tax evasion and mail fraud, accused of hiding gains from selling $240 million in has since asked a judge to dismiss the criminal indictment against him, arguing he followed a lawyer's advice about tax obligations when he relinquished his citizenship and moved to Saint Kitts and Nevis in 2014. A media representative for Ver didn't respond to requests for the 2024 presidential election, Ver joined a chorus of prosecuted crypto investors angling for relief from Trump. He used social media to build a pardon campaign and sat down for interviews with conservative commentators to discuss his battle with US play was further spotlighted in May when the Wall Street Journal reported that associates of the crypto investor had offered $5 million to $10 million to lobbyists to try to secure him a pardon. Ver's attorney David Schoen said that no one intended to pay for a pardon for this year, Argall began reaching out to Ver, offering to advocate for his freedom. An associate described him as a dealmaker. Argall told people he has helped companies secure lucrative government contracts, according to communications reviewed by previously ran call centers near Tampa, Florida, selling health supplements like African mangoes and açaí, with one client describing him in a LinkedIn post as a guy with a bleached Mohawk who could sell anything to his LinkedIn profile photo featured him with Health Secretary Robert F. Kennedy Jr., Argall, whose email signature reads 'from the desk of Lord Argall,' didn't appear to have any clear connections to Trump's inner circle. His pitch to Ver leaned heavily on the purported political sway of others.A spokesman for Kennedy didn't respond to requests for the communications reviewed by Bloomberg, Argall said that Ver's situation was brought to his attention by Washington lobbyist Robert Wasinger, who is described on his biography page as one of the first senior members of Trump's 2016 and Ver were first in contact in late 2024 about lobbying for a potential pardon, but the lobbyist wasn't retained, people familiar with the matter said. Wasinger had success in the clemency world before, having helped Republican fundraiser Elliott Broidy secure a pardon during the first Trump administration, according to people with knowledge of the declined to comment through a communications earlier this year with Ver, Argall's friend Pierce — who starred in the Disney film The Mighty Ducks as a child — was involved. One of the co-founders of Tether, Pierce is now chairman of the Bitcoin Foundation and darts between Washington and Puerto Rico, where he bought an old W Hotel that has been at the center of costly one of their interactions in January, Pierce thanked Ver for his contribution to the crypto industry, assuring the indicted investor that he had his back, according to a review of the communications. That same day, Argall posted photographs on Instagram of an ocean sunset and him and Pierce, drinks in some of the communications, Argall suggested that people who would help work on Ver's case had supposed connections to senior officials in Trump's Argall said in an interview, knew Ver from their early crypto days and estimated Ver's net worth was somewhere from $10 billion to $20 billion. Pierce and Argall figured that asking Ver to pay them a $20 million success fee for securing his pardon was more than reasonable, Argall told said in the interview that initially, he thought Ver was serious about engaging him and others to lobby his cause, and that he traveled to Washington on multiple occasions to lay the Ver's attorney, told Bloomberg he believed the people behind the pardon proposal 'were falsely claiming to have high-level contacts.''It is absolutely clear to me that no one in the White House had any part in this process,' Schoen in the interview with Bloomberg, said that he saw himself as a connector. 'This wasn't about me trying to make dough,' he said. 'If I made this happen, since my guys came through, hook me up after.'He said the money could have been used to fund a crypto project. Or maybe he'd just get 'good karma' for helping didn't respond to multiple requests for February, Argall introduced Ver to Washington lawyer Jesse Binnall, who had represented Trump in litigation tied to the Jan. 6, 2021, riots, and touted him as possibly being able to help, according to communications reviewed by outlined his track record advocating conservative causes before mapping out a rough path to securing a presidential pardon. He didn't speak or agree when Argall reiterated the $30 million fee structure to Ver, according to the communications.'Binnall's sole involvement in the Ver matter was limited to a single phone call,' a spokesperson for the Binnall Law Group said. 'He had no role whatsoever in setting, negotiating or pursuing any fee of any amount, nor did he take on the client or have any further involvement in the matter.'By March, the ambitious plot appears to have fizzled out, with an email reviewed by Bloomberg showing Ver ignored follow-up texts and calls from Argall.
