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On August 12th, Jennifer Bailey, Apples longtime head of payments and wallet services, announced her retirement and will leave the company in October. This departure further exacerbates the trend of management turnover at Apple. Apple is facing the challenge of a number of senior executives reaching retirement age, including Kate Adams and Lisa Jackson, who have recently left the company. Meanwhile, Apple is about to undergo a larger leadership change, with CEO Tim Cook stepping down on September 1st and being succeeded by hardware head John Tenus.On August 12th, the Bank of France stated that the French economy is expected to maintain its growth momentum this quarter. Surveys indicate that third-quarter GDP will grow by 0.2%, unchanged from the previous quarter and slightly higher than the market expectation of 0.1%. The Bank of France stated that economic activity will continue to be driven by the service sector, including transportation, information, and communications. Meanwhile, manufacturing also rebounded in August. Looking ahead, the energy sector is expected to continue expanding, but the construction sector may decline further due to fewer public project contracts. The Bank of France warned that the economic outlook still faces "significant uncertainty," with risks stemming from the Middle East geopolitical situation and extreme weather. A survey of 8,500 companies by the Bank of France showed that the increase in raw material costs and sales prices slowed in July, suggesting that the transmission of spring input cost increases to end-user prices may be nearing completion. The Bank of Frances assessment indicates that the French economy presents complex signals ahead of the presidential election: the economy rebounded in the second quarter, but the unemployment rate rose to a near six-year high, and the government still faces significant budget deficit pressure.A spokesperson for the Houthi rebels in Yemen stated that the Houthi armed forces will continue their operations to combat any Saudi troops attempting to escalate the situation and gain control of Yemen through Saudi military strongholds.On August 12, local time, the U.S. Central Command stated that on August 11, local time, U.S. forces fired on the Panamanian-flagged cargo ship "VelaNova" in the Gulf of Oman. Central Command stated that the ship was en route to an Iranian port, attempting to break through the U.S. blockade against Iran. Central Command stated that after the crew of the "VelaNova" repeatedly ignored U.S. warnings, a U.S. Navy MH-60 helicopter fired two Hellfire missiles at the ships engine room. The ship is currently unable to maneuver and has stopped its journey to Iran. Central Command also stated that as of August 11, the U.S. military had forced 55 merchant ships attempting to break through the blockade to change course, rendered three uncooperative vessels immobile, and boarded and inspected two other ships. The U.S. stated that the blockade against Iran remains in full force.U.S. Treasury Secretary Bessenter: We welcome the release of Muse Glimmer by Meta, another victory for American innovation. Maintaining U.S. leadership in artificial intelligence means advancing both open and closed weight models to ensure the future is built on a trustworthy foundation.

Ukraine Will Block A Crucial Russian Gas Transit to Europe, Blaming Russia

Charlie Brooks

May 11, 2022 09:46

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Ukraine said on Tuesday that it will cease the flow of gas via a transit point that, according to Kiev, sends over one-third of the fuel piped from Russia to Europe through Ukraine. Kiev blamed Moscow for the action and said it would redirect the flows elsewhere.


Even after Moscow's invasion, Ukraine has remained a significant transit route for Russian gas to Europe.


The operator of Ukraine's gas infrastructure, GTSOU, has declared "force majeure" and will cease shipments through the Sokhranivka route as of Wednesday. "Force majeure" is a provision triggered when a firm is affected by circumstances beyond its control.


However, Gazprom (MCX:GAZP), which has a monopoly on Russian gas pipeline exports, said that it was "technologically impossible" to move all volumes to the Sudzha connecting point farther to the west, as GTSOU requested.


GTSOU CEO Sergiy Makogon told Reuters that Russian occupation troops have begun transporting gas flowing through Ukraine to two rebel territories supported by Russia in the country's east. He failed to provide proof.


The company stated that it was unable to operate at the Novopskov gas compressor station due to "the interference of the occupying forces in technical processes," adding that it could temporarily redirect the affected flow to the Sudzha physical interconnection point, which is located on Ukrainian territory.


Ukraine's suspension of Russian natural gas shipments via the Sokhranivka route should have no effect on the local Ukrainian market, according to Yuriy Vitrenko, the president of the state-owned energy business Naftogaz.


The national gas company of Moldova, a tiny country on Ukraine's western border, said that neither GTSOU nor Gazprom had notified them of a supply interruption.


Russian army and separatist militants have controlled the Novopskov compressor station in the Luhansk area of eastern Ukraine since shortly after Moscow launched a "special military operation" in February.


GTSOU said that it is the first compressor in the Ukraine gas transit system in the Luhansk area, the transit route for about 32,6 million cubic metres of gas per day, or a third of the Russian gas transported to Europe through Ukraine.


To fulfill its "transit responsibilities to European partners in full," GTSOU said that it will "temporarily move unavailable capacity" to the Sudzha interconnection point.


Gazprom said it had received information from Ukraine that the nation will cease gas transit to Europe through the Sokhranivka interconnector at 7:00 a.m. on Wednesday local time.


The Russian corporation said that it observed no evidence of force majeure or impediments to business as usual. Gazprom emphasized that it was fulfilling its commitments to European gas purchasers.


As punishment for the invasion of Ukraine, the United States has pushed other nations to reduce their reliance on Russian energy and has prohibited Russian oil and other energy imports.


Ned Price, a spokeswoman for the U.S. State Department, said that Tuesday's declaration does not alter the "as soon as feasible" schedule for reducing global dependency on Russian oil.

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