Europe Gas: Prices at fresh 15-month high amid cold weather, restocking concerns
The benchmark front-month contract at the Dutch TTF hub was up down 0.78 euro at 51.60 euros per megawatt hour (MWh), or $15.80/mmBtu, by 0948 GMT, its highest level since mid October 2023, according to LSEG data.
The Dutch March contract was up 0.50 euro at 52.22 euros/MWh.
In Britain, the front-month contract rose by 2.25 pence to 132.00 p/therm.
Demand for gas for heating is up 766 gigawatt hours per day (GWh/d) for the day-ahead, 73 GWh/d for the weekend and 43 GWh/for working days next week, due to an average temperature drop of around 3 degrees Celsius, LSEG data showed.
"Concerns about rapidly declining gas storage levels has seen countries working to ensure refills, with Germany proposing subsidies and Italy preparing an early start to seasonal storage," said Daniel Hynes, senior commodity strategist at ANZ bank.
EU members are required to have storage levels at 90% full by November, However, this year they will face stiff competition from other consumers amid tightness in the global LNG market, he added.
EU gas storage levels were 54.65% full on Friday, data from Gas Infrastructure Europe showed.
"There could be some softening from current high prices if February brings milder weather. However the market is set to plateau at quite a strong level across most of the spring and summer as Europe continues competing with Asia for flexible LNG to refill its storage," said Alex Froley, LNG analyst at data intelligence firm ICIS.
Hungarian Prime Minister Viktor Orban threatened on Friday to block the next rollover of EU sanctions against Russia unless Brussels helps achieve a restart of Russian gas transit via Ukraine, which was halted on Jan. 1.
In the European carbon market, the benchmark contract was down 0.60 euro at 82.35 euros a metric ton.
(Reporting By Marwa Rashad; Editing by Nina Chestney)
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The National
28 minutes ago
- The National
Iraqi-British hotel owner and his Iranian oil smuggling link to Yemen's Houthis
Reviews of The Gainsborough Hotel speak of its spacious rooms, friendly staff and convenient location for visiting some of London's most famous tourist sites. It is fair to say all those who have enjoyed their stay at the hotel are probably unaware of any connections the establishment has to oil smuggling and Iran's Islamic Revolutionary Guards Corp (IRCG). A closer look at the ownership of the property where the hotel sits, however, reveals it to be a company whose owner has been placed under sanctions by the US for masterminding a vast oil smuggling operation. Salim Ahmed Said is an Iraqi -British citizen who runs a network of companies that have been selling Iranian oil falsely declared as Iraqi since 2020, said the US Treasury when it announced the sanctions this month. The 47-year-old owns and runs companies that have smuggled oil for the benefit of the Iranian government and the IRGC. Through bribery of Iraqi officials he has been able to pass off Iranian oil as if it originated from Iraq, through a terminal he runs just over the border. The network of which his is part has "collectively shipped tens of millions of barrels of Iranian oil and other petroleum worth billions of dollars", the Americans allege. An investigation by The National has uncovered the London-business connections of Mr Said, who the US says has two British passports and goes by several aliases. Links to a Syrian shipping magnate, who is under US sanctions for his dealings with the Houthis and Hezbollah, can also be revealed. Ships involved in the black market Iranian oil trade link Said with Houthi and Hezbollah financier Abdul Jalil Mallah. The US has described Mr Mallah as an "illicit shipping magnate", alleging he and his brother "use their shipping empire to support Iran's malign activities and those of its proxies". A join t investigation by The National and the Greek journalism organisation iMEdD revealed Mr Mallah appears to operate the business in Greece despite being under sanctions. London hotels Turn the corner on to Queensberry Place, after a short walk from South Kensington underground station, and at the end of the street the Natural History Museum's imposing towers loom into view. On the right-hand side of the road is The Gainsborough and directly opposite The Exhibitionist, its sister hotel. Both are run by the same Dublin-based company. The Gainsborough building is owned by Robinbest and was bought for £6.5 million ($8.6 million) in 2018, according to accounts. Robinbest is in turn owned by The Willett Hotel, whose owner is Mr Said, and the company has assets of £27 million, according to its most recently filed accounts. The Willett Hotel's correspondence address is, however, The Exhibtionist Hotel, while its