Pakistan’s massive $5 billion investment in infrastructure to import LNG from Qatar on the basis of a long-term contract has turned out to be huge liability for the country as there is now a mismatch between demand and supply due to the high cost of the natural gas, according to a report in the country’s largest English daily, The News International.
Pakistan embarked on a large-scale LNG-based energy initiative beginning in 2014, under which construction of four major RLNG plants, port facilities and a pipeline network for supplying gas to consumers was carried out. A decade down the line, this has proved to be a massive fiasco.
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The report in Pakistan’s prominent newspaper highlights that “there is a disconnect between the Power Division and the Petroleum Division. Rather than delivering energy security, this ambitious initiative has resulted in a costly mismatch between supply and demand and is now a multi-billion-dollar drag on Pakistan’s economy.”
The report points out that the government overcommitted to ‘take-or-pay’ contracts without securing demand guarantees and failed to anticipate global LNG price volatility and underestimated the risks of market exposure.
According to it, to supply fuel for the LNG power plants, Pakistan signed two long-term LNG contracts with Qatar, both backed by sovereign ‘Take-or-Pay’ guarantees. The first agreement, signed in 2016, secured 3.75 million tonnes per annum (mtpa) for 15 years at 13.37 per cent of Brent, with an estimated cost between $16 billion and $25 billion. The second deal, signed in 2021, added 3 mtpa for 10 years at 10.2 per cent of Brent, costing an additional $10 to $15 billion. Together, these contracts represent a financial commitment of approximately $26 billion to $40 billion.
In an ambitious bid to address chronic power shortages, Pakistan embarked on a large-scale LNG-based energy initiative beginning in 2014. This multi-billion-dollar effort included the planning and construction of four major RLNG power plants – Haveli Bahadur Shah, Balloki, Bhikki and Nandipur – as well as the launch of the country’s first LNG import terminal.
Based on industry benchmarks for combined-cycle gas turbine (CCGT) plants and partial privatisation data, the total cost of the four LNG power plants is estimated to be between $3.5 billion and $5.5 billion. A reasonable midpoint estimate would be approximately $4.5 billion, according to the report.
In 2014, Engro Elengy Terminal – Pakistan’s first LNG terminal – was launched. Industry estimates place the cost of the jetty and short pipeline between $50 million and $100 million. Including the FSRU and associated infrastructure, the total cost is likely in the range of $150 million to $250 million.
The Pakistan GasPort Consortium (PGPC) Terminal – Pakistan’s second LNG terminal – has a designed capacity of 600 mmcfd. The project represents an investment of approximately $500 million, covering the cost of the jetty, marine works, a Floating Storage and Regasification Unit (FSRU), and pipeline infrastructure connecting the terminal to the national gas grid.
In addition to the terminals, a billion-dollar pipeline infrastructure was developed to transport RLNG from Port Qasim in Karachi to four RLNG power plants in Punjab. This system began with a 24 km pipeline from the Engro terminal and a 14 km pipeline from the GasPort terminal. Both were integrated into a significantly upgraded SNGPL network, which stretches roughly 1,100 km to Punjab. The total cost of this transmission network is estimated between $800 million and $1 billion, the report explains.
New report on the status of zero-emission shipping fuels finds that methanol is now ready for low-carbon operation and ammonia is now ready for piloting.
Significant progress has been made since the report’s first edition in 2020, with methanol and ammonia having both now ‘arrived’ as shipping fuels.
The report, From pilots to practice: Methanol and ammonia as shipping fuels, is a comprehensive overview based on interviews with over 40 influential companies and organisations.
19 August 2025, Copenhagen – Both ammonia and methanol have moved from theory to reality as zero-emission shipping fuels, according to a new report from the Global Maritime Forum’s Getting to Zero Coalition.
Based on interviews with around 40 influential industry organisations, From pilots to practice: Methanol and ammonia as shipping fuels finds that both fuels are now ‘ready’ – methanol for low-carbon operation and ammonia for piloting – representing a significant increase in maturity since the report’s first edition in 2020.
However, the report warns that the fuels require a concerted push if they are to be mature enough to rapidly scale from around 2030, in line with the industry’s targets. The key area that must be addressed is the fuel supply chain – in the case of methanol, enhancing the availability of green molecules; for ammonia, validating and rolling out commercial ammonia bunkering at key ports.
Jesse Fahnestock, director of decarbonisation at the Global Maritime Forum, said:“We have seen excellent progress in the development of zero-emission fuels and technologies over recent years, with methanol and ammonia having now shifted from potential solutions towards initial scale and proof of concept. However, we are only at the start of our journey and technology readiness is not enough by itself. To scale zero-emission fuels at the pace required, we need action from the International Maritime Organization, national policymakers and the industry to create the right enabling conditions; this will be just as vital as the development of the technology itself.”
