BP-chartered tanker leaves port of Nayara Energy without loading diesel, sources say
The vessel was supposed to load ultra low sulphur diesel on July 21 with the cargo bound for Africa, LSEG data showed.
Nayara Energy, partly owned by Russia's largest oil producer Rosneft (ROSN.MM), opens new tab, was among companies sanctioned by the European Union on Friday for dealing with Russian oil.
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India's Vinati Organics says accident at plant kills one
July 28 (Reuters) - India's Vinati Organics ( opens new tab said on Monday one of its employees died on Saturday at its plant in Maharashtra state in an accident during routine operations. The company does not foresee any material financial or operational impact due to the incident.
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A plan to build a McDonald's in this beachside town received 1,500 objections... locals are fuming over the final decision
The residents of a small beachside suburb are devastated after losing a six-year fight against a McDonald's being built in their community. A BP service station in the community of Safety Beach, located on the Mornington Peninsula's southeast coast, is set to undergo an upgrade. The new pit stop will include a 24-hour convenience store and drive-through fast food restaurant. Despite being twice rejected by Mornington Peninsula Shire Council and receiving 1,500 objections from the community, the Victorian Civil and Administrative Tribunal approved the construction this month. Applications for the building began in 2019. While the tenant for the available drive-through restaurant hasn't been confirmed, it is believed the site will become a McDonald's. The news has been met with fury by locals who believe the location of the soon-to-be McDonald's will cause significant traffic and litter problems. Safety Beach BP sits just 100m across from its famous beach, which is visited by thousands of tourists every year. Mayor Anthony Marsh said BP's upgrade, pushed by site owner AA Holdings, was a 'step too far'. 'It's a bit quiet now in mid-July, but if you were to come back in five months you'd find cars banked up for hundreds of metres on some days,' Marsh told Nine News. 'We're 100m from the beach so litter is a massive problem, particularly in a place like the Peninsula where we love our beach and our nature.' He added the introduction of a fast food chain would steal money from the pockets of small business owners. 'We've got a lot of traders that rely on that summer trade to survive the whole 12 months,' Marsh said. AA Holdings owns more than 50 BP outlets across Melbourne and generated $864million in revenue in 2024. Andrew Robertson, a member of the Safety Beach Foreshore Landscape Committee, believed AA Holdings' money is what saw the application finally approved. 'They're just determined to push it through, and they've obviously spent a load of money on getting through to appeal,' he told The Age. The disgruntled resident added the 'simple seaside community' didn't need a fast food chain. 'It's an established residential area that doesn't need this facility,' Mr Robertson said. 'In our view, it's not going to service us. There's plenty of things available to the residents in the [nearby] Dromana township.' VCAT senior member Geoffrey Code and member Kate Partenio found AA Holdings had sufficiently addressed concerns about traffic and parking. It also implemented a condition requiring AA Holdings to conduct daily litter patrols.
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Stocks surge, euro steady after US-EU trade agreement
SINGAPORE, July 28 (Reuters) - Global stocks rose and the euro appreciated on Monday after a tradeagreement between the United States and the EU lifted sentiment and provided some clarity in a week of key policy meetings by the Federal Reserve and the Bank of Japan. The U.S. struck a framework trade agreement with the European Union, imposing a 15% import tariff on most EU goods - half the threatened rate, a week after agreeing to a similar trade deal with Japan. Countries are scrambling to finalise trade deals ahead of an August 1 deadline set by U.S. President Donald Trump, with talks between the U.S. and China set for Monday in Stockholm amid expectations of another 90-day extension to the truce between the world's top two economies. "A 15% tariff on European goods, forced purchases of U.S. energy and military equipment and zero tariff retaliation by Europe, that's not negotiation, that's the art of the deal," said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities. "A big win for the U.S." European futures surged more than 1%, while S&P 500 futures rose 0.5% and Nasdaq futures advanced 0.6%. The euro strengthened across the board, rising against the dollar, sterling and yen. "We have to be a bit cautious from here," said Sim Moh Siong, currency strategist at Bank of Singapore, of the broader risk-on rally. "A lot of good news is already in the price." MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab was up 0.32%, just shy of the almost four-year high it touched last week. Japan's Nikkei fell 1% after hitting a one-year high last week. While the baseline 15% tariff will still be seen by many in Europe as too high, compared with Europe's initial hopes to secure a zero-for-zero tariff deal, it is better than the threatened 30% rate. The U.S.-EU deal provides clarity to companies and averts a bigger trade war between the two allies that account for almost a third of global trade. "A major tail-risk has now been defused," said Marc Velan, head of investments at Lucerne Asset Management in Singapore. "Markets are interpreting this as a sign of stability and predictability returning to trade policy," he added. "The China delay fits the same pattern: the administration is opting for controlled diplomacy over confrontation." Gains for China's blue-chip stocks (.CSI300), opens new tab petered out towards the midday break, while Hong Kong's Hang Seng index (.HSI), opens new tab gained 0.5%. The Australian dollar , often seen as a proxy for risk appetite, was at $0.657, hovering around the near eight-month peak scaled last week. In an action-packed week, investors will watch out for the monetary policy meetings from the Fed and the BOJ as well as the monthly U.S. employment report and earnings from megacap companies Apple (AAPL.O), opens new tab, Microsoft (MSFT.O), opens new tab and Amazon (AMZN.O), opens new tab. While the Fed and the BOJ are expected to maintain rates, comments from the officials will be crucial for investors to gauge the interest rate path. The trade deal with Japan has opened the door for the BOJ to raise rates again this year. Meanwhile, the Fed is likely to be cautious on any rate cuts as officials seek more data to determine tariffs' impact on inflation before they ease rates further. But tensions between the White House and the central bank over monetary policy have increased, with Trump repeatedly lashing out at Fed Chair Jerome Powell for not cutting rates. Two of the Fed Board's Trump appointees have articulated reasons for supporting a rate cut this month. In commodities, oil prices rose after the U.S.-EU trade agreement. Brent crude futures and U.S. West Texas Intermediate crude both rose 0.5%. Gold prices fell on Monday to their lowest in nearly two weeks on reduced appetite for safe havens.