registered office is The Gainsborough Hotel. The building that is home to The Exhibitionist is owned by another company, The Exhibitionist Holdings. The Exhibitionist Holdings' solicitor said his client's accountants were raising this crossover with Companies House "as a matter of urgency". The Willett Hotel's registered office was once the Exhibitionist Hotel's site but it shifted across the road to The Gainsborough before again it moved, this time to an accountancy firm in east London, which was also the registered office of Robinbest. An employee, who asked for his identity and that of the firm not to be revealed, confirmed the handsome townhouse was part of Mr Said's empire when The National visited. He said he was 'very surprised' when told both the companies have been placed under sanctions by the US. 'We were not aware that he was involved in the oil business, only hotels,' he said. 'We're not aware of any sanctions.' The employee said the firm dealt only with Mr Said's staff and never with him. They sent all the relevant paperwork needed to file accounts. 'Everything is above board and the companies pay tax,' he said. Both The Willett and Robinbest moved their registered office addresses to The Gainsborough soon after The National began its investigation. Mr Said is from the town of Ranya in Iraq's semi-autonomous Kurdish region and first came to the UK in 2002 after which he was granted asylum, The Sunday Times reported. His first business venture was a shop named Rhine in Leicester, which was dissolved in 2014. It is not known when he became involved in oil trading. Smuggling operation The complex and shadowy operation run by Salim Ahmed Said is revealed in detail by the US Treasury. At the heart of his sanctions-busting enterprise is the oil terminal at the port of Khor Al Zubayr in southern Iraq, where a company he owns, VS Oil, manages six oil storage tanks. The port sits on a waterway about 40km from Basra but Iran sits on the other side of the neighbouring Shatt Al-Arab river. As sanctions have tightened on it in recent years, Iraq has increasingly become Iran's lifeline and there have been reports that oil smuggling has increased since Prime Minister Mohammed Shia Sudani took office in 2022. The proximity of Mr Said's operation to Iran makes it convenient for the country's oil to be clandestinely shipped there clandestinely. To pay for the delivery, VS Oil employees smuggle hard currency into Iran in cars and lorries, some of which carry millions of dollars each. Once the Iranian oil is dropped off at Khor Al Zubayr it is mixed with Iraqi oil. Tankers carrying Iranian oil also conduct ship-to-ship transfers with vessels carrying Iraqi oil in nearby VS Oil's terminal facilities. Vessel tracking shows that VS Oil has been visited by a number of tankers, which transport Iranian petroleum products on behalf of US-sanctioned Iranian company Triliance Petrochemical. Ships operating for Iranian military front company Sahara Thunder have also visited VS Oil. Sahara Thunder is the main front company that oversees the IRGC's support for Russia's war in Ukraine, including the design, development, manufacture and sale of thousands of drones. This activity was founded by the widespread bribery of Iraqi officials. Mr Said has paid millions of dollars in bribes to many members of key Iraqi government bodies, including its parliament, in exchange for forged vouchers allowing him to sell Iranian oil as if it originated from Iraq. This blended oil that was authenticated by these officials was ultimately sold on the world markets. One expert told The National it was surprising that vessels had been actually sailing into an Iraqi port with Iranian oil to be blended with Iraqi. The expert explained that previously ships transporting Iranian oil had been pretending to be moored in Iraqi ports only to circumvent sanctions. This is done through what is known as spoofing – the manipulation of a ship's automatic identification system. 'So the blending part, that was something that we had not been seeing,' said the expert. While the US has stepped up its designation of vessels suspected of smuggling oil for Iran, tanker operators are 'very quick at adapting'. 'They're quick at moving things under a new name, new companies, new structures, new vessels, repurchasing vessels to fill the gap left by the ones have not been designated,' the source said. 'It's a shame because the US is doing a great job in terms of finally paying attention to this, but it's also not a comprehensive strategy. They are piecemeal designating. 