Since 2020, the Global Maritime Forum’s Mapping of Zero-Emission Pilots and Demonstration Projects report has provided an overview of the nature and scale of zero-emission pilots and demonstration projects taking place in shipping.
To keep pace with developments in the sector, this year’s edition takes a new approach, assessing the current status of methanol and ammonia as shipping fuels and bringing together key learnings generated by leading companies so far. In so doing, the report aims to establish remaining priorities for action and assist the industry in its long-term decarbonisation planning. The report specifically focuses on methanol and ammonia, as fuels relatively early in their adoption, while having significant potential in the long term.
Key report learnings and recommendations
The report reveals a number of key learnings on the status of both methanol and ammonia.
Methanol is rapidly moving from proof of concept to early scale (more than 60 methanol-capable vessels in operation, 300 more on order, and bunkering available at around 20 ports) and early adopters are finding it relatively safe and straightforward to integrate. Its lower energy density presents operational trade-offs but has not proven a barrier, and new retrofit kits and the relative ease of converting tanks are making retrofitting conventional vessels feasible. The key challenge to broader scale-up is the availability of green methanol, which makes up only a small share of total supply and remains challenging for shipping companies to access.
Ammonia is rapidly approaching proof of concept as a marine fuel, with engine tests suggesting it can cut tank-to-wake emissions by up to 95%. The first ammonia-powered vessels have been successfully piloted, engine testing is near completion, and bunkering trials are underway – none of which have revealed any fundamental barriers to adoption. Operators report confidence in safely operating ammonia-powered vessels and will likely phase the fuel in over time to build operational experience.
Early movers in the sector propose a mix of actions to accelerate the development of the methanol and ammonia fuel supply chains:
Provide targeted policy incentives and funding to close the cost gap for green methanol and ammonia and support early adopters.
Establish robust, harmonised fuel certification systems to unlock investment and prevent greenwashing.
Use book-and-claim systems to link global demand with zero-emission fuel supply on viable routes.
Aggregate fuel demand to create an investment case for bunkering infrastructure.
Offer CAPEX grants to reduce the threshold for investment in bunkering infrastructure, especially bunker vessels.
Promote collaboration through green corridors, feasibility studies, and joint bunkering trials at key ports.
Address gaps in the availability of engines and spare parts.
Ensure strong IMO emissions guidelines to ensure sustainability of biomass and control fugitive emissions.
Conduct independent studies to verify the emissions performance of early ammonia-powered vessels.
Facilitate cross-industry knowledge sharing through collaborative safety workshops at shipyards and through marine insurers
Media contact: Nicole Schlichting, (Interim) Senior Communications Manager – PR & Media
M: +45 31 26 19 25
E: nsc@globalmaritimeforum.org
The Global Maritime Forum is an international not-for-profit organisation committed to shaping the future of global seaborne trade. It works by bringing together visionary leaders and experts who, through collaboration and collective action, strive to increase sustainable long-term economic development and human well-being.
Established in 2017, the Global Maritime Forum is funded through a combination of grants and partner contributions. It operates independently of any outside influence and does not support individual technologies or companies. Most of its roughly 45-person staff is based in the organisation’s headquarters in Copenhagen, Denmark.
Systems Limited (PSX: SYS) has posted a profit after tax (PAT) of Rs. 2,651 million (EPS: Rs. 1.81) in 2QCY25 compared to Rs. 1,672 million (EPS: Rs. 1.15) during 2QCY24, up by 59 percent.
The increase was primarily driven by higher technology services exports and improved gross margins. This took the 1HCY25 earnings to Rs. 5,152 million (EPS: Rs. 3.52).
Net sales clocked in at Rs. 36,739 million during 1HCY25, registering an 18 percent YoY increase, while sales for 2QCY25 also grew by 18 percent YoY to Rs. 18.6 billion.
Segment- wise, Telecommunications Services led the way with a 32 percent YoY rise, followed by Banking, Financial Services & Insurance (BFSI) at 21 percent YoY, and Technology Solutions at 8 percent YoY. In terms of performance, BFSI and Telco remained the fastest- growing segments, whereas Technology and Retail continued to deliver the highest profitability.
Gross margins in 2QCY25 improved to 25.4 percent versus 22.9 percent in 2QCY24, supported by operational efficiency gains, productivity improvements, better billing rates, and effective control over fixed costs.
Administrative expenses augmented by 41 percent YoY during the quarter, which is due to inflationary pressure. Finance costs dropped by 45 percent YoY, settling at Rs. 76 million during 2QCY25, primarily due to a decline in interest rates.
