Trump slaps 10-12.5% tariffs on 60 nations over forced labor, replacing expiring global levies
The US will impose levies of 10 to 12.5 percent on imports from 60 countries, accounting for 99 percent of US imports, just as the temporary 10 percent worldwide tariffs expire at midnight.
Trump expands ratepayer protection pledge to 200 entities as AI data center backlash grows ahead of midterms
Nearly 200 utilities, data center developers and Republican governors signed the voluntary 'Ratepayer Protection Pledge' at an EPA event, as rising electricity bills fuel bipartisan opposition to AI infrastructure.
Romania faces fuel supply strain as Kazakhstan halts CPC oil deliveries; interim PM says no shortages for two weeks
Interim Prime Minister Ilie Bolojan assured that Romania will not face fuel shortages in the next two weeks, despite Kazakhstan suspending oil deliveries through the Caspian Pipeline Consortium after drone attacks near Novorossiysk. Rompetrol is seeking alternative routes, but a 10-15% production cut at the Petromidia refinery looms for August if no solution is found.
TotalEnergies doubles Q2 profit to $5.4 billion as Middle East war lifts oil prices and reignites France's superprofits tax debate
The French oil major posted a net profit of $5.4 billion for the second quarter of 2026, up from $2.7 billion a year earlier, while adjusted net income reached $6 billion. The surge was fuelled by the three-month Brent average of $97 per barrel, a 45 percent year-on-year jump driven by the conflict in the Middle East and the de facto closure of the Strait of Hormuz.
Trump readies new tariffs on 60 countries as temporary duties expire, risking inflation ahead of midterms
With midterm elections approaching and the Iran war dragging on, the White House is preparing to impose fresh tariffs on 60 trading partners, using novel legal arguments to bypass a Supreme Court block.
West African leaders sign deal for $25 billion Nigeria-Morocco gas pipeline, targeting 2031 start
The 6,000-km pipeline will carry up to 30 billion cubic metres of Nigerian gas annually to Morocco and onward to Europe, with construction starting in 2028.
Brazil threatens reciprocal tariffs as US imposes 25% levy on most imports, Rubio accuses Lula of bad faith
The US will impose a 25% tariff on most Brazilian goods from July 22, exempting coffee, beef, oranges and aircraft parts. Brazil's government called the move politically motivated and said it will invoke its reciprocity law and approach the WTO.
EU proposes slower emissions cap cuts and longer free permits in carbon market overhaul
The European Commission wants to reduce the annual cap on emissions permits at a slower pace and extend free allowances to 2038, responding to industry and member state pressure over competitiveness.
Germany's Reiche waters down renewable subsidy cuts: small solar gets transition payments, grid compensation softened
Economy Minister Katherina Reiche revised draft energy laws on Friday evening, introducing a three-year transition payment for small rooftop solar and scaling back planned compensation cuts for wind farms in grid-constrained areas.
Germany seeks more Azerbaijani gas and oil as Merz and Aliyev sign strategic pact, while Baku backchannel surfaces
Chancellor Friedrich Merz and Azerbaijani President Ilham Aliyev agreed in Berlin to deepen energy ties, with Germany seeking more gas and oil while Aliyev demanded new pipelines and investment. The meeting also surfaced a secret backchannel between former German and Russian officials in Baku.
EU Commission slows ETS cap reduction to 1.7% after 2036 and extends free CO2 allowances to 2038
The European Commission proposed slowing the pace of emission cap reductions in the EU carbon market after 2030 and extending free allowances for CBAM sectors until 2038, drawing sharp criticism from both industry-aligned MEPs and Green lawmakers.
US refunds $81bn in tariffs after Supreme Court ruled Trump's IEEPA levies illegal
The US Treasury has returned roughly $81.3 billion to companies since October 2025, after the Supreme Court struck down tariffs imposed under a 1977 emergency powers law.
Adnoc and partners approve $6.2 billion Umm Shaif gas cap project, targeting 600 million cubic feet per day by 2030
Partners TotalEnergies, Eni and CNPC will develop the offshore Umm Shaif field, unlocking over 600 million cubic feet per day of gas and liquids, with first output expected in 2030.
Spain's nuclear regulator backs Almaraz plant extension to 2030, putting pressure on government to decide by September
Spain's Nuclear Safety Council issued a favourable technical report on Thursday, clearing the way for the Almaraz plant to operate until 2030. The government now has two months to make a final decision, with a deadline in mid-September.