'Until they really hit everyone hard, every single vessel, every single company, they just keep replacing and replacing. And so it just makes it harder.' Shadow fleet In a bid to avoid sanctions on its oil exports imposed by the US, Iran uses a network of oil tankers whose ownership is deliberately obscured. This shadow fleet, as it has come to be known, enables the regime to transport its oil to generate revenue for the struggling national economy. Iran relies on non-sanctioned ships to receive Iranian oil from sanctioned vessels using ship-to-ship transfers before carrying the cargo to buyers in Asia, mainly China. Ships in this shadow fleet have been operated by companies owned or controlled by Salim Ahmed Said. According to the US Treasury, he controls a UAE-based company called VS Tankers despite avoiding formal association with the business, which has smuggled oil for the benefit of the Iranian government and the IRGC. VS Tankers was formerly known as Al-Iraqia Shipping Services & Oil Trading. In 2020, the company reportedly brokered a deal to transport Iranian oil via Iraqi pipelines to be blended and sold as Iraqi oil. Mr Said is also the owner of Rhine Shipping, which was first implicated in blending Iranian oil to sell as Iraqi oil in 2022. Rhine Shipping was previously exposed as the manager of the oil tanker Molecule, which loaded oil in the Arabian Gulf from an Iranian tanker that had turned off its location transponder to conceal the transaction. The Molecule was subsequently sanctioned for its role in shipping Iranian oil as part of the network of Iran-backed Houthi financial official Sa'id Al Jamal. Helping the Houthis Under the direction of Mr Al Jamal, Syrian citizen Abdul Jalil Mallah facilitated transactions worth millions of dollars to Swaid and Sons, a Yemen-based exchange house associated with the Houthis. Mr Mallah is subject to an arrest warrant in the UK and has been listed as a specially designated global terrorist by the US Treasury since 2021 for his involvement with Hezbollah and the Houthis in deals it says were worth 'millions of dollars". He has worked with Mr Al Jamal to send millions of dollars' worth of Iranian crude oil to Hezbollah, the US alleges. Mr Al Jamal, financial backer of the Houthis, is based in Iran and directs a network of front companies and vessels that smuggle Iranian fuel, petroleum products and other commodities to customers throughout the Middle East, Africa and Asia. Last year, the US Treasury also sanctioned four ships belonging to Mr Mallah's brother Luay Al Mallah. Abdul Jalil was successfully sued in the UK over a deal he struck with three subsidiaries of the US firm Oaktree Capital Management (OCM) to finance the acquisition of two cargo ships – the Amethyst and the Courage. OCM sought to terminate the deal in June 2021 when Mr Mallah was placed under sanctions, and his assets and bank accounts were subject to a US freezing order. Subsequent lawsuits sought to wrest control from Mr Mallah. OCM had also sought £1 million in legal costs and in a subsequent court order in May 2024, Mr Mallah was given a prison sentence for fraud. Mr Mallah's submissions included forged documents purporting to be from the Greek authorities showing he had left the country before the notice was served, which led to a hearing for contempt of court. He was sentenced to 18 months in jail, though he is unlikely ever to serve any of it. In response, the shipping tycoon insisted he was the victim of a set-up. "I have nothing to do with Hezbollah and the Houthis. This is a big lie against me to rob me,' he said. Luxury home Mr Said lives in Dubai in the prestigious Palm Jumeirah, a big attraction for foreign buyers making high-end property purchases. When The National tried to pay a visit to his villa in Frond D, security did not allow anyone to pass unless there was permission from the owner. There was a small roundabout before the checkpoint at the Frond D entrance with a small sign on the right mentioning the letter of the Frond with a brief warning in Arabic and English: "Residents and visitors only". The security guard asked for identification and the reason for visiting. 'The host needs to alert the security so you can go inside after showing identification,' he said. Dubai is one of the world's most active markets for luxury homes and The Palm is the most desirable location for $10 million-plus properties. It has 17 fronds which extend outward from the trunk of the island, forming the distinctive palm tree shape. It is spread over an area of 560 hectares and divided into three main areas, The Crescent, Trunk and Fronds. They are primarily designed to house luxury residential villas, hotels and resorts. In June, an announcement was made for five luxurious villas to be built on land bought for Dh365 million ($99.4 million) on the island by developer 25 Degrees. Frond D is a gated sub-community on the north-east of The Palm development. The fronds are primarily residential areas, so access is often restricted to residents, guests or those with legitimate business.