The company booked effective taxation at 11 percent in 2QCY25 compared to 11.5 percent in 2QCY24.
Note: Report based on company’s result review by brokerage firm Arif Habib Limited.
The FTSE 100 index has opened flat, with JD Sports leading gains, up nearly 5%, after a broker upgrade from Deutsche Bank. The German market is also flat while the French bourse has gained 0.5%.
Oil prices are falling again, with Brent crude down by 0.8% at $66.08 a barrel, reversing after a 1% gain yesterday as developing Ukraine talks increase the chances of an end to Russian crude sanctions, said Victoria Scholar, head of investment at interactive investor.
She added:
BHP Group reported annual profit of $10.16 billion down 26% year-on-year, hitting a five year low and falling short of analysts’ expectations on the back of weak iron ore prices which fell nearly 20% over the year. However the dividend came in a bit higher than anticipated, helping to support shares.
US-brokered peace negotiations to try to end the Russia-Ukraine war continue to dominate. It looks like talks are making progress after a constructive meeting between Trump and Zelensky which the President of Ukraine described as the ‘best’ so far. However so far, no peace deal or ceasefire has been agreed.
Trump said on Truth Social that he ‘began the arrangements’ for a summit with Zelensky and Putin. Meanwhile Ukraine reportedly offered a $100bn weapons deal to the US in return for security guarantees. European leaders have also been involved in talks in Washington but they have disagreed with Trump over the need for a ceasefire. However Trump suggested that the US might help with security guarantees for Ukraine.
US futures are pointing to a softer open as markets await a key gathering of central bankers at the Jackson Hole summit. It comes after US indices were broadly flat on Monday.
Sarah Butler
The report also showed that Lidl is set to overtake Morrisons to become the UK’s fifth biggest supermarket with sales growth ahead of all its major rivals over the summer as shoppers search for ways to offset higher bills.
The German-owned discounter increased sales by 10.7% in the three months to 11 August, according to the latest market share data from analysts at Worldpanel, formerly known as Kantar, more than double the pace of the wider market which rose 4.5%.
That put Lidl within 0.1 percentage points of matching Morrisons’ market share of 8.4% as the Bradford-based chain continued to struggle with sales up just 0.9%.
Morrisons is trying to turn around performance after building up debts in a £7bn takeover by US private equity firm Clayton Dubilier & Rice in 2021.
The UK’s number three chain, Asda also continues to have difficulties with sales down 2.6% despite efforts to turn around performance by chairman Allan Leighton. It is now in danger of being overtaken by discounter Aldi, which is just 1 percentage point behind it on market share with growth of 4.8%.
Both Aldi and Lidl continue to rapidly open stores, putting them on track to enter the top tier of British supermarkets and disrupt the traditional “big four”.
Both Asda and Morrisons’ growth is behind the 5% level of grocery inflation registered in August by Worldpanel suggesting the amount of items they sold has dropped.
Grocery price inflation in Britain eases slightly to 5%, survey shows
Grocery price inflation in Great Britain has eased slightly but remains high, according to a monthly survey.
Annual grocery price inflation slipped to 5% in the four weeks to 10 August, from 5.2% in July, said retail analysts Worldpanel by Numerator, formerly known as Kantar.
Prices are rising fastest for chocolate confectionery, fresh meat and coffee, and are falling fastest in champagne & sparkling wine, dog food and sugar confectionery.
The Bank of England expressed concerns around rising food prices, but still cut interest rates at its meeting on 7 August.
Fraser McKevitt, head of retail and consumer insight at Worldpanel, said:
We’ve seen a marginal drop in grocery price inflation this month, but we’re still well past the point at which price rises really start to bite and consumers are continuing to adapt their behaviour to make ends meet. What people pay for their supermarket shopping often impacts their spending across other parts of the high street too, including their eating and drinking habits out of the home.
Casual and fast service restaurants especially have seen a decline in visitors over the summer, with trips falling by 6% during the three months to mid-July – compared with last year. The outliers in this are coffee shops which have bucked the trend.
Introduction: SoftBank invests $2bn in Intel; proposed new UK property tax ‘could cut cost of buying expensive homes’
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
Japan’s SoftBank has agreed to invest $2bn (£1.5bn) in Intel, the struggling US chip company, while the Trump administration is reportedly considering a 10% stake in the business by converting Chips Act subsidies into equity. That would make Washington Intel’s largest shareholder.
The Japanese technology investor announced its multi-billion dollar deal, amounting to a 2% stake in Intel, on Tuesday, describing Intel as a “trusted leader in innovation”. Intel shares fell by 5% while SoftBank shares were down 4%, retreating from all-time highs.