Sinokor offers six-month salary bonus for a single month-long oil transit through the Strait of Hormuz as ship attacks mount
Sinokor Group, the world's largest tanker owner, is offering crews six months' extra pay for a round trip between Iraq, Saudi Arabia and the Gulf of Oman as attacks on merchant ships escalate in the region.
Portugal increases fuel tax discount to 7.4 cents on diesel and 4.6 cents on gasoline
The Portuguese government raised its fuel tax discount on 17 July, citing expectations of higher pump prices and insisting the state should not profit from war or inflation.
Trump imposes 50% tariffs on Canadian goods; Carney says all options on the table
The US president signed an executive order on Monday targeting wine, hockey sticks, cement and other imports, effective in 30 days. Canadian Prime Minister Mark Carney called the move a violation of the USMCA and said Ottawa would consider all options.
EU imports record 9.97 million tonnes of Russian LNG from Yamal plant ahead of 2027 ban
European Union countries imported 136 cargoes from Russia's Yamal LNG facility in the first half of 2026, a 16% volume increase over the same period last year, absorbing more than 97% of the plant's output.
Hydrogen fluoride leak on MSC cargo ship at Antwerp's Deurganck Dock hospitalises 28, one in intensive care
A hydrogen fluoride leak from a container aboard the 'Mia Summer II' at the Deurganck Dock in the port of Antwerp prompted a mass evacuation and left 28 people hospitalised, one in intensive care, on Tuesday night.
Trump announces 100% tariff on generic drugs from August 2028, rising to 200% a year later
Imported generic medicines will face a 100% levy from August 2028, climbing to 200% in 2029, after a two-year duty-free window that begins on 1 August 2026.
Orlen files criminal complaint against former CEO Obajtek after forced entry and scuffle at Solino salt mine
On July 9, former Orlen CEO and current MEP Daniel Obajtek attempted to force entry into the striking Solino salt mine in Inowrocław, sparking a physical struggle with the plant's president. Five days later, Orlen filed a criminal complaint for trespassing and misrepresenting a parliamentary mandate.
Second nationwide blackout in five days hits Cuba as dissident rapper transferred on eve of protest anniversary
Cuba's electrical grid collapsed for the second time this week on Friday, the fourth general outage in less than six months, while authorities moved jailed rapper Maykel Osorbo to a different prison a day before the fifth anniversary of the 2021 anti-government protests.
Poland refuses to lift Ukraine grain embargo despite EU pressure
Deputy minister Adam Nowak told a Brussels meeting that lifting the ban would hit farmers and consumers, as the European Commission warns of possible infringement proceedings.
China's export flood hits German industry as trade deficit surges to 89.3 billion euros
The EU's trade deficit with China reached 365 billion euros in 2025. Germany alone ran an 89.3 billion euro deficit as imports more than doubled exports, and the pressure now extends from cars to machinery and batteries.
51 percent of Germans oppose black-red coalition's plan to slash heat pump grants, Civey poll shows
A representative poll shows 51 percent of Germans oppose government plans to scale back grants for heat pumps, with SPD voters especially critical of the black-red coalition's policy.
Trump imposes 50% tariffs on Canadian wine, hockey sticks and cement as trade war escalates
The White House announced 50% duties on wine, hockey sticks, cement and other goods, exempting energy, potash, critical minerals and fish. The tariffs take effect in 30 days.
Spain moves to revoke Holaluz licence, putting 144,000 electricity customers at risk
The Spanish government has begun proceedings to strip Holaluz of its electricity retail licence after the company allegedly failed to pay distribution tolls, potentially forcing its 144,000 customers to switch to regulated suppliers.
Poland lets fuel shield expire as PM Tusk tells motorists: 'the budget has its limits'
The government's CPN programme, which capped pump prices via VAT and excise cuts, ended on 30 June 2026. Prime Minister Donald Tusk said on Friday the state cannot keep subsidising fuel indefinitely, pointing to a deficit above PLN 123.7 billion and the risk of further Middle East escalation.
European Commission proposes a softer ETS: billions for Poland from a fund extended to 2040, critics call it a cosmetic tweak
The European Commission proposed a revision of its emissions trading system on 17 July 2026, slowing the pace of CO2 allowance cuts and extending free permits, but left the core architecture untouched despite months of pressure from ten member states led by Poland and Italy.
Italy heat wave threatens Parmesan: milk output down 10%, energy costs up 30% in storage
Northern Italy’s record heat is squeezing Parmigiano Reggiano production: cows give up to 10% less milk and storerooms consume 30% more energy to cool half a million cheese wheels worth over 300 million euros.