Time of India
2 hours ago
- Time of India
Vodafone Idea looking for non-baking funding sources for capex continuity: CEO
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Debt-ridden Vodafone Idea is looking to raise funds from non-banking sources to maintain continuity of its capex plan, a top official of the company said on the company's earnings call for June 2025 quarter, Vodafone Idea CEO Akshaya Moondra said that the banks are looking for clarity on the adjusted gross revenue (AGR) matter before issuing debt to the telco."Given the fact that we are keen on maintaining a continuity of our capex, which has been going on since last year, we are looking at non-banking sources of funding also. Not the full amount of Rs 25,000 crore that we have talked about, but a lesser amount so that we can continue with the capex cycle," Moondra said on his last day as CEO of the Vodafone Idea (VIL) board approved the elevation of Chief Operating Officer Abhijit Kishore to the position of Chief Executive Officer with effect from August 19. He will replace Moondra, whose three-year tenure as CEO ends on August said that the company continues to engage with banks for credit."I think what the banks are currently looking for is some clarity on the AGR front. So that is where we are engaged with the government. Given that the government has made the conversion, they are today the largest stakeholder in the company. Whether as an equity holder or any dues which are owed to any external party, we are quite confident that there will be a solution to AGR," he in which the government holds a 49 per cent stake, has reported an outstanding net debt of over Rs 2 lakh crore and the firm continues to bank on the Department of Telecom support on (AGR) related company's AGR liability at the end of June 2025 quarter stood at around Rs 75,000 Idea, along with other players like Bharti Airtel , BSNL, MTNL etc., had contested claims of the Department of Telecom on the definition of AGR. After several years of litigation, the Supreme Court in October 2019 ruled in the favour of the DoT and asked the telcos to clear entire dues as claimed by the said that the government has always supported the company closer to the dates of transaction time when the company had to make payments and expects to resolve the AGR issue with the government this time as well."I think in the past, we have always seen that the government has been supportive. You look at 2019, deferment of spectrum installments, 2021 reforms package, 2023 conversion of government dues to equity, 2025 again conversion of used to equity. Generally, these actions have happened closer to the time when it is essentially needed," Moondra company needs to pay AGR liability in six equal installments post the moratorium period starting from March 31, said that VIL's request to the government has been to resolve the issue before the deadline of March so that banks get clarity and the company can proceed with bank said that during the reported quarter, improvement in the network with a capex of Rs 2,440 crore enabled it to arrest decline of customers by 90 per cent to 5 lakh compared to the decline of around 50 lakh it registered in September 2024 and December 2024 company's total subscriber base stood at 19.77 crore at the end of June 2025 quarter, comprising a 12.74 crore mix of 4G and 5G company has rolled out 5G services in 22 cities, including Mumbai, Delhi, Bengaluru, Mysuru, Surat, Ahmedabad etc. and plans to extend it to all cities across its priority 17 circles by arresting decline of subscribers, Vodafone Idea reported widening of its consolidated loss to Rs 6,608 crore in the first quarter ended June 2025, mainly on account of an increase in finance cost and government finance cost increased by about 7 per cent or Rs 374 crore on a year-over-year (YoY) basis to Rs 5,892.8 crore from Rs 5,518.6 crore, which added to the loss of Rs 6,426.7 crore it posted in June 2024 quarter, according to a company licence fees and spectrum usage charges payable to the government increased by about 6 per cent to around Rs 947 crore during the reported quarter from around Rs 892 crore a year from operations of VIL increased by about 5 per cent to Rs 11,022.5 crore during the quarter under review from Rs 10,508.3 crore in the year-ago period, mainly on account of a 15 per cent increase in average revenue per user (ARPU) to Rs 177 in the reported quarter from Rs 154 in June 2024 quarter. PTI
Time of India
3 hours ago
- Time of India
Samsung laptop production at Noida plant to meet India requirement only
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Korean electronics major Samsung's laptop production at a Noida plant is targeted at meeting the requirements of the Indian market for now, sources aware of the development its manufacturing portfolio in India, the electronics major recently started producing laptops at a Noida factory. Samsung has been manufacturing feature phones, smartphones, wearables, and tablets in India till now."The laptop production being done at a Noida factory is to meet the requirements of the Indian market only at present," a source told email query sent to Samsung did not elicit any Electronics and IT Minister Ashwini Vaishnaw, after a meeting with Samsung Southwest Asia President and CEO JB Park, and Samsung Southwest Asia Corporate Vice President SP Chun, on Saturday said that "Samsung continues to expand manufacturing of its advanced technology devices in Bharat, driven by talent and innovation."Samsung was one of the first global electronics companies to set up a manufacturing facility in India in Electronics President and Head of Mobile eXperience (MX) Business TM Roh, last year, had shared that the company has started preparation for manufacturing laptops in Samsung has its second-largest mobile phone manufacturing unit in India and it is the second-largest exporter of handsets from the country after Samsung is the second largest smartphone player in India, both in terms of value and volume share as per a Counterpoint Research report, the company is yet to make its mark in the laptop is also the second-largest player in the tablet PC segment, with a 15 per cent share, according to the CyberMedia Research report.