Masayoshi Son, SoftBank’s chairman and chief executive, said:
Semiconductors are the foundation of every industry. For more than 50 years, Intel has been a trusted leader in innovation. This strategic investment reflects our belief that advanced semiconductor manufacturing and supply will further expand in the United States, with Intel playing a critical role.
All eyes were on Washington yesterday, where Donald Trump met with Volodymyr Zelenskyy and seven European leaders to discuss a peace deal in Ukraine. According to Trump, Vladimir Putin wants to do face-to-face talks with the Ukrainian president, although Moscow has not confirmed the meeting. (Trump called Putin during his meeting with the Europeans, but some experts are sceptical.)
Traders are cautious, with most Asian stock markets slightly lower. Japan’s Nikkei fell by 0.4% while Hong Kong’s Hang Seng dropped by 0.3%.
Here’s some reaction to our scoop yesterday that the UK Treasury is considering a new tax on the sale of homes worth more than £500,000 as a step towards a radical overhaul of stamp duty and council tax.
David Fell from Hamptons told the Times:
Who is better off will come down to how closely the government chooses to follow any recommendations. But I think in response to the general principle, the shift would probably cut the cost of buying the most expensive homes, but add to the annual cost of ownership, particularly given the artificially low levels of council tax charged by many places that have the most expensive house prices.
The impact of a change to the system would probably depend on the level at which the rates were set, and the length of time it takes for the higher ownership charges to outweigh existing stamp duty and council tax bills.
Delays continue on Sydney train network as peak hour begins
Buses have been requested to supplement trains on Sydney’s airport rail line, as delays on some of the city’s busiest routes have continued into peak hour.
In a statement, Sydney Trains said passengers should continue to allow extra travel time on T2, T3 and T8 Airport and south services after delays following a track fault between Town Hall and Central stations this morning:
As well as increased service gaps, stops and departure platforms may change at short notice,
Buses have been requested to supplement the T8 line between Central station and Sydney Airport’s domestic and international terminals, as well as between Campbelltown and Macarthur.
Key events
Fire ants appear to have spread, nests founds in five central Queensland mines
Joe Hinchliffe
More fire ants have been detected in central Queensland mines as authorities scramble to contain an outbreak of one of the world’s worst invasive species.
The Invasive Species Council has questioned how the invasive ants, which threaten livestock and people, have travelled so far in Australia. Photograph: National Fire Ant Eradication Program
The National Fire Ant Eradication program dogs sniffed out fire ant nests at five mine sites in Central Highlands and Isaac Council regions between 12 and 14 August.
The ants were detected about 800km from the closest known infestation zone in central Queensland for the first time in history in July, with a major outbreak at a BHP Broadmeadow coalmine.
The eradication program has issued a statement saying its teams are working across central Queensland to contain the outbreak and to determine “whether equipment or materials that can carry fire ants have moved from the affected mines, potentially spreading the invasive species further”.
Penry Buckley
Delays continue on Sydney train network as peak hour begins
Buses have been requested to supplement trains on Sydney’s airport rail line, as delays on some of the city’s busiest routes have continued into peak hour.
In a statement, Sydney Trains said passengers should continue to allow extra travel time on T2, T3 and T8 Airport and south services after delays following a track fault between Town Hall and Central stations this morning:
As well as increased service gaps, stops and departure platforms may change at short notice,
Buses have been requested to supplement the T8 line between Central station and Sydney Airport’s domestic and international terminals, as well as between Campbelltown and Macarthur.
Andrew Messenger
Adani to invest $50m in Queensland Charmichael coalmine
Multinational mining firm Adani will invest $50m in its central Queensland Carmichael coalmine, the company said today.
Production at the mine is expected to increase by a third over four years. Photograph: Wikimedia
The capital investment will increase production at the thermal coalmine by a third over the next four years to 16m tonnes a year.
Bravus Mining and Resources chief operating officer, Mick Crowe, said the company had already increased production to more than 10m tonnes per annum over the past three years.
Engineering studies and assessments have been completed, and work to deliver increased production will begin by adding more capacity to the Carmichael mine accommodation village.
The Australian company Bravus Mining and Resources is part of the global Adani Group, founded and chaired by Indian magnate Gautam Adani.
Qld police service opposes pro-Palestine march across Brisbane Story Bridge
The Queensland police say a planned pro-Palestine march across Brisbane’s Story Bridge this Sunday will create security risks and disrupt business.
A spokesperson for the police said it had suggested alternative routes to organisers that would minimise the risk to public safety and disruption to the community.
