The move marks an end to Freeland’s 12-year domestic political career

International News via Reuters:

Prominent Canadian Transport Minister Chrystia Freeland will leave cabinet and take on a new role as Canada’s special representative for Ukrainian reconstruction, Prime Minister Mark Carney said on Tuesday.

The move marks an end to Freeland’s 12-year domestic political career. At one point she had been tipped as a potential future prime minister but lost badly to Carney for the leadership of the ruling Liberal Party in March.

Freeland, 57, who is of Ukrainian descent and speaks the language, helped drive Canada’s hardline approach on Russia. Ottawa has imposed a raft of sanctions on Moscow and promised Kyiv billions of dollars in aid.

“Chrystia is truly uniquely positioned for this timely and essential work towards a better future for Ukrainians and peace in Europe,” Carney said in a statement. He did not give details as to what the new role would entail.

Freeland, who has represented parliamentary constituencies in Toronto since late 2013, quit as finance minister in December 2024 but returned to government after Carney won an election in April, taking on the joint roles of minister of transport and internal economy.

In recent weeks, however, rumors had swirled around Ottawa that she would soon be leaving.

In a separate statement, Freeland did not mention her new role. She said she would not run again in the next election.

“No one holds political office in perpetuity … I know that now is the right time for me to make way for others and to seek fresh challenges for myself,” she said.

Freeland served a variety of senior roles after the Liberals took power in late 2015, including as minister of foreign affairs.

Her abrupt resignation in December 2024 from the position of finance minister fueled an internal revolt that resulted in the former Prime Minister Justin Trudeau announcing he would quit.

Reporting by David Ljunggren in Ottawa; Editing by Matthew Lewis

The Economy Ministry said a foreign investor it did not identify had sought to acquire all shares in the dairy maker

International News via Reuters:

Hungary’s government has banned the foreign takeover of dairy company Alfoldi Tej Kft, citing supply safety concerns and national interests, the Economy Ministry said on Tuesday.

The Economy Ministry said a foreign investor it did not identify had sought to acquire all shares in the dairy maker, which the government says accounts for nearly a fifth of raw milk purchases in the country.

Prime Minister Viktor Orban’s nationalist government, which has been stepping up its opposition to foreign takeovers of key companies, said a foreign takeover would mean raw milk would be exported and dairy products produced abroad would be purchased at higher prices than before, without giving details.

“Due to its significant market share, (a) foreign acquisition could cause substantial market disruption in domestic milk production and procurement, as well as high supply security risks,” the Economy Ministry said in a statement.

It was not immediately clear whether the prospective buyer was based in the European Union. A spokesman for the European Commission said it could not comment immediately on the decision.

Officials for Alfoldi Tej Kft, which is owned by a group of Hungarian investors, did not immediately respond to emailed questions for comment. The ministry said that following the ban, the company had raised the possibility of selling itself to the state under the same conditions, which the government is examining.

In June, Orban’s government modified Hungary’s foreign investment framework, granting the government pre-emption rights for inward mergers and acquisitions transactions and enabling it to acquire stakes in companies originally targeted by foreign investors.

Founded in 2003, Alfoldi Tej Kft employs more than 700 people and processes nearly 270 million litres of milk per year based on information published on its website.

Reporting by Gergely Szakacs; Editing by Susan Fenton

Russia’s oil pipeline monopoly Transneft has warned producers they may have to cut output following Ukraine’s drone attacks on critical export ports and refineries

International News via Reuters:

Oil prices rose over 1% on Tuesday as markets weighed the possibility that Russian supplies may be disrupted by Ukrainian drone attacks on its ports and refineries, and awaited the Federal Reserve’s decision on U.S. interest rates.

Brent crude futures were up 83 cents, or 1.2%, at $68.27 a barrel at 11:04 a.m. ET (1504 GMT). U.S. West Texas Intermediate crude futures were up $1.03, or 1.6%, to $64.33 a barrel.

Russia’s oil pipeline monopoly Transneft has warned producers they may have to cut output following Ukraine’s drone attacks on critical export ports and refineries, three industry sources said.

Ukraine has intensified attacks on Russia’s energy infrastructure as talks to end their conflict have stalled.

“An attack on an export terminal like Primorsk is aimed more at limiting Russia’s ability to sell its oil abroad, affecting export markets,” said JP Morgan analysts.

“More importantly, the attack suggests a growing willingness to disrupt international oil markets, which has the potential to add upside pressure on oil prices,” they said.

Goldman Sachs estimates that the Ukrainian attacks have taken out about 300,000 barrels per day of Russian refining capacity in August and so far this month.

The situation in Russia warrants close monitoring as it could lead to more tightness in U.S. diesel markets, StoneX energy analyst Alex Hodes said.

“Should Russian refineries suffer substantial damage, it could increase demand for U.S. diesel exports and potentially sustain the inverted forward curve,” Hodes said.

U.S. diesel futures were last up 1.9%, outpacing both WTI oil and U.S. gasoline futures.

U.S. Treasury Secretary Scott Bessent on Monday said the government would not impose additional tariffs on Chinese goods to encourage China to halt purchases of Russian oil unless European countries hit China and India, the biggest buyers of Russian crude, with duties of their own.

Also on investors’ radar is the U.S. Federal Reserve’s September 16-17 meeting, at which the bank is widely expected to cut interest rates. 

While lower borrowing costs typically boost fuel demand, analysts were cautious on the health of the overall U.S. economy.

Markets were also factoring in the likelihood of crude inventory declines in the U.S. last week, with official data expected on Wednesday at 1430 GMT.

A Reuters poll on Monday showed analysts expected U.S. crude oil and gasoline stockpiles to have fallen last week, while distillate inventories likely rose. [EIA/S]

Repoting by Shariq Khan, Ahmad Ghaddar, Anjana Anil and Trixie Yap; Editing by Joe Bavier, Mark Potter and David Gregorio