Arabian Post
an hour ago
- Arabian Post
Orange Suffers Cyberattack, Disrupts Operations in France
French telecommunications provider Orange has confirmed that it was targeted in a significant cyberattack on July 25, which breached one of its critical internal systems. The attack, which has caused considerable disruption to both business and consumer services, appears to be primarily focused on the company's operations in France. Orange's response to the incident has been swift, with the company prioritising efforts to contain the breach. According to initial reports, the attack compromised certain business operations, leading to service outages for some customers. While the full extent of the damage is still being assessed, Orange officials have indicated that they are working around the clock to restore all affected systems and services. The breach reportedly targeted Orange's internal infrastructure, including several business-critical systems that are vital for day-to-day operations. As a result, some business clients and consumers have faced service disruptions, including slower processing times and temporary unavailability of certain communication services. ADVERTISEMENT Orange's cybersecurity team, in collaboration with external experts, has initiated a full investigation into the breach to determine the scope of the attack and to identify the perpetrators. As part of its response, the company has implemented enhanced security protocols to prevent further intrusions while also focusing on mitigating any potential long-term impact on its operations and reputation. While Orange has not publicly named the threat actor responsible for the attack, cybersecurity experts believe the breach could be the work of an advanced persistent threat group. These groups are often highly sophisticated and well-funded, making them capable of executing complex cyberattacks that target large corporations and government entities. This cyberattack follows a growing trend of increasing threats faced by telecommunications companies, which are often seen as high-value targets due to the critical infrastructure they provide. With millions of customers relying on their services for both personal and business needs, any disruption in these services can have a profound impact on the affected parties. Orange has assured customers that it is taking every necessary step to restore normal service levels as soon as possible. However, given the scale and nature of the attack, it could take days or even weeks for full recovery depending on the extent of the systems affected. Business clients, in particular, have been urged to implement alternative communication and IT measures while the company works to bring services back online. The company also revealed that it has informed relevant data protection authorities and regulatory bodies of the breach, in accordance with EU regulations. The breach is expected to come under scrutiny from cybersecurity watchdogs, as well as from European data privacy regulators who are likely to investigate the incident to determine whether Orange has adhered to GDPR protocols. This event has raised concerns about the resilience of telecom companies' cybersecurity measures, particularly in the face of increasingly sophisticated cyber threats. The telecom sector, in particular, has become a frequent target for cybercriminals due to the vast amounts of sensitive data it handles, from customer personal details to confidential business communications. The scale of the attack has sent shockwaves through the broader tech and telecommunications industries, prompting other firms to reassess their own cybersecurity strategies. Analysts suggest that Orange's breach serves as a wake-up call for the sector, underscoring the need for telecom providers to invest heavily in robust security frameworks to defend against such threats.
Zawya
2 hours ago
- Zawya
Starbucks CEO details brand reset plan as turnaround efforts drive sales beat
Starbucks reported better-than-expected revenue rise for the third quarter, as demand in China improved while investments in labor and store operations, and changes to the menu helped it offset slowing consumer spending in its domestic market. The Seattle-based company's shares rose 3.8% to $96.50 in extended trading on Tuesday. After several quarters of falling sales, the coffee chain is in the midst of a "Back to Starbucks" initiative - a major brand reset - under CEO Brian Niccol . Since taking the top job in August, Niccol has pushed for a simplified menu, freshly baked food, cups with handwritten messages and quicker service. Niccol spoke expansively on Starbucks' turnaround efforts on Tuesday's post-earnings call, saying they were "ahead of expectations." He laid out examples of what was changing at stores and in customer experience. He said he wanted to change the "feel" of stores with "greater texture, warmth and layered design," and replace thousands of seats that were removed in recent years. By the end of 2026, at least 1,000 stores across North America will be upgraded, Niccol said. Starbucks is also piloting a new, lower-cost "coffee house of the future" design, featuring 32 seats and a drive-thru opening in 2026, along with a small-format version debuting soon in New York City. Niccol has pledged to increase investments in staffing in all 10,000-plus Starbucks-owned U.S. stores by the end of the summer. The company said it would invest over half a billion dollars of additional labor hours into its U.S. company-operated stores over the next year. Starbucks' net revenue rose 3.8% to $9.46 billion, beating analysts' estimate of $9.31 billion, although its overall same-store sales fell 2% for the quarter ended June 29, its sixth straight quarterly contraction. Analysts on average had estimated a 1.19% dip, according to data compiled by LSEG. In its largest North America market, the drop in quarterly same-store sales was flat at 2%. China comparable store sales increased 2%, compared with no growth in the second quarter. Intense competition from local rivals like Luckin Coffee and Cotti Coffee and increasingly frugal consumers prompted Starbucks to cut prices on select iced drinks by an average of 5 yuan last month. "The report came in less worse than expected, given some strength in China, but it remains a turnaround story," said Dave Wagner, portfolio manager at Aptus Capital Advisors. The company reported a profit of 50 cents per share on an adjusted basis, missing estimates of 65 cents. That excluded an 11 cent per share hit, partly from a leadership meet in Las Vegas earlier this year, when the company flew and housed more than 14,000 store managers and leaders from across North America to hear from corporate executives about the "Back to Starbucks" plan. Attendees were also treated to a private Bruno Mars concert. Operating margin in the third quarter contracted 650 basis points to 10.1% from the prior year, owing to higher spending tied to the business turnaround, additional labor hours and the leadership meet. "While there is still work to be done, the company's labor investments appear to be making a difference in peak-hour throughput," said R.J. Hottovy, head of analytical research at Starbucks has been exploring options such as strategic partnerships and joint ventures for its China business, which was valued at up to $10 billion, according to media reports earlier this month. Executives said on Tuesday that the company had received significant interest from more than 20 interested parties and was evaluating its options as it aimed to retain a "meaningful stake" in the business. (Reporting by Savyata Mishra in Bengaluru and Waylon Cunningham; Editing by Anil D'Silva)