If the march goes ahead across the Brisbane Story Bridge, there will be a strong police presence. Photograph: Nicky Dowling/Getty Images
It said safety concerns include that the proposed bridge route is not designed for pedestrian gatherings, and that serious disruption would occur to traffic, emergency vehicle access and local businesses. There is also a need to maintain essential access routes for community safety, the spokesperson said.
The QPS respects the right to peacefully assemble; however, this must be balanced with the need to ensure public safety and minimise disruption to the broader community.
While the QPS has concerns if the march goes over the Story Bridge, the service will always respect the decision of the courts.
Brisbane police will have a strong presence on the day to ensure public safety, manage traffic and respond to any incidents.
Liberal’s Dave Sharma criticises government’s decision to cancel Simcha Rothman’s visa
Liberal senator Dave Sharma, a former ambassador to Israel, has taken issue with comments made by Katy Gallagher, this afternoon, about “open dialogue and discussion”.
Liberal senator Dave Sharma says the government’s position on diplomatic relations is confused. (File image) Photograph: Lukas Coch/AAP
Here’s what he told the ABC:
They have gone and cancelled the visa of a member of parliament of Israel, who sits within the government and Coalition. So how can you say you’re committed to dialogue and diplomacy and open channels when you are preventing any interaction from occurring? I think those two statements are at odds with one another.
Simcha Rothman has described Palestinian children in Gaza as “enemies” and called for Israel’s total control of the West Bank. On Monday, he was denied entry into Australia before he was scheduled to join a “solidarity tour”.
Explaining his decision, the home affairs minister Tony Burke said: “our government takes a hard line on people who seek to come to our country and spread division”:
If you are coming to Australia to spread a message of hate and division, we don’t want you here. Under our government, Australia will be a country where everyone can be safe, and feel safe.
Katy Gallagher: Australia’s relationship with Israel not broken
The finance minister, Katy Gallagher, says Australia’s diplomatic relationship with Israel is “not at all” broken.
Israel’s foreign minister has revoked the visas of Australian representatives to the Palestinian Authority, citing Australia’s “unjustified refusal” to grant visas to Israeli figures and its intention to recognise Palestinian statehood.
Katy Gallagher says Australia should be able to maintain relationships even with countries it has disagreements with. (File image) Photograph: Dominic Giannini/AAP
In a post to X on Monday night, Gideon Sa’ar said the decision was made after the Albanese government cancelled Simcha Rothman’s visa on Monday before his speaking tour schedule for this month.
Gallagher told the ABC the decision was “very unfortunate” and that the government would “always stand for dialogue and diplomacy, particularly in times of conflict”.
Australia has to be able to have positions on matters about other countries, or in this case recognition of the Palestinian state, and still maintain relationships with other countries.
We will not agree on everything … It’s about open dialogue and discussion, even if there are areas of disagreement. It’s the way we will continue to operate across the world.
NSW $334m regional roads fund to be scrutinised by auditor-general’s office
A large fund for road projects will be scrutinised as more money is tipped into road upgrades in a region approaching a crucial byelection, AAP reports.
The NSW government’s $334m Regional Roads Fund – some of which has not yet been allocated – will be examined by the state’s auditor-general’s office.
It is assessing whether Transport for NSW designed and implemented the grants program in compliance with guidelines for the administration of public expenditure and relevant legislative requirements, focusing on grants to 19 local councils.
The roads minister, Jenny Aitchison, says it is a standard investigation.
She told a budget estimates hearing the audit office’s interest stemmed from the previous government’s method of funding, which included allegations of pork-barrelling.
One project – the Thornton Bridge duplication project – is near the minister’s home in the Hunter region’s Maitland electorate.
She denies any conflict of interest.
There are 20,000 or 30,000 other people who live in that area. That road is of no material benefit to me or my family.
Research foundation calls for alcohol law overhaul to help protect women and children
The Foundation for Alcohol Research and Education has called for an urgent overhaul of alcohol laws after the South Australian royal commission into domestic, family and sexual violence found it was a significant factor in violence.
The South Australian premier, Peter Malinauskas, has accepted seven of the royal commission’s 136 recommendations. The state government will respond to the rest of them by the end of the year.
Several of the royal commission’s recommendations related to the sale and supply of alcohol.
The foundation’s chief executive, Ayla Chorley, welcomed the recommendations:
Survivors have consistently told us you cannot address violence towards women and children without considering the impact of alcohol harm – now they’ve finally been heard.
Sarah Basford Canales
Barred far-right Israeli politician slated to speak virtually
The right-leaning Australian Jewish Association says it will host an online event with far-right Israeli politician, Simcha Rothman, saying the “Jewish community won’t bow down to Tony Burke or Penny Wong”.
Rothman, a member of the far-right Religious Zionism party, was scheduled to appear in person as part of a “solidarity tour” later this week before his visa was cancelled on Monday because of fears his visit would ignite tensions in the community.
Rothman, a member of Netanyahu’s governing coalition, is a vocal critic of a two-state solution for Israel and Palestine, and has called for Israel’s total annexation of the occupied West Bank territories.
The AJA today said the group intended to host an online event with Rothman in defiance of the visa cancellation.
The show will go on. The Jew-haters will not win … The Jewish community won’t bow down to Tony Burke or Penny Wong.
A date has not yet been set for the online event.
Marles: Israel’s visa decision ‘disappointing and unjustified’
The deputy prime minister, Richard Marles, says Israel’s decision to revoke the visas of Australian representatives to the Palestinian Authority is “disappointing and unjustified”.
In a post to X on Monday night, Gideon Sa’ar said the decision was made after the Albanese government’s cancellation of Simcha Rothman’s visa on Monday before his speaking tour, this month.
The Israeli foreign minister said he had also instructed the embassy in Canberra to “carefully examine any official Australian visa application for entry to Israel”.
Marles addressed the issue during a press conference:
This is a disappointing and unjustified reaction to Australia and our decision around the recognition of a Palestinian state.
This is a moment where we need to be promoting dialogue between our countries, and this is a very disappointing and unjustified step, which has been taken by Israel.
Australia leading international action to protect humanitarian aid workers
Australia has pledged tangible action to protect humanitarian aid workers, at a time when people who dedicate themselves to helping others in war are killed in record numbers.
More than 380 humanitarian workers were killed in conflict zones in 2024, marking the deadliest year on record and a 31%rise from the previous year, according to Aid Worker Security Database statistics released on today.
Food charity World Central KitchenAid closed its centre in Gaza last year after seven of its workers were killed in an airstrike. Humanitarian workers around the world face danger when carrying out their jobs. Photograph: Anadolu/Getty Images
The foreign affairs minister, Penny Wong, is spearheading a pledge to protect humanitarian personnel after convening a ministerial group with several other nations at a United Nations conference in September 2024.
The international development minister, Anne Aly, has confirmed it will be launched on the margins of the United Nations meeting in New York during the final week of September:
The declaration will be an important demonstration of our collective commitment to upholding international humanitarian law. It will also include practical steps that will increase aid worker safety.
– AAP
Sydney train travellers face delays to afternoon commute because of unscheduled track repairs
Penry Buckley
Sydney commuters are being advised to allow for extra time before this afternoon’s peak hour, as a train track fault this morning has continued to cause delays on some of the city’s busiest lines.
In a statement, Sydney Trains said urgent track repairs were finished at 11.30am today after a fault between Town Hall and Central stations caused trains to stop running on the city circle via Museum station.
Trains resumed running at 12.00pm, but passengers on the T2, T3 and T8 lines are being warned of knock-on delays this afternoon. Train crew were displaced by this morning’s incident, which also led to a temporary speed restriction on other lines.
“It is easing as we get closer to the peak, but obviously we’re getting very close to the peak now,” said a spokesperson for Sydney Trains, advising commuters to allow plenty of time and check service updates.
Nick Visser
That’s all from me. Henry Belot will take over from here to guide you through the afternoon’s news. Take care.
Patrick Commins
EV popularity prompts consideration of broader road-user charges
Anthony Albanese and Jim Chalmers have all but confirmed an EV road user charge is in the works.
But Guardian Australia understands the government is considering phasing in the charge over a number of years, and that it could start with the country’s small fleet of electric trucks.
Rising sales of electric cars has prompted the government to consider broadening road user charges. Photograph: Nick Langley/PR IMAGE
While the vast majority of vehicles on the road remain petrol- and diesel-powered, that is expected to change in coming decades.
As combustion engines disappear, so will the revenue from the fuel excise – which is worth about $17bn a year and is ostensibly paid to the states to help them pay for road maintenance.
In fact, the money just pours into the federal government’s coffers like any other tax.
You can read more about the plan here:
Patrick Commins
NSW treasurer says its a ‘good time’ to figure out future of road user charges as EVs grow in popularity
Daniel Mookhey, the NSW treasurer, says as more electric vehicles hit the roads, “it’s a good time for us to be figuring out what is the future of the road user charging system”. He told the ABC earlier today:
I think it’s fair and reasonable that everybody who uses our roads should be making a contribution.
NSW has legislated a road user charge for EVs from mid-2027, starting at 2.9c per kilometre for battery and hydrogen fuel cell EVs, or 2.4c for a plug-in hybrid EV. Mookhey, who is representing the states and territories at this week’s economic reform roundtable, says:
We do think that shows one example of how the nation could make some quick progress here.
The NSW charge would not start if a national scheme is adopted beforehand.
Daniel Mookhey says all drivers should contribute to the upkeep of Australian roads. Photograph: Mick Tsikas/AAP
Queensland legal challenge against Gaza protest to be heard Thursday
Andrew Messenger
A legal challenge against a planned pro-Palestine protest on the Brisbane Story Bridge will be heard on Thursday.
The Queensland Police Service is seeking to halt a march by Justice for Palestine Magan-djin planned for 1pm this Sunday. Brisbane magistrates court will hear the application at 9am.
Organisers say they expect about 7,000 people to attend.
Brisbane’s Story Bridge. Photograph: Darren England/AAP
Lord Mayor Adrian Schrinner says the bridge will be closed to traffic for the protest if the march is approved, but he says he is concerned about people’s safety. He says some marchers might use closed footpaths attached to the main deck of the bridge, which are currently closed for safety reasons. Schrinner says:
We’re also concerned about the safety of the wider community as well, and the harmony of the wider community.
Peaceful protests, they’re great, you know, it’s a right of every Australian. But there have been some points where it’s gone too far. And terrorist chants, waving around photos of terrorist leaders, [it’s] not something that contributes to a harmonious community.
Sam Altman, CEO of OpenAI, speaks during the Federal Reserve Integrated Review of the Capital Framework for Large Banks Conference in Washington, D.C, U.S., on July 22, 2025.
Al Drago | Bloomberg | Getty Images
There's a bubble forming in the artificial intelligence industry, according to OpenAI CEO Sam Altman.
"Are we in a phase where investors as a whole are overexcited about AI? My opinion is yes. Is AI the most important thing to happen in a very long time? My opinion is also yes," Altman said.
"I'm sure someone's gonna write some sensational headline about that. I wish you wouldn't, but that's fine," he added. (Apologies to Altman.)
Altman's AI company is currently in talks to sell about $6 billion in stock that would value OpenAI at around $500 billion, CNBC confirmed Friday.
In another conversation, Altman warned that the U.S. may be underestimating the progress that China is making in AI.
Given the above premises, should investors be more cautious about OpenAI? Altman was not posed this question, but one wonders whether his opinion would also be "yes."
Outside pure-play AI companies, the money is, likewise, still flowing. Intel is receiving a $2 billion injection of cash from Japan's SoftBank.
It's a much-needed boost to the beleaguered U.S. chipmaker. Intel has fallen behind foreign rivals such as TSMC and Samsung in manufacturing semiconductors that serve as the brains for AI models.
But going by Altman's views, the investment in Intel might not be a good bet by SoftBank CEO Masayoshi Son.
Not everyone agrees with Altman, of course.
Wedbush's Dan Ives told CNBC on Monday that there might be "some froth" in parts of the market, but "the actual impact over the medium and long term is actually being underestimated."
And Ray Wang, research director for semiconductors, supply chain and emerging technology at Futurum Group, pointed out that the AI industry is not heterogeneous. There are market leaders, and then there are companies that are still developing.
In the real world, bubbles delight because they reflect their surroundings in a play of light. But the bubble Altman describedcould be one doesn't show the face of its observer.
— CNBC's MacKenzie Sigalos and Dylan Butts contributed to this report
What you need to know today
Trump-Zelenskyy meeting paves the way for trilateral talks with Putin. At the White House meeting, the U.S. president also discussed security guarantees for Ukraine — which would reportedly involve a purchase around $90 billion of American weapons by Kyiv.
Intel is getting a $2 billion investment from SoftBank. Both companies announced the development Monday, in which SoftBank will pay $23 per share for Intel's common stock. Shares of Intel jumped more than 5% in extended trading.
The artificial intelligence market is in a bubble, says Sam Altman. Separately, the OpenAI CEO said he's "worried about China," and that the U.S. may be underestimating the latter's progress in artificial intelligence.
U.S. stocks close mostly flat on Monday. The three major indexes made moves that were less than 0.1 percentage pointsin either direction as investors await key U.S. retail earnings. Asia-Pacific markets were mixed Tuesday. SoftBank shares fell as much as 5.7%.
[PRO] Opportunities in one area of the European market. Investors have been pivoting away from the U.S. as multiple European indexes outperform those on Wall Street. But one pocket of Europe still remains overlooked, according to analysts.
And finally...
Tatra National Park, Tatra Mountains.
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American money pours into Europe’s soccer giants as club valuations soar
European soccer is a bigger business than ever, with clubs in the continent's five top leagues raking in 20.4 billion euros ($23.7 billion) in revenue in the 2023-2024 season. American investors have been eyeing a piece of that pie.
U.S. investors now own, fully or in part, the majority of soccer teams in England's Premier League. That now includes four of the traditional Big Six clubs, with Chelsea, Liverpool, Manchester United and Arsenal all attracting U.S. investment.
Japan’s 20-year government bond auction drew demand that was weaker than its 12-month average, reflecting investor caution about longer dated debt facing fiscal risks like higher government spending and tax cuts.
The sale saw a bid-to-cover ratio of 3.09, compared with 3.15 at the previous auction and a 12-month average of 3.24. Japan’s bond futures extended losses and yields rose after the result. The nation’s longer-maturity bonds have been in sharp focus after the ruling coalition lost its majority at last month’s upper house election.
Private members’ club chain Soho House has been snapped up for $2.7bn (£2bn) by a consortium involving Hollywood actor turned investor Ashton Kutcher.
The group opened its first club in London in 1995, and now has 46 Soho Houses in Europe, North America and Asia, as well a string of other up-market hospitality businesses.
It is widely regarded as being a popular haunt of A-list celebrities, and one of its London venues was reportedly where Prince Harry and Meghan Markle had their first date.
But since it listed on the New York Stock Exchange in 2021 the value of its shares has dropped sharply, as it struggled to make a profit amid a sense that it had lost the exclusivity it once had.
The agreed offer price of $9 a share is 18% higher than the price at close of trade on Friday. However, it is still below the peak of $14.21 per share which was reached in August 2021.
The consortium is led by MCR Hotels, the third-biggest US hotel group, whose high profile properties include the TWA Hotel at JFK Airport in New York and the BT Tower in London. The deal to return Soho House to private ownership was done by private equity firm Apollo.
Existing Soho House shareholders will hold onto their stakes in the company. They include founder Nick Jones, husband of the presenter Kirsty Young, as well as Ivy Collection restaurant chain boss Richard Caring.
Ashton Kutcher will become a board member, as will the boss of MCR, Tyler Morse.
Mr Morse said everyone at MCR was “excited to be part of the Soho House journey”.
“We have long admired Soho House for bringing together cultures from around the world into a global network of 46 houses, and we look forward to the continued growth of that fabric, starting with four new houses opening soon.”
Reuters
The first Soho House, opened by Mr Jones, was in London’s Greek Street above his restaurant, Cafe Boheme.
It bills itself as a members’ club for “like-minded creative thinkers to meet, relax, have fun and grow”.
Members are reported to include Kate Moss, Kendall Jenner and Ellie Goulding, as well as the Duke and Duchess of Sussex.
Its venues include Shoreditch House, Soho Farmhouse, Soho House Bangkok and Miami Poolhouse.
In addition to the Soho House clubs, the group’s other businesses include eight Soho Works office buildings, and Scorpios Beach Clubs in Mykonos and Bodrum.
However, this expansion had resulted in accusations that Soho House was no longer as exclusive as members would expect given its membership fee, which can run into several thousand pounds.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said that while Soho House “can now boast a Hollywood star as a director”, the chain would need “a bit more than celebrity stardust to cement its long-term future”.
“MCR Hotels, Ashton Kutcher and the other investors will have their work cut out to put Soho House back onto a more stable footing given concerns about the viability of its business model,” she said.
“Its rapid expansion in recent years has sparked concerns that its ‘exclusive’ label was wearing thin.”
She said it was a “challenging time” for the restaurant business, with “aspirational shoppers tightening their stylish belts”.
Saxon Moseley, head of leisure and hospitality at RMS UK, said Soho House may have struggled on the stock market as its business model is “simply not compatible with the way that listed companies have to report every quarter.”
“Soho House is very much an investment for the long term. It takes time and a lot of capital expenditure up front to fit out locations and you have to sign up members and get them in and get them spending money,” he said.
Mr Moseley added that changing the rules on who could join may have disgruntled members.
“There has been some criticism that the business was founded for creatives but in time they changed that definition to creative minded,” he said.
Adding that some have been left feeling the brand has been “diluted” and “less exclusive”.
Soho House chief executive Andrew Carnie said the return to private ownership “reflects the strong confidence our existing and incoming shareholders have in the future of Soho House”.
Since the company floated on the New York Stock Exchange he said the company had focused on “building a stronger, more resilient business”.
“I’m incredibly proud of what our teams have accomplished and am excited about our future, as we continue to be guided by our members and grounded in the spirit that makes Soho House so special.”
